Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering industry.
Gaming has actually developed substantially in Nigeria from traditional kinds like pool staking and Baba Ijebu to a growing sports betting wagering market. Historically tied to European football leagues, sports betting pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.
Gradually, sports betting with increased web gain access to came virtual wagering, which parallels international trends. The sports betting market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.
Despite financial difficulties such as inflation, Nigeria's sports betting sector has actually thrived, drawing in millions, specifically among the vibrant market dealing with high joblessness rates.
Reports indicate that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that creates an approximated yearly profits of N730 billion. The federal government has not gone undetected by this growth, which is thinking about regulatory steps like import tax duties and VAT increases to manage the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of challenges in enforcement. Concerns such as inadequate age confirmation and marketing rule breaches show market regulative gaps.
Regardless of these difficulties, sports betting wagering business continue to prosper through efficient service models and aggressive marketing techniques, leveraging the creator influencer market.
These efforts have actually added to Nigeria's robust $2 billion gaming sector, sports betting with CEOs playing important functions in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting business who have actually substantially added to Nigeria's $2 billion gambling empire through their comprehensive audience reach.
Constable 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 covers various roles in the gaming and show business, consisting of operating at one of the United Kingdom's biggest gaming centres, The Palace Bingo Club, sports betting 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 sports betting a Master's in Geographical Information Systems from the University of Glamorgan, sports betting Wales. Surebet247, founded in August 2011, has actually turned into a leading e-commerce company in the sports betting and gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has actually considering that broadened 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 sports betting brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully incorporated environment that integrates relevant sports betting content, engaging features, and a first-rate sportsbook.
Because taking the helm right before the pandemic, Sam has actually driven substantial growth for LiveScore Group. The company's employee headcount has actually increased by 29%, and yearly revenue has surged from around ₤ 10 million to over ₤ 80 million.
Sam's leadership and strategic vision have moved LiveScore Group's success and helped shape the industry's direction. LiveScoreBet has actually attained 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 formerly acted as the business's Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually been in the online video gaming market given that 2000, holding different successful functions, including General Manager of an information analytics team and Director sports betting of a digital marketing company.
Under Werkman's management, Betway has actually continued to grow its market existence and boost its offerings. The business's app has garnered significant user engagement, sports betting with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has differentiated herself as a senior executive with a performance history of transforming start-ups into institutionalized organizations. Her proficiency spans the video gaming, sports betting realty, and credit financing markets, sports betting where he has established himself as a tactical and operational leader.
Damilare has contributed in NairaBET's success for over 14 years. Because June 2019, she has 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, critical in the business's operational methods and market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN supplies frHer educational background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the founder of NairaBET.com, 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 introduce a completely practical 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 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 company operates in more than 50 nations, including Nigeria, where it is completely accredited.
Under Babalola's management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, using a wide variety of sports betting 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 collaborated with African socio-economic institutions 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, founded and launched in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has actually rapidly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, 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, bulk investor, and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually since become among the world's largest online gaming companies.
By 2016, Bet365 produced $2 billion in earnings and facilitated $45 billion in yearly bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually garnered considerable user engagement, sports betting 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 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 business that generates 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 appeal, 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 industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned specialist in the sports betting industry. He has been acting as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has contributed to the business's development through collaborations, organization strategy, and new service advancement.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, sports betting where he managed item advancement and customer experience, and Country Manager at 22BET, focusing on marketing technique and spending plan management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held various 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 likewise 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 gambling platform that offers sports betting wagering, casino video games, and sports betting live dealership games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a company signed up 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 established in 2013.
SportyBet is a worldwide sports betting and real-money gaming operator known for sports betting delivering an omni-channel entertainment experience in managed 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 role at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African web environment. His financial investments show his commitment to cultivating innovation and advancement within the region.
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 wagering industry.
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, sports betting with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to take advantage of innovative innovation and sports betting a commitment to responsible gaming to revolutionise the sector.
Backed by the monetary power of four prominent 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 platform.
At a press briefing, the company's spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, especially football, sports betting has set the stage for sports betting Sunbet's enthusiastic entry. He added that the company's robust sponsorship and specialist group will allow it to scale and sports betting control the marketplace rapidly.
Islamic police raid betting stores in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have actually started shutting down sports betting shops, which they state are running 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, informed the BBC.
Complaints from community leaders and sports betting moms and sports betting dads prompted the crackdown, worried about the growing variety of sports betting addicts, he stated.
On the first day of raids, 30 shops were closed in one residential area alone, and their owners were sent home with a caution, sports betting the Sharia officer said.
However Mr Aminudeen alerted that now that the public knew that the Hisbah was clamping down on gambling, sports betting those flouting the guidelines would be arrested.
Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system - Sharia - along with nonreligious law.
Bookies and sports betting bars tend to be enabled to run 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 areas of Kano, a sprawling city and the economic hub of northern Nigeria.
sports betting wagering stores can be discovered all over the city. Most have television screens, sports betting and sports betting consumers enjoy the outcome of worldwide football matches or horse races on which they have staked cash.
Mr Aminudeen stated such bookmakers had had the ability to run under the radar as they had actually opened under false pretences.
"They don't have licences to run as they were permitted to run video games centres, which they later transformed to sports betting stores," he said.
The sports betting market has actually broadened drastically across West Africa in the last few years. The area is roughly divided between a generally Muslim north and a predominantly Christian south.
Lots of people go to bookmakers to enjoy the camaraderie of other gamblers, though mobile apps are likewise popular for wagering on the outcome of occasions and groups.
Nigeria's debilitating economic crisis has actually likewise indicated people want to run the risk of a small amount in the hope of winning huge.
But this had actually led to extensive dependency, and parents were even grumbling that children were dropping out of school to bet, Mr Aminudeen said.
"These financial concerns we are dealing with in Nigeria is God telling us to change 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 advising those running those sports betting shops to either closed down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what punishment they would face - typically, such infringements bring 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.
