Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering industry.
sports betting has actually progressed significantly in Nigeria from traditional types like pool staking and Baba Ijebu to a thriving sports betting wagering market. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.
Gradually, with increased internet gain access to came virtual wagering, which parallels global patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is predicted to nearly double to $182.02 billion by 2030.
In spite of economic challenges such as inflation, Nigeria's sports betting wagering sector has prospered, bring in millions, particularly among the vibrant demographic dealing with high unemployment rates.
Reports show that approximately 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that produces a projected annual earnings of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulative measures like import tax responsibilities and VAT increases to handle the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of challenges in enforcement. Issues such as inadequate age verification and marketing guideline breaches reveal industry regulatory spaces.
Regardless of these challenges, sports betting business continue to flourish through efficient business designs and aggressive marketing methods, leveraging the developer influencer market.
These efforts have actually 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 business who have substantially contributed to Nigeria's $2 billion sports betting empire through their extensive audience reach.
Constable Olaniyan - CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse profession spans various roles in the gaming and show business, consisting of working at among the United Kingdom's biggest 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, sports betting Wales. Surebet247, founded in August 2011, has turned into a leading e-commerce company in the wagering and gaming sector, running through online, sports betting mobile, and sports betting retail channels. The business was included in Nigeria on November 7, 2006, and has because expanded 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 brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally integrated environment that integrates appropriate sports betting material, engaging functions, and a first-rate sportsbook.
Considering that taking the helm prior to the pandemic, Sam has actually driven significant development for LiveScore Group. The company's worker headcount has actually increased by 29%, and yearly profits has surged from around ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have actually propelled LiveScore Group's success and helped form the market'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 worked as the business's Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has remained in the online gaming market since 2000, holding numerous effective roles, including General Manager of a data analytics group and Director of a digital marketing company.
Under Werkman's leadership, Betway has actually continued to grow its market presence and enhance its offerings. The company's app has garnered significant 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 businesses. Her proficiency spans the gaming, real estate, and credit loaning industries, where he has developed himself as a strategic and 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 business's development and sports betting operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, sports betting critical in the business's operational methods and market growth.
She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN provides frHer educational background includes 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 company, developed the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to launch a fully functional site, sports betting setting a criteria 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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookmakers in Europe and the world. The company operates in more than 50 nations, including Nigeria, where it is fully certified.
Under Babalola's management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, providing a vast array of wagering 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, and Chairman of Vend Capital. In addition to leading these endeavors, sports betting Ukanwoke has worked together with African socio-economic organizations and federal governments to create developmental policies aimed 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 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 and home entertainment business has quickly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, producing over 100,000 jobs, the variety of which is increasing each year. In the very 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, majority shareholder, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was launched in 2001 as an online wagering website and has actually considering that grown into among the world's largest online gambling business.
By 2016, Bet365 produced $2 billion in profits and sports betting helped with $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has amassed 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 wagering business in Nigeria, established 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, an independent Nigerian asset management business that generates investment returns and offers special investment insights and options to both individual and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has become a considerable player in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced expert in the sports betting wagering industry. He has actually been acting as the Country Director sports betting for 22BET in Nigeria considering that June 2021. In this role, he has actually added to the company's growth through partnerships, organization technique, and new business development.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and customer experience, and Country Manager at 22BET, concentrating on marketing technique and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and sports betting held different digital marketing roles at Laclic Services and Betty Bingo.
His career began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise 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 wagering, gambling establishment video games, and live dealership games. It was introduced 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, a company he established in 2013.
SportyBet is a worldwide sports betting wagering and real-money video gaming operator known for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's leadership, SportyBet has become a considerable 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 financier in fintech and mobile payments and a strong advocate for the growing African internet ecosystem. His financial investments show his commitment to fostering development and advancement within the area.
On April 30, 2024, Sudeep Ramnani purchased Chowdeck, sports betting participating in a seed round valued at $2.5 million.
The company is set to interrupt the sports betting industry.
Sunbet Sporting International Limited has said it is focused on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to take advantage of cutting-edge innovation and a dedication to responsible gambling to change the sector.
Backed by the monetary power of 4 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 platform.
At a press instruction, the company's spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile usage, 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 financial backing and sports betting expert group will allow it to scale and control the marketplace quickly.
Islamic police raid betting shops in northern Nigeria
Islamic police in Nigeria's northern city of Kano have started closing down sports betting wagering stores, which they state are operating unlawfully.
"As you know, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, told the BBC.
Grievances from neighborhood leaders and moms and dads triggered the crackdown, fretted about the growing number of sports betting addicts, sports betting he stated.
On the very first day of raids, 30 stores were closed in one suburban area alone, sports betting and their owners were sent home with a warning, the Sharia officer said.
However Mr Aminudeen cautioned that now that the general public was aware that the Hisbah was clamping down on gaming, those flouting the guidelines 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.
Bookies and 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.
However, the present crackdown is focused on Muslim areas of Kano, a vast city and the economic center of northern Nigeria.
Sports betting shops can be found all over the city. Most have television screens, and consumers enjoy the result of worldwide football matches or horse races on which they have actually staked cash.
Mr Aminudeen said 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 run as they were permitted to run video games centres, which they later on converted to sports betting stores," he said.
The sports betting market has broadened drastically across West Africa over the last few years. The area is roughly divided in between a primarily Muslim north and a primarily Christian south.
Lots of people go to bookies to enjoy the sociability of other bettors, though mobile apps are also popular for wagering on the outcome of occasions and teams.
Nigeria's crippling economic crisis has likewise meant individuals want to risk a small amount in the hope of winning huge.
However this had actually resulted in widespread dependency, and parents were even complaining that children were dropping out of school to gamble, Mr Aminudeen said.
"These economic problems we are dealing with in Nigeria is God telling us to alter our methods by stopping sins," he said.
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 closed down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen stated.
It is uncertain what punishment they would face - typically, such violations carry a fine.
Sharia was presented in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gambling and the usage of alcohol were banned.
