Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering industry.
Gambling has actually progressed significantly in Nigeria from standard forms like pool staking and Baba Ijebu to a successful sports betting market. Historically connected to European football leagues, pool staking was a common sight at motor parks and sports betting kiosks, where lovers would wager as little as N50-N200 on matches.
Gradually, with increased internet gain access to came virtual wagering, sports betting which parallels worldwide trends. The sports betting market is valued at $89.91 billion in 2023 and is projected to almost double to $182.02 billion by 2030.
In spite of economic challenges such as inflation, sports betting Nigeria's sports betting wagering sector has actually thrived, drawing in millions, especially among the vibrant group facing high joblessness rates.
Reports show that roughly 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that produces an estimated annual profits of N730 billion. The federal government has not gone undetected by this growth, sports betting which is considering regulative steps like excise tasks and VAT boosts to manage the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations despite obstacles in enforcement. Issues such as inadequate age confirmation and advertising rule breaches reveal industry regulative spaces.
Regardless of these challenges, sports betting wagering business continue to flourish through reliable company models and aggressive marketing methods, leveraging the developer 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 companies who have substantially added to Nigeria's $2 billion sports betting empire through their comprehensive audience reach.
Sheriff Olaniyan - CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse career spans numerous roles in the gaming and entertainment industry, consisting of operating at among the United Kingdom's biggest gaming centres, sports betting 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 company in the wagering and video gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and sports betting has considering that expanded its existence, attaining 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 became the CEO of LiveScore Group, a fully incorporated ecosystem that combines relevant sports betting content, engaging features, and a first-rate sportsbook.
Considering that taking the helm prior to the pandemic, Sam has driven substantial development for LiveScore Group. The company's worker headcount has increased by 29%, and annual income has actually risen from around ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have moved LiveScore Group's success and assisted form the market's instructions. 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 appointed CEO of Betway in November 2017, having actually formerly acted as the business's Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has actually been in the online gaming market since 2000, holding various effective functions, consisting of General Manager of a data analytics team and sports betting Director of a digital marketing firm.
Under Werkman's leadership, Betway has continued to grow its market presence and enhance its offerings. The business's app has amassed substantial user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has identified herself as a senior executive with a performance history of changing start-ups into institutionalized organizations. Her expertise spans the gaming, real estate, and credit financing markets, where he has actually developed himself as a strategic and functional leader.
Damilare has been instrumental in NairaBET's success for over 14 years. Given that June 2019, she has actually served as Managing Director and has actually overseen the business'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 functional strategies and market growth.
She established DearDammy Women's Initiative (DDWIN), sports betting a non-profit organization empowering women-owned businesses. DDWIN provides frHer instructional 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 company, established the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, sports betting it was the very first to launch a totally functional site, sports betting 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 worldwide sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookmakers in Europe and the world. The company runs in more than 50 nations, including Nigeria, where it is totally certified.
Under Babalola's management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, offering a wide variety 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 of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has teamed up with African socio-economic organizations and governments to design developmental policies aimed at empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, founded and released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, sports betting runs under the brand sports betting name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has rapidly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, sports betting BetKing participated in a collaboration with the Lagos Employment Trust Fund, producing over 100,000 tasks, the variety of which is increasing each year. In the very same year, MultiChoice broadcaster purchased 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 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 website and has since turned into one of the world's biggest online sports betting business.
By 2016, Bet365 created $2 billion in earnings and assisted in $45 billion in yearly bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually gathered 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 along with entrepreneur Kunle Soname, sports betting 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 business that generates financial investment returns and uses special investment insights and services to both individual and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has actually become a significant player in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting wagering market. He has been working as the Country Director for 22BET in Nigeria because June 2021. In this function, he has actually contributed to the company's development through collaborations, organization strategy, and sports betting new company advancement.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement 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 different 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 also served 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 sports betting Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online sports betting platform that offers sports betting wagering, casino games, and live dealer games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a business signed up in Cyprus and sports betting 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 sports betting CEO of SportyBet, a business he established in 2013.
SportyBet is a global sports betting and real-money gaming operator understood for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has actually become a considerable player in the industry, with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, sports betting Sudeep is an active investor in fintech and mobile payments and sports betting a strong advocate for the growing African web ecosystem. His financial investments reflect his dedication to fostering innovation and development within the region.
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 said it is concentrated on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and sports betting PwC, the firm intends to leverage innovative technology and a dedication to responsible gaming to change the sector.
Backed by the financial power of 4 popular African billionaires, Sunbet, which will launch in the very first quarter of 2025, aims to be the continent's biggest and most ingenious sports betting wagering platform.
At a press instruction, sports betting the company's spokesperson, Akin Babatunde, sports betting said that the rise in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, particularly football, sports betting has actually set the stage for sports betting Sunbet's enthusiastic entry. He added that the company's robust sponsorship and expert team will enable it to scale and dominate the marketplace rapidly.
Islamic police raid betting stores in northern Nigeria
Islamic police in Nigeria's northern city of Kano have begun closing down sports betting stores, which they state are operating unlawfully.
"As you know, sports betting is forbidden in Islam," Mujahid Aminudeen, sports betting deputy chief of the Sharia police, called the Hisbah, told the BBC.
Complaints from neighborhood leaders and moms and dads prompted the crackdown, worried about the growing number of gambling addicts, sports betting he said.
On the first day of raids, sports betting 30 stores were closed in one suburb alone, sports betting and their owners were sent home with a warning, sports betting the Sharia officer stated.
However Mr Aminudeen alerted that now that the public knew that the Hisbah was clamping down on sports betting, those flouting the guidelines would be jailed.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system - Sharia - together with secular law.
Bookies and bars tend to be allowed to run in Kano's Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.
However, the current crackdown is concentrated on Muslim areas of Kano, a sprawling city and the economic hub of northern Nigeria.
sports betting wagering stores can be found all over the city. Many have television screens, and customers enjoy the outcome of worldwide football matches or horse races on which they have actually staked money.
Mr Aminudeen stated such bookies had actually been able to run under the radar as they had actually opened under false pretences.
"They do not have licences to operate as they were permitted to run computer game centres, which they later on transformed to sports betting shops," he said.
The sports betting market has actually expanded drastically throughout West Africa in recent years. The area is approximately divided between a generally Muslim north and a primarily Christian south.
Many people go to bookies to take pleasure in the sociability of other bettors, though mobile apps are also popular for sports betting on the result of events and teams.
Nigeria's crippling recession has likewise implied individuals want to run the risk of a percentage in the hope of winning big.
However this had caused extensive dependency, and moms and sports betting dads were even complaining that kids were leaving of school to bet, sports betting Mr Aminudeen said.
"These financial concerns we are facing in Nigeria is God telling us to alter our ways by stopping sins," he stated.
The raids on Tuesday concentrated 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 stores to either closed down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what penalty they would deal with - often, 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 intake of alcohol were prohibited.
