Meet CEOs/MDs of business behind Nigeria's $2 billion Sports betting market.
Gambling has actually developed significantly in Nigeria from conventional forms like pool staking and sports betting 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, where lovers would bet just N50-N200 on matches.
Gradually, with increased internet gain access to came virtual wagering, which parallels worldwide 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.
Regardless of financial difficulties such as inflation, Nigeria's sports betting sector has grown, attracting millions, specifically amongst the younger market dealing with high joblessness rates.
Reports show that roughly 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that produces an approximated yearly earnings of N730 billion. The federal government has actually not gone undetected by this growth, sports betting which is considering regulative steps like import tax tasks and VAT increases to handle the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure fair operations in spite of obstacles in enforcement. Issues such as insufficient age verification and sports betting marketing rule breaches reveal industry regulatory gaps.
In spite of these challenges, sports betting business continue to thrive through effective service designs and aggressive marketing strategies, leveraging the creator influencer industry.
These efforts have contributed to Nigeria's robust $2 billion gaming sector, with CEOs playing crucial functions in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting wagering business who have actually substantially added to Nigeria's $2 billion sports betting empire through their extensive audience reach.
Constable Olaniyan - CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied career spans different functions in the gaming and show business, sports betting including operating at one of the United Kingdom's largest 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, sports betting founded in August 2011, has turned into a leading e-commerce organization in the wagering and gaming sector, sports betting running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has because 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 sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely integrated community that combines pertinent sports betting content, engaging functions, and a world-class sportsbook.
Considering that taking the helm right before the pandemic, sports betting Sam has actually driven substantial development for LiveScore Group. The business's worker headcount has actually increased by 29%, sports betting and yearly profits has surged from around ₤ 10 million to over ₤ 80 million.
Sam's management and sports betting strategic vision have actually propelled LiveScore Group's success and helped shape 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 appointed CEO of Betway in November 2017, having actually formerly acted as the company's Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has actually remained in the online gaming industry since 2000, holding numerous successful roles, consisting of General Manager of an information analytics group and Director of a digital marketing company.
Under Werkman's management, Betway has continued to grow its market existence and improve its offerings. The business's app has actually amassed 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 performance history of changing start-ups into institutionalized services. Her proficiency spans the video gaming, realty, and credit financing industries, where he has actually developed himself as a strategic and functional leader.
Damilare has actually been instrumental in NairaBET's success for over 14 years. Considering that June 2019, she has actually acted as Managing Director and has overseen the business's development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the business's operational strategies and market growth.
She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned services. 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 business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to release a completely functional website, setting a criteria 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 wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the biggest bookmakers in Europe and the world. The company runs in more than 50 nations, including Nigeria, where it is completely licensed.
Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, sports betting offering a wide range of sports betting choices and sports betting 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 of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually teamed up with African socio-economic organizations and governments to develop developmental policies aimed at empowering youths. In 2015, sports betting Ernst & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, founded and introduced 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 rapidly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, developing over 100,000 tasks, sports betting the number of which is increasing every year. In the same year, MultiChoice broadcaster bought a 20% stake in BetKing, sports betting which was increased to 49% in 2021.
Denise Coates - CEO Bet 365
Denise Coates is a British billionaire businesswoman, the founder, sports betting majority shareholder, and joint Chief Executive of Bet365, sports betting an online sports betting company she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and has actually considering that turned into among the world's biggest online gaming companies.
By 2016, Bet365 created $2 billion in earnings and assisted in $45 billion in yearly bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has amassed 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 wagering company in Nigeria, developed together with businessman Kunle Soname, sports betting who likewise owns Portuguese club CD Feirense and sports betting 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 provides special investment insights and solutions to both individual and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has actually become a substantial player in the Nigerian sports betting industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced professional in the sports betting industry. He has actually been serving as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has actually added to the company's growth through collaborations, service strategy, and brand-new organization advancement.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and consumer experience, and sports betting Country Manager at 22BET, concentrating on marketing technique and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and Betty Bingo.
His career started at Jumia Group, where he operated in SEO, CRM, sports betting and content management. Fikayo likewise served 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 provides sports betting, casino video games, and live dealership video 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, sports betting a business he developed in 2013.
SportyBet is an international sports betting wagering and real-money gaming operator known for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's management, SportyBet has actually become a considerable gamer in the market, 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 sports betting mobile payments and a strong supporter for the growing African web community. His investments reflect his dedication to fostering innovation and development within the region.
On April 30, 2024, Sudeep Ramnani invested in 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 stated it is concentrated on revolutionising how countless Africans engage with sports betting. In a market 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 intends to take advantage of innovative technology and a commitment to responsible gaming to change the sector.
Backed by the financial power of 4 popular African billionaires, Sunbet, which will launch in the first quarter of 2025, intends to be the continent's largest and most ingenious sports betting platform.
At a press instruction, the company's spokesperson, Akin Babatunde, sports betting stated that the rise in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, particularly football, has set the stage for Sunbet's enthusiastic entry. He included that the company's robust financial backing and expert team will enable it to scale and control the market quickly.
Islamic police raid wagering stores in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have begun closing down sports betting shops, which they say are running unlawfully.
"As you understand, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, told the BBC.
Problems from neighborhood leaders and parents prompted the crackdown, worried about the growing variety of gambling addicts, he said.
On the very first day of raids, 30 stores were closed in one residential area alone, and their owners were sent home with a warning, sports betting the Sharia officer said.
However Mr Aminudeen alerted that now that the general public knew that the Hisbah was clamping down on gambling, 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 - alongside nonreligious law.
Bookmakers and bars tend to be allowed to operate in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
However, the existing crackdown is concentrated on Muslim locations of Kano, a vast city and the financial center of northern Nigeria.
Sports betting shops can be discovered all over the city. A lot of have tv screens, and consumers see the result of international football matches or horse races on which they have staked money.
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 operate as they were allowed to run computer game centres, which they later on transformed to sports betting stores," he said.
The sports betting industry has actually broadened significantly throughout West Africa in recent years. The area is roughly divided between a primarily Muslim north and a mainly Christian south.
Many individuals go to bookies to enjoy the camaraderie of other gamblers, though mobile apps are also popular for wagering on the outcome of occasions and groups.
Nigeria's crippling recession has actually also suggested people want to run the risk of a small amount in the hope of winning huge.
However this had caused prevalent dependency, and parents were even complaining that children were leaving of school to gamble, Mr Aminudeen said.
"These economic problems we are dealing with in Nigeria is God telling us to alter 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 advising those running those sports betting shops to either shut down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen stated.
It is uncertain what punishment they would face - typically, 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 consumption of alcohol were prohibited.
