Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting industry.
Gambling has evolved significantly in Nigeria from traditional forms like pool staking and Baba Ijebu to a successful sports betting industry. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager just N50-N200 on matches.
Slowly, sports betting with increased web gain access to came virtual wagering, which parallels international trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.
In spite of financial difficulties such as inflation, Nigeria's sports betting wagering sector has actually thrived, drawing in millions, especially amongst the younger demographic facing high joblessness rates.
Reports show that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that generates an approximated yearly earnings of N730 billion. The federal government has actually not gone undetected by this growth, sports betting which is considering regulative steps like import tax tasks and VAT increases to manage the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations despite difficulties in enforcement. Concerns such as insufficient age confirmation and advertising rule breaches show industry regulatory spaces.
In spite of these challenges, sports betting business continue to thrive through reliable business designs and aggressive marketing techniques, sports betting leveraging the creator influencer industry.
These efforts have actually added to Nigeria's robust $2 billion gambling sector, sports betting with CEOs playing important functions in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting wagering business who have substantially 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 profession covers various functions in the gaming and entertainment industry, sports betting including working at among the United Kingdom's biggest video gaming centres, The Palace Bingo Club, where he functioned 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 become a leading e-commerce business in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and sports betting has actually since broadened its existence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has over 25 years of experience in wagering brands and sports betting media. In 2019, sports betting he became the CEO of LiveScore Group, a totally incorporated ecosystem that combines appropriate sports betting content, sports betting engaging features, and a world-class sportsbook.
Considering that taking the helm just before the pandemic, Sam has driven substantial development for LiveScore Group. The company's employee headcount has increased by 29%, and annual income has surged from roughly ₤ 10 million to over ₤ 80 million.
Sam's leadership and strategic vision have actually propelled LiveScore Group's success and assisted shape the industry's direction. LiveScoreBet has attained significant 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 functioned as the company's Marketing and Operations Director sports betting considering that 2015. He signed up with Betway in 2013 and has actually remained in the online gaming industry given that 2000, holding different effective roles, consisting of General Manager of an information analytics group and Director of a digital marketing firm.
Under Werkman's leadership, Betway has actually continued to grow its market presence and boost its offerings. The company's app has garnered substantial user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has actually differentiated herself as a senior executive with a performance history of changing start-ups into institutionalized organizations. Her knowledge spans the video gaming, property, sports betting and credit financing industries, where he has actually developed himself as a strategic and functional leader.
Damilare has actually contributed 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 development and sports betting operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company's functional strategies and sports betting market growth.
She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN offers 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 the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to launch a totally practical website, 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 wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookmakers in Europe and the world. The business operates in more than 50 nations, consisting of Nigeria, where it is fully licensed.
Under Babalola's management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, offering a wide range of sports betting options 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, sports betting Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has teamed up with African socio-economic organizations and governments to create developmental policies aimed at empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, established and released 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 quickly grown its existence in Nigeria, sports betting with outlets in significant cities and sports betting over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, sports betting producing over 100,000 jobs, the number of which is increasing annually. In the very 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 creator, majority investor, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was launched in 2001 as an online wagering site and sports betting has actually given that turned into among the world's biggest online gambling companies.
By 2016, Bet365 generated $2 billion in earnings and assisted in $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually garnered substantial user engagement, with over 1 million downloads on the Google Play Store.
Ayo Ojuroye - CEO/Cofounder Bet9ja
Ayo Ojuroye is the CEO and sports betting co-founder of Bet9ja, a leading sports betting business in Nigeria, developed alongside business person 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 asset management company that produces financial investment returns and uses unique investment insights and services to both specific and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has actually ended up being a substantial player in the Nigerian sports betting industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled specialist in the sports betting market. He has actually been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has actually added to the company's growth through collaborations, organization strategy, and new company advancement.
Fikayo's experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and client experience, sports betting and Country Manager at 22BET, concentrating on marketing method and sports betting 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 profession started at Jumia Group, where he worked in SEO, CRM, sports betting and content management. Fikayo likewise worked as a Human Resource Officer at SIFAX Group.
He holds a Bachelor of Technology (B.Tech.) in Management and sports betting Accounting from Ladoke Akintola University of Technology and a Master of Science (MS) in Business Administration, Management, and sports betting Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online sports betting platform that offers sports betting, casino video games, and live dealership games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a company registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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 developed in 2013.
SportyBet is a worldwide sports betting and real-money video gaming operator known for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's management, SportyBet has actually become a substantial gamer in the market, sports betting with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, Sudeep is an active financier in fintech and mobile payments and sports betting a strong supporter for sports betting the growing African web ecosystem. His investments reflect his commitment to cultivating development 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 interfere with the sports wagering market.
Sunbet Sporting International Limited has stated it is focused on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and sports betting PwC, sports betting the company aims to utilize advanced innovation and a dedication to accountable sports betting to revolutionise the sector.
Backed by the monetary power of four prominent African billionaires, Sunbet, which will introduce in the very first quarter of 2025, intends to be the continent's largest and most ingenious sports betting platform.
At a press instruction, the company's spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent's deep passion for sports betting, specifically football, has set the stage for Sunbet's enthusiastic entry. He added that the company's robust financial backing and professional team will enable it to scale and control the market quickly.
Islamic police raid wagering stores in northern Nigeria
Islamic police in Nigeria's northern city of Kano have begun closing down sports betting wagering shops, which they state are operating illegally.
"As you understand, sports betting is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, told the BBC.
Grievances from neighborhood leaders and sports betting moms and dads triggered the crackdown, stressed over the growing variety of sports betting addicts, he said.
On the first day of raids, 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 public knew that the Hisbah was clamping down on gaming, those flouting the guidelines would be arrested.
Kano city is the capital of Kano state, sports betting which has a majority Muslim population and runs the Islamic legal system - Sharia - along with nonreligious law.
Bookmakers and bars tend to be allowed to run in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the present crackdown is concentrated on Muslim areas of Kano, a vast city and the financial hub of northern Nigeria.
Sports betting shops can be discovered all over the city. Many have television screens, and consumers enjoy the outcome of international football matches or horse races on which they have actually staked cash.
Mr Aminudeen stated such bookies had had the ability to run under the radar as they had opened under false pretenses.
"They don't have licences to run as they were allowed to run video games centres, which they later converted to wagering stores," he said.
The sports betting wagering industry has broadened significantly across West Africa in the last few years. The area is roughly divided in between a primarily Muslim north and sports betting a mainly Christian south.
Lots of people go to bookies to take pleasure in the sociability of other bettors, though mobile apps are also popular for sports betting on the outcome of occasions and teams.
Nigeria's debilitating economic crisis has likewise meant individuals are willing to run the risk of a small amount in the hope of winning big.
But this had resulted in widespread dependency, sports betting and parents were even complaining that kids were dropping out of school to gamble, Mr Aminudeen stated.
"These financial issues we are dealing with in Nigeria is God telling 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 encouraging those running those sports betting shops to either shut down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen stated.
It is unclear what penalty they would deal with - typically, such infringements bring a fine.
Sharia was introduced in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, gaming and the usage of alcohol were prohibited.
