Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering industry.
Gaming has actually developed substantially in Nigeria from standard forms like pool staking and Baba Ijebu to a growing sports betting wagering market. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would bet as little as N50-N200 on matches.
Slowly, with increased web gain access to came virtual sports betting, which parallels worldwide patterns. The sports betting market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.
Regardless of financial challenges such as inflation, Nigeria's sports betting sector has prospered, drawing in millions, particularly among the vibrant group facing high joblessness rates.
Reports show that roughly 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that generates an estimated yearly income of N730 billion. The federal government has not gone undetected by this development, which is considering regulatory measures like excise tasks and VAT increases to manage the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of difficulties in enforcement. Issues such as insufficient age confirmation and advertising rule breaches show industry regulative spaces.
Despite these obstacles, sports betting business continue to thrive through reliable business designs and aggressive marketing strategies, leveraging the creator influencer industry.
These efforts have contributed to Nigeria's robust $2 billion gaming sector, with CEOs playing vital roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have considerably added to Nigeria's $2 billion gaming empire through their extensive audience reach.
Sheriff Olaniyan - CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, sports betting a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied profession covers different roles in the gaming and show business, including operating at one of the United Kingdom's biggest 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, founded in August 2011, sports betting has turned into a leading e-commerce company in the wagering and gaming sector, sports betting running through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has actually because expanded its presence, attaining 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, a fully integrated community that integrates relevant sports betting content, engaging features, and a first-rate sportsbook.
Because taking the helm right before the pandemic, Sam has driven substantial growth for LiveScore Group. The company's worker headcount has increased by 29%, sports betting and yearly revenue has risen from approximately ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have actually moved LiveScore Group's success and helped form the industry's direction. LiveScoreBet has actually achieved significant 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 previously served as the business's Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has actually been in the online gaming market since 2000, holding different effective functions, including General Manager of a data analytics team and Director of a digital marketing company.
Under Werkman's leadership, Betway has continued to grow its market presence and boost its offerings. The company's app has actually garnered 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 services. Her competence spans the gaming, property, and credit financing markets, where he has actually developed himself as a strategic and functional leader.
Damilare has contributed in NairaBET's success for over 14 years. Because June 2019, she has functioned as Managing Director and has supervised the business's growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company's functional techniques and market growth.
She founded 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, sports betting completed in 2005.
Akin Alabi, the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, developed the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to launch a totally functional website, 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 international sports betting company 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 countries, including Nigeria, where it is fully licensed.
Under Babalola's management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, using a large range of wagering options and an easy to use 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 endeavors, Ukanwoke has collaborated with African socio-economic institutions and federal governments to create developmental policies targeted 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 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 company has actually rapidly grown its existence in Nigeria, sports betting with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the variety of which is increasing yearly. In the exact 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 investor, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting site and has actually considering that turned into among the world's biggest online gaming companies.
By 2016, Bet365 produced $2 billion in incomes 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, established alongside business owner Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management company that produces financial investment returns and sports betting uses distinct financial investment insights and solutions to both specific and institutional customers.
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 ended up being a substantial player in the Nigerian sports betting market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned specialist in the sports betting wagering market. He has been working as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has added to the company's development through collaborations, service technique, and brand-new business development.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and customer experience, and Country Manager at 22BET, concentrating on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.
His profession started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also served 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 provides sports betting wagering, casino games, and sports betting live dealer video 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 likewise the owners of Betwinner and a chain of gambling establishments worldwide.
Sudeep Ramnani-- CEO Sportybet Group
Sudeep Ramnani is the Founder and sports betting CEO of SportyBet, a company he established in 2013.
SportyBet is a worldwide sports betting wagering and real-money video gaming operator sports betting understood for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani's leadership, SportyBet has become a considerable player in the market, with over 1 million downloads on the Google Play Store.
In addition to his role at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African internet community. His investments show his commitment to fostering development and development within the area.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to interrupt the sports betting industry.
Sunbet Sporting International Limited has said 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 development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to take advantage of advanced innovation and a dedication to accountable gambling to revolutionise the sector.
Backed by the monetary power of four popular African billionaires, Sunbet, which will introduce in the first quarter of 2025, aims to be the continent's biggest and most ingenious sports betting wagering platform.
At a press rundown, the company's spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent's deep passion for sports betting, specifically football, has actually set the stage for Sunbet's ambitious entry. He added that the company's robust sponsorship and professional group will enable it to scale and control the market quickly.
Islamic cops raid betting stores in northern Nigeria
Islamic police in Nigeria's northern city of Kano have begun shutting down sports betting wagering shops, which they say 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 community leaders and parents prompted the crackdown, stressed over the growing variety of gambling addicts, he said.
On the first day of raids, 30 stores were closed in one residential area alone, and their owners were sent home with a warning, the Sharia officer stated.
But Mr Aminudeen cautioned that now that the general public understood that the Hisbah was clamping down on sports betting, those flouting the guidelines would be arrested.
Kano city is the capital of Kano state, sports betting which has a majority Muslim population and operates the Islamic legal system - Sharia - alongside nonreligious law.
Bookies and bars tend to be permitted to operate in Kano's Christian neighbourhoods, sports betting though they too can deal with action if the Hisbah believes Muslims are frequenting them.
Nevertheless, sports betting the present crackdown is concentrated on Muslim areas of Kano, a sprawling city and the economic hub of northern Nigeria.
sports betting wagering stores can be discovered all over the city. The majority of have television screens, and clients enjoy the outcome of international football matches or horse races on which they have actually staked money.
Mr Aminudeen stated such bookies had had the ability to run under the radar as they had opened under false pretences.
"They do not have licences to run as they were permitted to run computer game centres, which they later on converted to sports betting shops," he said.
The sports betting wagering industry has actually expanded dramatically throughout West Africa in the last few years. The region is approximately divided between a mainly Muslim north and a predominantly Christian south.
Many individuals go to bookies to delight in the friendship of other gamblers, though mobile apps are likewise popular for sports betting on the result of occasions and teams.
Nigeria's debilitating economic crisis has actually likewise indicated individuals want to risk a small amount in the hope of winning big.
But this had actually caused prevalent dependency, and parents were even complaining that kids were dropping out of school to gamble, Mr Aminudeen said.
"These financial issues we are dealing with in Nigeria is God telling us to change our ways by stopping sins," he said.
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 shut down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen said.
It is uncertain what penalty they would deal with - frequently, such violations carry a fine.
Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, sports betting and the intake of alcohol were banned.
