Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering industry.
sports betting has actually developed considerably in Nigeria from conventional kinds like pool staking and Baba Ijebu to a flourishing sports betting wagering market. Historically connected to European football leagues, pool staking was a common sight at motor parks and sports betting kiosks, where lovers would bet as little as N50-N200 on matches.
Slowly, with increased web 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 forecasted to almost double to $182.02 billion by 2030.
In spite of financial difficulties such as inflation, Nigeria's sports betting wagering sector has flourished, attracting millions, specifically amongst the vibrant demographic facing high joblessness rates.
Reports show that roughly 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that produces a projected annual income of N730 billion. The federal government has not gone unnoticed by this growth, sports betting which is thinking about regulatory procedures like import tax responsibilities and VAT boosts to handle the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure fair operations regardless of challenges in enforcement. Issues such as insufficient age confirmation and advertising rule breaches reveal market regulatory gaps.
Regardless of these difficulties, sports betting companies continue to thrive through reliable organization models and aggressive marketing methods, leveraging the creator influencer industry.
These efforts have added to Nigeria's robust $2 billion gambling sector, with CEOs playing important functions in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering business who have actually significantly added to Nigeria's $2 billion sports betting empire through their substantial 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 covers various functions in the video gaming and sports betting entertainment industry, sports betting including operating at one of the United Kingdom's biggest video 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, Wales. Surebet247, founded in August 2011, has grown into a leading e-commerce organization in the wagering and video gaming sector, operating through online, mobile, and sports betting retail channels. The business was integrated in Nigeria on November 7, 2006, and has given that expanded its presence, attaining over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has over 25 years of experience in sports betting brand names and sports betting media. In 2019, sports betting he became the CEO of LiveScore Group, a completely incorporated ecosystem that integrates pertinent sports betting content, engaging features, and a world-class sportsbook.
Because taking the helm just before the pandemic, Sam has actually driven significant growth for LiveScore Group. The company's employee headcount has increased by 29%, and yearly earnings has surged from approximately ₤ 10 million to over ₤ 80 million.
Sam's management and strategic vision have moved LiveScore Group's success and sports betting helped shape the market's direction. LiveScoreBet has achieved major sports betting 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 worked as the company's Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has remained in the online video gaming industry given that 2000, holding various successful roles, including General Manager of an information analytics group and Director 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 amassed 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 track record of changing start-ups into institutionalized companies. Her know-how covers the gaming, realty, and sports betting credit loaning industries, where he has developed himself as a tactical and functional leader.
Damilare has actually been instrumental in NairaBET's success for over 14 years. Because June 2019, she has acted as Managing Director and has supervised the business's development and operations in Lagos, Nigeria.
Before this, sports betting she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business's operational methods and market growth.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN provides frHer academic background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, 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 platform in Nigeria, it was the very first to introduce a totally functional site, setting a standard 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 worldwide sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookies in Europe and the world. The company operates in more than 50 nations, consisting of Nigeria, sports betting where it is fully licensed.
Under Babalola's management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a wide range of wagering options 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, sports betting Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has teamed up with African socio-economic institutions and governments to design developmental policies targeted 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 sports betting released 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 and home entertainment company has actually quickly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, creating over 100,000 tasks, the variety of which is increasing every year. 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 founder, bulk investor, sports betting and joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was released in 2001 as an online sports betting website and has because turned into among the world's largest online sports betting companies.
By 2016, Bet365 created $2 billion in revenues and sports betting helped with $45 billion in yearly bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has amassed 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 along with entrepreneur 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 possession management company that produces investment returns and offers special financial investment insights and services to both specific 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 leadership, Bet9ja has actually become a considerable player in the Nigerian sports betting industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced professional in the sports betting industry. He has actually been acting as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has actually contributed to the business's development through partnerships, organization method, and brand-new company 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, focusing on marketing technique and sports betting spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous 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 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, sports betting Benin Republic.
22Bet is an online gambling platform that offers sports betting, casino video games, and live dealership games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a company 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 sports betting CEO of SportyBet, a company he established in 2013.
SportyBet is an international sports betting wagering and sports betting real-money video gaming operator known for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's leadership, SportyBet has actually ended up being a significant player in the industry, 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 advocate for the growing African web community. His investments reflect his dedication to fostering development and development within the region.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.
The company is set to disrupt the sports betting market.
Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In a market 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 aims to leverage advanced innovation and a dedication to accountable gaming to change the sector.
Backed by the monetary power of four prominent African billionaires, Sunbet, which will launch in the very first quarter of 2025, aims to be the continent's biggest and sports betting most innovative sports betting wagering platform.
At a press rundown, the company's representative, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent's deep passion for sports betting, particularly football, has set the stage for Sunbet's enthusiastic entry. He added that the firm's robust sponsorship and specialist team will allow it to scale and control the marketplace quickly.
Islamic authorities raid betting stores in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have actually begun shutting down sports betting wagering stores, which they state are operating illegally.
"As you understand, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, informed the BBC.
Grievances from neighborhood leaders and parents triggered the crackdown, worried about the growing number of gambling addicts, sports betting he said.
On the first day of raids, sports betting 30 shops were closed in one residential area alone, and sports betting their owners were sent out home with a caution, the Sharia officer said.
However Mr Aminudeen cautioned that now that the public understood that the Hisbah was clamping down on gambling, those flouting the rules would be apprehended.
Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system - Sharia - along with nonreligious law.
Bookies and bars tend to be enabled to operate in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
However, the present crackdown is concentrated on Muslim areas of Kano, a vast city and the economic center of northern Nigeria.
sports betting wagering stores can be discovered all over the city. The majority of have tv screens, and clients watch the result of international football matches or horse races on which they have actually staked cash.
Mr Aminudeen stated such bookmakers had actually been able to operate under the radar as they had actually opened under false pretenses.
"They do not have licences to run as they were allowed to run video games centres, which they later converted to wagering shops," he stated.
The sports betting industry has expanded drastically across West Africa in the last few years. The area is roughly divided between a generally Muslim north and a primarily Christian south.
Many individuals go to bookies to take pleasure in the camaraderie of other gamblers, sports betting though mobile apps are also popular for sports betting on the outcome of events and teams.
Nigeria's crippling economic crisis has actually also implied people want to run the risk of a small amount in the hope of winning big.
However this had caused extensive dependency, and moms and dads were even grumbling that children were leaving of school to gamble, Mr Aminudeen stated.
"These economic issues we are facing in Nigeria is God telling us to alter our ways 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 sports betting stores to either closed down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen stated.
It is uncertain 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, gaming and sports betting the consumption of alcohol were prohibited.
