Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting market.
Gaming has actually progressed significantly in Nigeria from traditional types like pool staking and sports betting Baba Ijebu to a thriving sports betting wagering market. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where enthusiasts would bet just N50-N200 on matches.
Gradually, with increased internet access came virtual wagering, which parallels international trends. The sports betting market is valued at $89.91 billion in 2023 and is projected to nearly double to $182.02 billion by 2030.
Despite economic obstacles such as inflation, Nigeria's sports betting wagering sector has thrived, drawing in millions, particularly amongst the vibrant demographic dealing with high joblessness rates.
Reports suggest that roughly 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that generates an estimated yearly profits of N730 billion. The federal government has actually not gone unnoticed by this growth, which is thinking about regulative procedures like excise duties and VAT boosts to handle the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations in spite of obstacles in enforcement. Issues such as inadequate age verification and marketing guideline breaches reveal market regulatory gaps.
Despite these difficulties, sports betting wagering companies continue to flourish through reliable service designs and aggressive marketing methods, leveraging the creator influencer industry.
These efforts have actually added to Nigeria's robust $2 billion gaming sector, with CEOs playing crucial roles in broadening audience reach and driving industry 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 substantial audience reach.
Sheriff Olaniyan - CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, sports betting a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career spans various roles in the video gaming and show business, sports betting including operating at among the United Kingdom's largest video gaming centres, The Palace Bingo Club, sports betting 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 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 service in the sports betting and video gaming sector, running through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has since broadened its presence, sports betting 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, he became the CEO of LiveScore Group, a fully integrated ecosystem that combines appropriate sports betting content, engaging functions, and a world-class sportsbook.
Considering that taking the helm right before the pandemic, Sam has actually driven substantial development for LiveScore Group. The business's employee headcount has increased by 29%, and yearly income has risen from approximately ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have moved LiveScore Group's success and assisted shape the industry's direction. LiveScoreBet has achieved 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, having actually previously acted as the business's Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has remained in the online gaming industry given that 2000, holding various effective roles, including General Manager of a data analytics team and Director of a digital marketing agency.
Under Werkman's management, Betway has actually continued to grow its market existence and improve its offerings. The business'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 track record of changing start-ups into institutionalized companies. Her knowledge spans the gaming, real estate, and credit loaning markets, sports betting where he has actually developed himself as a strategic and operational leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Because June 2019, she has served as Managing Director and has overseen the business's development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company's functional techniques and market expansion.
She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN provides frHer educational background includes 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, established the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, sports betting it was the first to introduce 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 business based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookies in Europe and the world. The business operates in more than 50 countries, sports betting including Nigeria, where it is fully certified.
Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, sports betting using a vast array of sports betting choices 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 endeavors, Ukanwoke has worked together 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, sports betting operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has quickly grown its presence in Nigeria, sports betting with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, creating over 100,000 jobs, sports betting the number of which is increasing every year. 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, sports betting and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was released in 2001 as an online wagering site and has actually because become among the world's biggest online sports betting companies.
By 2016, Bet365 produced $2 billion in earnings and assisted in $45 billion in annual bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has gathered 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, sports betting a leading sports betting wagering business in Nigeria, established along with business person Kunle Soname, who also 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 investment returns and offers distinct investment insights and options to both specific and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has actually ended up being a significant player in the Nigerian sports betting market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned professional in the sports betting wagering industry. He has actually been acting as the Country Director sports betting for 22BET in Nigeria because June 2021. In this function, he has added to the company's growth through partnerships, organization technique, and brand-new company development.
Fikayo's experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and customer experience, and Country Manager at 22BET, focusing on marketing technique and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and Betty Bingo.
His profession started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also 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, Benin Republic.
22Bet is an online gambling platform that provides sports betting, casino games, and live dealership games. It was released in 2017 and sports betting is owned and run by Marikit Holdings Ltd, a business signed up 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 developed in 2013.
SportyBet is an international sports betting and real-money video gaming operator understood for sports betting delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani's management, sports betting SportyBet has actually ended up being 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 sports betting the growing African web community. His investments reflect his commitment to promoting innovation and advancement within the region.
On April 30, 2024, sports betting Sudeep Ramnani bought Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to disrupt the sports betting market.
Sunbet Sporting International Limited has said it is concentrated on changing 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 aims to leverage innovative technology and a commitment to accountable gambling to change the sector.
Backed by the monetary power of four prominent African billionaires, Sunbet, which will launch in the first quarter of 2025, sports betting intends to be the continent's biggest and most innovative sports betting wagering platform.
At a press briefing, sports betting the company's representative, Akin Babatunde, stated that the increase in Internet penetration, sports betting mobile usage, and the continent's deep enthusiasm for sports betting, specifically football, has actually set the stage for Sunbet's ambitious entry. He included that the firm's robust financial backing and expert group will allow it to scale and control the marketplace quickly.
Islamic cops raid betting shops in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have begun shutting down sports betting wagering shops, which they state are operating unlawfully.
"As you know, sports betting is prohibited in Islam," Mujahid Aminudeen, sports betting deputy chief of the Sharia police force, known as the Hisbah, sports betting informed the BBC.
Complaints from neighborhood leaders and moms and dads triggered the crackdown, fretted about the growing variety of gambling addicts, he said.
On the first day of raids, 30 shops were closed in one suburban area alone, sports betting and their owners were sent out home with a caution, the Sharia officer said.
But Mr Aminudeen cautioned that now that the public was aware that the Hisbah was clamping down on gaming, 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 - together with secular law.
Bookmakers 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 current crackdown is focused on Muslim areas of Kano, a sprawling city and sports betting the financial center of northern Nigeria.
sports betting wagering shops can be discovered all over the city. The majority of have television screens, and consumers view the outcome of worldwide football matches or horse races on which they have 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 permitted to run computer game centres, which they later transformed to wagering shops," he stated.
The sports betting wagering industry has expanded drastically throughout West Africa in the last few years. The region is roughly divided between a generally Muslim north and a mainly Christian south.
Many individuals go to bookies to enjoy the camaraderie of other bettors, though mobile apps are also popular for sports betting on the result of events and teams.
Nigeria's crippling economic crisis has likewise indicated people want to risk a small amount in the hope of winning huge.
However this had caused prevalent addiction, and moms and dads were even grumbling that children were dropping out of school to bet, Mr Aminudeen stated.
"These financial issues we are dealing with in Nigeria is God informing us to alter our ways 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 advising 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 uncertain what penalty they would deal with - often, sports betting such violations carry a fine.
Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gaming and the consumption of alcohol were banned.
