Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering industry.
Gambling has progressed substantially in Nigeria from conventional types like pool staking and Baba Ijebu to a successful sports betting wagering market. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet as low as N50-N200 on matches.
Slowly, with increased internet access came virtual wagering, which parallels international trends. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to nearly double to $182.02 billion by 2030.
Regardless of economic challenges such as inflation, sports betting Nigeria's sports betting sector has actually flourished, attracting millions, specifically amongst the vibrant market dealing with high unemployment rates.
Reports show that around 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that generates an estimated annual profits of N730 billion. The federal government has not gone unnoticed by this development, which is considering regulative steps like import tax duties and VAT boosts to handle the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations in spite of obstacles in enforcement. Concerns such as insufficient age confirmation and marketing guideline breaches show market regulative gaps.
Despite these obstacles, sports betting companies continue to prosper through effective company models and aggressive marketing techniques, leveraging the developer influencer industry.
These efforts have added to Nigeria's robust $2 billion sports betting sector, sports betting with CEOs playing vital roles in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting companies who have significantly contributed to Nigeria's $2 billion gambling empire through their comprehensive audience reach.
Constable Olaniyan - CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse profession covers numerous functions in the gaming and entertainment industry, consisting of working at among the United Kingdom's biggest video gaming centres, The Palace Bingo Club, where he worked 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, sports betting Wales. Surebet247, founded in August 2011, has grown into a leading e-commerce business in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has given that broadened its existence, sports betting 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 ended up being the CEO of LiveScore Group, a fully incorporated community that integrates appropriate sports betting material, engaging features, and a world-class sportsbook.
Because taking the helm right before the pandemic, Sam has actually driven considerable development for LiveScore Group. The business's employee headcount has actually increased by 29%, and yearly revenue has surged from roughly ₤ 10 million to over ₤ 80 million.
Sam's management and strategic vision have propelled LiveScore Group's success and assisted form the industry's direction. LiveScoreBet has achieved significant user engagement, sports betting 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 formerly served as the business's Marketing and Operations Director because 2015. He joined Betway in 2013 and sports betting has actually been in the online video gaming market since 2000, holding various successful roles, 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 sports betting improve its offerings. The company'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 performance history of transforming start-ups into institutionalized organizations. Her expertise covers the video gaming, real estate, and credit financing markets, where he has actually established himself as a tactical and functional leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Because June 2019, she has worked as Managing Director and has managed the company'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 operational strategies and market growth.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN provides frHer educational background includes 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 company, established the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to launch a totally functional website, 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 worldwide sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has established itself as one of the biggest bookies in Europe and sports betting the world. The business operates in more than 50 countries, consisting of Nigeria, where it is totally certified.
Under Babalola's management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a vast array of sports betting options and an user-friendly 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, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually teamed up with African socio-economic institutions and federal governments to develop developmental policies aimed at empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, established and sports betting launched in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has quickly grown its presence in Nigeria, with outlets in major 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 jobs, 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, the founder, bulk shareholder, and joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was released in 2001 as an online sports betting website and has given that grown into one of the world's biggest online gambling companies.
By 2016, Bet365 generated $2 billion in profits and sports betting assisted in $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered 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, developed alongside business owner 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 possession management company that creates investment returns and provides distinct financial investment insights and services to both individual 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 industry. He has been acting as the Country Director for 22BET in Nigeria since June 2021. In this role, he has actually added to the company's development through partnerships, service strategy, and new business development.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and consumer experience, and Country Manager at 22BET, focusing on marketing strategy 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 profession began at Jumia Group, where he operated in SEO, sports betting CRM, and sports betting content management. Fikayo likewise worked as a Human Resource Officer at SIFAX Group.
He holds a Bachelor sports betting 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 gambling platform that uses sports betting, casino games, and live dealership games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, sports betting a business registered 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 established in 2013.
SportyBet is a global sports betting and sports betting real-money gaming operator known for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani's leadership, SportyBet has ended up being a significant 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 sports betting the growing African web community. His investments reflect his dedication to cultivating development and development within the region.
On April 30, 2024, Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to interfere with the sports betting industry.
Sunbet Sporting International Limited has said it is concentrated on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, sports betting 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 cutting-edge innovation and a dedication to accountable gaming to change the sector.
Backed by the monetary power of four popular African billionaires, Sunbet, which will launch in the very first quarter of 2025, intends to be the continent's largest and most ingenious sports betting platform.
At a press rundown, the company's representative, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent's deep passion for sports betting, particularly football, has set the stage for Sunbet's ambitious entry. He included that the firm's robust sponsorship and expert team will allow it to scale and sports betting control the marketplace rapidly.
Islamic police raid betting shops in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have begun shutting down sports betting wagering stores, sports betting which they state are operating unlawfully.
"As you understand, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, informed the BBC.
Grievances from neighborhood leaders and moms and dads triggered the crackdown, fretted about the growing variety of gambling addicts, he said.
On the first day of raids, 30 stores were closed in one suburban area alone, and their owners were sent out home with a caution, the Sharia officer said.
But Mr Aminudeen alerted that now that the public knew that the Hisbah was clamping down on sports betting, 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 nonreligious law.
Bookies and bars tend to be permitted to run in Kano's Christian neighbourhoods, though they too can face action if the Hisbah thinks Muslims are frequenting them.
However, the current crackdown is focused on Muslim areas of Kano, a vast city and the financial hub of northern Nigeria.
Sports betting stores can be found all over the city. Many have tv screens, sports betting and customers view the result of global football matches or horse races on which they have staked money.
Mr Aminudeen said such bookies had been able to operate under the radar as they had opened under false pretences.
"They don't have licences to operate as they were allowed to run video games centres, which they later converted to wagering shops," he stated.
The sports betting wagering industry has expanded drastically across West Africa in the last few years. The area is roughly divided in between a mainly Muslim north and a primarily Christian south.
Many individuals go to bookies to delight in the camaraderie of other gamblers, though mobile apps are likewise popular for sports betting wagering on the result of occasions and teams.
Nigeria's debilitating economic crisis has actually also indicated people want to run the risk of a small amount in the hope of winning huge.
However this had resulted in widespread addiction, and parents were even complaining that children were leaving of school to bet, Mr Aminudeen said.
"These economic issues we are dealing with in Nigeria is God informing 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 recommending those running those wagering stores to either closed down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen stated.
It is uncertain what punishment they would deal with - 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, gaming and the usage of alcohol were banned.
