Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering market.
Gaming has actually developed substantially 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 common sight at motor parks and kiosks, where enthusiasts would bet as low as N50-N200 on matches.
Gradually, with increased web gain access to came virtual sports betting, which parallels international 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.
Regardless of financial obstacles such as inflation, Nigeria's sports betting wagering sector has actually grown, attracting millions, specifically amongst the vibrant group dealing with high unemployment rates.
Reports show that roughly 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that generates an estimated yearly revenue of N730 billion. The federal government has not gone undetected by this growth, which is thinking about regulative steps like import tax tasks and VAT increases to handle the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations despite obstacles in enforcement. Concerns such as inadequate age verification and marketing rule breaches reveal industry regulative gaps.
Despite these challenges, sports betting business continue to thrive through efficient business designs and aggressive marketing techniques, sports betting leveraging the creator influencer industry.
These efforts have actually contributed to Nigeria's robust $2 billion gambling sector, with CEOs playing important functions in expanding audience reach and driving market development. Here are the CEOs of leading sports betting business who have considerably added to Nigeria's $2 billion sports betting empire through their substantial audience reach.
Sheriff Olaniyan - CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse profession spans different functions in the video gaming and entertainment industry, including operating at one of the United Kingdom's biggest gaming centres, The Palace Bingo Club, where he acted 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 grown into a leading e-commerce business in the sports betting and gaming sector, operating through online, mobile, and retail channels. The business was included 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 wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated community that integrates pertinent sports betting content, engaging functions, and a first-rate sportsbook.
Since taking the helm just before the pandemic, Sam has driven substantial development for LiveScore Group. The company's worker headcount has increased by 29%, sports betting and yearly profits has surged from roughly ₤ 10 million to over ₤ 80 million.
Sam's management and strategic vision have actually propelled LiveScore Group's success and helped shape the industry's direction. LiveScoreBet has actually accomplished 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 functioned as the company's Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually been in the online gaming market considering that 2000, holding different successful roles, including General Manager of a data analytics group and Director of a digital marketing company.
Under Werkman's leadership, Betway has continued to grow its market presence and improve its offerings. The company's app has 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 identified herself as a senior executive with a track record of transforming start-ups into institutionalized companies. Her knowledge spans the video gaming, property, and credit loaning industries, where he has established himself as a tactical and operational leader.
Damilare has been instrumental in NairaBET's success for over 14 years. Considering that June 2019, she has actually functioned as Managing Director and has actually supervised the business'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 functional strategies and market expansion.
She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN provides frHer academic background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, sports betting the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking company, sports betting developed the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to introduce a fully practical website, setting a criteria 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 international 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 the world. The business runs in more than 50 countries, including Nigeria, where it is totally accredited.
Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, providing a large range of sports betting alternatives 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 teamed up with African socio-economic institutions and federal governments to develop 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, founded and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment company 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, developing over 100,000 jobs, the number of which is increasing yearly. In the 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 business she established in 2000. Bet365.com was introduced in 2001 as an online wagering site and has actually because turned into among the world's largest online sports betting companies.
By 2016, Bet365 generated $2 billion in incomes and assisted in $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed considerable 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, established alongside 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 property management business that generates financial investment returns and provides unique financial investment insights and services to both private and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has become a considerable player in the Nigerian sports betting industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting wagering market. He has been serving as the Country Director for 22BET in Nigeria since June 2021. In this function, he has added to the business's growth through collaborations, service method, and brand-new business advancement.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and consumer experience, and Country Manager at 22BET, concentrating on marketing strategy and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and Betty Bingo.
His profession started at Jumia Group, where he operated 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 sports betting platform that provides sports betting, gambling establishment games, and live dealer games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a company registered 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 worldwide sports betting 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 actually ended up being a significant player 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 environment. His investments reflect his commitment to cultivating innovation 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 firm is set to interfere with the sports betting industry.
Sunbet Sporting International Limited has said it is focused on changing how millions of Africans engage with sports betting. In an industry 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 cutting-edge technology and a dedication to responsible gambling to change the sector.
Backed by the monetary power of four prominent African billionaires, Sunbet, which will introduce in the very first quarter of 2025, intends to be the continent's largest and most innovative sports betting platform.
At a press briefing, the company's spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent's deep passion for sports betting, specifically football, has set the stage for Sunbet's ambitious entry. He added that the firm's robust financial backing and specialist team will enable it to scale and dominate the market rapidly.
Islamic authorities raid betting shops in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have begun closing down sports betting stores, which they say are running unlawfully.
"As you understand, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, informed the BBC.
Grievances from community leaders and moms and dads prompted the crackdown, stressed over the growing variety of sports betting addicts, he stated.
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 caution, the Sharia officer said.
However Mr Aminudeen alerted that now that the general public understood that the Hisbah was clamping down on sports betting, those flouting the guidelines would be apprehended.
Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system - Sharia - together with nonreligious law.
Bookies and bars tend to be enabled to run in Kano's Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the current crackdown is concentrated on Muslim locations of Kano, a sprawling city and the financial hub of northern Nigeria.
Sports betting stores can be discovered all over the city. The majority of have tv screens, and clients enjoy the result of international football matches or horse races on which they have actually staked money.
Mr Aminudeen said such bookmakers had been able to operate under the radar as they had opened under false pretences.
"They don't have licences to run as they were allowed to run computer game centres, which they later transformed to sports betting shops," he said.
The sports betting wagering industry has actually broadened considerably throughout West Africa in the last few years. The area is roughly divided in between a primarily Muslim north and a mainly 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 teams.
Nigeria's crippling recession has also indicated individuals are willing to risk a small amount in the hope of winning big.
But this had actually led to widespread addiction, and moms and dads were even grumbling that children were dropping out of school to gamble, Mr Aminudeen said.
"These financial problems we are dealing with in Nigeria is God informing us to change our methods by stopping sins," he stated.
The raids on Tuesday concentrated on Munjibir, considered a resort area in the northeast of the city-- visitors flock there at weekends.
"I am advising those running those sports betting stores to either closed down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen stated.
It is uncertain what punishment they would face - often, 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 intake of alcohol were prohibited.
