Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting market.
Gambling has progressed substantially in Nigeria from conventional types like pool staking and Baba Ijebu to a thriving sports betting industry. Historically connected to European football leagues, sports betting pool staking was a typical sight at motor parks and sports betting kiosks, where lovers would wager as little as N50-N200 on matches.
Gradually, with increased web access came virtual wagering, which parallels worldwide patterns. The sports betting market is valued at $89.91 billion in 2023 and is projected to nearly double to $182.02 billion by 2030.
Despite financial obstacles such as inflation, Nigeria's sports betting sector has actually flourished, drawing in millions, sports betting specifically among the younger market facing high unemployment rates.
Reports indicate that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that creates a projected annual earnings of N730 billion. The federal government has actually not gone undetected by this growth, which is thinking about regulative steps like import tax tasks and VAT boosts to handle the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations despite difficulties in enforcement. Issues such as insufficient age confirmation and advertising guideline breaches show market regulatory gaps.
Regardless of these challenges, sports betting companies continue to grow through efficient business models and sports betting aggressive marketing strategies, leveraging the creator sports betting influencer market.
These efforts have actually contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing essential functions in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have actually substantially contributed to Nigeria's $2 billion gaming empire through their substantial audience reach.
Sheriff Olaniyan - CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied profession covers numerous functions in the gaming and sports betting entertainment industry, 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, founded in August 2011, sports betting has grown into a leading e-commerce organization in the wagering and video gaming sector, running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has since broadened its presence, accomplishing 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 became the CEO of LiveScore Group, sports betting a totally integrated environment that combines pertinent sports betting material, engaging functions, sports betting and sports betting a world-class sportsbook.
Given that taking the helm right before the pandemic, Sam has actually driven considerable growth for LiveScore Group. The company's worker headcount has actually increased by 29%, and yearly income has risen from around ₤ 10 million to over ₤ 80 million.
Sam's management and strategic vision have actually propelled LiveScore Group's success and sports betting helped shape the industry's direction. 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 designated CEO of Betway in November 2017, having previously served as the business's Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has remained in the online gaming industry given that 2000, sports betting holding various effective functions, consisting of General Manager of a data analytics group and Director of a digital marketing agency.
Under Werkman's leadership, Betway has continued to grow its market existence and boost its offerings. The business's app has gathered substantial 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 companies. Her expertise spans the gaming, realty, sports betting and credit financing markets, where he has developed himself as a strategic and functional leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Since June 2019, she has actually acted as Managing Director and sports betting has actually supervised the company's development and operations in Lagos, sports betting Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, sports betting essential in the company's functional techniques and market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN provides frHer instructional background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking company, established business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to introduce a fully practical 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 wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookmakers in Europe and the world. The company operates in more than 50 nations, consisting of Nigeria, where it is completely certified.
Under Babalola's leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, sports betting offering a wide range of wagering options 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 of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has worked together with African socio-economic institutions and federal governments to design 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 sports betting 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 wagering and home entertainment business has rapidly grown its presence in Nigeria, with outlets in significant cities and sports betting over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, producing over 100,000 jobs, the number of which is increasing each year. In the same year, MultiChoice broadcaster bought 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 founder, majority shareholder, sports betting and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was introduced in 2001 as an online wagering website and has given that turned into one of the world's biggest online gambling companies.
By 2016, Bet365 produced $2 billion in profits and helped with $45 billion in yearly bets. The company also 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 co-founder of Bet9ja, a leading sports betting wagering company in Nigeria, developed together with business person 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 asset management business that produces financial investment returns and provides distinct financial investment insights and solutions to both specific and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has actually ended up being a significant player in the Nigerian sports betting market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting industry. He has been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has added to the company's development through partnerships, service method, and brand-new company development.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and client experience, and Country Manager at 22BET, concentrating on marketing strategy and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing roles at Laclic Services and sports betting Betty Bingo.
His career started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also 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, sports betting and Operations from ESTG University in Cotonou, sports betting Benin Republic.
22Bet is an online gambling platform that uses sports betting wagering, gambling establishment games, and live dealer video games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a business signed up in Cyprus and sports betting 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 CEO of SportyBet, sports betting a company he developed in 2013.
SportyBet is an international sports betting and real-money gaming operator understood for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani's leadership, sports betting SportyBet has actually ended up being a significant gamer in the industry, with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, sports betting Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African web ecosystem. His investments show his dedication to cultivating development and sports betting development within the area.
On April 30, sports betting 2024, Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.
The company 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 a market worth over $1.5 billion yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to take advantage of advanced innovation and a commitment to accountable gaming to revolutionise the sector.
Backed by the monetary power of 4 popular African billionaires, Sunbet, which will launch in the very first quarter of 2025, intends to be the continent's biggest and most innovative sports betting wagering platform.
At a press rundown, the business's representative, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent's deep passion for sports betting, particularly football, has set the stage for Sunbet's enthusiastic entry. He added that the company's robust sponsorship and specialist team will enable it to scale and dominate the marketplace rapidly.
Islamic cops raid wagering stores in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have actually started shutting down sports betting wagering shops, which they say are running illegally.
"As you know, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, informed the BBC.
Complaints from neighborhood leaders and sports betting moms and dads prompted the crackdown, worried about the growing variety of gambling addicts, sports betting he said.
On the first day of raids, 30 shops were closed in one residential area alone, and their owners were sent out home with a caution, the Sharia officer stated.
However Mr Aminudeen cautioned that now that the public knew that the Hisbah was clamping down on gaming, sports betting those flouting the rules would be arrested.
Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system - Sharia - along with secular law.
Bookmakers and bars tend to be permitted to operate in Kano's Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the existing crackdown is concentrated on Muslim areas of Kano, a sprawling city and the financial hub of northern Nigeria.
sports betting wagering stores can be found all over the city. Most have tv screens, and clients watch the outcome of international football matches or horse races on which they have staked cash.
Mr Aminudeen stated such bookmakers had actually had the ability to operate under the radar as they had opened under false pretences.
"They don't have licences to operate as they were allowed to run video games centres, which they later converted to wagering shops," he stated.
The sports betting wagering industry has broadened considerably across West Africa in recent years. The region is approximately divided in between a generally Muslim north and a predominantly Christian south.
Many individuals go to bookies to enjoy the camaraderie of other bettors, though mobile apps are also popular for wagering on the result of events and teams.
Nigeria's debilitating economic crisis has also suggested individuals are willing to run the risk of a percentage in the hope of winning big.
However this had actually resulted in prevalent addiction, and parents were even complaining that kids were dropping out of school to bet, Mr Aminudeen said.
"These economic problems we are dealing with in Nigeria is God telling us to alter our ways by stopping sins," he stated.
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 advising those running those wagering stores to either shut 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 - frequently, such infringements bring 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.
