Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting market.
sports betting has actually evolved significantly in Nigeria from conventional kinds like pool staking and sports betting Baba Ijebu to a growing sports betting industry. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would bet as low as N50-N200 on matches.
Gradually, with increased web access came virtual sports betting, which parallels worldwide trends. The sports betting market is valued at $89.91 billion in 2023 and is projected to almost double to $182.02 billion by 2030.
Regardless of financial difficulties such as inflation, Nigeria's sports betting sector has thrived, drawing in millions, especially among the youthful market dealing with high unemployment rates.
Reports indicate that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that generates an approximated annual earnings of N730 billion. The federal government has not gone undetected by this development, which is considering regulative procedures like excise responsibilities and VAT increases to handle the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations in spite of difficulties in enforcement. Problems such as insufficient age verification and advertising rule breaches show market regulatory gaps.
Regardless of these challenges, sports betting business continue to flourish through effective organization models and aggressive marketing strategies, leveraging the creator influencer market.
These efforts have added to Nigeria's robust $2 billion gambling sector, with CEOs playing essential roles in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting wagering companies who have considerably contributed to Nigeria's $2 billion gaming empire through their substantial audience reach.
Constable 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 career spans various roles in the video gaming and show business, including working at among the United Kingdom's largest video gaming centres, The Palace Bingo Club, where he functioned 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 actually become a leading e-commerce company in the wagering and gaming sector, operating through online, mobile, and sports betting retail channels. The business was integrated in Nigeria on November 7, 2006, and has given that expanded its existence, 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 brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely incorporated community that combines appropriate sports betting material, engaging features, and a first-rate sportsbook.
Since taking the helm just before the pandemic, Sam has actually driven considerable development for LiveScore Group. The business's worker headcount has actually increased by 29%, and yearly revenue has actually risen from around ₤ 10 million to over ₤ 80 million.
Sam's management and strategic vision have moved LiveScore Group's success and assisted shape the industry's instructions. LiveScoreBet has actually accomplished major user engagement, sports betting 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 functioned as the company's Marketing and Operations Director since 2015. He joined Betway in 2013 and sports betting has remained in the online video gaming market given that 2000, holding numerous successful roles, consisting of General Manager of an information analytics group and Director of a digital marketing firm.
Under Werkman's leadership, Betway has actually continued to grow its market presence 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 track record of transforming start-ups into institutionalized businesses. Her competence spans the gaming, real estate, and credit financing markets, where he has actually developed himself as a tactical and functional leader.
Damilare has contributed in NairaBET's success for over 14 years. Because June 2019, she has actually functioned as Managing Director and has actually 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 functional strategies and market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN provides frHer educational background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to release a fully practical website, 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 international sports betting business 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 nations, including Nigeria, where it is fully accredited.
Under Babalola's management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, offering a wide variety of sports betting alternatives and an user-friendly 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 Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually teamed up with African socio-economic institutions and federal governments to develop 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 released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has rapidly grown its existence in Nigeria, sports betting with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, developing over 100,000 tasks, sports betting the number of which is increasing each year. 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 founder, majority shareholder, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was launched in 2001 as an online wagering site and has actually considering that become one of the world's largest online gaming companies.
By 2016, Bet365 created $2 billion in revenues and sports betting helped with $45 billion in annual bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has actually 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 business in Nigeria, developed along with business owner Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, sports betting an independent Nigerian property management company that generates investment returns and offers distinct investment insights and services to both private 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 become a significant gamer in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned professional in the sports betting market. He has been acting as the Country Director for 22BET in Nigeria since June 2021. In this function, he has added to the company's growth through collaborations, business technique, and brand-new business advancement.
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 spending plan management. Before 22BET, 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, sports betting where he operated 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 a Master of Science (MS) in Business Administration, Management, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online sports betting platform that offers sports betting, casino video 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 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, a business he developed in 2013.
SportyBet is a worldwide sports betting wagering and sports betting real-money gaming operator known for sports betting providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's leadership, SportyBet has become a substantial gamer in the industry, 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 internet environment. His financial investments show his commitment to fostering innovation and advancement within the area.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.
The company is set to interfere with the sports wagering market.
Sunbet Sporting International Limited has stated it is concentrated on changing how countless 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 firm aims to leverage innovative technology and a dedication to accountable gambling to change the sector.
Backed by the financial power of four popular African billionaires, Sunbet, which will introduce 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 spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile use, and 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 allow it to scale and dominate the marketplace rapidly.
Islamic authorities raid betting shops in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have started shutting down sports betting shops, sports betting which they say are operating 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.
Problems from community leaders and moms and dads prompted the crackdown, sports betting stressed over the growing number of gambling addicts, he stated.
On the very first day of raids, 30 shops were closed in one suburban area alone, and their owners were sent out home with a warning, the Sharia officer said.
However Mr Aminudeen alerted that now that the general public understood 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 majority Muslim population and runs the Islamic legal system - Sharia - alongside secular law.
Bookmakers and bars tend to be allowed 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 focused on Muslim locations of Kano, a vast city and sports betting the financial center of northern Nigeria.
sports betting wagering shops can be discovered all over the city. The majority of have television screens, and clients see the outcome of global football matches or horse races on which they have staked money.
Mr Aminudeen stated such bookmakers had actually been able to operate 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 stated.
The sports betting wagering industry has actually expanded dramatically across West Africa recently. The area is roughly divided between a generally 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 result of occasions and groups.
Nigeria's debilitating recession has also meant people are willing to run the risk of a percentage in the hope of winning huge.
But this had actually resulted in widespread addiction, and parents were even complaining that children were leaving of school to gamble, Mr Aminudeen said.
"These economic issues we are dealing with in Nigeria is God telling us to change 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 sports betting shops to either shut down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what punishment they would deal with - typically, such infringements bring a fine.
Sharia was introduced in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, gambling and the consumption of alcohol were banned.
