Meet CEOs/MDs of business behind Nigeria's $2 billion Sports betting market.
sports betting has actually developed considerably in Nigeria from traditional forms like pool staking and Baba Ijebu to a successful sports betting market. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where lovers would wager as low as N50-N200 on matches.
Slowly, with increased web access came virtual sports betting, which parallels international trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is projected to almost double to $182.02 billion by 2030.
Despite financial difficulties such as inflation, Nigeria's sports betting wagering sector has prospered, bring in millions, especially among the youthful market dealing with high joblessness rates.
Reports suggest that roughly 60 million Nigerians aged 18-40 actively engage in sports betting, sports betting driving a market that produces a projected yearly income of N730 billion. The federal government has not gone unnoticed by this development, which is considering regulative measures like excise tasks and VAT boosts to manage the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations despite obstacles in enforcement. Concerns such as insufficient age verification and sports betting advertising rule breaches show industry regulatory gaps.
In spite of these obstacles, sports betting wagering companies continue to prosper through efficient business designs and aggressive marketing methods, leveraging the developer influencer market.
These efforts have added to Nigeria's robust $2 billion gaming sector, with CEOs playing vital functions in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting companies who have actually significantly contributed to Nigeria's $2 billion sports betting empire through their extensive audience reach.
Sheriff Olaniyan - CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career spans different functions in the video gaming and show business, including operating at among the United Kingdom's largest 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 become a leading e-commerce company in the wagering and gaming sector, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and sports betting has actually given that broadened 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 wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated ecosystem that combines relevant sports betting content, engaging features, and a world-class sportsbook.
Considering that taking the helm just before the pandemic, Sam has driven significant growth for LiveScore Group. The company's staff member headcount has actually increased by 29%, and annual revenue has surged from approximately ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have propelled LiveScore Group's success and assisted shape the industry's instructions. 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 served as the company's Marketing and Operations Director because 2015. He joined Betway in 2013 and has actually been in the online video gaming industry because 2000, holding different 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 boost its offerings. The business's app has actually garnered significant 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 track record of changing start-ups into institutionalized services. Her competence spans the video gaming, realty, sports betting and credit financing markets, where he has actually developed himself as a tactical 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 managed 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 functional techniques and market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN provides frHer academic background consists of 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 first sports betting wagering platform in Nigeria, sports betting it was the very first to release a fully functional site, setting a standard in the industry.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director of 1XBET Nigeria Limited, a franchise of the worldwide sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookmakers in Europe and the world. The company runs in more than 50 nations, consisting of Nigeria, where it is completely licensed.
Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, providing a large range of wagering alternatives 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 actually worked together with African socio-economic organizations and sports betting federal governments to create developmental policies focused on empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, established and launched 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 entertainment business has actually quickly grown its existence in Nigeria, with outlets in major 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, creating over 100,000 jobs, the variety of which is increasing each year. In the exact 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 creator, bulk shareholder, and joint Chief Executive of Bet365, an online sports betting business she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has actually given that turned into among the world's biggest online gambling business.
By 2016, Bet365 produced $2 billion in profits and helped with $45 billion in yearly bets. The company likewise holds a bulk 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, a leading sports betting company in Nigeria, developed alongside entrepreneur Kunle Soname, sports betting who likewise owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management business that creates investment returns and provides unique financial investment insights and options to both specific and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has ended up being a significant gamer in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced specialist in the sports betting market. He has been serving as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has actually added to the business's development through partnerships, organization method, and new service advancement.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and customer 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 different 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 worked 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 gaming platform that offers sports betting, sports betting casino games, and sports betting live dealer games. It was released in 2017 and is owned and operated 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 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 a worldwide sports betting and real-money video gaming operator understood for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's management, sports betting SportyBet has actually ended up being a substantial 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 environment. His financial investments reflect his commitment to fostering development and advancement within the region.
On April 30, 2024, Sudeep Ramnani invested in 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 focused on changing how millions of Africans engage with sports betting. In an industry 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, sports betting the firm intends to utilize innovative innovation and a commitment to accountable gaming to revolutionise the sector.
Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will introduce in the first quarter of 2025, intends to be the continent's biggest and most innovative sports betting platform.
At a press briefing, the company's representative, Akin Babatunde, sports betting said that the rise in Internet penetration, mobile use, and the continent's deep passion 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 enable it to scale and control the market quickly.
Islamic authorities raid betting shops in northern Nigeria
Islamic police in Nigeria's northern city of Kano have started closing down sports betting shops, which they state are running illegally.
"As you know, wagering is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, sports betting told the BBC.
Problems from community leaders and parents prompted the crackdown, fretted about the growing variety of sports betting addicts, he stated.
On the very first day of raids, sports betting 30 shops were closed in one residential area alone, and their owners were sent out home with a warning, the Sharia officer said.
But Mr Aminudeen alerted 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 runs the Islamic legal system - Sharia - together with nonreligious law.
Bookmakers and bars tend to be allowed to operate in Kano's Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the existing crackdown is concentrated on Muslim areas of Kano, a vast city and the economic center of northern Nigeria.
Sports betting shops can be discovered all over the city. A lot of have television screens, and customers watch the outcome of international football matches or horse races on which they have staked money.
Mr Aminudeen stated such bookies had actually been able to run under the radar as they had actually opened under false pretenses.
"They don't have licences to operate as they were permitted to run video games centres, which they later on converted to sports betting stores," he stated.
The sports betting wagering market has broadened significantly across West Africa over the last few years. The region is approximately divided in between a mainly Muslim north and a predominantly Christian south.
Lots of people go to bookies to take pleasure in the camaraderie of other gamblers, though mobile apps are likewise popular for sports betting on the outcome of occasions and groups.
Nigeria's debilitating recession has actually likewise suggested people want to risk a percentage in the hope of winning big.
However this had resulted in widespread dependency, and sports betting 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 informing us to change our methods 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 - often, such infringements carry a fine.
Sharia was presented in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, gaming and the intake of alcohol were prohibited.
