Meet CEOs/MDs of business behind Nigeria's $2 billion Sports betting market.
Gambling has progressed substantially in Nigeria from standard kinds like pool staking and Baba Ijebu to a flourishing 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 little as N50-N200 on matches.
Gradually, with increased web gain access to came virtual sports betting, which parallels global trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is forecasted to almost double to $182.02 billion by 2030.
In spite of financial difficulties such as inflation, Nigeria's sports betting sector has thrived, attracting millions, sports betting especially among the vibrant group dealing with high unemployment rates.
Reports suggest that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that generates an estimated yearly profits of N730 billion. The federal government has actually not gone unnoticed by this growth, which is thinking about regulatory steps like import tax duties and VAT increases to handle the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure fair operations despite challenges in enforcement. Concerns such as insufficient age confirmation and marketing rule breaches reveal market regulative spaces.
In spite of these obstacles, sports betting wagering business continue to thrive through reliable organization designs and sports betting aggressive marketing methods, leveraging the developer influencer industry.
These efforts have actually added to Nigeria's robust $2 billion gambling sector, with CEOs playing important functions in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting 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, sports betting a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career covers various roles in the video gaming and entertainment industry, consisting of operating at among 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 business in the wagering and gaming sector, operating through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has because broadened its presence, accomplishing 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 totally incorporated ecosystem that integrates pertinent sports betting material, engaging features, and a world-class sportsbook.
Because taking the helm just before the pandemic, Sam has actually driven considerable development for LiveScore Group. The company's staff member headcount has increased by 29%, and annual earnings has risen from approximately ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have actually moved LiveScore Group's success and assisted form the market's direction. LiveScoreBet has achieved 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, having actually previously worked as the business's Marketing and sports betting Operations Director since 2015. He signed up with Betway in 2013 and sports betting has been in the online gaming market since 2000, holding various successful functions, sports betting including General Manager of a data analytics team and Director of a digital marketing firm.
Under Werkman's management, Betway has actually continued to grow its market presence and enhance its offerings. The business's app has amassed significant 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 track record of changing start-ups into institutionalized companies. Her expertise covers the video gaming, property, and credit financing markets, where he has actually established himself as a strategic and operational leader.
Damilare has been instrumental in NairaBET's success for over 14 years. Because June 2019, she has served as Managing Director and has actually managed the company's growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the business's functional techniques and sports betting market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN offers frHer academic background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, sports betting finished in 2005.
Akin Alabi, the founder of NairaBET.com, sports betting Nigeria's pioneering sports betting bookmaking company, established business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to introduce a totally practical website, setting a benchmark 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 global sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has developed itself as one of the biggest bookmakers in Europe and the world. The company runs in more than 50 nations, including Nigeria, where it is completely certified.
Under Babalola's management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, offering a vast array 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, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has teamed up with African socio-economic organizations and federal governments to design 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, founded and released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has actually quickly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, creating over 100,000 tasks, the variety of which is increasing each 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 joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and has because turned into one of the world's largest online sports betting business.
By 2016, Bet365 produced $2 billion in earnings and facilitated $45 billion in annual bets. The company likewise holds a majority 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 company in Nigeria, developed alongside entrepreneur Kunle Soname, sports betting who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management company that creates financial investment returns and sports betting offers special investment insights and solutions to both private and institutional customers.
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 become a substantial player in the Nigerian sports betting market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced specialist in the sports betting wagering industry. He has been serving as the Country Director for sports betting 22BET in Nigeria given that June 2021. In this function, sports betting he has actually contributed to the company's development through partnerships, company method, and brand-new service advancement.
Fikayo's experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and consumer experience, and Country Manager at 22BET, focusing on marketing method 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 started at Jumia Group, where he operated in SEO, sports betting CRM, and sports betting content management. Fikayo also served 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 sports betting Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online sports betting platform that uses sports betting, gambling establishment games, and live dealership video games. It was released in 2017 and is owned and operated 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 casinos worldwide.
Sudeep Ramnani-- CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a company he developed in 2013.
SportyBet is an international sports betting wagering and real-money video gaming operator understood for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's leadership, SportyBet has become a substantial gamer in the industry, sports betting 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 sports betting mobile payments and a strong supporter for the growing African web community. His investments reflect his commitment to cultivating innovation and advancement within the region.
On April 30, 2024, Sudeep Ramnani purchased Chowdeck, sports betting taking part in a seed round valued at $2.5 million.
The company is set to interfere with the sports betting market.
Sunbet Sporting International Limited has stated 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 growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, sports betting the firm aims to utilize advanced technology and a commitment to accountable sports betting to revolutionise the sector.
Backed by the financial power of four prominent African billionaires, sports betting Sunbet, which will introduce in the first quarter of 2025, intends to be the continent's biggest and most ingenious sports betting platform.
At a press rundown, the business's spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, sports betting and the continent's deep enthusiasm for sports betting, particularly football, has set the stage for Sunbet's ambitious entry. He added that the firm's robust sponsorship and professional team will enable it to scale and dominate the market quickly.
Islamic cops raid betting stores in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have begun shutting down sports betting shops, which they state are running illegally.
"As you know, sports betting is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, told the BBC.
Grievances from neighborhood leaders and parents prompted the crackdown, fretted about the growing variety of gambling addicts, he said.
On the very 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 was aware that the Hisbah was clamping down on gambling, those flouting the guidelines would be detained.
Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system - Sharia - alongside secular law.
Bookmakers and bars tend to be permitted to operate in Kano's Christian neighbourhoods, sports betting though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the current crackdown is concentrated on Muslim areas of Kano, a vast city and sports betting the economic hub of northern Nigeria.
Sports betting shops can be discovered all over the city. Most have tv screens, and clients see the outcome of global football matches or horse races on which they have staked cash.
Mr Aminudeen said such bookies had actually had the ability to run under the radar as they had opened under false pretenses.
"They do not have licences to run as they were allowed to run video games centres, which they later transformed to wagering shops," he said.
The sports betting industry has broadened drastically throughout West Africa in recent years. The region is roughly divided between a primarily Muslim north and a primarily Christian south.
Many individuals go to bookmakers to enjoy the friendship of other gamblers, though mobile apps are also popular for sports betting on the result of events and teams.
Nigeria's crippling recession has actually also meant people are willing to run the risk of a percentage in the hope of winning big.
But this had led to prevalent addiction, and moms and dads were even complaining that kids were leaving of school to bet, Mr Aminudeen stated.
"These economic issues we are facing in Nigeria is God informing us to change our methods by stopping sins," he stated.
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 recommending those running those sports betting stores to either shut down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen said.
It is uncertain what punishment they would deal with - frequently, such infringements bring a fine.
Sharia was presented in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gambling and the usage of alcohol were banned.
