Meet CEOs/MDs of business behind Nigeria's $2 billion Sports betting industry.
Gaming has evolved considerably in Nigeria from traditional types like pool staking and Baba Ijebu to a thriving sports betting wagering industry. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.
Gradually, with increased web gain access to came virtual wagering, which parallels global trends. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to almost double to $182.02 billion by 2030.
In spite of financial challenges such as inflation, Nigeria's sports betting wagering sector has flourished, drawing in millions, especially among the younger demographic dealing with high unemployment rates.
Reports suggest that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that generates an estimated annual income of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulative procedures like excise 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. Concerns such as inadequate age verification and advertising rule breaches reveal industry regulatory spaces.
Despite these difficulties, sports betting wagering business continue to grow through reliable organization models and aggressive marketing methods, leveraging the creator influencer industry.
These efforts have actually contributed to Nigeria's robust $2 billion gaming sector, with CEOs playing vital roles in expanding audience reach and driving market development. Here are the CEOs of leading sports betting companies who have actually significantly contributed to Nigeria's $2 billion gambling empire through their extensive 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 varied profession spans different roles in the video gaming and show business, consisting of operating at among the United Kingdom's largest video gaming centres, The Palace Bingo Club, where he worked as the Lead Engineer in a Bingo and sports betting 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 turned into a leading e-commerce service in the sports betting and gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has because broadened its existence, achieving 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 sports betting names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, sports betting a completely incorporated ecosystem that combines relevant sports betting content, engaging features, and a world-class sportsbook.
Considering that taking the helm right before the pandemic, sports betting Sam has driven significant growth for LiveScore Group. The business's worker headcount has increased by 29%, and annual revenue has actually risen from around ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have actually moved LiveScore Group's success and assisted form the market's instructions. LiveScoreBet has actually achieved 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 previously served as the business's Marketing and Operations Director because 2015. He joined Betway in 2013 and has actually remained in the online video gaming market because 2000, holding numerous successful functions, including General Manager of an information analytics group and Director sports betting of a digital marketing company.
Under Werkman's management, Betway has actually continued to grow its market existence and enhance its offerings. The business's app has garnered substantial 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 changing start-ups into institutionalized companies. Her expertise spans the gaming, property, and sports betting credit lending industries, where he has developed himself as a tactical and operational leader.
Damilare has contributed in NairaBET's success for over 14 years. Considering that June 2019, she has actually acted as Managing Director and has supervised the business's growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business's operational techniques and market growth.
She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN provides frHer educational background includes 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 company, established the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to release a completely functional site, setting a benchmark in the market.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the worldwide sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookies in Europe and the world. The company operates in more than 50 countries, including Nigeria, where it is fully accredited.
Under Babalola's management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, using a large range of wagering choices and an user-friendly 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 endeavors, sports betting Ukanwoke has actually teamed up with African socio-economic institutions and federal governments to develop developmental policies aimed at empowering youths. In 2015, 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, sports betting 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and sports betting entertainment company has actually rapidly grown its existence in Nigeria, with outlets in major sports betting cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, producing over 100,000 jobs, the number of which is increasing annually. In the 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, majority investor, and sports betting joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was launched in 2001 as an online wagering website and has given that grown into among the world's largest online gaming business.
By 2016, sports betting Bet365 generated $2 billion in revenues and helped with $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually amassed significant 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 together with businessman Kunle Soname, sports betting 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 financial investment returns and provides special investment insights and options to both specific and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has ended up being a substantial player in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting market. He has actually been serving as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has added to the company's growth through partnerships, organization technique, and brand-new business development.
Fikayo's experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and customer experience, and Country Manager at 22BET, focusing on marketing method and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.
His career started at Jumia Group, where he operated 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 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 offers sports betting, casino games, and live dealer games. It was launched 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 business he established in 2013.
SportyBet is a worldwide sports betting wagering and real-money video gaming operator understood for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's management, SportyBet has ended up being a substantial player in the industry, with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African web community. His investments show his commitment to promoting development and development within the area.
On April 30, 2024, Sudeep Ramnani purchased Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to disrupt the sports wagering industry.
Sunbet Sporting International Limited has said it is focused on revolutionising how millions of 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 sports betting PwC, the company aims to utilize cutting-edge technology and a commitment to responsible gaming to revolutionise the sector.
Backed by the monetary power of four prominent African billionaires, Sunbet, which will release in the first quarter of 2025, aims to be the continent's largest and most innovative sports betting wagering platform.
At a press briefing, the company's spokesperson, sports betting Akin Babatunde, said that the increase in Internet penetration, sports betting mobile use, and the continent's deep enthusiasm for sports betting, especially football, has set the stage for Sunbet's ambitious entry. He added that the firm's robust sponsorship and specialist group will enable it to scale and dominate the marketplace quickly.
Islamic authorities raid wagering stores in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have started shutting down sports betting wagering shops, which they state are operating illegally.
"As you know, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, informed the BBC.
Complaints from neighborhood leaders and moms and sports betting dads triggered the crackdown, fretted about the growing variety of gambling addicts, he stated.
On the first day of raids, 30 stores were closed in one suburban area alone, and their owners were sent home with a caution, the Sharia officer said.
But Mr Aminudeen alerted that now that the general public was aware that the Hisbah was clamping down on sports betting, those flouting the rules would be apprehended.
Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system - Sharia - together with nonreligious law.
Bookmakers and bars tend to be permitted to run in Kano's Christian neighbourhoods, sports betting though they too can face action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, sports betting the present crackdown is concentrated on Muslim areas of Kano, sports betting a sprawling city and the financial center of northern Nigeria.
Sports betting shops can be found all over the city. The majority of have tv screens, and clients enjoy the result of worldwide football matches or sports betting horse races on which they have staked cash.
Mr Aminudeen stated such bookies had had the ability to run under the radar as they had opened under false pretences.
"They don't have licences to operate as they were permitted to run video games centres, which they later on transformed to wagering shops," he stated.
The sports betting wagering industry has broadened drastically throughout West Africa in the last few years. The region is approximately divided between a mainly Muslim north and a mainly Christian south.
Many individuals go to bookies to enjoy the camaraderie of other gamblers, though mobile apps are likewise popular for wagering on the result of events and groups.
Nigeria's debilitating recession has actually also meant people want to run the risk of a small amount in the hope of winning huge.
However this had actually resulted in extensive dependency, and parents were even complaining that kids were leaving of school to bet, Mr Aminudeen stated.
"These financial concerns we are facing in Nigeria is God informing us to change our ways by stopping sins," he said.
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 recommending those running those wagering shops 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 deal with - frequently, such violations bring a fine.
Sharia was presented in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, gambling and the consumption of alcohol were banned.
