Meet CEOs/MDs of business behind Nigeria's $2 billion Sports betting industry.
Gambling has actually progressed significantly in Nigeria from standard forms like pool staking and Baba Ijebu to a successful sports betting wagering industry. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager just N50-N200 on matches.
Slowly, with increased internet gain access to came virtual sports betting, which parallels global trends. The sports betting market is valued at $89.91 billion in 2023 and is predicted to nearly double to $182.02 billion by 2030.
Despite economic difficulties such as inflation, Nigeria's sports betting wagering sector has flourished, attracting millions, specifically amongst the younger group dealing with high joblessness rates.
Reports suggest that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, sports betting driving a market that creates a projected yearly income of N730 billion. The federal government has actually not gone unnoticed by this growth, which is thinking about regulative steps like excise tasks and VAT boosts to manage the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of difficulties in enforcement. Concerns such as inadequate age confirmation and advertising guideline breaches reveal industry regulatory spaces.
Regardless of these difficulties, sports betting wagering business continue to thrive through efficient company models and sports betting aggressive marketing methods, sports betting leveraging the creator influencer industry.
These efforts have added to Nigeria's robust $2 billion gaming sector, sports betting with CEOs playing important functions in expanding audience reach and sports betting driving industry development. Here are the CEOs of leading sports betting business who have significantly contributed to Nigeria's $2 billion gaming empire through their substantial audience reach.
Sheriff Olaniyan - CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied profession covers various roles in the gaming and entertainment industry, including operating at one of the United Kingdom's largest gaming centres, The Palace Bingo Club, where he served as the Lead Engineer in a Bingo and Bowling Club.
Olaniyan holds a BSc in Geography from the University of Ilorin and a Master's in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has actually turned into a leading e-commerce business in the wagering and sports betting video gaming sector, sports betting running through online, mobile, and sports betting retail channels. The company was integrated in Nigeria on November 7, 2006, and has actually since expanded its presence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has over 25 years of experience in sports betting brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, sports betting a fully integrated environment that integrates pertinent sports betting material, sports betting engaging features, and a world-class sportsbook.
Since taking the helm just before the pandemic, sports betting Sam has actually driven substantial growth for LiveScore Group. The company's employee headcount has increased by 29%, and yearly revenue has actually risen from around ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have actually moved LiveScore Group's success and helped shape the market's direction. LiveScoreBet has actually accomplished significant user engagement, with over 100,000 downloads on the Google Play Store.
Anthony Werkman - CEO of Betway Group
Anthony Werkman was appointed CEO of Betway in November 2017, having formerly served as the company's Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has been in the online gaming market since 2000, holding different effective roles, consisting of General Manager of a data analytics group and Director of a digital marketing company.
Under Werkman's management, Betway has continued to grow its market existence and boost its offerings. The business's app has amassed considerable user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has actually identified herself as a senior sports betting executive with a track record of transforming start-ups into institutionalized services. Her expertise covers the video gaming, property, and credit financing industries, where he has actually established himself as a tactical and functional leader.
Damilare has been instrumental in NairaBET's success for sports betting over 14 years. Considering that June 2019, she has actually served as Managing Director and has actually overseen the business's development and operations in Lagos, Nigeria.
Before this, sports betting she was the Chief Operating Officer from 2010 to June 2019, critical in the business's functional strategies and market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN supplies frHer instructional background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, sports betting completed in 2005.
Akin Alabi, the founder of NairaBET.com, sports betting Nigeria's pioneering sports betting bookmaking business, developed the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to launch a completely practical website, setting a standard in the industry.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director of 1XBET Nigeria Limited, a franchise of the worldwide sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookies in Europe and the world. The company runs in more than 50 countries, sports betting consisting of Nigeria, where it is totally accredited.
Under Babalola's leadership, sports betting 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, providing a wide range of sports betting options and an easy to use platform. The 1XBET app has over 500,000 downloads on the Play Store.
Gossy Ukanwoke - CEO of Betking Nigeria
Gossy Ukanwoke is the CEO of BetKing, Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually worked together with African socio-economic institutions and federal governments to create developmental policies focused on empowering youths. In 2015, sports betting Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, sports betting established and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has actually quickly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the number of which is increasing every year. In the very same year, MultiChoice broadcaster purchased a 20% stake in BetKing, which was increased to 49% in 2021.
Denise Coates - CEO Bet 365
Denise Coates is a British billionaire businesswoman, the creator, majority shareholder, and sports betting joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was launched in 2001 as an online sports betting site and has because become one of the world's biggest online gaming business.
By 2016, Bet365 created $2 billion in revenues and facilitated $45 billion in annual bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has garnered significant user engagement, with over 1 million downloads on the Google Play Store.
Ayo Ojuroye - CEO/Cofounder Bet9ja
Ayo Ojuroye is the CEO and co-founder of Bet9ja, sports betting a leading sports betting wagering company in Nigeria, established together with entrepreneur Kunle Soname, who likewise owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management company that generates investment returns and uses unique investment insights and options to both individual and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has become a significant player in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled professional in the sports betting industry. He has been working as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has contributed to the business's growth through partnerships, sports betting business technique, and brand-new organization development.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and customer experience, and sports betting Country Manager at 22BET, focusing on marketing method and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.
His career began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise acted as a Human Resource Officer at SIFAX Group.
He holds a Bachelor of Technology (B.Tech.) in Management and Accounting from Ladoke Akintola University of Technology and a Master of Science (MS) in Business Administration, Management, and Operations from ESTG University in Cotonou, sports betting Benin Republic.
22Bet is an online gambling platform that provides sports betting wagering, gambling establishment games, and live dealership video games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a business registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and a chain of gambling establishments worldwide.
Sudeep Ramnani-- CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a company he established in 2013.
SportyBet is a global sports betting wagering and real-money gaming operator known for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's leadership, SportyBet has ended up being a substantial gamer in the market, with over 1 million downloads on the Google Play Store.
In addition to his role at SportyBet, Sudeep is an active financier in fintech and sports betting mobile payments and a strong advocate for the growing African web environment. His financial investments show his dedication to fostering innovation and development within the region.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to interfere with the sports wagering market.
Sunbet Sporting International Limited has stated it is focused on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to leverage cutting-edge innovation and sports betting a dedication to accountable gaming to revolutionise the sector.
Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will introduce in the first quarter of 2025, aims to be the continent's biggest and most innovative sports betting platform.
At a press briefing, the company's spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent's deep enthusiasm for sports betting, especially football, has actually set the stage for Sunbet's ambitious entry. He added that the firm's robust financial backing and expert team will enable it to scale and control the marketplace rapidly.
Islamic police raid wagering stores in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have begun closing down sports betting wagering stores, sports betting which they say are running unlawfully.
"As you understand, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, sports betting referred to as the Hisbah, told the BBC.
Problems from neighborhood leaders and parents prompted the crackdown, sports betting stressed over the growing variety of sports betting addicts, he said.
On the very first day of raids, sports betting 30 stores were closed in one suburban area alone, and their owners were sent out home with a warning, the Sharia officer said.
However Mr Aminudeen alerted that now that the general public was aware that the Hisbah was clamping down on sports betting, sports betting those flouting the guidelines would be detained.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system - Sharia - alongside secular law.
Bookmakers and bars tend to be permitted to run in Kano's Christian neighbourhoods, though they too can face action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the present crackdown is concentrated on Muslim areas of Kano, a sprawling city and the financial hub of northern Nigeria.
Sports betting shops can be found all over the city. The majority of have tv screens, and consumers view the outcome of global football matches or horse races on which they have actually staked money.
Mr Aminudeen stated such bookmakers had been able to run under the radar as they had opened under false pretenses.
"They do not have licences to run as they were permitted to run video games centres, which they later on converted to wagering stores," he said.
The sports betting industry has actually broadened significantly across West Africa recently. The region is approximately divided between a mainly Muslim north and a predominantly Christian south.
Many individuals go to bookies to enjoy the sociability of other gamblers, though mobile apps are also popular for sports betting on the outcome of events and groups.
Nigeria's debilitating economic crisis has likewise implied individuals are willing to run the risk of a percentage in the hope of winning huge.
However this had resulted in extensive addiction, and moms and dads were even grumbling that children were leaving of school to gamble, Mr Aminudeen stated.
"These financial problems we are dealing with in Nigeria is God telling us to change our methods by stopping sins," he stated.
The raids on Tuesday concentrated on Munjibir, considered a resort area in the northeast of the city-- visitors flock there at weekends.
"I am recommending those running those sports betting stores to either closed down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen stated.
It is unclear what penalty they would face - often, such violations carry a fine.
Sharia was introduced in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and sports betting prostitution, sports betting and the consumption of alcohol were prohibited.
