Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting market.
Gambling has actually evolved considerably in Nigeria from traditional forms like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically tied to European football leagues, swimming 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 gain access to came virtual sports betting, which parallels worldwide patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.
Despite economic difficulties such as inflation, Nigeria's sports wagering sector has actually flourished, attracting millions, particularly among the younger group facing high unemployment rates.
Reports indicate that around 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 actually not gone undetected by this growth, which is thinking about regulatory steps like excise duties and VAT increases to handle the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure fair operations despite obstacles in enforcement. Issues such as insufficient age verification and marketing rule breaches show industry regulatory gaps.
Regardless of these obstacles, sports betting wagering business continue to flourish through reliable organization designs and aggressive marketing strategies, leveraging the developer influencer market.
These efforts have added to Nigeria's robust $2 billion sports betting sector, with CEOs playing crucial functions in broadening audience reach and driving market development. Here are the CEOs of leading sports betting companies who have considerably added to Nigeria's $2 billion sports betting empire through their extensive audience reach.
Sheriff 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 profession covers numerous functions in the gaming and entertainment industry, including operating at one of the United Kingdom's largest video 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 sports betting and gaming sector, running through online, mobile, sports betting and retail channels. The business was integrated in Nigeria on November 7, 2006, and has given that broadened its existence, achieving 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 became the CEO of LiveScore Group, a totally incorporated ecosystem that integrates appropriate sports betting content, engaging functions, and a first-rate sportsbook.
Considering that taking the helm right before the pandemic, Sam has actually driven substantial growth for LiveScore Group. The business's employee headcount has increased by 29%, and yearly revenue has risen from approximately ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have propelled LiveScore Group's success and assisted form the market's instructions. 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 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 video gaming market considering that 2000, holding different effective roles, including General Manager of an information analytics team and Director of a digital marketing firm.
Under Werkman's leadership, Betway has continued to grow its market presence and enhance its offerings. The business's app has actually gathered considerable 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 organizations. Her proficiency covers the gaming, property, and credit loaning industries, where he has developed himself as a tactical and functional leader.
Damilare has contributed in NairaBET's success for over 14 years. Given that June 2019, she has actually served as Managing Director and has actually managed 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 offers frHer instructional 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, developed business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to introduce a completely functional site, setting a benchmark 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 business based in Cyprus. 1XBET, 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, including Nigeria, where it is totally certified.
Under Babalola's management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, using a large range of wagering alternatives and an user-friendly 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 ventures, Ukanwoke has collaborated with African socio-economic institutions and governments to develop developmental policies focused on empowering youths. In 2015, Ernst & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, founded and introduced 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 wagering and home entertainment business has actually rapidly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, developing over 100,000 jobs, the number of which is increasing annually. In the exact 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 gaming business she developed in 2000. Bet365.com was released in 2001 as an online wagering site and has actually given that become among the world's largest online sports betting companies.
By 2016, Bet365 produced $2 billion in incomes and assisted in $45 billion in annual bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has gathered 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 wagering company in Nigeria, established along with businessman Kunle Soname, who likewise owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management business that generates financial investment returns and offers distinct investment insights and services to both private and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has ended up being a significant gamer in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced specialist in the sports betting wagering industry. He has been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has added to the company's growth through partnerships, business strategy, and new service development.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and client experience, and Country Manager at 22BET, concentrating on marketing strategy and budget 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 acted 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 gambling platform that provides sports betting, gambling establishment games, and live dealership games. It was introduced 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 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 sports betting providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani's leadership, SportyBet has ended up being a significant gamer in the market, with over 1 million downloads on the Google Play Store.
In addition to his role at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong supporter for the growing African web environment. His investments reflect his dedication to promoting innovation and development within the region.
On April 30, 2024, Sudeep Ramnani purchased Chowdeck, taking part in a seed round valued at $2.5 million.
The company is set to interrupt the sports wagering market.
Sunbet Sporting International Limited has stated it is concentrated on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to utilize cutting-edge innovation and a dedication to accountable sports betting to revolutionise the sector.
Backed by the monetary power of 4 popular African billionaires, Sunbet, which will introduce in the first quarter of 2025, intends to be the continent's biggest and most ingenious sports betting platform.
At a press instruction, the company's spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent's deep passion for sports betting, particularly football, has set the stage for sports betting Sunbet's ambitious entry. He added that the firm's robust sponsorship and expert team will allow it to scale and dominate the market rapidly.
Islamic cops raid wagering shops in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have actually started shutting down sports betting wagering stores, which they say are operating unlawfully.
"As you understand, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, told the BBC.
Problems from community leaders and parents prompted the crackdown, fretted about the growing number of gambling addicts, he said.
On the very first day of raids, 30 stores were closed in one suburban area alone, and sports betting their owners were sent home with a warning, the Sharia officer stated.
But Mr Aminudeen warned that now that the public understood that the Hisbah was clamping down on sports betting, those flouting the guidelines would be apprehended.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system - Sharia - along with nonreligious law.
Bookies and bars tend to be allowed to run in Kano's Christian areas, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
However, the present crackdown is concentrated on Muslim areas of Kano, a sprawling city and the financial center of northern Nigeria.
Sports betting shops can be found all over the city. The majority of have tv screens, and consumers view the outcome of international football matches or horse races on which they have actually staked money.
Mr Aminudeen stated such bookies had actually been able to run under the radar as they had opened under false pretenses.
"They do not have licences to operate as they were allowed to run computer game centres, which they later converted to sports betting shops," he stated.
The sports betting industry has broadened dramatically across West Africa in recent years. The region is roughly divided in between a mainly Muslim north and a predominantly Christian south.
Lots of people go to bookies to delight in the camaraderie of other gamblers, though mobile apps are also popular for wagering on the result of events and groups.
Nigeria's debilitating economic crisis has actually likewise suggested individuals want to run the risk of a small amount in the hope of winning huge.
But this had actually caused extensive addiction, and parents were even grumbling that kids were leaving of school to gamble, Mr Aminudeen said.
"These economic problems we are dealing with in Nigeria is God informing us to alter our methods by stopping sins," he said.
The raids on Tuesday concentrated on Munjibir, sports betting thought about a resort area in the northeast of the city-- visitors flock there at weekends.
"I am advising those running those wagering shops to either shut down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen stated.
It is unclear what penalty they would face - typically, such violations carry a fine.
Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gambling and the consumption of alcohol were banned.
