Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting industry.
Gaming has actually evolved considerably in Nigeria from standard forms like pool staking and Baba Ijebu to a thriving sports betting market. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.
Slowly, with increased internet gain access to came virtual wagering, which parallels international trends. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to almost double to $182.02 billion by 2030.
Regardless of financial difficulties such as inflation, Nigeria's sports betting sector has prospered, bring in millions, specifically among the younger demographic facing high joblessness rates.
Reports suggest that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that creates a projected yearly revenue of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulatory procedures like excise responsibilities and VAT increases to handle the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations in spite of obstacles in enforcement. Concerns such as insufficient age confirmation and advertising guideline breaches show market regulatory spaces.
In spite of these challenges, sports betting companies continue to grow through efficient business designs and aggressive marketing methods, leveraging the developer influencer industry.
These efforts have added to Nigeria's robust $2 billion sports betting sector, with CEOs playing important functions in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting business who have considerably contributed to Nigeria's $2 billion gambling empire through their extensive 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 career spans numerous functions in the gaming and entertainment industry, consisting of operating at one of the United Kingdom's biggest gaming centres, The Palace Bingo Club, 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, has actually turned into a leading e-commerce organization in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has considering that broadened its presence, achieving over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has over 25 years of experience in sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely incorporated ecosystem that integrates relevant sports betting content, engaging features, and a first-rate sportsbook.
Considering that 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 risen from approximately ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have actually moved LiveScore Group's success and helped shape the industry'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 selected CEO of Betway in November 2017, having actually previously served 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 given that 2000, holding different effective roles, including General Manager of a data analytics group and Director of a digital marketing company.
Under Werkman's leadership, Betway has actually continued to grow its market existence and enhance its offerings. The business's app has actually garnered substantial user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has actually distinguished herself as a senior executive with a performance history of transforming start-ups into institutionalized companies. Her proficiency covers the video gaming, realty, and credit financing markets, where he has actually established himself as a strategic and functional leader.
Damilare has actually been instrumental in NairaBET's success for over 14 years. Considering that June 2019, she has actually worked as Managing Director and has actually managed the business's development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company's operational techniques and market expansion.
She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN offers frHer educational background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to release a fully functional site, setting a criteria 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 business 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 countries, including Nigeria, where it is completely licensed.
Under Babalola's leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, using a wide range of sports betting alternatives 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 endeavors, Ukanwoke has teamed up with African socio-economic institutions and federal governments to develop developmental policies targeted 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 trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has quickly 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 annually. 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 business she established in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has since turned into one of the world's biggest online gambling companies.
By 2016, Bet365 produced $2 billion in incomes and helped with $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually garnered significant 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 wagering business in Nigeria, established together with businessman Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management business that produces investment returns and provides distinct investment insights and solutions to both individual and 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 considerable gamer in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced expert in the sports betting wagering industry. He has been functioning as the Country Director for 22BET in Nigeria because June 2021. In this function, he has added to the company's development through partnerships, service technique, and new company development.
Fikayo's experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and consumer experience, and Country Manager at 22BET, concentrating on marketing method and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and Betty Bingo.
His career started at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also 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 gambling platform that offers sports betting wagering, 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 also the owners of Betwinner and a chain of gambling establishments worldwide.
Sudeep Ramnani-- CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a business he established in 2013.
SportyBet is a global sports betting wagering and real-money video gaming operator known for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani's management, SportyBet has become a substantial 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 in fintech and mobile payments and a strong advocate for the growing African web community. His investments reflect his commitment to cultivating development and advancement within the area.
On April 30, 2024, sports betting Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to interfere with the sports wagering market.
Sunbet Sporting International Limited has said it is concentrated on revolutionising how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to take advantage of cutting-edge technology and a dedication to accountable gambling to revolutionise the sector.
Backed by the financial power of 4 prominent African billionaires, Sunbet, which will release in the first quarter of 2025, intends to be the continent's largest and most innovative sports betting wagering platform.
At a press rundown, the business's representative, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent's deep passion for sports betting, particularly football, has actually set the stage for Sunbet's ambitious entry. He included that the firm's robust financial backing and expert group will enable it to scale and dominate the market rapidly.
Islamic authorities raid betting stores in northern Nigeria
Islamic police in Nigeria's northern city of Kano have actually started shutting down sports betting shops, which they say are operating illegally.
"As you understand, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, told the BBC.
Complaints from community leaders and moms and dads prompted the crackdown, fretted about the growing variety of sports betting addicts, he said.
On the first day of raids, 30 shops were closed in one residential area alone, and their owners were sent out home with a warning, the Sharia officer said.
But Mr Aminudeen alerted that now that the public understood that the Hisbah was clamping down on 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.
Bookmakers and bars tend to be allowed to run in Kano's Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the present crackdown is focused on Muslim areas of Kano, a sprawling city and the economic center of northern Nigeria.
sports betting wagering stores can be discovered all over the city. The majority of have tv screens, and customers enjoy the result of global football matches or horse races on which they have actually staked money.
Mr Aminudeen stated such bookmakers had been able to operate under the radar as they had actually opened under false pretenses.
"They don't have licences to operate as they were allowed to run computer game centres, which they later on converted to wagering shops," he stated.
The sports betting market has broadened drastically across West Africa over the last few years. The area is roughly divided between a primarily Muslim north and a mainly Christian south.
Lots of people go to bookmakers to take pleasure in the friendship of other gamblers, though mobile apps are also popular for wagering on the result of events and teams.
Nigeria's crippling economic crisis has actually also suggested people want to run the risk of a small amount in the hope of winning big.
But this had led to widespread addiction, and parents were even grumbling that kids were dropping out of school to gamble, Mr Aminudeen stated.
"These economic problems we are dealing with in Nigeria is God informing us to change our methods by stopping sins," he said.
The raids on Tuesday concentrated on Munjibir, considered a resort area in the northeast of the city-- visitors flock there at weekends.
"I am recommending those running those sports betting shops to either shut down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen said.
It is uncertain what penalty they would deal with - typically, such infringements carry a fine.
Sharia was presented in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gaming and the intake of alcohol were prohibited.
