Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering industry.
Gaming has developed substantially in Nigeria from standard types like pool staking and Baba Ijebu to a successful sports betting wagering industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, sports betting where enthusiasts would bet just N50-N200 on matches.
Gradually, with increased web gain access to came virtual sports betting, which parallels international trends. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to nearly double to $182.02 billion by 2030.
In spite of economic challenges such as inflation, Nigeria's sports betting wagering sector sports betting has grown, sports betting drawing in millions, particularly among the younger group facing high unemployment rates.
Reports suggest that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that generates an estimated annual income of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulative procedures like import tax tasks and VAT boosts to manage the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure fair operations despite obstacles in enforcement. Issues such as inadequate age verification and marketing guideline breaches reveal industry regulative gaps.
Despite these challenges, sports betting wagering business continue to flourish through reliable service models and aggressive marketing strategies, leveraging the creator influencer industry.
These efforts have actually added to Nigeria's robust $2 billion gambling sector, with CEOs playing vital roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have substantially 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 spans various roles in the video gaming and show business, consisting of working at among the United Kingdom's biggest video gaming centres, The Palace Bingo Club, 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 grown into a leading e-commerce business in the wagering and gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has given that broadened its presence, attaining over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has more than 25 years of experience in wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully incorporated community that combines pertinent sports betting content, engaging functions, and a world-class sportsbook.
Because taking the helm prior to the pandemic, Sam has actually driven significant growth for LiveScore Group. The business's employee headcount has increased by 29%, and yearly profits has actually risen 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 instructions. LiveScoreBet has actually accomplished significant 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, sports betting having actually previously functioned as the business's Marketing and Operations Director because 2015. He signed up with Betway in 2013 and sports betting has remained in the online video gaming industry considering that 2000, holding various successful roles, including General Manager of an information analytics team and Director of a digital marketing agency.
Under Werkman's leadership, Betway has continued to grow its market presence and improve its offerings. The company's app has gathered significant user engagement, 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 gaming, realty, and credit loaning markets, sports betting where he has developed himself as a tactical and functional leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Since June 2019, she has actually functioned as Managing Director and has actually supervised 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 established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN provides frHer instructional 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, sports betting developed business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to launch a completely functional site, setting a standard 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 worldwide sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookmakers in Europe and sports betting the world. The company operates in more than 50 countries, including Nigeria, where it is completely licensed.
Under Babalola's management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, sports betting providing a vast array of sports betting options 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, Managing Director sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has worked together with African socio-economic institutions and sports betting governments to design developmental policies targeted at empowering youths. 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, 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has actually quickly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the number of which is increasing annually. 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 founder, majority investor, sports betting and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was launched in 2001 as an online sports betting site and sports betting has since turned into one of the world's biggest online gambling business.
By 2016, Bet365 produced $2 billion in revenues and facilitated $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered 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, sports betting a leading sports betting wagering company in Nigeria, developed together with business owner 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 produces financial investment returns and uses unique investment insights and solutions to both specific and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in popularity, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has actually become a significant gamer in the Nigerian sports wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned professional in the sports betting wagering industry. He has actually been working as the Country Director for 22BET in Nigeria since June 2021. In this role, he has added to the company's growth through collaborations, sports betting company technique, and brand-new service development.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and client experience, and Country Manager at 22BET, concentrating on marketing strategy 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 career began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise 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 gaming platform that uses sports betting, gambling establishment video games, sports betting and live dealership games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a company registered in Cyprus and 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 CEO of SportyBet, a business he established in 2013.
SportyBet is a worldwide sports betting and real-money gaming operator known for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani's management, SportyBet has become a considerable player in the industry, sports betting with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong supporter for the growing African web environment. His investments show his commitment to fostering development and sports betting development within the area.
On April 30, 2024, Sudeep Ramnani purchased 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 focused on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to leverage innovative innovation and a commitment to accountable gaming to change the sector.
Backed by the monetary power of four popular African billionaires, Sunbet, which will release in the very 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, said that the rise in Internet penetration, sports betting mobile use, and the continent's deep passion for sports betting, particularly football, has set the stage for Sunbet's enthusiastic entry. He added that the company's robust sponsorship and professional team will allow it to scale and control the market quickly.
Islamic authorities raid betting shops in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have begun shutting down sports betting wagering stores, which they say 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.
Grievances from neighborhood leaders and moms and dads triggered the crackdown, worried about the growing number of sports betting addicts, he said.
On the first day of raids, 30 shops were closed in one suburb alone, and their owners were sent home with a warning, the Sharia officer said.
But Mr Aminudeen cautioned that now that the public knew that the Hisbah was clamping down on sports betting, those flouting the rules would be jailed.
Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system - Sharia - alongside secular law.
Bookmakers and bars tend to be enabled to run in Kano's Christian areas, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the present crackdown is focused on Muslim areas of Kano, a vast city and the financial hub of northern Nigeria.
Sports betting shops can be found all over the city. A lot of have television screens, and clients see the outcome of worldwide football matches or sports betting horse races on which they have actually staked cash.
Mr Aminudeen stated such bookies had actually had the ability to run under the radar as they had actually opened under false pretences.
"They don't have licences to operate as they were allowed to run video games centres, which they later on transformed to sports betting shops," he stated.
The sports betting industry has actually expanded considerably across West Africa recently. The region is roughly divided in between a generally Muslim north and a mainly Christian south.
Lots of people go to bookies to enjoy the sociability of other bettors, though mobile apps are also popular for sports betting on the result of occasions and teams.
Nigeria's crippling recession has likewise indicated people are willing to risk a percentage in the hope of winning huge.
But this had resulted in widespread addiction, and moms and dads were even grumbling that kids were dropping out of school to gamble, 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 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 stores to either closed down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen said.
It is uncertain what punishment they would face - often, such violations carry a fine.
Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gambling and the usage of alcohol were banned.
