Meet CEOs/MDs of business behind Nigeria's $2 billion Sports betting industry.
Gambling has evolved substantially in Nigeria from conventional kinds like pool staking and Baba Ijebu to a thriving sports betting industry. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, sports betting where enthusiasts would wager just N50-N200 on matches.
Gradually, with increased internet gain access to came virtual sports betting, which parallels global trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is projected to almost double to $182.02 billion by 2030.
Despite financial challenges such as inflation, sports betting Nigeria's sports betting sector has actually thrived, sports betting drawing in millions, specifically amongst the youthful group dealing with high unemployment rates.
Reports show that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that generates an approximated yearly revenue of N730 billion. The federal government has not gone undetected by this growth, which is thinking about regulatory steps like excise duties and VAT increases to manage the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of obstacles in enforcement. Issues such as insufficient age verification and advertising rule breaches reveal industry regulatory gaps.
Regardless of these difficulties, sports betting wagering business continue to thrive through efficient organization models and aggressive marketing methods, leveraging the creator sports betting influencer industry.
These efforts have added to Nigeria's robust $2 billion sports betting sector, with CEOs playing crucial roles in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have actually considerably contributed to Nigeria's $2 billion sports betting empire through their extensive audience reach.
Sheriff Olaniyan - CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied profession spans various functions in the video gaming and show business, including operating at among the United Kingdom's biggest video gaming centres, The Palace Bingo Club, where he acted 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, sports betting Wales. Surebet247, founded in August 2011, has turned into a leading e-commerce business in the wagering and video gaming sector, operating through online, mobile, sports betting and retail channels. The company was included in Nigeria on November 7, 2006, and has since expanded its existence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has over 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally incorporated community that integrates appropriate sports betting material, engaging features, and a first-rate sportsbook.
Considering that taking the helm just before the pandemic, Sam has driven considerable development for LiveScore Group. The company's worker headcount has increased by 29%, and annual income has surged from approximately ₤ 10 million to over ₤ 80 million.
Sam's management and strategic vision have actually moved LiveScore Group's success and assisted form the market's instructions. LiveScoreBet has actually attained 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 actually previously acted as the company's Marketing and Operations Director since 2015. He joined Betway in 2013 and has been in the online video gaming industry since 2000, holding various successful functions, including General Manager of an information analytics group and Director of a digital marketing agency.
Under Werkman's management, Betway has continued to grow its market existence and improve its offerings. The business's app has actually amassed substantial user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has distinguished herself as a senior executive with a track record of transforming start-ups into institutionalized companies. Her competence spans the video gaming, realty, and credit loaning markets, where he has developed himself as a tactical and operational leader.
Damilare has been instrumental in NairaBET's success for sports betting over 14 years. Since June 2019, she has actually acted as Managing Director and has actually overseen the business's growth and operations in Lagos, sports betting Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company's functional methods and sports betting market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN provides frHer educational background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, sports betting it was the very first to introduce a completely functional site, sports betting setting a benchmark 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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookmakers in Europe and the world. The business operates in more than 50 countries, consisting of Nigeria, where it is fully certified.
Under Babalola's management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, providing a wide variety of sports betting options and an easy to use 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, sports betting Managing Director sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually worked together with African socio-economic organizations and governments to develop developmental policies targeted at empowering young people. In 2015, 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, sports betting runs under the brand sports betting name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has quickly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, sports betting BetKing participated in a partnership with the Lagos Employment Trust Fund, developing over 100,000 tasks, the number of which is increasing every year. In the same year, MultiChoice broadcaster purchased 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, bulk investor, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was released in 2001 as an online sports betting site and has actually because turned into among the world's largest online sports betting companies.
By 2016, Bet365 produced $2 billion in earnings and assisted in $45 billion in yearly bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has garnered 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 business in Nigeria, developed together with businessman Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management company that generates financial investment returns and provides distinct investment insights and services to both individual and institutional clients.
Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has actually rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has become a substantial gamer in the Nigerian sports betting market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned expert in the sports betting market. He has been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has contributed to the company's growth through partnerships, company method, and new service advancement.
Fikayo's experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and consumer 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, where he worked in SEO, CRM, sports betting and sports betting content management. Fikayo also 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, gambling establishment video games, and live dealer games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a business 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 developed in 2013.
SportyBet is a global sports betting and real-money video gaming operator understood for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani's management, sports betting SportyBet has actually ended up being a significant 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 mobile payments and a strong advocate for the growing African web ecosystem. His investments show his commitment to cultivating development 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 interrupt the sports betting market.
Sunbet Sporting International Limited has said it is concentrated on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to take advantage of innovative innovation and a commitment to responsible sports betting to revolutionise the sector.
Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will launch in the very first quarter of 2025, intends to be the continent's biggest and most ingenious sports betting wagering platform.
At a press briefing, the company's spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and the continent's deep passion for sports betting, specifically football, has set the stage for Sunbet's ambitious entry. He included that the firm's robust sponsorship and professional group will enable it to scale and dominate the market rapidly.
Islamic police raid wagering stores in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have started shutting down sports betting stores, which they state are running unlawfully.
"As you understand, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, informed the BBC.
Complaints from community leaders and parents triggered the crackdown, sports betting stressed over the growing number of gambling addicts, he stated.
On the first day of raids, 30 shops were closed in one suburb alone, and their owners were sent out home with a warning, the Sharia officer stated.
But Mr Aminudeen alerted that now that the general public knew that the Hisbah was clamping down on gaming, those flouting the guidelines would be jailed.
Kano city is the capital of Kano state, which has a bulk Muslim population and sports betting runs the Islamic legal system - Sharia - along with nonreligious 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 believes Muslims are frequenting them.
Nevertheless, the current crackdown is focused on Muslim areas of Kano, a sprawling city and the economic center of northern Nigeria.
sports betting wagering stores can be found all over the city. Many have television screens, and consumers see the outcome of international football matches or horse races on which they have actually staked cash.
Mr Aminudeen said such bookmakers had had the ability to operate under the radar as they had opened under false pretenses.
"They don't have licences to operate as they were allowed to run computer game centres, which they later transformed to sports betting shops," he said.
The sports betting industry has expanded dramatically across West Africa over the last few years. The area is approximately divided in between a mainly Muslim north and a mainly Christian south.
Many individuals go to bookies to take pleasure in the friendship of other gamblers, though mobile apps are likewise popular for sports betting on the result of occasions and teams.
Nigeria's crippling recession has actually likewise implied people want to run the risk of a percentage in the hope of winning big.
However this had caused prevalent dependency, and parents were even complaining that kids were leaving of school to gamble, Mr Aminudeen stated.
"These economic issues we are facing in Nigeria is God informing us to change our methods 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 advising those running those sports betting stores to either closed down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen said.
It is uncertain what penalty they would deal with - frequently, such violations 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.
