Meet CEOs/MDs of business behind Nigeria's $2 billion Sports betting market.
Gambling has progressed significantly in Nigeria from standard types like pool staking and Baba Ijebu to a thriving sports betting wagering market. Historically tied to European football leagues, pool staking was a typical sight at motor parks and sports betting kiosks, where enthusiasts would bet as little as N50-N200 on matches.
Gradually, with increased web gain access to came virtual wagering, which parallels global patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is forecasted to nearly double to $182.02 billion by 2030.
Despite financial challenges such as inflation, Nigeria's sports betting sector has flourished, drawing in millions, especially among the younger demographic dealing with high unemployment rates.
Reports indicate that roughly 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that creates an estimated annual income of N730 billion. The federal government has not gone unnoticed by this growth, which is thinking about regulatory procedures like excise responsibilities and VAT increases to manage the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of obstacles in enforcement. Problems such as insufficient age verification and marketing rule breaches reveal industry regulatory gaps.
In spite of these challenges, sports betting wagering business continue to grow through effective organization designs and aggressive marketing methods, sports betting leveraging the creator influencer market.
These efforts have added to Nigeria's robust $2 billion sports betting 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 considerably contributed to Nigeria's $2 billion gaming empire through their substantial 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 varied profession covers numerous functions in the video gaming and sports betting entertainment industry, consisting of operating at one of the United Kingdom's largest video gaming centres, sports betting 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 turned into a leading e-commerce service in the sports betting and video gaming sector, operating through online, sports betting mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has since expanded its presence, attaining 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 ended up being the CEO of LiveScore Group, a fully integrated ecosystem that combines appropriate sports betting material, engaging functions, sports betting and a world-class sportsbook.
Given that taking the helm prior to the pandemic, sports betting Sam has actually driven considerable development for LiveScore Group. The business's worker headcount has increased by 29%, and sports betting yearly revenue has actually surged from approximately ₤ 10 million to over ₤ 80 million.
Sam's leadership and sports betting tactical vision have propelled LiveScore Group's success and assisted form the industry's instructions. LiveScoreBet has accomplished major user engagement, with over 100,000 downloads on the Google Play Store.
Anthony Werkman - CEO of Betway Group
Anthony Werkman was designated CEO of Betway in November 2017, having previously acted as the business's Marketing and sports betting Operations Director given that 2015. He joined Betway in 2013 and has been in the online video gaming industry considering that 2000, holding numerous successful functions, consisting of General Manager of an information analytics team and Director of a digital marketing firm.
Under Werkman's management, sports betting Betway has continued to grow its market existence and boost its offerings. The business's app has amassed significant 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 transforming start-ups into institutionalized businesses. Her know-how spans the gaming, real estate, and credit lending markets, where he has actually developed himself as a tactical and operational leader.
Damilare has actually been instrumental in NairaBET's success for over 14 years. Since June 2019, she has served as Managing Director and has managed the company's growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the business's functional techniques and market expansion.
She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN supplies frHer instructional background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the founder of NairaBET.com, sports betting Nigeria's pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, sports betting it was the first to release a totally functional website, setting a standard in the industry.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director of 1XBET Nigeria Limited, sports betting a franchise of the international sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookmakers in Europe and the world. The business operates in more than 50 countries, including Nigeria, where it is fully accredited.
Under Babalola's management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, offering a large range of wagering choices and an easy to use 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 actually worked together with African socio-economic institutions and federal governments to design developmental policies targeted at empowering young people. In 2015, sports betting 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 entertainment business has quickly grown its existence in Nigeria, with outlets in significant cities and sports betting 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 every 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, majority shareholder, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was launched in 2001 as an online wagering website and has actually because become one of the world's biggest online gaming companies.
By 2016, Bet365 generated $2 billion in incomes and assisted in $45 billion in yearly bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has amassed substantial 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 entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, sports betting an independent Nigerian property management company that creates financial investment returns and uses special financial investment insights and solutions to both private and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in popularity, 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 market. He has actually been acting as the Country Director for 22BET in Nigeria because June 2021. In this role, he has actually added to the company's development through collaborations, organization method, and new business advancement.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, sports betting where he managed product advancement and client experience, and Country Manager at 22BET, concentrating on marketing technique and 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, 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 sports betting 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 gambling platform that uses sports betting wagering, casino video games, and live dealership video games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a business 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 an international sports betting and real-money video gaming operator known for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani's leadership, SportyBet has actually ended up being a significant 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 strong advocate for sports betting the growing African web environment. His financial investments reflect his commitment to fostering innovation and advancement within the area.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to interfere with the sports betting market.
Sunbet Sporting International Limited has stated it is focused on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to leverage advanced innovation and a commitment to responsible gaming to revolutionise the sector.
Backed by the monetary power of 4 popular African billionaires, Sunbet, which will introduce in the first quarter of 2025, intends to be the continent's biggest and most ingenious sports betting wagering platform.
At a press briefing, the business's spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent's deep passion for sports betting, specifically football, has set the stage for Sunbet's ambitious entry. He included that the company's robust financial backing and expert team will enable it to scale and control the marketplace rapidly.
Islamic police raid wagering stores in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have begun closing down sports betting shops, which they say are running illegally.
"As you know, wagering is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, told the BBC.
Problems from neighborhood leaders and parents triggered the crackdown, stressed over the growing variety of gambling addicts, he said.
On the very first day of raids, 30 stores were closed in one suburb alone, and their owners were sent out home with a caution, sports betting the Sharia officer said.
However Mr Aminudeen warned that now that the general public knew that the Hisbah was clamping down on gambling, those flouting the rules would be detained.
Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system - Sharia - together with nonreligious law.
Bookmakers and bars tend to be enabled to operate in Kano's Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the current crackdown is focused on Muslim locations of Kano, a sprawling city and the economic hub of northern Nigeria.
Sports betting stores can be discovered all over the city. The majority of have television screens, and customers see the outcome of international football matches or horse races on which they have actually staked money.
Mr Aminudeen stated such bookmakers had had the ability to run under the radar as they had actually opened under false pretences.
"They do not have licences to run as they were permitted to run video games centres, which they later on converted to wagering stores," he said.
The sports betting industry has expanded significantly throughout West Africa over the last few years. The area is approximately divided in between a mainly Muslim north and a predominantly Christian south.
Many people go to bookies to enjoy the sociability of other gamblers, sports betting though mobile apps are likewise popular for sports betting on the result of occasions and teams.
Nigeria's crippling recession has actually likewise suggested individuals want to run the risk of a small amount in the hope of winning huge.
However this had actually resulted in prevalent addiction, and parents were even complaining that children were leaving of school to bet, Mr Aminudeen said.
"These financial problems we are facing in Nigeria is God informing us to alter our ways by stopping sins," he stated.
The raids on Tuesday focused on Munjibir, considered a resort area in the northeast of the city-- visitors flock there at weekends.
"I am advising those running those sports betting stores to either shut down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen said.
It is uncertain what punishment they would deal with - often, such violations bring a fine.
Sharia was presented in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gaming and the intake of alcohol were banned.
