Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering market.
Gaming has evolved considerably in Nigeria from traditional types like pool staking and Baba Ijebu to a growing sports betting market. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would bet as little as N50-N200 on matches.
Gradually, with increased web gain access to came virtual wagering, which parallels global patterns. The sports betting wagering 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 wagering sector has actually grown, bring in millions, particularly amongst the youthful market facing high unemployment rates.
Reports indicate that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that produces an approximated annual revenue of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulatory measures like import tax duties and VAT boosts to manage the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of difficulties in enforcement. Problems such as insufficient age verification and advertising guideline breaches show market regulatory spaces.
Regardless of these difficulties, sports betting business continue to flourish through efficient company designs and aggressive marketing methods, leveraging the creator influencer market.
These efforts have actually added to Nigeria's robust $2 billion sports betting sector, with CEOs playing important roles in expanding audience reach and driving market development. Here are the CEOs of leading sports betting wagering companies who have actually substantially contributed to Nigeria's $2 billion gaming empire through their substantial audience reach.
Sheriff Olaniyan - CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied profession covers different roles in the gaming and show business, consisting of working at one of the United Kingdom's largest gaming centres, sports betting The Palace Bingo Club, sports betting 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 a Master's in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has become a leading e-commerce business in the sports betting and video gaming sector, sports betting operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has because expanded its existence, achieving over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has over 25 years of experience in sports betting brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely integrated environment that combines appropriate sports betting content, engaging functions, and a world-class sportsbook.
Given that taking the helm right before the pandemic, Sam has driven significant growth for LiveScore Group. The company's employee headcount has actually increased by 29%, and yearly revenue has risen from roughly ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have propelled LiveScore Group's success and helped form the market's instructions. 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 appointed CEO of Betway in November 2017, sports betting having actually previously worked as the company's Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has been in the online video gaming market given that 2000, holding different successful roles, including General Manager of an information analytics group and Director of a digital marketing agency.
Under Werkman's leadership, Betway has actually continued to grow its market presence and sports betting improve its offerings. The company's app has amassed 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 organizations. Her know-how covers the video gaming, real estate, and credit financing markets, where he has developed himself as a strategic and operational leader.
Damilare has actually contributed 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 growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the business's functional strategies and sports betting market expansion.
She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN provides frHer academic background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the creator 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, it was the first to release 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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookies in Europe and the world. The business runs in more than 50 countries, including Nigeria, where it is completely accredited.
Under Babalola's leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, using a wide variety of sports betting alternatives and an easy to use platform. The 1XBET app has more than 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 actually collaborated with African socio-economic organizations and governments to develop 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, founded and released in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has quickly grown its existence in Nigeria, with outlets in significant 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 tasks, the number of which is increasing yearly. 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 founder, bulk shareholder, and joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was launched in 2001 as an online wagering site and sports betting has actually considering that become among the world's biggest online sports betting business.
By 2016, Bet365 produced $2 billion in profits and assisted in $45 billion in annual bets. The business also 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 sports betting co-founder of Bet9ja, a leading sports betting business in Nigeria, sports betting established along with entrepreneur 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 produces financial investment returns and provides unique investment insights and options to both specific and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has ended up being a substantial player in the Nigerian sports betting market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting wagering industry. He has actually been serving as the Country Director for sports betting 22BET in Nigeria because June 2021. In this function, he has added to the business's growth through partnerships, organization technique, and brand-new organization advancement.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and customer 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 different digital marketing roles at Laclic Services and Betty Bingo.
His profession started at Jumia Group, where he worked in SEO, CRM, sports betting and content management. Fikayo likewise acted 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 sports betting a Master of Science (MS) in Business Administration, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gaming platform that offers sports betting, casino video games, and live dealership video games. It was released in 2017 and sports betting is owned and operated by Marikit Holdings Ltd, sports betting a company signed up in Cyprus and 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 sports betting CEO of SportyBet, a company he developed in 2013.
SportyBet is a global sports betting and real-money video gaming operator known for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's management, sports betting SportyBet has become a substantial player in the market, 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 mobile payments and a strong advocate for the growing African internet environment. His financial investments show his commitment to fostering innovation and advancement within the area.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to disrupt the sports betting industry.
Sunbet Sporting International Limited has said it is concentrated on changing 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 intends to leverage innovative technology and a commitment to responsible gaming to change the sector.
Backed by the financial power of 4 popular African billionaires, Sunbet, which will launch in the first quarter of 2025, intends to be the continent's biggest and sports betting most innovative sports betting wagering platform.
At a press briefing, the business's spokesperson, Akin Babatunde, sports betting stated that the rise in Internet penetration, mobile use, and the continent's deep passion for sports betting, particularly football, has actually set the stage for Sunbet's ambitious entry. He included that the firm's robust financial backing and professional team will enable it to scale and dominate the market rapidly.
Islamic police raid wagering shops in northern Nigeria
Islamic police in Nigeria's northern city of Kano have started shutting down sports betting shops, which they state are operating unlawfully.
"As you know, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, sports betting told the BBC.
Problems from neighborhood leaders and moms and dads prompted the crackdown, sports betting fretted about the growing number of sports betting addicts, he said.
On the very first day of raids, 30 shops were closed in one residential area alone, and sports betting their owners were sent out home with a caution, the Sharia officer stated.
But Mr Aminudeen cautioned that now that the public knew that the Hisbah was clamping down on sports betting, those flouting the rules 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.
Bookies and bars tend to be allowed to operate in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the current crackdown is focused on Muslim areas of Kano, a vast city and the economic center of northern Nigeria.
Sports betting shops can be found all over the city. Many have tv screens, and clients watch the outcome of global football matches or horse races on which they have actually staked money.
Mr Aminudeen said such bookmakers had actually had the ability to operate 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 sports betting shops," he said.
The sports betting industry has expanded considerably across West Africa over the last few years. The area is roughly divided between a generally Muslim north and a predominantly Christian south.
Many individuals go to bookies to enjoy the friendship of other bettors, though mobile apps are likewise popular for sports betting on the outcome of events and groups.
Nigeria's debilitating economic crisis has actually also indicated individuals are willing to risk a small amount in the hope of winning big.
But this had resulted in widespread dependency, and moms and dads were even grumbling that children were dropping out of school to gamble, Mr Aminudeen said.
"These financial concerns we are facing in Nigeria is God telling us to change our methods 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 recommending those running those wagering shops to either closed down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what punishment they would deal with - often, such violations carry a fine.
Sharia was presented in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gaming and the consumption of alcohol were banned.
