Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering industry.
Gaming has actually progressed considerably in Nigeria from standard types like pool staking and Baba Ijebu to a successful sports betting wagering market. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet as low as N50-N200 on matches.
Gradually, sports betting with increased internet gain access to came virtual sports betting, 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.
Despite financial challenges such as inflation, Nigeria's sports betting sector has actually prospered, drawing in millions, particularly amongst the vibrant group dealing with high unemployment rates.
Reports show that around 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that generates an estimated yearly income 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 boosts to manage the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of obstacles in enforcement. Issues such as insufficient age verification and sports betting advertising guideline breaches show industry regulatory spaces.
In spite of these obstacles, sports betting wagering companies continue to grow through effective business designs and aggressive marketing methods, leveraging the creator influencer market.
These efforts have contributed to Nigeria's robust $2 billion gambling sector, with CEOs playing important functions in expanding audience reach and driving market development. Here are the CEOs of leading sports betting business who have significantly contributed to Nigeria's $2 billion gaming empire through their substantial audience reach.
Sheriff 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 profession spans numerous roles in the gaming and show business, consisting of operating at one of the United Kingdom's largest 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, sports betting Wales. Surebet247, founded in August 2011, sports betting has actually become a leading e-commerce business in the sports betting and gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has actually since expanded its presence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has over 25 years of experience in wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated ecosystem that integrates relevant sports betting material, engaging features, and a first-rate sportsbook.
Considering that taking the helm right before the pandemic, Sam has driven significant development for sports betting LiveScore Group. The business's employee headcount has actually increased by 29%, and yearly profits has actually risen from roughly ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have moved LiveScore Group's success and helped form the industry's instructions. 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 formerly acted as the business's Marketing and sports betting Operations Director given that 2015. He signed up with Betway in 2013 and has remained in the online video gaming market given that 2000, holding numerous successful functions, sports betting including General Manager of an information analytics team and Director of a digital marketing agency.
Under Werkman's leadership, Betway has actually 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 actually differentiated herself as a senior executive with a performance history of changing start-ups into institutionalized companies. Her know-how covers the gaming, real estate, and credit loaning markets, where he has actually developed himself as a strategic and sports betting functional leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Because June 2019, sports betting she has actually worked as Managing Director sports betting 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, critical in the company's operational strategies and market expansion.
She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN offers frHer academic 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 very first sports betting platform in Nigeria, it was the first to launch a completely functional website, 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 company 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 countries, including Nigeria, where it is totally accredited.
Under Babalola's management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, using a wide variety of sports betting options 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, sports betting Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has teamed up with African socio-economic organizations and governments to develop 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, established and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and sports betting home entertainment company has actually 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 participated in a collaboration with the Lagos Employment Trust Fund, developing over 100,000 tasks, the variety of which is increasing annually. 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, sports betting an online gaming business she developed in 2000. Bet365.com was launched in 2001 as an online sports betting site and has actually given that grown into one of the world's largest online gaming business.
By 2016, Bet365 created $2 billion in earnings and facilitated $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually garnered substantial user engagement, sports betting 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, developed alongside business owner 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 creates investment returns and sports betting uses special financial investment insights and services to both private and institutional clients.
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 actually ended up being a considerable gamer 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 for 22BET in Nigeria given that June 2021. In this role, he has contributed to the business's growth through partnerships, sports betting business method, and brand-new service development.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and customer experience, and sports betting Country Manager at 22BET, sports betting concentrating on marketing method and sports betting budget plan 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 worked 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gaming platform that uses sports betting, casino games, and live dealership games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a company signed up in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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 business he developed in 2013.
SportyBet is an international sports betting wagering and sports betting real-money video gaming operator understood for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani's management, SportyBet has ended up being a substantial gamer in the industry, with over 1 million downloads on the Google Play Store.
In addition to his role at SportyBet, sports betting Sudeep is an active investor in fintech and mobile payments and sports betting a strong supporter for the growing African web ecosystem. His investments show his commitment to cultivating innovation and advancement within the area.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to interfere with the sports betting industry.
Sunbet Sporting International Limited has said it is concentrated on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion annual, 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 technology and sports betting a dedication to accountable sports betting to revolutionise the sector.
Backed by the financial power of 4 prominent African billionaires, Sunbet, which will introduce in the very first quarter of 2025, intends to be the continent's largest and most ingenious sports betting wagering platform.
At a press briefing, the company's representative, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent's deep passion for sports betting, particularly football, sports betting has actually set the stage for Sunbet's ambitious entry. He included that the company's robust sponsorship and sports betting expert group will enable it to scale and control the marketplace quickly.
Islamic cops raid wagering shops in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have actually begun closing down sports betting stores, which they say are operating illegally.
"As you know, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, informed the BBC.
Complaints from neighborhood leaders and parents prompted the crackdown, fretted about the growing variety of sports betting addicts, he stated.
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 said.
However Mr Aminudeen alerted that now that the public was aware that the Hisbah was clamping down on gambling, those flouting the guidelines would be arrested.
Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system - Sharia - together with secular law.
Bookmakers and bars tend to be enabled to run in Kano's Christian neighbourhoods, though they too can face action if the Hisbah believes Muslims are frequenting them.
However, sports betting the present crackdown is focused on Muslim areas of Kano, a sprawling city and the financial center of northern Nigeria.
sports betting wagering shops can be found all over the city. A lot of have tv screens, and consumers view the result of global football matches or horse races on which they have staked cash.
Mr Aminudeen said such bookmakers had been able to run under the radar as they had actually opened under false pretenses.
"They do not have licences to run as they were allowed to run computer game centres, which they later on transformed to sports betting shops," he said.
The sports betting market has actually expanded dramatically throughout West Africa over the last few years. The region is approximately divided in between a mainly Muslim north and a predominantly Christian south.
Many people go to bookies to take pleasure in the sociability of other gamblers, though mobile apps are likewise popular for wagering on the outcome of events and groups.
Nigeria's debilitating economic crisis has actually likewise implied people are willing to risk a percentage in the hope of winning big.
But this had actually led to extensive addiction, and sports betting moms and dads were even complaining that kids were leaving of school to bet, sports betting Mr Aminudeen said.
"These financial problems we are dealing with in Nigeria is God informing us to change 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 sports betting shops to either closed down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen stated.
It is uncertain what punishment they would face - typically, such infringements carry a fine.
Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and sports betting prostitution, sports betting and the consumption of alcohol were prohibited.
