Meet CEOs/MDs of business behind Nigeria's $2 billion Sports betting industry.
Gambling has actually progressed significantly in Nigeria from traditional kinds like pool staking and Baba Ijebu to a thriving sports betting wagering 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.
Slowly, with increased web gain access to came virtual wagering, sports betting which parallels worldwide patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is projected to nearly double to $182.02 billion by 2030.
Despite economic challenges such as inflation, Nigeria's sports betting sector has thrived, bring in millions, particularly amongst the younger demographic dealing with high joblessness rates.
Reports indicate that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that creates an approximated yearly earnings of N730 billion. The federal government has not gone unnoticed by this development, which is considering regulative procedures like excise duties and VAT boosts to manage the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of obstacles in enforcement. Concerns such as insufficient age verification and marketing rule breaches show market regulatory spaces.
Despite these difficulties, sports betting wagering business continue to thrive through efficient organization models and aggressive marketing techniques, leveraging the creator influencer market.
These efforts have contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing vital functions in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering companies who have substantially contributed to Nigeria's $2 billion sports betting empire through their substantial 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 varied career spans numerous functions in the video gaming and show business, including working at among the United Kingdom's biggest gaming centres, The Palace Bingo Club, where he served 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, founded in August 2011, has grown into a leading e-commerce organization in the wagering and video gaming sector, operating through online, mobile, sports betting and retail channels. The company was integrated in Nigeria on November 7, 2006, and has actually since 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 names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally incorporated ecosystem that combines relevant sports betting material, engaging features, and a world-class sportsbook.
Since taking the helm right before the pandemic, Sam has driven significant growth for LiveScore Group. The company's staff member headcount has actually increased by 29%, and annual income has actually risen from approximately ₤ 10 million to over ₤ 80 million.
Sam's leadership and strategic vision have propelled LiveScore Group's success and assisted form the market's direction. 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 selected CEO of Betway in November 2017, having actually previously worked as the company's Marketing and Operations Director since 2015. He joined Betway in 2013 and has been in the online video gaming market considering that 2000, holding different effective functions, including General Manager of a data analytics team and Director of a digital marketing firm.
Under Werkman's leadership, Betway has continued to grow its market existence and improve its offerings. The business'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 distinguished herself as a senior executive with a performance history of transforming start-ups into institutionalized businesses. Her expertise covers the gaming, realty, and credit financing industries, where he has actually established himself as a strategic and sports betting functional leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Because June 2019, she has worked as Managing Director and has supervised the company's growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, sports betting essential in the business's functional techniques and market growth.
She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN offers frHer instructional background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, sports betting the founder 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, it was the first to launch a completely functional website, setting a standard 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 wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookmakers in Europe and the world. The company operates in more than 50 countries, including Nigeria, where it is completely licensed.
Under Babalola's management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, providing a vast array of wagering alternatives 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, and sports betting Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has teamed up with African socio-economic organizations and governments to create 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, established and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has 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, creating over 100,000 tasks, the number of which is increasing yearly. 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, bulk shareholder, and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and has since turned into among the world's largest online gambling companies.
By 2016, Bet365 generated $2 billion in revenues and facilitated $45 billion in yearly bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has garnered substantial 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 entrepreneur Kunle Soname, sports betting who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management company that generates financial investment returns and provides unique investment insights and options to both individual 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 actually become a substantial player in the Nigerian sports betting market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned expert in the sports betting wagering industry. He has actually been functioning as the Country Director for 22BET in Nigeria because June 2021. In this function, he has added to the company's growth through partnerships, business technique, and new organization advancement.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, sports betting where he managed item development and customer experience, and Country Manager at 22BET, focusing on marketing strategy and budget plan management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and Betty Bingo.
His profession began at Jumia Group, where he operated in SEO, sports betting CRM, and content management. Fikayo also acted as a Human Resource Officer at SIFAX Group.
He holds a Bachelor of Technology (B.Tech.) in Management and sports betting 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, casino video games, and live dealership games. It was launched in 2017 and is owned and operated 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 company he developed in 2013.
SportyBet is a worldwide sports betting and real-money video gaming operator understood for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has 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 financier in fintech and mobile payments and a strong supporter for the growing African internet community. His financial investments show his commitment to promoting development and development within the region.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to interrupt the sports wagering industry.
Sunbet Sporting International Limited has stated it is concentrated on changing 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 company aims to utilize advanced innovation and a dedication to responsible gambling to revolutionise the sector.
Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will introduce in the first quarter of 2025, aims to be the continent's largest and most ingenious sports betting wagering platform.
At a press instruction, the company's representative, Akin Babatunde, said that the rise in Internet penetration, mobile use, sports betting and the continent's deep enthusiasm for sports betting, specifically football, has actually set the stage for Sunbet's enthusiastic entry. He added that the firm's robust sponsorship and expert group will enable it to scale and sports betting control the marketplace quickly.
Islamic police raid betting shops in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have actually begun shutting down sports betting wagering stores, which they say 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, told the BBC.
Grievances from community leaders and parents triggered the crackdown, sports betting fretted about the growing variety of gambling addicts, he said.
On the first day of raids, 30 shops were closed in one suburb alone, and their owners were sent out home with a caution, the Sharia officer stated.
However Mr Aminudeen cautioned 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 runs the Islamic legal system - Sharia - alongside secular law.
Bookies and bars tend to be permitted to operate in Kano's Christian neighbourhoods, though they too can face action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, sports betting the current crackdown is concentrated on Muslim areas of Kano, a vast 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 consumers see the outcome of worldwide football matches or horse races on which they have actually staked money.
Mr Aminudeen said such bookmakers had actually had the ability to operate under the radar as they had opened under false pretences.
"They do not have licences to run as they were allowed to run video games centres, which they later on converted to sports betting stores," he said.
The sports betting wagering market has actually expanded dramatically throughout West Africa in the last few years. The area is approximately divided in between a generally Muslim north and a mainly Christian south.
Lots of people go to bookmakers to take pleasure in the sociability of other gamblers, though mobile apps are also popular for sports betting on the outcome of events and groups.
Nigeria's crippling recession has actually also indicated individuals are willing to risk a percentage in the hope of winning big.
However this had led to extensive addiction, and parents were even grumbling that children were dropping out of school to gamble, Mr Aminudeen stated.
"These economic issues we are facing in Nigeria is God informing us to alter our ways by stopping sins," he stated.
The raids on Tuesday focused on Munjibir, thought about 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 apprehend them and take them to [a Sharia] court," Mr Aminudeen stated.
It is uncertain what punishment they would face - often, such infringements carry a fine.
Sharia was presented in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, sports betting and the consumption of alcohol were prohibited.
