Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting market.
Gambling has developed substantially in Nigeria from conventional types like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically tied to European football leagues, sports betting pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet as little as N50-N200 on matches.
Gradually, sports betting with increased internet gain access to came virtual wagering, which parallels worldwide trends. The sports betting wagering market is valued at $89.91 billion in 2023 and sports betting is predicted to nearly double to $182.02 billion by 2030.
In spite of financial challenges such as inflation, Nigeria's sports betting sector has actually flourished, bring in millions, especially among the vibrant demographic dealing with high joblessness rates.
Reports indicate that approximately 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that produces a projected yearly income of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulatory steps like import tax responsibilities and sports betting VAT increases to manage the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of obstacles in enforcement. Concerns such as inadequate age confirmation and advertising guideline breaches reveal market regulative gaps.
Regardless of these obstacles, sports betting companies continue to flourish through efficient service designs and aggressive marketing techniques, leveraging the creator influencer industry.
These efforts have contributed to Nigeria's robust $2 billion gambling sector, sports betting with CEOs playing essential roles in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering business who have actually considerably added to Nigeria's $2 billion sports betting empire through their extensive audience reach.
Constable Olaniyan - CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career covers various roles in the gaming and show business, consisting of operating at one of the United Kingdom's biggest video gaming centres, The Palace Bingo Club, where he worked as the Lead Engineer in a Bingo and Bowling Club.
Olaniyan holds a BSc in Geography from the University of Ilorin and sports betting a Master's in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, sports betting founded in August 2011, has become a leading e-commerce organization in the sports betting and sports betting video gaming sector, sports betting operating through online, sports betting mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually because broadened its presence, attaining over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has more than 25 years of experience in sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully integrated environment that combines appropriate sports betting content, engaging features, and a world-class sportsbook.
Given that taking the helm prior to the pandemic, Sam has actually driven considerable development for LiveScore Group. The business's worker headcount has increased by 29%, and yearly profits has risen from roughly ₤ 10 million to over ₤ 80 million.
Sam's management and strategic vision have moved LiveScore Group's success and assisted form the industry's direction. LiveScoreBet has attained major user engagement, with over 100,000 downloads on the Google Play Store.
Anthony Werkman - CEO of Betway Group
Anthony Werkman was selected CEO of Betway in November 2017, sports betting having actually previously functioned as the business's Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has been in the online gaming market because 2000, holding different successful functions, including General Manager of a data analytics team and Director of a digital marketing firm.
Under Werkman's management, Betway has continued to grow its market presence and enhance its offerings. The company'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 executive with a track record of changing start-ups into institutionalized services. Her knowledge spans the video gaming, realty, sports betting and credit lending markets, where he has actually established himself as a strategic and functional leader.
Damilare has actually been instrumental in NairaBET's success for over 14 years. Because June 2019, she has served as Managing Director and has actually managed the company's development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company's operational strategies and market expansion.
She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN supplies frHer educational background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, the founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to release a completely practical site, setting a benchmark in the market.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director of 1XBET Nigeria Limited, a franchise of the global sports betting business 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 business operates in more than 50 nations, consisting of Nigeria, where it is completely certified.
Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, using a large range of wagering alternatives and an user-friendly 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 sports betting of KingMakers, sports betting and Chairman of Vend Capital. In addition to leading these endeavors, sports betting Ukanwoke has actually teamed up with African socio-economic institutions and federal governments to develop developmental policies focused on empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, established and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, sports betting operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has rapidly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, creating over 100,000 jobs, the variety of which is increasing every year. In the same year, MultiChoice broadcaster bought 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 founder, majority investor, and joint Chief Executive of Bet365, an online sports betting business she developed in 2000. Bet365.com was released in 2001 as an online wagering site and has considering that grown into one of the world's largest online gambling companies.
By 2016, Bet365 created $2 billion in earnings and facilitated $45 billion in annual bets. The business likewise holds a majority 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, a leading sports betting company in Nigeria, established along with entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, sports betting an independent Nigerian possession management business that creates financial investment returns and sports betting provides special investment insights and solutions to both specific and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has actually become a substantial gamer in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned specialist in the sports betting market. He has been serving as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has added to the business's development through collaborations, organization strategy, and brand-new service advancement.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and consumer experience, sports betting and Country Manager at 22BET, focusing on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing roles at Laclic Services and Betty Bingo.
His career started at Jumia Group, sports betting where he operated in SEO, CRM, and content management. Fikayo also functioned 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, sports betting and sports betting Operations from ESTG University in Cotonou, sports betting Benin Republic.
22Bet is an online gaming platform that provides sports betting, sports betting casino games, and live dealership video games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a business registered in Cyprus and a subsidiary of Orakum N.V.. They are also the owners of Betwinner and a chain of casinos worldwide.
Sudeep Ramnani-- CEO Sportybet Group
Sudeep Ramnani is the Founder and sports betting CEO of SportyBet, a business he established in 2013.
SportyBet is an international sports betting and real-money gaming operator understood for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's leadership, sports betting SportyBet has become 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 investor in fintech and mobile payments and a strong advocate for the growing African internet ecosystem. His financial investments reflect his dedication to cultivating innovation and development within the area.
On April 30, 2024, Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to interrupt the sports betting market.
Sunbet Sporting International Limited has stated it is focused on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to take advantage of innovative innovation and a dedication to responsible gambling to revolutionise the sector.
Backed by the monetary power of four prominent African billionaires, Sunbet, which will launch in the very first quarter of 2025, aims to be the continent's largest and most innovative sports betting platform.
At a press briefing, sports betting the business's spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and the continent's deep enthusiasm for sports betting, particularly football, sports betting has actually set the stage for Sunbet's ambitious entry. He added that the firm's robust sponsorship and specialist group will allow it to scale and control the marketplace rapidly.
Islamic cops raid wagering shops in northern Nigeria
Islamic police in Nigeria's northern city of Kano have actually begun shutting down sports betting shops, which they state are operating unlawfully.
"As you understand, wagering is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, sports betting told the BBC.
Grievances from community leaders and moms and dads triggered the crackdown, fretted about the growing number of sports betting addicts, he said.
On the very first day of raids, 30 stores were closed in one residential area alone, and their owners were sent out home with a caution, the Sharia officer said.
But Mr Aminudeen alerted that now that the general public was aware that the Hisbah was clamping down on gambling, those flouting the rules would be apprehended.
Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system - Sharia - alongside nonreligious law.
Bookmakers and bars tend to be enabled to operate in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
However, the current crackdown is focused on Muslim locations of Kano, a vast city and the financial hub of northern Nigeria.
Sports betting stores can be found all over the city. Many have television screens, sports betting and clients view the outcome of international football matches or horse races on which they have actually staked cash.
Mr Aminudeen said such bookmakers had actually been able to operate under the radar as they had opened under false pretences.
"They do not have licences to run as they were allowed to run video games centres, which they later on transformed to wagering shops," he said.
The sports betting wagering industry has actually expanded considerably across West Africa in the last few years. The region is roughly divided between a primarily Muslim north and a predominantly Christian south.
Lots of people go to bookies to enjoy the friendship of other gamblers, though mobile apps are also popular for wagering on the outcome of events and groups.
Nigeria's crippling economic crisis has actually also suggested individuals are willing to risk a small amount in the hope of winning big.
However this had actually caused widespread dependency, and parents were even complaining that kids were dropping out of school to gamble, Mr Aminudeen said.
"These financial issues we are facing in Nigeria is God informing us to alter our ways by stopping sins," he said.
The raids on Tuesday concentrated on Munjibir, considered a resort area in the northeast of the city-- visitors flock there at weekends.
"I am advising those running those sports betting shops to either shut down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what punishment they would face - frequently, such violations carry a fine.
Sharia was presented in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, sports betting and the consumption of alcohol were prohibited.
