Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering market.
sports betting has actually evolved substantially in Nigeria from conventional types like pool staking and Baba Ijebu to a growing 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 low as N50-N200 on matches.
Gradually, with increased web access came virtual wagering, which parallels worldwide patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and sports betting is forecasted to almost double to $182.02 billion by 2030.
Regardless of economic difficulties such as inflation, Nigeria's sports betting wagering sector has thrived, attracting millions, specifically amongst the younger market dealing with high joblessness rates.
Reports show that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that creates an approximated annual revenue of N730 billion. The federal government has actually not gone undetected by this development, which is thinking about regulatory steps like excise tasks and VAT boosts to handle the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations in spite of difficulties in enforcement. Concerns such as insufficient age confirmation and marketing guideline breaches show market regulatory spaces.
In spite of these obstacles, sports betting wagering companies continue to thrive through efficient organization designs and aggressive marketing methods, leveraging the developer influencer market.
These efforts have contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing important functions in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have substantially contributed to Nigeria's $2 billion gaming empire through their extensive audience reach.
Constable 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 spans different functions in the video gaming and show business, including working at one of the United Kingdom's biggest video gaming centres, The Palace Bingo Club, sports betting 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 service in the wagering and video gaming sector, operating through online, sports betting mobile, sports betting and retail channels. The business was incorporated in Nigeria on November 7, 2006, sports betting and has since broadened 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 wagering brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely integrated community that combines relevant sports betting material, engaging functions, and a world-class sportsbook.
Given that taking the helm just before the pandemic, sports betting Sam has driven considerable growth for LiveScore Group. The business's worker headcount has actually increased by 29%, and yearly revenue has actually surged from roughly ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have actually propelled LiveScore Group's success and helped shape the industry's instructions. LiveScoreBet has actually accomplished major 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 actually formerly acted as the business's Marketing and sports betting Operations Director since 2015. He signed up with Betway in 2013 and has actually been in the online video gaming industry considering that 2000, holding various effective roles, consisting of General Manager of an information analytics team and Director of a digital marketing firm.
Under Werkman's leadership, sports betting Betway has actually continued to grow its market presence and enhance its offerings. The business's app has garnered significant 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 track record of changing start-ups into institutionalized businesses. Her competence spans the gaming, property, and sports betting credit lending industries, where he has developed himself as a strategic and functional leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Since June 2019, she has served as Managing Director and has actually managed 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 business's functional methods and market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN provides frHer academic 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 business, developed the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to release a totally practical website, setting a standard 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 global sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookies in Europe and the world. The company operates in more than 50 countries, sports betting consisting of Nigeria, where it is completely certified.
Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, offering a large 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, sports betting and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has collaborated with African socio-economic organizations and governments to create developmental policies focused on empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, established and released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, sports betting runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has actually quickly grown its presence in Nigeria, sports betting with outlets in major cities and sports betting over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, developing over 100,000 tasks, the variety of which is increasing yearly. In the same year, MultiChoice broadcaster purchased 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, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was launched in 2001 as an online wagering site and has given that turned into among the world's biggest online gaming companies.
By 2016, Bet365 generated $2 billion in revenues and assisted in $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has amassed significant user engagement, with over 1 million downloads on the Google Play Store.
Ayo Ojuroye - CEO/Cofounder Bet9ja
Ayo Ojuroye is the CEO and sports betting co-founder of Bet9ja, a leading sports betting wagering company in Nigeria, established together with entrepreneur 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 creates investment returns and uses unique financial investment insights and solutions to both private and sports betting institutional clients.
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 become a substantial player in the Nigerian sports betting market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled professional in the sports betting industry. He has actually been functioning as the Country Director for 22BET in Nigeria because June 2021. In this role, he has actually added to the company's development through collaborations, service method, and new organization advancement.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and client experience, and Country Manager at 22BET, concentrating on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different 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 offers sports betting, gambling establishment games, sports betting and live dealership 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 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 company he developed in 2013.
SportyBet is a global sports betting wagering and sports betting real-money gaming operator understood for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's management, sports betting SportyBet has actually become a considerable 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 environment. His financial investments reflect his commitment to promoting innovation and advancement within the area.
On April 30, sports betting 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.
The company is set to interrupt the sports wagering market.
Sunbet Sporting International Limited has said it is concentrated on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to utilize innovative technology and a commitment to accountable sports betting to revolutionise the sector.
Backed by the financial power of four popular African billionaires, Sunbet, which will release in the first quarter of 2025, intends to be the continent's biggest and most ingenious sports betting wagering platform.
At a press rundown, sports betting the company's representative, Akin Babatunde, said that the increase in Internet penetration, mobile usage, sports betting and the continent's deep passion for sports betting, particularly football, has actually set the stage for Sunbet's enthusiastic entry. He included that the firm's robust financial backing and specialist team will enable it to scale and dominate the marketplace rapidly.
Islamic authorities raid wagering stores in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have begun closing down sports betting shops, which they state are operating illegally.
"As you know, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, told the BBC.
Grievances from neighborhood leaders and moms and dads triggered the crackdown, worried about the growing variety of gambling addicts, he said.
On the first day of raids, 30 shops were closed in one suburban area alone, and their owners were sent out home with a caution, sports betting the Sharia officer stated.
However Mr Aminudeen alerted 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 - alongside secular law.
Bookies and bars tend to be enabled to run in Kano's Christian neighbourhoods, though they too can face action if the Muslims are frequenting them.
However, the present crackdown is focused on Muslim locations of Kano, sports betting a sprawling city and the economic center of northern Nigeria.
sports betting wagering shops can be discovered all over the city. The majority of have television screens, and sports betting consumers enjoy the outcome of worldwide football matches or horse races on which they have actually staked cash.
Mr Aminudeen said such bookies had had the ability to operate under the radar as they had opened under false pretences.
"They do not have licences to operate as they were permitted to run video games centres, which they later converted to wagering stores," he said.
The sports betting wagering industry has expanded dramatically across West Africa in the last few years. The area is approximately divided between a primarily Muslim north and a primarily Christian south.
Lots of people go to bookies to enjoy the sociability of other gamblers, sports betting though mobile apps are also popular for wagering on the outcome of events and sports betting groups.
Nigeria's crippling recession has actually likewise meant individuals want to run the risk of a percentage in the hope of winning big.
However this had led to widespread addiction, and parents were even complaining that kids were leaving of school to bet, Mr Aminudeen said.
"These financial problems we are dealing with in Nigeria is God telling us to alter 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 encouraging those running those wagering shops to either closed down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen stated.
It is unclear what penalty they would deal with - often, such infringements carry a fine.
Sharia was presented in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, sports betting and the consumption of alcohol were prohibited.