Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering market.
Gaming has progressed considerably in Nigeria from standard forms like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet as low as N50-N200 on matches.
Gradually, sports betting with increased internet access came virtual sports betting, which parallels global patterns. The sports betting market is valued at $89.91 billion in 2023 and is projected to nearly double to $182.02 billion by 2030.
In spite of financial challenges such as inflation, Nigeria's sports betting wagering sector has actually thrived, attracting millions, specifically amongst the younger demographic dealing with high joblessness rates.
Reports indicate that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that produces an approximated yearly earnings of N730 billion. The federal government has not gone unnoticed by this development, which is considering regulatory procedures like excise responsibilities and VAT boosts 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. Problems such as inadequate age verification and sports betting marketing guideline breaches reveal industry regulatory gaps.
In spite of these challenges, sports betting business continue to flourish through reliable company models and aggressive marketing methods, leveraging the creator influencer industry.
These efforts have actually contributed to Nigeria's robust $2 billion gambling sector, with CEOs playing important roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering companies who have considerably added to Nigeria's $2 billion gambling empire through their comprehensive 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 profession spans various roles in the gaming and show business, including working 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 sports betting a Master's in Geographical Information Systems from the University of Glamorgan, sports betting Wales. Surebet247, founded in August 2011, has become a leading e-commerce organization in the sports betting and sports betting gaming sector, sports betting running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has since expanded 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 brands and sports betting media. In 2019, sports betting he became the CEO of LiveScore Group, a completely integrated environment that combines relevant sports betting content, engaging features, and a world-class sportsbook.
Since taking the helm right before the pandemic, Sam has actually driven substantial development for LiveScore Group. The company's staff member headcount has increased by 29%, and annual income has risen from around ₤ 10 million to over ₤ 80 million.
Sam's leadership and strategic vision have actually propelled LiveScore Group's success and assisted shape the market's direction. LiveScoreBet has actually accomplished major sports betting 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 formerly acted as the company's Marketing and Operations Director since 2015. He joined Betway in 2013 and has remained in the online video gaming market because 2000, holding various successful functions, consisting of General Manager of a data analytics team and Director of a digital marketing firm.
Under Werkman's leadership, Betway has actually continued to grow its market presence and boost its offerings. The company's app has actually gathered considerable 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 proficiency spans the gaming, realty, and credit lending markets, where he has actually established himself as a tactical and operational leader.
Damilare has actually been instrumental in NairaBET's success for over 14 years. Since June 2019, sports betting she has actually served as Managing Director and has actually overseen 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 strategies and market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN provides 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 business, developed the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, sports betting it was the first to release a fully functional 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 wagering business based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookies in Europe and the world. The business runs in more than 50 countries, consisting of Nigeria, where it is completely accredited.
Under Babalola's leadership, sports betting 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, using 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 worked together with African socio-economic organizations and federal governments to create 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 released 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 wagering and entertainment business has rapidly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, developing over 100,000 tasks, the variety of which is increasing annually. 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, majority shareholder, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was launched in 2001 as an online sports betting site and has actually because become among the world's biggest online gaming business.
By 2016, Bet365 produced $2 billion in incomes and helped with $45 billion in annual bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has garnered substantial 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, sports betting a leading sports betting wagering business in Nigeria, developed along with businessman Kunle Soname, sports betting who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management company that creates financial investment returns and sports betting offers special financial investment insights and solutions to both private and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in appeal, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has ended up being a considerable player in the Nigerian sports betting market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned expert in the sports betting wagering industry. He has actually been working as the Country Director for 22BET in Nigeria because June 2021. In this function, sports betting he has contributed to the business's growth through partnerships, service strategy, and sports betting new company advancement.
Fikayo's experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and sports betting consumer experience, and Country Manager at 22BET, concentrating on marketing method and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and Betty Bingo.
His profession began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise 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 uses sports betting, gambling establishment video games, sports betting and live dealership video games. It was released in 2017 and sports betting is owned and sports betting run by Marikit Holdings Ltd, a business signed up in Cyprus and sports betting 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 global sports betting and real-money video gaming operator known for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani's leadership, SportyBet has become a significant gamer in the market, with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, sports betting Sudeep is an active investor sports betting in fintech and mobile payments and a strong supporter for the growing African internet ecosystem. His financial investments show his commitment to fostering innovation and advancement within the area.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to interrupt the sports betting market.
Sunbet Sporting International Limited has said it is concentrated on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to leverage advanced technology and a commitment to accountable gambling to change the sector.
Backed by the monetary power of 4 popular African billionaires, sports betting Sunbet, which will release in the 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, 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 ambitious entry. He added that the firm's robust sponsorship and professional team will allow 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 started shutting down sports betting stores, sports betting which they say are running unlawfully.
"As you understand, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, told the BBC.
Complaints from neighborhood leaders and sports betting parents prompted the crackdown, fretted about the growing number of sports betting addicts, he stated.
On the very first day of raids, 30 shops were closed in one suburban area alone, and their owners were sent out home with a warning, the Sharia officer stated.
But Mr Aminudeen alerted that now that the public was aware 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 operates the Islamic legal system - Sharia - together with nonreligious law.
Bookies and bars tend to be permitted to run in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
However, the present crackdown is focused on Muslim areas of Kano, a vast city and the financial hub of northern Nigeria.
Sports betting shops can be found all over the city. Most have tv screens, and consumers view the result of international football matches or horse races on which they have actually staked cash.
Mr Aminudeen said such bookmakers had actually been able to operate under the radar as they had actually opened under false pretenses.
"They don't have licences to run as they were allowed to run video games centres, which they later transformed to sports betting shops," he stated.
The sports betting wagering industry has broadened significantly throughout West Africa in recent years. The region is roughly divided in between a mainly Muslim north and a primarily Christian south.
Many individuals go to bookies to take pleasure in the camaraderie of other bettors, though mobile apps are likewise popular for sports betting on the result of occasions and groups.
Nigeria's debilitating economic crisis has also indicated people want to run the risk of a percentage in the hope of winning big.
But this had caused extensive dependency, and moms and dads were even grumbling that kids were leaving of school to gamble, Mr Aminudeen said.
"These economic issues we are dealing with in Nigeria is God informing us to alter our methods 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 recommending those running those wagering shops to either closed down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen stated.
It is uncertain what punishment they would deal with - frequently, such infringements carry a fine.
Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and sports betting prostitution, gaming and the usage of alcohol were banned.
