Meet CEOs/MDs of business behind Nigeria's $2 billion Sports betting industry.
sports betting has developed significantly in Nigeria from standard types like pool staking and Baba Ijebu to a growing sports betting industry. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, sports betting where lovers would bet as little as N50-N200 on matches.
Slowly, with increased internet gain access to came virtual sports betting, which parallels international patterns. The sports betting market is valued at $89.91 billion in 2023 and is projected to almost double to $182.02 billion by 2030.
Despite financial obstacles such as inflation, Nigeria's sports betting wagering sector has grown, bring in millions, particularly amongst the younger group facing high unemployment rates.
Reports show that roughly 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that produces an estimated yearly income of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulatory steps like import tax 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 fair operations despite obstacles in enforcement. Problems such as inadequate age confirmation and marketing guideline breaches show market regulatory gaps.
Regardless of these challenges, sports betting wagering companies continue to flourish through reliable business designs and aggressive marketing strategies, leveraging the creator influencer industry.
These efforts have contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing crucial roles in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting wagering companies who have actually substantially contributed to Nigeria's $2 billion gaming empire through their comprehensive audience reach.
Constable Olaniyan - CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied career covers various functions in the gaming and entertainment industry, consisting of working 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 grown into a leading e-commerce organization in the wagering and video gaming sector, running through online, mobile, and retail channels. The company was included in Nigeria on November 7, sports betting 2006, and has actually because 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 brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally incorporated community that combines pertinent sports betting material, sports betting engaging functions, sports betting and a world-class sportsbook.
Because taking the helm prior to the pandemic, Sam has driven considerable development for LiveScore Group. The business's worker headcount has actually increased by 29%, and sports betting annual revenue has risen from roughly ₤ 10 million to over ₤ 80 million.
Sam's leadership and vision have actually moved LiveScore Group's success and helped shape the market's direction. LiveScoreBet has 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 formerly served as the company's Marketing and Operations Director given that 2015. He joined Betway in 2013 and has been in the online gaming industry since 2000, sports betting holding numerous effective functions, including General Manager of a data analytics group and Director sports betting of a digital marketing company.
Under Werkman's management, Betway has actually continued to grow its market presence and enhance its offerings. The company's app has gathered substantial user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has differentiated herself as a senior executive with a performance history of transforming start-ups into institutionalized companies. Her proficiency spans the gaming, sports betting realty, and credit loaning markets, where he has developed himself as a strategic and operational leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Considering that June 2019, she has served as Managing Director and has overseen the company's growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the business's operational strategies and market growth.
She founded DearDammy Women's Initiative (DDWIN), sports betting a non-profit organization empowering women-owned companies. DDWIN supplies frHer educational background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, developed the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, sports betting it was the first to release a fully practical website, setting a criteria in the industry.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the international sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has established itself as one of the biggest bookies in Europe and the world. The company operates in more than 50 countries, consisting of Nigeria, where it is fully accredited.
Under Babalola's leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, providing a large range of wagering options and an user-friendly platform. The 1XBET app has more than 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, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually teamed up with African socio-economic organizations and federal governments to design developmental policies focused on empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, established and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has actually 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, producing over 100,000 jobs, sports betting the number of which is increasing every year. In the very same year, MultiChoice broadcaster purchased a 20% stake in BetKing, sports betting which was increased to 49% in 2021.
Denise Coates - CEO Bet 365
Denise Coates is a British billionaire businesswoman, the founder, bulk investor, and joint Chief Executive of Bet365, sports betting an online gaming company she established in 2000. Bet365.com was introduced in 2001 as an online sports betting site and has because turned into one of the world's largest online sports betting business.
By 2016, Bet365 generated $2 billion in earnings and assisted in $45 billion in annual bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has actually amassed 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, developed together with entrepreneur Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management company that creates financial investment returns and offers unique investment insights and options to both specific and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in appeal, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has ended up being a considerable gamer in the Nigerian sports betting industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled specialist in the sports betting wagering market. He has actually been working as the Country Director for 22BET in Nigeria because June 2021. In this function, he has contributed to the business's growth through partnerships, service method, and new service development.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and consumer experience, and sports betting Country Manager at 22BET, concentrating on marketing strategy and sports betting spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and Betty Bingo.
His career began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise worked as a Human Resource Officer at SIFAX Group.
He holds a Bachelor sports betting of Technology (B.Tech.) in Management and Accounting from Ladoke Akintola University of Technology and sports betting 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 games, sports betting and live dealer video 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 casinos worldwide.
Sudeep Ramnani-- CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a company he established in 2013.
SportyBet is a worldwide sports betting and real-money gaming operator understood for providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani's management, sports betting SportyBet has actually become a considerable gamer in the industry, 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 mobile payments and a strong advocate for the growing African internet community. His investments reflect his commitment to fostering development and advancement within the region.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to disrupt the sports betting industry.
Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to take advantage of innovative innovation and a commitment to responsible gaming to revolutionise the sector.
Backed by the financial power of 4 prominent African billionaires, Sunbet, sports betting which will release in the very first quarter of 2025, intends to be the continent's biggest and most innovative sports betting wagering platform.
At a press instruction, the business's representative, sports betting Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent's deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet's ambitious entry. He included that the company's robust financial backing and professional team will allow it to scale and control the marketplace quickly.
Islamic authorities raid betting shops in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have actually started shutting down sports betting wagering stores, which they say are operating illegally.
"As you know, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, told the BBC.
Complaints from community leaders and moms and dads triggered the crackdown, stressed over the growing variety of sports betting addicts, he stated.
On the very first day of raids, 30 shops were closed in one residential area alone, and sports betting their owners were sent home with a warning, the Sharia officer stated.
But Mr Aminudeen alerted that now that the general public understood that the Hisbah was clamping down on gaming, those flouting the rules would be arrested.
Kano city is the capital of Kano state, sports betting which has a majority Muslim population and operates the Islamic legal system - Sharia - along with nonreligious law.
Bookies and bars tend to be allowed to run in Kano's Christian neighbourhoods, though they too can face action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the existing crackdown is focused on Muslim locations of Kano, sports betting a vast city and the financial hub of northern Nigeria.
Sports betting shops can be discovered all over the city. The majority of have tv screens, and clients watch the result of global football matches or horse races on which they have staked money.
Mr Aminudeen said such bookies had actually had the ability to run under the radar as they had opened under false pretences.
"They do not have licences to operate as they were allowed to run computer game centres, which they later on transformed to sports betting shops," he said.
The sports betting market has actually broadened dramatically throughout West Africa in the last few years. The area is roughly divided in between a generally Muslim north and a mainly Christian south.
Many individuals go to bookmakers to delight in the sociability of other gamblers, though mobile apps are likewise popular for sports betting on the outcome of occasions and sports betting groups.
Nigeria's debilitating economic crisis has also indicated people are willing to risk a percentage in the hope of winning huge.
But this had actually caused extensive dependency, and parents were even grumbling that kids were dropping out of school to gamble, Mr Aminudeen said.
"These economic concerns we are dealing with in Nigeria is God telling us to alter our methods by stopping sins," he said.
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 recommending those running those wagering stores to either shut down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what penalty they would face - frequently, such infringements bring 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 banned.