Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting industry.
Gaming has progressed significantly in Nigeria from conventional kinds like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager just N50-N200 on matches.
Gradually, with increased internet gain access to came virtual sports betting, which parallels global trends. 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 betting wagering sector has actually grown, bring in millions, especially amongst the vibrant market dealing with high joblessness rates.
Reports show that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that generates an approximated yearly revenue of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulatory steps like import tax tasks 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 reasonable operations regardless of challenges in enforcement. Problems such as insufficient age confirmation and advertising rule breaches show industry regulative spaces.
Regardless of these obstacles, sports betting business continue to flourish through reliable business designs and sports betting aggressive marketing methods, leveraging the developer influencer industry.
These efforts have actually contributed to Nigeria's robust $2 billion gambling sector, with CEOs playing essential roles in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting wagering business who have actually substantially added to Nigeria's $2 billion gambling empire through their substantial 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 profession spans various roles in the gaming and entertainment industry, including working at among the United Kingdom's largest video gaming centres, The Palace Bingo Club, where he acted 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 business in the sports betting and gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has given that broadened its existence, attaining 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 completely incorporated ecosystem that combines relevant sports betting content, engaging features, and a world-class sportsbook.
Because taking the helm just before the pandemic, sports betting Sam has driven considerable development for LiveScore Group. The business's worker headcount has increased by 29%, and yearly income has risen from around ₤ 10 million to over ₤ 80 million.
Sam's leadership and sports betting strategic vision have actually moved LiveScore Group's success and helped form the industry'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 actually formerly functioned as the company's Marketing and Operations Director since 2015. He joined Betway in 2013 and has actually remained in the online video gaming market considering that 2000, holding different effective roles, sports betting consisting of General Manager of an information analytics team and Director of a digital marketing company.
Under Werkman's management, Betway has actually continued to grow its market existence and improve its offerings. The business's app has garnered substantial user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has identified herself as a senior executive with a performance history of transforming start-ups into institutionalized organizations. Her competence spans the video gaming, realty, and credit loaning markets, where he has established himself as a tactical and operational leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Given that June 2019, she has actually worked as Managing Director and has actually managed 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 businesses. DDWIN provides frHer educational 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 the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to introduce a totally practical website, setting a benchmark 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 worldwide sports betting wagering business based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookmakers in Europe and the world. The business operates in more than 50 countries, including Nigeria, where it is completely certified.
Under Babalola's management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, providing a vast array of sports betting 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, sports betting Managing Director of KingMakers, and sports betting Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has collaborated with African socio-economic institutions and federal governments to design developmental policies targeted at empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, founded and launched in Nigeria on February 22, sports betting 2018, by Byron Petzer and sports betting Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has quickly grown its existence 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 partnership with the Lagos Employment Trust Fund, developing over 100,000 tasks, sports betting the number of which is increasing each year. 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, sports betting the founder, majority shareholder, sports betting and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was launched in 2001 as an online wagering site and has because grown into among the world's biggest online sports betting companies.
By 2016, Bet365 generated $2 billion in revenues and facilitated $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has garnered 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, established together with business person Kunle Soname, sports betting who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian property management business that generates financial investment returns and provides distinct investment insights and services to both private and institutional clients.
Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has actually 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 wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned specialist in the sports betting wagering market. He has actually been acting as the Country Director for 22BET in Nigeria because June 2021. In this function, he has actually contributed to the company's growth through collaborations, organization method, and new service advancement.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, sports betting where he handled item development and customer experience, and Country Manager at 22BET, concentrating on marketing method and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and Betty Bingo.
His career started at Jumia Group, 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 sports betting Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gambling platform that provides sports betting, casino video games, sports betting and live dealership video games. It was released 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 also the owners of Betwinner and a chain of casinos worldwide.
Sudeep Ramnani-- CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a business he established in 2013.
SportyBet is an international sports betting wagering and real-money video gaming operator known for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's leadership, SportyBet has actually ended up being a considerable gamer in the industry, with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong supporter for the growing African web community. His investments show his dedication to cultivating development and advancement within the area.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to interfere with the sports betting market.
Sunbet Sporting International Limited has stated it is concentrated on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to leverage cutting-edge innovation and a dedication to responsible gaming to change the sector.
Backed by the financial power of 4 popular African billionaires, sports betting Sunbet, which will introduce in the first quarter of 2025, aims to be the continent's biggest and most innovative sports betting wagering platform.
At a press briefing, the business's spokesperson, Akin Babatunde, sports betting said that the increase in Internet penetration, sports betting mobile usage, and the continent's deep enthusiasm for sports betting, especially football, has set the stage for sports betting Sunbet's ambitious entry. He included that the firm's robust sponsorship and expert group will allow it to scale and dominate the marketplace quickly.
Islamic cops raid betting stores in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have begun closing down sports betting wagering shops, which they state are running illegally.
"As you understand, wagering is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, informed the BBC.
Complaints from neighborhood leaders and parents triggered the crackdown, worried about the growing variety of sports betting addicts, he said.
On the first day of raids, 30 stores were closed in one suburb alone, and their owners were sent home with a caution, the Sharia officer stated.
But Mr Aminudeen alerted that now that the public knew 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 runs the Islamic legal system - Sharia - alongside 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 concentrated on Muslim areas of Kano, a sprawling city and the economic hub of northern Nigeria.
Sports betting stores can be discovered all over the city. A lot of have television screens, and consumers see the result of international football matches or horse races on which they have staked money.
Mr Aminudeen stated such bookies had actually been able to operate under the radar as they had opened under false pretences.
"They do not have licences to operate as they were allowed to run computer game centres, which they later converted to sports betting stores," he stated.
The sports betting wagering market has expanded drastically across West Africa over the last few years. The region is approximately divided in between a generally Muslim north and a predominantly Christian south.
Many individuals go to bookmakers to take pleasure in the friendship of other gamblers, though mobile apps are also popular for wagering on the outcome of occasions and groups.
Nigeria's crippling recession has actually likewise meant individuals want to risk a small amount in the hope of winning big.
But this had caused prevalent addiction, and moms and dads were even complaining that kids were dropping out of school to gamble, Mr Aminudeen stated.
"These financial concerns we are dealing with 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 recommending those running those wagering shops to either shut down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen said.
It is uncertain what penalty they would deal with - typically, such infringements bring a fine.
Sharia was presented in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gaming and the consumption of alcohol were banned.
