Meet CEOs/MDs of business behind Nigeria's $2 billion Sports betting industry.
Gaming has developed considerably in Nigeria from standard forms like pool staking and sports betting Baba Ijebu to a thriving sports betting market. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where lovers would wager as low as N50-N200 on matches.
Gradually, with increased internet gain access to came virtual wagering, which parallels international trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is forecasted to nearly double to $182.02 billion by 2030.
Regardless of financial challenges such as inflation, Nigeria's sports betting wagering sector has actually grown, drawing in millions, especially amongst the vibrant group facing high unemployment rates.
Reports suggest that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that generates a projected annual income of N730 billion. The federal government has not gone undetected by this growth, which is thinking about regulative procedures like import tax duties and VAT boosts to handle the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations despite obstacles in enforcement. Problems such as insufficient age verification and marketing rule breaches show market regulatory spaces.
Regardless of these obstacles, sports betting wagering business continue to grow through effective service designs and aggressive marketing methods, leveraging the developer influencer industry.
These efforts have added to Nigeria's robust $2 billion sports betting sector, with CEOs playing vital roles in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting business who have considerably contributed to Nigeria's $2 billion gaming empire through their comprehensive 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 diverse career covers various functions in the video gaming and entertainment industry, including operating at among the United Kingdom's largest 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, Wales. Surebet247, sports betting founded in August 2011, has turned into a leading e-commerce business in the sports betting and gaming sector, operating through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has because expanded its presence, 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 names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated community that integrates pertinent sports betting content, engaging features, and a first-rate sportsbook.
Considering that taking the helm prior to the pandemic, sports betting Sam has actually driven considerable growth for LiveScore Group. The business's worker headcount has increased by 29%, and sports betting yearly profits has surged from around ₤ 10 million to over ₤ 80 million.
Sam's leadership and strategic vision have moved LiveScore Group's success and assisted shape the industry's instructions. LiveScoreBet has accomplished significant 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 actually formerly acted as the company's Marketing and Operations Director because 2015. He signed up with Betway in 2013 and sports betting has actually remained in the online video gaming industry considering that 2000, holding numerous successful roles, consisting of General Manager of a data analytics group and sports betting Director of a digital marketing firm.
Under Werkman's management, Betway has continued to grow its market existence and boost its offerings. The company'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 identified herself as a senior executive with a track record of changing start-ups into institutionalized services. Her know-how spans the video gaming, realty, and credit financing industries, where he has developed himself as a tactical and operational leader.
Damilare has actually been instrumental in NairaBET's success for sports betting over 14 years. Since June 2019, she has worked as Managing Director and has managed the company'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 strategies and market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned organizations. 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 introduce a totally functional site, setting a standard 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 global sports betting 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 business runs in more than 50 nations, consisting of Nigeria, where it is completely certified.
Under Babalola's leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, sports betting providing a vast array of sports betting choices 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, Managing Director of KingMakers, sports betting and Chairman of Vend Capital. In addition to leading these endeavors, sports betting Ukanwoke has actually teamed up with African socio-economic institutions and sports betting governments to create 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, founded and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and sports betting entertainment company has quickly grown its presence in Nigeria, sports betting 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 jobs, the variety of which is increasing each year. 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, sports betting the founder, sports betting bulk investor, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was launched in 2001 as an online wagering website and has actually since turned into among the world's largest online gambling business.
By 2016, Bet365 generated $2 billion in profits and helped with $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has 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 sports betting co-founder of Bet9ja, a leading sports betting wagering company in Nigeria, developed along with business person Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management company that generates financial investment returns and offers special financial investment insights and services to both private and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has ended up being a significant gamer in the Nigerian sports betting market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting wagering industry. He has been serving as the Country Director for 22BET in Nigeria since June 2021. In this function, he has contributed to the company's development through collaborations, business technique, and sports betting new service 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 management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held various digital marketing roles at Laclic Services and Betty Bingo.
His profession 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, sports betting Benin Republic.
22Bet is an online gaming platform that uses sports betting wagering, casino games, and live dealer games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a business signed up in Cyprus and a subsidiary of Orakum N.V.. They are also the owners of Betwinner and a chain of casinos worldwide.
Sudeep Ramnani-- CEO Sportybet Group
Sudeep Ramnani is the Founder and sports betting CEO of SportyBet, a company he developed in 2013.
SportyBet is a worldwide sports betting wagering and real-money video gaming operator sports betting understood for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's management, SportyBet has become a significant player in the market, 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 advocate for the growing African internet ecosystem. His financial investments show his dedication to cultivating development and development within the region.
On April 30, 2024, sports betting Sudeep Ramnani purchased Chowdeck, sports betting 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 millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development forecast 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 accountable gambling to revolutionise the sector.
Backed by the monetary power of four prominent African billionaires, Sunbet, sports betting which will introduce in the very first quarter of 2025, aims to be the continent's biggest and most innovative sports betting wagering platform.
At a press instruction, the business's representative, Akin Babatunde, stated that the increase in Internet penetration, sports betting mobile use, and sports betting the continent's deep passion for sports betting, specifically football, has actually set the stage for Sunbet's ambitious entry. He included that the company's robust financial backing and professional group will enable it to scale and dominate the market rapidly.
Islamic police raid betting stores in northern Nigeria
Islamic police in Nigeria's northern city of Kano have begun closing down sports betting stores, which they state are running illegally.
"As you understand, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, sports betting called the Hisbah, informed the BBC.
Grievances from community leaders and moms and sports betting dads triggered the crackdown, worried about the growing number of gambling addicts, sports betting he said.
On the first day of raids, 30 stores were closed in one suburb alone, and sports betting their owners were sent home with a warning, the Sharia officer stated.
However Mr Aminudeen cautioned that now that the public was aware that the Hisbah was clamping down on gaming, those flouting the guidelines would be detained.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system - Sharia - together with nonreligious law.
Bookies and sports betting 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 areas of Kano, a sprawling city and the economic hub of northern Nigeria.
Sports betting stores can be found all over the city. The majority of have television screens, and customers see the outcome 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 pretences.
"They don't have licences to run as they were allowed to run video games centres, which they later converted to sports betting stores," he said.
The sports betting wagering market has broadened considerably throughout West Africa recently. The area is approximately divided in between a generally Muslim north and a predominantly Christian south.
Lots of people go to bookies to delight in the camaraderie of other gamblers, though mobile apps are also popular for wagering on the result of occasions and teams.
Nigeria's debilitating economic crisis has actually likewise meant individuals are willing to run the risk of a percentage in the hope of winning huge.
But this had resulted in extensive addiction, and parents were even grumbling that children were leaving of school to bet, Mr Aminudeen stated.
"These economic issues we are dealing with in Nigeria is God informing 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 encouraging those running those wagering shops to either closed down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what punishment they would deal with - often, such violations carry a fine.
Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and sports betting prostitution, gambling and sports betting the consumption of alcohol were banned.
