Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering market.
Gambling has actually developed considerably in Nigeria from standard kinds like pool staking and Baba Ijebu to a successful sports betting wagering market. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.
Gradually, with increased web access came virtual wagering, which parallels worldwide trends. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to almost double to $182.02 billion by 2030.
In spite of economic difficulties such as inflation, Nigeria's sports betting sector has actually flourished, drawing in millions, sports betting specifically amongst the vibrant group dealing with high unemployment rates.
Reports suggest that around 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that creates an estimated yearly profits of N730 billion. The federal government has not gone unnoticed by this growth, which is thinking about regulatory procedures like import tax duties and VAT boosts to handle the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure fair operations in spite of challenges in enforcement. Issues such as inadequate age confirmation and marketing rule breaches show industry regulative spaces.
Despite these challenges, sports betting companies continue to prosper through effective organization models and aggressive marketing techniques, leveraging the creator influencer market.
These efforts have added to Nigeria's robust $2 billion sports betting sector, with CEOs playing vital functions in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting wagering business who have actually significantly added to Nigeria's $2 billion gambling empire through their substantial audience reach.
Sheriff 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 profession spans numerous 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 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 grown into a leading e-commerce organization in the wagering and sports betting video gaming sector, operating through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, sports betting 2006, and has actually considering that expanded its presence, sports betting achieving 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 brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally incorporated ecosystem that combines pertinent sports betting material, engaging features, and a world-class sportsbook.
Considering that taking the helm just before the pandemic, Sam has driven considerable development for LiveScore Group. The business's worker headcount has actually increased by 29%, and annual earnings has risen from roughly ₤ 10 million to over ₤ 80 million.
Sam's leadership and strategic vision have actually propelled LiveScore Group's success and helped form the industry's instructions. LiveScoreBet has actually accomplished major sports betting 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, having actually previously acted as the business's Marketing and Operations Director given that 2015. He joined Betway in 2013 and has been in the online video gaming industry because 2000, holding various successful functions, consisting of General Manager of an information analytics team and Director of a digital marketing firm.
Under Werkman's leadership, Betway has actually continued to grow its market existence and enhance 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 distinguished herself as a senior executive with a track record of transforming start-ups into institutionalized services. Her competence spans the gaming, real estate, sports betting and credit loaning industries, where he has established himself as a tactical and functional leader.
Damilare has been instrumental in NairaBET's success for over 14 years. Considering that June 2019, she has actually acted as Managing Director and has actually managed the company's growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business's operational methods and market growth.
She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned businesses. 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 creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to launch a fully practical site, setting a criteria 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 bookmakers in Europe and the world. The business runs in more than 50 countries, including Nigeria, where it is completely licensed.
Under Babalola's management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, providing a vast array of sports betting 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 of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually teamed up with African socio-economic organizations and governments to create developmental policies aimed at empowering youths. In 2015, sports betting 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, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has actually rapidly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, developing over 100,000 tasks, the variety of which is increasing yearly. In the exact 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, bulk shareholder, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually because turned into among the world's biggest online gaming business.
By 2016, sports betting Bet365 generated $2 billion in profits and helped with $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has amassed considerable 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 wagering business in Nigeria, developed along with businessman Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management company that creates financial investment returns and provides distinct financial investment insights and options to both specific and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in appeal, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has ended up being a considerable gamer in the Nigerian sports betting market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced specialist in the sports betting wagering market. He has been working as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has added to the business's growth through partnerships, service method, and new company development.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and sports betting consumer experience, and Country Manager at 22BET, focusing on marketing method and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and Betty Bingo.
His profession started at Jumia Group, where he worked in SEO, sports betting CRM, and content management. Fikayo likewise 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, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online sports betting platform that offers sports betting, gambling establishment video games, and live dealer games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a business signed up in Cyprus and a subsidiary of Orakum N.V.. They are also 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 business he developed in 2013.
SportyBet is a worldwide sports betting and real-money gaming operator understood for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's leadership, 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 for the growing African internet ecosystem. His investments reflect his commitment to cultivating innovation and advancement within the area.
On April 30, 2024, Sudeep Ramnani purchased 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 revolutionising how millions of 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 intends to leverage innovative innovation and a dedication to responsible sports betting to revolutionise the sector.
Backed by the financial power of 4 popular African billionaires, Sunbet, which will launch in the first quarter of 2025, aims to be the continent's biggest and most ingenious sports betting platform.
At a press instruction, the company's representative, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, particularly football, has set the stage for Sunbet's ambitious entry. He included that the company's robust financial backing and expert group will enable it to scale and control the marketplace rapidly.
Islamic cops raid wagering stores in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have actually started closing down sports betting wagering stores, which they state are operating unlawfully.
"As you understand, wagering is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, told the BBC.
Problems from neighborhood leaders and parents prompted the crackdown, sports betting fretted about the growing number of sports betting addicts, he stated.
On the first day of raids, 30 shops were closed in one residential area alone, and their owners were sent out home with a caution, the Sharia officer said.
But Mr Aminudeen warned that now that the general public knew that the Hisbah was clamping down on gambling, those flouting the guidelines would be apprehended.
Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system - Sharia - together with nonreligious law.
Bookies and bars tend to be permitted to operate in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the current crackdown is focused on Muslim locations of Kano, a vast city and sports betting the economic center of northern Nigeria.
Sports betting stores can be discovered all over the city. A lot of have television screens, sports betting and customers enjoy the result of international football matches or horse races on which they have actually staked cash.
Mr Aminudeen stated such bookies had been able to run under the radar as they had opened under false pretences.
"They don't have licences to operate as they were allowed to run computer game centres, which they later on transformed to sports betting shops," he stated.
The sports betting industry has actually expanded drastically across West Africa over the last few years. The area is roughly divided in between a primarily Muslim north and a mainly Christian south.
Many people go to bookies to delight in the friendship of other gamblers, though mobile apps are also popular for sports betting on the outcome of occasions and teams.
Nigeria's crippling economic crisis has actually likewise meant individuals are willing to run the risk of a small amount in the hope of winning huge.
However this had actually resulted in widespread addiction, and moms and dads were even grumbling that kids were leaving of school to gamble, Mr Aminudeen said.
"These economic problems we are dealing with in Nigeria is God informing us to change our methods by stopping sins," he stated.
The raids on Tuesday focused on Munjibir, thought about a resort area in the northeast of the city-- visitors flock there at weekends.
"I am encouraging those running those sports betting shops to either shut down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen stated.
It is uncertain what punishment they would face - typically, 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 usage of alcohol were banned.
