Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting industry.
sports betting has progressed substantially in Nigeria from traditional types like pool staking and Baba Ijebu to a thriving sports betting wagering market. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would bet as low as N50-N200 on matches.
Gradually, with increased internet gain access to 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.
Regardless of financial challenges such as inflation, Nigeria's sports betting wagering sector has actually prospered, drawing in millions, sports betting especially amongst the vibrant demographic facing high unemployment rates.
Reports indicate that around 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that produces an approximated yearly profits of N730 billion. The federal government has not gone unnoticed by this growth, which is thinking about regulative steps like excise duties and VAT boosts to handle the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of obstacles in enforcement. Concerns such as insufficient age confirmation and advertising guideline breaches show industry regulatory spaces.
Despite these difficulties, sports betting business continue to prosper through reliable organization models and aggressive marketing methods, leveraging the creator influencer industry.
These efforts have added to Nigeria's robust $2 billion sports betting sector, with CEOs playing important roles in broadening audience reach and sports betting driving industry development. Here are the CEOs of leading sports betting companies who have significantly contributed 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 varied profession covers different functions in the gaming and entertainment industry, including operating at among the United Kingdom's biggest video gaming centres, The Palace Bingo Club, where he served 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 organization in the wagering and gaming sector, operating through online, mobile, sports betting and retail channels. The company was integrated in Nigeria on November 7, 2006, and has actually considering that expanded its presence, 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, sports betting a fully integrated ecosystem that combines pertinent sports betting content, engaging features, and sports betting a world-class sportsbook.
Since taking the helm right before the pandemic, sports betting Sam has actually driven considerable growth for LiveScore Group. The company's staff member headcount has actually increased by 29%, and annual profits has surged from around ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have actually moved LiveScore Group's success and helped form the industry's direction. LiveScoreBet has actually achieved significant user engagement, sports betting 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 formerly worked as the company's Marketing and Operations Director considering that 2015. He joined Betway in 2013 and sports betting has remained in the online video gaming industry given that 2000, holding different effective roles, including General Manager of an information analytics team and Director of a digital marketing company.
Under Werkman's management, Betway has continued to grow its market existence and enhance its offerings. The business's app has garnered 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 services. Her expertise covers the video gaming, realty, and sports betting credit loaning industries, where he has established himself as a tactical and functional leader.
Damilare has actually been instrumental in NairaBET's success for over 14 years. Since June 2019, she has worked as Managing Director sports betting and has overseen the company's development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company's operational methods and market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN offers frHer instructional background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, sports betting the founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking company, developed business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to launch a completely functional website, setting a benchmark 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 worldwide sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookmakers in Europe and the world. The company runs in more than 50 countries, consisting of Nigeria, where it is fully licensed.
Under Babalola's leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, offering 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 collaborated with African socio-economic institutions and governments to design developmental policies targeted at empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, established and introduced 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 sports betting home entertainment company has quickly grown its presence in Nigeria, with outlets in major sports betting cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, producing over 100,000 jobs, the number of which is increasing annually. 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, bulk shareholder, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was launched in 2001 as an online sports betting website and has given that become among the world's biggest online gambling companies.
By 2016, Bet365 generated $2 billion in revenues and sports betting helped with $45 billion in annual bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has garnered considerable 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, sports betting a leading sports betting company in Nigeria, established together with business person Kunle Soname, sports betting who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management business that produces investment returns and uses unique financial investment insights and solutions to both specific and sports betting institutional clients.
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 ended up being a considerable player in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned expert in the sports betting industry. He has actually been acting as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has added to the company's development through partnerships, organization technique, sports betting and sports betting brand-new company development.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and client experience, and sports betting Country Manager at 22BET, concentrating on marketing method and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and sports betting held numerous digital marketing roles at Laclic Services and Betty Bingo.
His profession started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also functioned 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 offers sports betting, gambling establishment video games, and live dealer video games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a company 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 a global sports betting wagering and sports betting real-money gaming operator known for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's leadership, SportyBet has actually ended up being a substantial gamer in the industry, with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African internet ecosystem. His financial investments show his commitment to fostering development and development 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 wagering industry.
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, 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 responsible gambling to change the sector.
Backed by the financial power of four popular African billionaires, sports betting Sunbet, which will launch in the very first quarter of 2025, aims to be the continent's biggest and most innovative sports betting wagering platform.
At a press instruction, the company's representative, Akin Babatunde, sports betting said that the increase in Internet penetration, mobile usage, 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 sports betting specialist group will allow it to scale and dominate the marketplace quickly.
Islamic police raid betting stores in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have started shutting down sports betting wagering stores, which they say are operating illegally.
"As you understand, sports betting is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, told the BBC.
Complaints from neighborhood leaders and moms and dads triggered the crackdown, fretted about the growing variety of sports betting addicts, he said.
On the very first day of raids, sports betting 30 shops were closed in one residential area alone, and their owners were sent out home with a caution, the Sharia officer stated.
However Mr Aminudeen warned that now that the public knew that the Hisbah was clamping down on gambling, those flouting the guidelines would be arrested.
Kano city is the capital of Kano state, which has a bulk Muslim population and sports betting runs the Islamic legal system - Sharia - together with secular law.
Bookmakers and bars tend to be enabled to operate in Kano's Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the current crackdown is concentrated on Muslim locations of Kano, a sprawling city and the financial center of northern Nigeria.
sports betting wagering shops can be found all over the city. A lot of have television screens, and clients enjoy the result of worldwide football matches or horse races on which they have staked cash.
Mr Aminudeen said such bookmakers had actually been able 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 shops," he stated.
The sports betting market has actually broadened considerably throughout West Africa recently. The region 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 wagering on the outcome of occasions and teams.
Nigeria's debilitating recession has actually likewise indicated individuals want to risk a percentage in the hope of winning big.
However this had actually caused widespread addiction, and moms and dads were even complaining that children were dropping out of school to bet, Mr Aminudeen said.
"These financial issues we are dealing with in Nigeria is God telling us to alter our ways by stopping sins," he said.
The raids on Tuesday focused 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 said.
It is unclear what punishment they would face - typically, 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 usage of alcohol were prohibited.
