Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting market.
Gaming has actually developed considerably in Nigeria from traditional kinds like pool staking and Baba Ijebu to a successful sports betting market. Historically tied 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.
Slowly, with increased web access came virtual sports betting, which parallels global patterns. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to almost double to $182.02 billion by 2030.
Despite financial challenges such as inflation, Nigeria's sports betting sector has thrived, attracting millions, particularly among the vibrant market facing high joblessness rates.
Reports show that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that generates a projected yearly earnings of N730 billion. The federal government has not gone undetected by this growth, which is thinking about regulatory procedures like import tax duties and VAT increases to handle the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations in spite of obstacles in enforcement. Issues such as inadequate age confirmation and marketing guideline breaches reveal industry regulative spaces.
Regardless of these difficulties, sports betting wagering companies continue to thrive through reliable company models and aggressive marketing methods, leveraging the creator influencer industry.
These efforts have actually added to Nigeria's robust $2 billion sports betting sector, with CEOs playing important roles in expanding audience reach and driving market development. Here are the CEOs of leading sports betting companies who have actually significantly contributed to Nigeria's $2 billion gambling empire through their comprehensive 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 varied profession covers various functions in the gaming and show business, consisting of operating at one of the United Kingdom's largest gaming centres, sports betting The Palace Bingo Club, sports betting where he functioned 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, sports betting has grown into a leading e-commerce organization in the sports betting and gaming sector, operating through online, sports betting mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has considering that expanded 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 totally integrated environment that combines pertinent sports betting material, sports betting engaging functions, and a first-rate sportsbook.
Considering that taking the helm just before the pandemic, Sam has driven substantial development for LiveScore Group. The company's employee headcount has actually increased by 29%, and yearly earnings has surged from roughly ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have moved LiveScore Group's success and assisted form the market's direction. 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 designated 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 gaming market because 2000, holding various effective roles, including General Manager of a data analytics group and Director of a digital marketing firm.
Under Werkman's leadership, sports betting Betway has actually continued to grow its market presence and improve its offerings. The business's app has amassed 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 services. Her covers the video gaming, property, and credit lending industries, where he has established himself as a tactical and operational leader.
Damilare has contributed in NairaBET's success for over 14 years. Considering that June 2019, she has actually functioned as Managing Director and has managed the business's development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the business's functional strategies and market growth.
She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN provides frHer academic background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, the creator sports betting of NairaBET.com, Nigeria's pioneering sports betting bookmaking company, developed business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to introduce a fully functional website, 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, sports betting founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookmakers in Europe and the world. The business operates in more than 50 nations, including Nigeria, where it is fully accredited.
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 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, Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually worked together with African socio-economic institutions and governments to design 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, established and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and sports betting home entertainment company has actually quickly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, sports betting BetKing participated in a collaboration with the Lagos Employment Trust Fund, sports betting creating over 100,000 tasks, the number of which is increasing every 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, the creator, majority shareholder, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was released in 2001 as an online wagering site and sports betting has actually considering that grown into among the world's biggest online sports betting business.
By 2016, Bet365 created $2 billion in earnings and facilitated $45 billion in yearly bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has 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 company in Nigeria, sports betting developed alongside business person Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, sports betting an independent Nigerian asset management business that produces financial investment returns and offers special financial investment insights and solutions to both private and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has actually become a considerable gamer in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled specialist in the sports betting wagering market. He has actually been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has actually contributed to the business's growth through collaborations, business technique, and brand-new organization advancement.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and client 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 operated in SEO, CRM, and content management. Fikayo likewise functioned 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 provides sports betting, casino games, and live dealer games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a business signed up in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and sports betting a chain of casinos 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 wagering and real-money video gaming operator known for sports betting delivering an omni-channel home entertainment experience in controlled 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 role at SportyBet, sports betting Sudeep is an active investor in fintech and mobile payments and a strong supporter for the growing African internet environment. His investments reflect his commitment to promoting development and development within the region.
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 interrupt the sports wagering market.
Sunbet Sporting International Limited has said it is focused on revolutionising how countless 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 company aims to take advantage of advanced innovation and a commitment to accountable sports betting to revolutionise the sector.
Backed by the financial power of four popular African billionaires, Sunbet, sports betting which will introduce in the first quarter of 2025, aims to be the continent's largest and most ingenious sports betting platform.
At a press instruction, the business's spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent's deep passion for sports betting, sports betting specifically football, has set the stage for Sunbet's enthusiastic entry. He included that the firm's robust sponsorship and professional team will enable it to scale and dominate the marketplace quickly.
Islamic authorities raid wagering shops in northern Nigeria
Islamic police in Nigeria's northern city of Kano have actually started closing down sports betting stores, which they say are operating unlawfully.
"As you understand, wagering is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, told the BBC.
Problems from community leaders and moms and dads triggered the crackdown, worried about the growing variety of sports betting addicts, he stated.
On the very first day of raids, 30 stores were closed in one suburb alone, sports betting and sports betting their owners were sent out home with a caution, the Sharia officer stated.
But Mr Aminudeen warned that now that the public knew that the Hisbah was clamping down on sports betting, those flouting the guidelines would be detained.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system - Sharia - together with nonreligious law.
Bookies and bars tend to be permitted to operate in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the current crackdown is focused on Muslim areas of Kano, a vast city and the financial center of northern Nigeria.
sports betting wagering stores can be found all over the city. Most have tv screens, sports betting and customers watch the result of international football matches or horse races on which they have actually staked money.
Mr Aminudeen said such bookmakers had been able to run under the radar as they had actually 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 shops," he said.
The sports betting wagering industry has broadened significantly across West Africa recently. The area is approximately divided in between a primarily Muslim north and a mainly Christian south.
Many individuals go to bookies to delight in the sociability of other gamblers, though mobile apps are likewise popular for sports betting wagering on the outcome of events and teams.
Nigeria's crippling recession has likewise indicated individuals want to run the risk of a small amount in the hope of winning huge.
But this had resulted in widespread dependency, and moms and dads were even grumbling that children were leaving of school to gamble, Mr Aminudeen said.
"These economic problems we are dealing with in Nigeria is God informing us to change our methods by stopping sins," he stated.
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 sports betting stores to either shut down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen said.
It is uncertain what punishment they would deal with - frequently, such violations carry a fine.
Sharia was presented in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, gaming and the usage of alcohol were banned.