Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering market.
sports betting has developed substantially in Nigeria from traditional kinds like pool staking and Baba Ijebu to a thriving sports betting market. Historically connected to European football leagues, pool staking was a typical 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 wagering, which parallels global trends. 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.
Despite economic challenges such as inflation, Nigeria's sports betting sector has prospered, drawing in millions, particularly among the vibrant demographic dealing with high unemployment rates.
Reports indicate that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, sports betting driving a market that generates an approximated annual profits of N730 billion. The federal government has not gone unnoticed by this development, which is considering regulatory steps like excise tasks and VAT increases to manage the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations in spite of obstacles in enforcement. Issues such as inadequate age verification and marketing rule breaches reveal industry regulative gaps.
Despite these obstacles, sports betting companies continue to prosper through reliable organization models and aggressive marketing strategies, leveraging the creator influencer market.
These efforts have contributed to Nigeria's robust $2 billion gambling sector, sports betting with CEOs playing vital functions in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting wagering companies who have substantially added to Nigeria's $2 billion gaming empire through their comprehensive audience reach.
Constable Olaniyan - CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career spans various roles in the gaming and show business, consisting of operating at one of the United Kingdom's largest video gaming centres, The Palace Bingo Club, sports betting 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, sports betting founded in August 2011, has grown into a leading e-commerce business in the wagering and sports betting video gaming sector, running through online, sports betting mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually because broadened its existence, achieving 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, he ended up being the CEO of LiveScore Group, a completely incorporated community that combines pertinent sports betting content, sports betting engaging functions, and a world-class sportsbook.
Because taking the helm just before the pandemic, Sam has driven substantial growth for LiveScore Group. The business's staff member headcount has increased by 29%, and annual revenue has actually surged from approximately ₤ 10 million to over ₤ 80 million.
Sam's leadership and strategic vision have propelled LiveScore Group's success and assisted shape the market's instructions. LiveScoreBet has actually achieved significant user engagement, with over 100,000 downloads on the Google Play Store.
Anthony Werkman - CEO of Betway Group
Anthony Werkman was appointed CEO of Betway in November 2017, having formerly served as the company's Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has been in the online video gaming industry since 2000, holding numerous successful functions, including General Manager of a data analytics team and Director of a digital marketing company.
Under Werkman's leadership, Betway has actually continued to grow its market presence and boost its offerings. The business's app has actually amassed significant user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has actually identified herself as a senior executive with a track record of transforming start-ups into institutionalized organizations. Her competence spans the gaming, realty, and credit lending industries, where he has actually developed himself as a tactical and functional leader.
Damilare has been instrumental in NairaBET's success for over 14 years. Because June 2019, she has actually worked as Managing Director and has actually managed the company's growth and sports betting operations in Lagos, Nigeria.
Before this, sports betting she was the Chief Operating Officer from 2010 to June 2019, sports betting essential in the company's functional techniques and market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN supplies frHer instructional background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking company, established the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, sports betting it was the first to introduce a totally 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 wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookmakers in Europe and the world. The company runs in more than 50 nations, including Nigeria, where it is fully certified.
Under Babalola's leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, offering a wide variety of sports betting alternatives 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, sports betting Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has collaborated with African socio-economic institutions and federal governments to create 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 launched in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and 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 entered into a collaboration with the Lagos Employment Trust Fund, creating over 100,000 tasks, the number of which is increasing yearly. 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 shareholder, and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was released in 2001 as an online sports betting site and has actually because grown into one of the world's biggest online gaming business.
By 2016, Bet365 produced $2 billion in incomes and facilitated $45 billion in yearly bets. The business likewise 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 business in Nigeria, established along with business person Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management company that generates financial investment returns and offers distinct investment insights and options to both individual and sports betting institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has ended up being a significant gamer in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned expert in the sports betting wagering market. He has been working as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has added to the company's growth through collaborations, company strategy, and new company development.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and customer experience, and Country Manager at 22BET, concentrating on marketing strategy and budget plan management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.
His career began 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 Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online sports betting platform that offers sports betting, gambling establishment video games, and 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 casinos worldwide.
Sudeep Ramnani-- CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a company he established in 2013.
SportyBet is a worldwide sports betting wagering and real-money gaming operator known for providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani's management, SportyBet has ended up being 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 a strong supporter for sports betting the growing African internet environment. His investments show his dedication to fostering innovation and advancement within the area.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to interrupt the sports betting market.
Sunbet Sporting International Limited has said it is concentrated on revolutionising how millions of 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, sports betting the company intends to leverage cutting-edge innovation and a dedication to accountable sports betting to change the sector.
Backed by the financial power of 4 popular African billionaires, Sunbet, which will introduce in the first quarter of 2025, aims to be the continent's largest and most ingenious sports betting wagering platform.
At a press briefing, 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 actually set the stage for Sunbet's ambitious entry. He added that the company's robust sponsorship and specialist team will allow it to scale and dominate the marketplace quickly.
Islamic cops raid wagering stores in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have actually started shutting down sports betting wagering stores, which they state are operating unlawfully.
"As you understand, sports betting is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, sports betting referred to as the Hisbah, informed the BBC.
Complaints from neighborhood leaders and parents triggered the crackdown, stressed over the growing number of sports betting addicts, he said.
On the very first day of raids, 30 stores were closed in one suburb alone, and sports betting their owners were sent out home with a caution, the Sharia officer said.
However Mr Aminudeen warned that now that the general public was aware 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 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 areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.
However, the present crackdown is focused on Muslim areas of Kano, a sprawling city and the economic center of northern Nigeria.
Sports betting shops can be discovered all over the city. Many have tv screens, and clients view the result of worldwide football matches or horse races on which they have staked cash.
Mr Aminudeen stated such bookies had had the ability to run under the radar as they had actually opened under false pretenses.
"They don't have licences to run as they were allowed to run computer game centres, which they later on transformed to wagering shops," he stated.
The sports betting market has actually expanded dramatically throughout West Africa recently. The region is roughly divided in between a mainly Muslim north and a mainly Christian south.
Many individuals go to bookmakers to take pleasure in the friendship of other gamblers, sports betting though mobile apps are likewise popular for sports betting on the result of occasions and teams.
Nigeria's crippling economic crisis has actually also indicated people are willing to run the risk of a small amount in the hope of winning huge.
However this had resulted in extensive addiction, and moms and dads were even complaining that children were dropping out of school to gamble, Mr Aminudeen stated.
"These economic concerns we are facing in Nigeria is God telling us to alter our ways by stopping sins," he stated.
The raids on Tuesday concentrated on Munjibir, sports betting considered a resort area in the northeast of the city-- visitors flock there at weekends.
"I am recommending those running those sports betting stores to either shut down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what punishment they would face - typically, such infringements bring a fine.
Sharia was introduced in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, gambling and the usage of alcohol were prohibited.
