Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering industry.
Gaming has developed significantly in Nigeria from conventional kinds 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 wager as little as N50-N200 on matches.
Gradually, with increased web access came virtual wagering, sports betting which parallels global patterns. The sports betting market is valued at $89.91 billion in 2023 and is predicted to nearly double to $182.02 billion by 2030.
Despite financial challenges such as inflation, Nigeria's sports betting sector has actually thrived, attracting millions, especially amongst the vibrant group facing high unemployment rates.
Reports suggest that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that produces an estimated annual earnings of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulative steps like excise tasks and VAT increases to manage the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of obstacles in enforcement. Issues such as inadequate age verification and marketing guideline breaches show market regulatory spaces.
Regardless of these difficulties, sports betting companies continue to grow through efficient organization designs and aggressive marketing strategies, leveraging the developer influencer industry.
These efforts have actually 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 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, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career covers various roles in the video gaming and show business, including working at among the United Kingdom's largest 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, Wales. Surebet247, founded in August 2011, has actually become a leading e-commerce organization in the wagering and gaming sector, running through online, sports betting mobile, and sports betting retail channels. The company was included in Nigeria on November 7, sports betting 2006, and sports betting has since expanded its presence, achieving 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 ended up being the CEO of LiveScore Group, a totally incorporated community that integrates appropriate sports betting content, engaging features, and a first-rate sportsbook.
Since taking the helm prior to the pandemic, Sam has driven considerable development for LiveScore Group. The company's employee headcount has increased by 29%, and annual profits has risen from around ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have moved LiveScore Group's success and helped form the market's direction. 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 selected CEO of Betway in November 2017, having previously acted as the business's Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming market since 2000, holding different effective functions, including General Manager of a data analytics group and Director of a digital marketing firm.
Under Werkman's management, Betway has actually continued to grow its market presence and improve 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 track record of transforming start-ups into institutionalized companies. Her know-how spans the gaming, real estate, and credit lending markets, where he has actually established himself as a tactical and functional leader.
Damilare has actually been instrumental in NairaBET's success for over 14 years. Given that June 2019, she has worked as Managing Director and has overseen 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 growth.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN supplies frHer instructional background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, the founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking company, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to release a totally practical site, setting a standard in the market.
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 business 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 nations, consisting of Nigeria, where it is completely accredited.
Under Babalola's management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, offering a wide range of sports betting choices 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 ventures, Ukanwoke has teamed up with African socio-economic organizations and federal governments to design developmental policies aimed at empowering youths. In 2015, Ernst & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, established and launched in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has quickly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, sports betting BetKing entered into a collaboration with the Lagos Employment Trust Fund, producing over 100,000 tasks, the variety 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 sports betting joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was released in 2001 as an online sports betting site and has actually since become among the world's biggest online sports betting companies.
By 2016, Bet365 generated $2 billion in revenues and helped with $45 billion in yearly bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has actually 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 wagering company in Nigeria, sports betting established alongside businessman 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 business that creates financial investment returns and uses distinct investment insights and options to both specific and institutional customers.
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 ended up being a considerable player in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled professional in the sports betting market. He has been serving as the Country Director for sports betting 22BET in Nigeria considering that June 2021. In this function, he has actually contributed to the business's development through partnerships, business strategy, and brand-new organization advancement.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and customer experience, and Country Manager at 22BET, focusing on marketing technique and budget 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, sports betting 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 a Master of Science (MS) in Business Administration, Management, and Operations from ESTG University in Cotonou, sports betting Benin Republic.
22Bet is an online sports betting platform that provides sports betting wagering, casino video games, and live dealership video games. It was introduced in 2017 and is owned and run 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 business he established in 2013.
SportyBet is an international sports betting and real-money gaming operator known for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's leadership, SportyBet has actually become a substantial 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 sports betting a strong advocate for the growing African web community. His investments show his dedication to promoting innovation and development within the region.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to disrupt the sports wagering industry.
Sunbet Sporting International Limited has said it is focused on changing 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 firm aims to take advantage of cutting-edge technology and a commitment to responsible gambling to revolutionise the sector.
Backed by the monetary power of four popular African billionaires, Sunbet, which will introduce in the very first quarter of 2025, aims to be the continent's biggest and most innovative 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 enthusiasm for sports betting, especially football, has actually set the stage for Sunbet's enthusiastic entry. He included that the firm's robust financial backing and professional group will enable it to scale and control the market rapidly.
Islamic authorities raid wagering stores in northern Nigeria
Islamic police in Nigeria's northern city of Kano have started closing down sports betting wagering shops, which they say are operating illegally.
"As you understand, wagering is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, told the BBC.
Complaints from community leaders and moms and sports betting dads triggered the crackdown, worried about the growing variety of sports betting addicts, he said.
On the very first day of raids, 30 stores were closed in one residential area alone, and their owners were sent out home with a warning, the Sharia officer stated.
But Mr Aminudeen warned that now that the general public knew that the Hisbah was clamping down on gambling, those flouting the guidelines would be apprehended.
Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system - Sharia - together with nonreligious law.
Bookies 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.
Nevertheless, sports betting the current crackdown is focused on Muslim areas of Kano, a sprawling city and the economic hub of northern Nigeria.
sports betting wagering shops can be found all over the city. The majority of have television screens, and consumers watch the outcome of worldwide football matches or horse races on which they have staked cash.
Mr Aminudeen stated such bookmakers had been able to run under the radar as they had opened under false pretenses.
"They do not have licences to run as they were allowed to run computer game centres, which they later transformed to sports betting stores," he stated.
The sports betting wagering market has actually broadened significantly across West Africa in the last few years. The region is approximately divided between a primarily Muslim north and a primarily Christian south.
Many individuals go to bookies to take pleasure in the sociability of other bettors, though mobile apps are likewise popular for wagering on the result of occasions and teams.
Nigeria's crippling recession has also implied individuals are willing to run the risk of a percentage in the hope of winning big.
But this had caused prevalent addiction, and moms and dads were even grumbling that kids were dropping out of school to bet, Mr Aminudeen stated.
"These economic issues we are dealing with in Nigeria is God telling us to change our ways by stopping sins," he stated.
The raids on Tuesday focused on Munjibir, considered a resort area in the northeast of the city-- visitors flock there at weekends.
"I am recommending those running those wagering shops to either shut down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen stated.
It is unclear what penalty they would face - frequently, such infringements carry a fine.
Sharia was introduced in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, sports betting and the usage of alcohol were banned.
