Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering market.
Gaming has developed significantly in Nigeria from conventional forms like pool staking and Baba Ijebu to a flourishing sports betting market. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would bet just N50-N200 on matches.
Gradually, with increased internet gain access to came virtual sports betting, which parallels global patterns. The sports betting market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.
In spite of economic difficulties such as inflation, Nigeria's sports betting wagering sector has actually prospered, attracting millions, especially amongst the youthful market facing high unemployment rates.
Reports suggest that roughly 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that produces an estimated annual revenue of N730 billion. The federal government has not gone unnoticed by this development, which is considering regulatory procedures like excise responsibilities and VAT boosts to handle the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of difficulties in enforcement. Issues such as insufficient age confirmation and marketing rule breaches reveal industry regulatory spaces.
Regardless of these obstacles, sports betting wagering business continue to grow through reliable organization designs and sports betting aggressive marketing techniques, leveraging the creator influencer industry.
These efforts have contributed to Nigeria's robust $2 billion sports betting sector, sports betting with CEOs playing crucial functions in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have considerably added 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 company he co-founded with Badmos Olasupo in 2011. His diverse career spans numerous functions in the video gaming and sports betting show business, consisting of operating at one of the United Kingdom's biggest video gaming centres, The Palace Bingo Club, 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, sports betting has grown into a leading e-commerce business in the sports betting and gaming sector, running through online, mobile, sports betting and sports betting retail channels. The business was incorporated in Nigeria on November 7, 2006, and has actually because expanded its presence, sports betting accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has more than 25 years of experience in wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally incorporated ecosystem that integrates relevant sports betting content, engaging features, and a first-rate sportsbook.
Considering that taking the helm right before the pandemic, Sam has driven substantial growth for LiveScore Group. The company's staff member headcount has actually increased by 29%, and sports betting annual revenue has risen from roughly ₤ 10 million to over ₤ 80 million.
Sam's leadership and strategic vision have actually propelled LiveScore Group's success and sports betting helped shape the market's instructions. 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 appointed CEO of Betway in November 2017, sports betting having actually formerly worked as the company's Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has actually been in the online gaming market considering that 2000, holding various effective roles, including General Manager of an information analytics group and Director of a digital marketing firm.
Under Werkman's management, Betway has actually continued to grow its market existence and enhance its offerings. The company's app has actually gathered substantial user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has distinguished herself as a senior executive with a performance history of transforming start-ups into institutionalized companies. Her knowledge covers the gaming, realty, sports betting and sports betting credit lending industries, sports betting where he has developed himself as a tactical and functional leader.
Damilare has contributed in NairaBET's success for over 14 years. Considering that June 2019, she has worked as Managing Director and has overseen 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 operational techniques and market growth.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN offers frHer instructional background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the creator sports betting of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to launch a completely functional 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 international sports betting 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 sports betting the world. The company runs in more than 50 countries, including Nigeria, where it is fully licensed.
Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a wide variety of wagering options and an easy to use 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, sports betting and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually worked together with African socio-economic institutions and federal governments to create developmental policies targeted at empowering youths. In 2015, sports betting 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, sports betting runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has actually rapidly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, creating over 100,000 jobs, the number of which is increasing each year. In the very 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, the creator, sports betting majority shareholder, and joint Chief Executive of Bet365, an online sports betting business she developed in 2000. Bet365.com was launched in 2001 as an online sports betting site and has actually because grown into among the world's largest online gambling business.
By 2016, Bet365 produced $2 billion in earnings and facilitated $45 billion in yearly bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered considerable 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, sports betting established along with businessman Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management company that generates investment returns and uses special financial investment insights and options to both specific and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in popularity, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has ended up being a significant gamer in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting wagering industry. He has been functioning as the Country Director for 22BET in Nigeria because June 2021. In this role, he has added to the business's growth through partnerships, business strategy, and new business advancement.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and consumer experience, and Country Manager at 22BET, sports betting concentrating on marketing strategy and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and sports betting held different digital marketing functions at Laclic Services and Betty Bingo.
His profession began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise served 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 uses sports betting, gambling establishment games, and live dealer video games. It was launched 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 casinos worldwide.
Sudeep Ramnani-- CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, sports betting a business he established in 2013.
SportyBet is a worldwide sports betting wagering and real-money gaming operator understood for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's management, SportyBet has become a significant gamer in the market, with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, Sudeep is an active investor sports betting in fintech and mobile payments and a strong advocate for the growing African internet community. His financial investments reflect his dedication to promoting development and advancement within the area.
On April 30, 2024, Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to disrupt the sports wagering market.
Sunbet Sporting International Limited has said it is focused on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to take advantage of cutting-edge innovation and a commitment to responsible gaming to revolutionise the sector.
Backed by the financial power of four popular African billionaires, Sunbet, which will launch in the first quarter of 2025, aims to be the continent's biggest and most innovative sports betting platform.
At a press rundown, the business's representative, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and the continent's deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet's ambitious entry. He added that the firm's robust sponsorship and specialist team will enable it to scale and control the marketplace rapidly.
Islamic authorities raid wagering stores in northern Nigeria
Islamic police in Nigeria's northern city of Kano have actually started shutting down sports betting wagering stores, which they say are running illegally.
"As you know, wagering is prohibited in Islam," Mujahid Aminudeen, sports betting deputy chief of the Sharia police, sports betting called the Hisbah, informed the BBC.
Problems from neighborhood leaders and parents prompted the crackdown, worried about the growing number of sports betting addicts, sports betting he stated.
On the very first day of raids, 30 stores were closed in one suburban area alone, and their owners were sent home with a caution, the Sharia officer stated.
But Mr Aminudeen cautioned that now that the public was aware that the Hisbah was clamping down on gaming, sports betting those flouting the guidelines would be jailed.
Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system - Sharia - along with nonreligious law.
Bookies and bars tend to be permitted to operate in Kano's Christian areas, sports betting though they too can deal with action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the current crackdown is focused on Muslim areas of Kano, a vast city and the economic center of northern Nigeria.
Sports betting shops can be found all over the city. The majority of have tv screens, and customers watch the outcome of global football matches or horse races on which they have staked money.
Mr Aminudeen said such bookies had actually had the ability to run under the radar as they had opened under false pretences.
"They don't have licences to run as they were permitted to run video games centres, which they later on transformed to wagering shops," he said.
The sports betting industry has broadened considerably throughout West Africa over the last few years. The region is approximately divided between a generally Muslim north and a predominantly Christian south.
Lots of people go to bookies to delight 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 actually likewise meant people are willing to run the risk of a small amount in the hope of winning big.
But this had actually led to prevalent addiction, and sports betting moms and dads were even complaining that children were leaving of school to bet, Mr Aminudeen said.
"These financial issues we are facing in Nigeria is God informing us to change 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 advising those running those wagering shops to either shut down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen stated.
It is unclear what penalty they would face - frequently, such infringements bring a fine.
Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gambling and the intake of alcohol were banned.
