Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting industry.
Gaming has developed significantly in Nigeria from standard kinds like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would bet as low as N50-N200 on matches.
Slowly, with increased internet access came virtual wagering, which parallels global patterns. 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.
In spite of economic challenges such as inflation, Nigeria's sports betting sector has flourished, attracting millions, particularly among the youthful market dealing with high joblessness rates.
Reports indicate that approximately 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that generates an approximated yearly earnings of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulatory measures like import tax 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 reasonable operations in spite of difficulties in enforcement. Issues such as inadequate age confirmation and marketing rule breaches reveal market regulatory gaps.
Despite these obstacles, sports betting wagering business continue to thrive through effective organization models and sports betting aggressive marketing methods, sports betting leveraging the developer influencer industry.
These efforts have contributed to Nigeria's robust $2 billion sports betting sector, sports betting with CEOs playing crucial roles in broadening audience reach and driving market development. Here are the CEOs of leading sports betting companies who have actually substantially added to Nigeria's $2 billion gaming empire through their extensive audience reach.
Constable Olaniyan - CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse career spans various functions in the video 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 sports betting 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 actually become a leading e-commerce business in the sports betting and video gaming sector, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, sports betting 2006, and has actually given that broadened 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 brands and sports betting media. In 2019, sports betting he ended up being the CEO of LiveScore Group, a completely incorporated ecosystem that integrates pertinent sports betting material, sports betting engaging functions, and a world-class sportsbook.
Given that taking the helm right before the pandemic, Sam has actually driven substantial growth for LiveScore Group. The company's worker headcount has actually increased by 29%, and yearly earnings has risen from roughly ₤ 10 million to over ₤ 80 million.
Sam's management and sports betting strategic vision have actually propelled LiveScore Group's success and assisted form the market's direction. LiveScoreBet has actually achieved major 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 actually previously served as the company's Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has actually been in the online gaming market since 2000, holding various effective functions, including General Manager of an information analytics group and Director sports betting of a digital marketing company.
Under Werkman's leadership, Betway has actually continued to grow its market existence and improve its offerings. The business's app has actually gathered considerable user engagement, sports betting 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 track record of changing start-ups into institutionalized companies. Her know-how covers the gaming, property, and credit lending industries, where he has actually established himself as a strategic and operational leader.
Damilare has been instrumental in NairaBET's success for over 14 years. Considering that June 2019, sports betting she has actually acted as Managing Director sports betting and has supervised the company's development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company's functional strategies and market growth.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN offers frHer academic 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 very first sports betting wagering platform in Nigeria, it was the first to launch a fully functional website, setting a benchmark in the market.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the global sports betting wagering business based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookmakers in Europe and the world. The company operates in more than 50 countries, consisting of Nigeria, where it is fully certified.
Under Babalola's management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, providing a large range of wagering choices 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 sports betting Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has worked together with African socio-economic organizations and federal governments to design 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 released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand sports betting 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 significant cities and over 500,000 downloads on the Google Play Store.
In 2020, sports betting BetKing participated in a partnership with the Lagos Employment Trust Fund, creating over 100,000 tasks, the number of which is increasing annually. In the very 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 creator, majority investor, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was released in 2001 as an online sports betting site and has since become among the world's largest online sports betting companies.
By 2016, Bet365 created $2 billion in revenues and facilitated $45 billion in annual bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered significant 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 company in Nigeria, developed together with 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, sports betting an independent Nigerian asset management business that generates financial investment returns and offers distinct financial investment insights and services to both private and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has actually become a considerable gamer in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned expert in the sports betting wagering industry. He has actually been acting as the Country Director for 22BET in Nigeria since June 2021. In this function, he has added to the company's development through partnerships, service method, and brand-new business advancement.
Fikayo's experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and consumer experience, and Country Manager at 22BET, sports betting focusing on marketing method 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 career started at Jumia Group, where he operated in SEO, sports betting 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, sports betting and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gambling platform that uses sports betting, casino video games, and sports betting live dealership video games. It was introduced 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 a global sports betting and real-money video gaming operator understood for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's management, SportyBet has actually ended up being a substantial player in the industry, sports betting with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African web ecosystem. His investments reflect his dedication to fostering innovation and development within the region.
On April 30, 2024, sports betting Sudeep Ramnani purchased Chowdeck, sports betting participating in a seed round valued at $2.5 million.
The firm is set to interfere with the sports wagering market.
Sunbet Sporting International Limited has said it is focused on revolutionising how millions of Africans engage with sports betting. In a market 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 company aims to utilize innovative technology and a commitment to responsible gaming to revolutionise the sector.
Backed by the monetary power of 4 popular African billionaires, Sunbet, which will release in the first quarter of 2025, aims to be the continent's largest and most innovative sports betting wagering platform.
At a press rundown, the company's spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile use, sports betting and the continent's deep passion for sports betting, especially football, has set the stage for Sunbet's enthusiastic entry. He included that the firm's robust sponsorship and specialist team will enable it to scale and dominate the marketplace rapidly.
Islamic police raid betting shops in northern Nigeria
Islamic police in Nigeria's northern city of Kano have actually started closing down sports betting wagering stores, which they say are operating illegally.
"As you know, sports betting is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, told the BBC.
Grievances from neighborhood leaders and moms and dads triggered the crackdown, worried about the growing number of sports betting addicts, he said.
On the very first day of raids, sports betting 30 stores were closed in one suburban area alone, and their owners were sent out home with a caution, the Sharia officer said.
But 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 jailed.
Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system - Sharia - together with secular law.
Bookies and bars tend to be enabled to operate in Kano's Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
However, the current crackdown is focused on Muslim locations of Kano, a sprawling city and the economic hub of northern Nigeria.
Sports betting shops can be found all over the city. Many have television screens, and clients see the outcome of worldwide football matches or horse races on which they have actually staked cash.
Mr Aminudeen said such bookies had had the ability to run under the radar as they had opened under false pretenses.
"They don't have licences to operate as they were allowed to run video games centres, which they later on converted to wagering stores," he stated.
The sports betting wagering market has actually expanded drastically throughout West Africa in the last few years. The region is approximately divided in between a primarily Muslim north and sports betting a primarily Christian south.
Many people go to bookies to take pleasure in the friendship of other gamblers, sports betting though mobile apps are also popular for sports betting on the result of events and groups.
Nigeria's crippling economic crisis has actually likewise suggested individuals want to risk a small amount in the hope of winning big.
However this had led to widespread dependency, and parents were even grumbling that kids were leaving of school to bet, Mr Aminudeen stated.
"These financial issues we are dealing with in Nigeria is God telling us to change our methods by stopping sins," he said.
The raids on Tuesday focused on Munjibir, sports betting 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 shut down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen stated.
It is unclear what punishment they would face - often, sports betting such violations bring 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 prohibited.
