Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering market.
Gaming has actually progressed substantially in Nigeria from traditional forms like pool staking and Baba Ijebu to a growing sports betting industry. Historically tied to European football leagues, 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 web gain access to came virtual sports betting, which parallels worldwide patterns. The sports betting market is valued at $89.91 billion in 2023 and is predicted to nearly double to $182.02 billion by 2030.
Despite economic difficulties such as inflation, Nigeria's sports betting sector has flourished, attracting millions, specifically among the younger group dealing with high joblessness rates.
Reports show that roughly 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that creates a projected annual income of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulative measures like import tax tasks and sports betting VAT boosts to manage the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations regardless of difficulties in enforcement. Problems such as insufficient age verification and sports betting advertising rule breaches reveal industry regulatory gaps.
Despite these difficulties, sports betting companies continue to thrive through reliable business models and aggressive marketing techniques, leveraging the developer influencer industry.
These efforts have actually contributed to Nigeria's robust $2 billion gambling sector, with CEOs playing important roles in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have actually substantially added to Nigeria's $2 billion gambling empire through their substantial 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 career covers numerous functions in the video gaming and entertainment industry, consisting of working at one of 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 sports betting a Master's in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has actually grown into a leading e-commerce service in the wagering and gaming sector, running through online, sports betting mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, sports betting and has actually since expanded its presence, 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 brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, sports betting a totally incorporated environment that combines appropriate sports betting content, engaging features, and sports betting a first-rate sportsbook.
Because taking the helm right before the pandemic, Sam has actually driven substantial growth for LiveScore Group. The business's employee headcount has actually increased by 29%, and yearly earnings has actually risen from approximately ₤ 10 million to over ₤ 80 million.
Sam's leadership and strategic vision have actually propelled LiveScore Group's success and helped shape the market's direction. LiveScoreBet has attained major sports betting user engagement, 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 actually formerly acted as the company's Marketing and Operations Director because 2015. He joined Betway in 2013 and has actually been in the online video gaming market considering that 2000, holding different successful functions, 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 improve its offerings. The company's app has actually amassed 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 changing start-ups into institutionalized businesses. Her knowledge spans the video gaming, realty, and sports betting credit loaning markets, where he has developed himself as a strategic and operational leader.
Damilare has actually been instrumental in NairaBET's success for sports betting over 14 years. Because June 2019, she has actually acted as Managing Director sports betting and has actually supervised the company'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 strategies and market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned companies. 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 creator of NairaBET.com, 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 very first to launch a completely practical website, setting a standard 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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookies in Europe and the world. The business runs in more than 50 countries, including Nigeria, where it is completely certified.
Under Babalola's management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, using a large range 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 ventures, Ukanwoke has actually worked together with African socio-economic organizations and 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, founded 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 entertainment business has actually rapidly 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 collaboration with the Lagos Employment Trust Fund, creating over 100,000 jobs, the variety of which is increasing every year. In the exact same year, sports betting 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 founder, majority shareholder, and joint Chief Executive of Bet365, an online gaming business she established in 2000. Bet365.com was launched in 2001 as an online wagering site and has because become among the world's largest online gambling companies.
By 2016, Bet365 created $2 billion in revenues and assisted in $45 billion in yearly bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has actually gathered significant 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 wagering company in Nigeria, developed along with business person 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 asset management business that produces investment returns and offers unique financial investment insights and services to both private and institutional clients.
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 management, Bet9ja has actually ended up being a considerable gamer in the Nigerian sports betting industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned expert in the sports betting market. He has actually been acting as the Country Director for 22BET in Nigeria since June 2021. In this function, he has actually contributed to the company's growth through partnerships, organization technique, and new business advancement.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and sports betting consumer experience, and sports betting Country Manager at 22BET, concentrating on marketing strategy 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 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 gambling platform that offers sports betting, casino video games, and live dealership games. It was introduced in 2017 and sports betting is owned and operated by Marikit Holdings Ltd, 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 developed in 2013.
SportyBet is an international sports betting wagering and real-money video gaming operator known for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's management, sports betting SportyBet has ended up being a considerable 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 investor in fintech and mobile payments and a strong advocate for the growing African internet ecosystem. His financial investments show his commitment to promoting innovation and advancement within the area.
On April 30, sports betting 2024, Sudeep Ramnani invested in Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to interfere with the sports wagering industry.
Sunbet Sporting International Limited has stated it is focused on revolutionising how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to leverage advanced technology and a dedication to accountable sports betting to revolutionise the sector.
Backed by the financial power of 4 prominent African billionaires, Sunbet, which will launch in the first quarter of 2025, intends to be the continent's biggest and most innovative sports betting wagering 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 enthusiastic entry. He added that the company's robust financial backing and specialist team will enable it to scale and control the marketplace quickly.
Islamic police raid betting stores in northern Nigeria
Islamic police in Nigeria's northern city of Kano have actually begun shutting down sports betting shops, which they say are running illegally.
"As you know, sports betting is forbidden in Islam," Mujahid Aminudeen, sports betting deputy chief of the Sharia police, called the Hisbah, told the BBC.
Grievances from neighborhood leaders and parents 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 home with a warning, the Sharia officer stated.
However Mr Aminudeen cautioned that now that the general public was aware that the Hisbah was clamping down on sports betting, sports betting those flouting the guidelines would be arrested.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system - Sharia - alongside secular law.
Bookmakers and bars tend to be enabled to run in Kano's Christian areas, sports betting though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
However, sports betting the present crackdown is concentrated on Muslim locations of Kano, a vast city and the economic hub of northern Nigeria.
Sports betting shops can be discovered all over the city. A lot of have television screens, sports betting and consumers see the outcome of worldwide football matches or horse races on which they have actually staked cash.
Mr Aminudeen said such bookies had actually been able to operate under the radar as they had opened under false pretences.
"They do not have licences to operate as they were allowed to run video games centres, which they later transformed to wagering stores," he stated.
The sports betting wagering market has actually broadened dramatically throughout West Africa over the last few years. The region is roughly divided between a primarily Muslim north and a predominantly Christian south.
Lots of people go to bookies to delight in the camaraderie of other bettors, though mobile apps are also popular for sports betting on the outcome of occasions and groups.
Nigeria's crippling recession has also meant people are willing to risk a small amount in the hope of winning big.
However this had actually caused widespread dependency, and moms and dads were even grumbling that children were leaving of school to bet, Mr Aminudeen said.
"These economic problems 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 sports betting shops to either closed down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen stated.
It is uncertain what punishment they would deal with - typically, such violations carry a fine.
Sharia was introduced in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, gambling and the consumption of alcohol were banned.
