Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering industry.
sports betting has actually developed significantly in Nigeria from conventional types like pool staking and Baba Ijebu to a growing sports betting market. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet just N50-N200 on matches.
Gradually, with increased internet access came virtual sports betting, which parallels global patterns. The sports betting wagering 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, Nigeria's sports betting sector has actually grown, attracting millions, especially among the younger demographic facing high unemployment rates.
Reports suggest that roughly 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that produces an approximated annual earnings of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulative measures like excise responsibilities and VAT increases to handle the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of challenges in enforcement. Concerns such as inadequate age verification and marketing rule breaches show market regulatory spaces.
In spite of these difficulties, sports betting wagering business continue to prosper through effective business models and aggressive marketing methods, leveraging the creator influencer market.
These efforts have actually contributed to Nigeria's robust $2 billion gambling sector, sports betting with CEOs playing vital roles in broadening audience reach and driving market development. Here are the CEOs of leading sports betting wagering companies who have actually significantly added to Nigeria's $2 billion sports betting empire through their substantial audience reach.
Constable Olaniyan - CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse career spans numerous roles in the video gaming and sports betting entertainment industry, consisting of working at among the United Kingdom's largest 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, Wales. Surebet247, founded in August 2011, has grown into a leading e-commerce business in the wagering and sports betting gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has because broadened its existence, achieving over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has more than 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely incorporated ecosystem that integrates pertinent sports betting material, engaging features, and a first-rate sportsbook.
Because taking the helm right before the pandemic, Sam has actually driven considerable growth for LiveScore Group. The company's worker headcount has increased by 29%, and annual income has surged from roughly ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have actually propelled LiveScore Group's success and helped shape the industry's instructions. LiveScoreBet has attained major 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 formerly worked as the company's Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually been in the online gaming industry because 2000, holding different effective roles, consisting of General Manager of an information analytics team and sports betting Director of a digital marketing company.
Under Werkman's leadership, Betway has actually continued to grow its market existence and improve its offerings. The business's app has actually amassed considerable user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has actually identified herself as a senior executive with a performance history of changing start-ups into institutionalized services. Her expertise spans the gaming, real estate, and credit financing markets, where he has developed himself as a tactical and functional leader.
Damilare has contributed in NairaBET's success for over 14 years. Given that June 2019, she has actually worked as Managing Director and has actually overseen the business's growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, sports betting critical 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 supplies frHer educational 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 company, established the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to launch a totally functional website, setting a criteria in the market.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the worldwide sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually 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 totally licensed.
Under Babalola's management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, offering a wide range of wagering 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, sports betting Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually collaborated with African socio-economic organizations and federal governments to design 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 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 home entertainment company has rapidly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, producing over 100,000 jobs, the variety of which is increasing every year. In the very 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 investor, and sports betting joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has actually because turned into one of the world's largest online gambling business.
By 2016, Bet365 generated $2 billion in incomes and facilitated $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually gathered substantial user engagement, sports betting 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, developed together with 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, an independent Nigerian property management company that generates investment returns and uses unique financial investment insights and solutions to both private and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has actually become a significant player in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced specialist in the sports betting industry. He has actually been functioning as the Country Director for 22BET in Nigeria since June 2021. In this function, he has contributed to the business's development through partnerships, business strategy, and brand-new company advancement.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and customer experience, and Country Manager at 22BET, focusing on marketing technique and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.
His profession began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also worked 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 gaming platform that provides sports betting wagering, gambling establishment games, and sports betting live dealer video games. It was launched 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 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 worldwide sports betting wagering and real-money video gaming operator understood for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani's leadership, SportyBet has actually become a significant 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 financier in fintech and mobile payments and a strong advocate for the growing African web community. His financial investments show his commitment to cultivating development and advancement within the area.
On April 30, 2024, Sudeep Ramnani purchased Chowdeck, taking part in a seed round valued at $2.5 million.
The company is set to interfere with the sports wagering industry.
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 annual, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to leverage cutting-edge technology and a dedication to responsible gaming to revolutionise the sector.
Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will release in the very first quarter of 2025, sports betting aims to be the continent's largest and most innovative sports betting wagering platform.
At a press briefing, the business's spokesperson, Akin Babatunde, sports betting stated that the rise in Internet penetration, mobile usage, and the continent's deep enthusiasm for sports betting, particularly football, has actually set the stage for Sunbet's enthusiastic entry. He included that the company's robust sponsorship and expert group will allow it to scale and dominate the market 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 stores, which they say are operating illegally.
"As you understand, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, informed the BBC.
Problems from community leaders and parents triggered the crackdown, stressed over the growing number of sports betting addicts, he stated.
On the very first day of raids, 30 stores were closed in one suburb alone, and their owners were sent home with a caution, the Sharia officer stated.
But Mr Aminudeen cautioned that now that the public understood that the Hisbah was clamping down on gaming, those flouting the guidelines would be arrested.
Kano city is the capital of Kano state, which has a majority Muslim population and sports betting runs the Islamic legal system - Sharia - along with nonreligious law.
Bookies and bars tend to be enabled to operate in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
However, the existing crackdown is focused on Muslim areas of Kano, a sprawling city and the economic hub of northern Nigeria.
Sports betting stores can be discovered all over the city. Many have tv screens, and clients view the outcome of global 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 don't have licences to operate as they were allowed to run video games centres, which they later on converted to sports betting stores," he said.
The sports betting wagering market has actually expanded considerably across West Africa recently. The area is approximately divided between a primarily Muslim north and a primarily Christian south.
Many people go to bookmakers to take pleasure in the friendship of other gamblers, though mobile apps are also popular for sports betting on the outcome of occasions and teams.
Nigeria's crippling recession has also indicated people are willing to run the risk of a small amount in the hope of winning huge.
But this had actually led to extensive addiction, and moms and dads were even complaining that kids were dropping out of school to gamble, Mr Aminudeen said.
"These economic concerns we are dealing with in Nigeria is God telling us to alter our ways 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 stores to either shut down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen stated.
It is unclear what punishment they would face - frequently, sports betting such violations bring a fine.
Sharia was presented in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, sports betting and the consumption of alcohol were prohibited.
