Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering market.
Gambling has actually developed considerably in Nigeria from traditional forms like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as little as N50-N200 on matches.
Gradually, with increased internet access came virtual wagering, which parallels global patterns. 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 financial obstacles such as inflation, Nigeria's sports betting wagering sector has grown, sports betting attracting millions, specifically among the younger market dealing with high unemployment rates.
Reports show that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that produces an approximated annual profits of N730 billion. The federal government has actually not gone undetected by this growth, sports betting which is considering regulative procedures like import tax duties and VAT boosts to manage the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations regardless of obstacles in enforcement. Issues such as inadequate age confirmation and advertising guideline breaches show industry regulative gaps.
Despite these challenges, sports betting business continue to thrive through effective company designs and aggressive marketing methods, leveraging the developer influencer industry.
These efforts have actually contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing essential functions in broadening audience reach and driving market development. Here are the CEOs of leading sports betting companies who have considerably contributed to Nigeria's $2 billion gaming empire through their extensive audience reach.
Sheriff Olaniyan - CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse profession covers different roles in the gaming and entertainment industry, consisting of operating at one of the United Kingdom's biggest video gaming centres, The Palace Bingo Club, sports betting where he acted as the Lead Engineer in a Bingo and sports betting 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, Wales. Surebet247, founded in August 2011, has turned into a leading e-commerce service in the sports betting and video gaming sector, running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually since expanded its existence, sports betting 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 brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely incorporated ecosystem that integrates relevant sports betting content, engaging functions, and a first-rate sportsbook.
Because taking the helm just before the pandemic, Sam has actually driven significant growth for LiveScore Group. The company's employee headcount has increased by 29%, and yearly earnings has actually surged from roughly ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have propelled LiveScore Group's success and sports betting 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 formerly functioned as the company's Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has actually remained in the online gaming industry given that 2000, holding numerous effective functions, consisting of General Manager of an information analytics team and Director of a digital marketing firm.
Under Werkman's management, Betway has actually continued to grow its market existence 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 actually identified herself as a senior executive with a track record of transforming start-ups into institutionalized services. Her know-how spans the video gaming, realty, sports betting and sports betting credit lending industries, where he has actually established himself as a tactical and functional leader.
Damilare has been instrumental in NairaBET's success for over 14 years. Since June 2019, she has functioned as Managing Director and has actually overseen 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 business's operational methods and market expansion.
She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN provides frHer instructional background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, sports betting the founder of NairaBET.com, sports betting Nigeria's pioneering sports betting bookmaking business, developed the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to introduce a fully practical site, setting a benchmark 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 international sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookies in Europe and the world. The company operates in more than 50 countries, including Nigeria, where it is completely certified.
Under Babalola's management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, offering a wide variety of sports betting options and sports betting 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 of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has teamed up with African socio-economic organizations and sports betting 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, 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 rapidly grown its presence 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, developing over 100,000 jobs, 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 creator, bulk investor, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and has because become one of the world's biggest online sports betting business.
By 2016, Bet365 created $2 billion in revenues and helped with $45 billion in yearly bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has actually 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 sports betting co-founder of Bet9ja, a leading sports betting business in Nigeria, established together with entrepreneur 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 possession management business that generates investment returns and uses unique financial investment insights and solutions to both individual and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has actually ended up being a substantial gamer in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled professional in the sports betting market. He has actually been serving as the Country Director for 22BET in Nigeria because June 2021. In this role, he has actually contributed to the company's growth through collaborations, service technique, and brand-new company development.
Fikayo's experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and customer experience, and Country Manager at 22BET, focusing on marketing strategy and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.
His profession began at Jumia Group, sports betting where he operated in SEO, CRM, and sports betting 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 gambling platform that offers sports betting wagering, casino games, and live dealership video games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a company registered in Cyprus and sports betting a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and sports betting a chain of casinos worldwide.
Sudeep Ramnani-- CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a business he established in 2013.
SportyBet is a global sports betting wagering and real-money gaming operator known for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has ended up being a considerable player in the market, 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 supporter for the growing African web community. His financial investments show his dedication to promoting development and development within the region.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, participating 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 said it is concentrated on revolutionising 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, the firm aims to take advantage of innovative technology and a dedication to accountable gambling to change the sector.
Backed by the monetary power of four prominent African billionaires, Sunbet, which will launch in the first quarter of 2025, intends to be the continent's biggest and most ingenious sports betting platform.
At a press instruction, the business's representative, Akin Babatunde, stated that the increase in Internet penetration, sports betting mobile use, and the continent's deep passion for sports betting, especially football, has set the stage for Sunbet's ambitious entry. He included that the company's robust sponsorship and professional group will allow it to scale and control the market quickly.
Islamic cops raid wagering shops in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have actually started closing down sports betting shops, which they say are running unlawfully.
"As you know, wagering is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, sports betting known as the Hisbah, told the BBC.
Grievances from community leaders and moms and dads prompted the crackdown, worried about the growing number of sports betting addicts, he said.
On the first day of raids, 30 stores were closed in one residential area alone, and their owners were sent out home with a warning, sports betting the Sharia officer said.
But Mr Aminudeen cautioned that now that the public understood that the Hisbah was clamping down on gambling, those flouting the guidelines would be apprehended.
Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system - Sharia - along with secular law.
Bookmakers and bars tend to be permitted to operate in Kano's Christian areas, though they too can face action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the current crackdown is concentrated on Muslim locations of Kano, a vast city and the financial center of northern Nigeria.
sports betting wagering stores can be found all over the city. The majority of have television screens, and consumers watch the result of international football matches or horse races on which they have staked money.
Mr Aminudeen stated such bookmakers had been able to operate under the radar as they had actually opened under false pretenses.
"They don't have licences to operate as they were allowed to run video games centres, which they later converted to sports betting shops," he stated.
The sports betting wagering market has broadened dramatically across West Africa over the last few years. The area is roughly divided between a primarily Muslim north and a primarily Christian south.
Many individuals go to bookies to take pleasure in the camaraderie of other gamblers, though mobile apps are likewise popular for sports betting on the result of occasions and groups.
Nigeria's debilitating recession has also meant people are willing to run the risk of a percentage in the hope of winning huge.
But this had actually led to prevalent dependency, and parents were even grumbling that children were dropping out of school to gamble, sports betting Mr Aminudeen said.
"These financial problems we are facing in Nigeria is God informing us to alter our methods 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 recommending those running those wagering stores to either shut down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what penalty they would face - 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 gaming and the intake of alcohol were banned.
