Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting industry.
sports betting has actually developed considerably in Nigeria from traditional types like pool staking and Baba Ijebu to a growing sports betting industry. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would bet as little as N50-N200 on matches.
Gradually, sports betting with increased internet gain access to came virtual wagering, which parallels global trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is projected to nearly double to $182.02 billion by 2030.
Despite economic challenges such as inflation, Nigeria's sports betting wagering sector sports betting has flourished, attracting millions, especially among the younger demographic dealing with high unemployment rates.
Reports suggest that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that generates an approximated annual revenue of N730 billion. The federal government has not gone unnoticed by this growth, which is thinking about regulatory measures like excise responsibilities and VAT increases to handle the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations despite challenges in enforcement. Issues such as inadequate age verification and marketing guideline breaches show market regulative spaces.
In spite of these obstacles, sports betting companies continue to prosper through effective service designs and aggressive marketing methods, leveraging the developer influencer industry.
These efforts have actually contributed to Nigeria's robust $2 billion gaming sector, with CEOs playing essential roles in expanding audience reach and sports betting driving industry development. Here are the CEOs of leading sports betting business who have actually substantially contributed to Nigeria's $2 billion gaming empire through their extensive audience reach.
Constable Olaniyan - CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession covers different roles in the gaming and sports betting entertainment industry, consisting of working at one of the United Kingdom's largest video 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 a Master's in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has actually turned into a leading e-commerce company in the sports betting and gaming sector, running through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and sports betting has actually given that expanded its existence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has more than 25 years of experience in sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully incorporated environment that integrates relevant sports betting content, engaging functions, and a world-class sportsbook.
Since taking the helm just before the pandemic, sports betting Sam has actually driven considerable growth for LiveScore Group. The business's worker headcount has actually increased by 29%, sports betting and annual revenue has risen from roughly ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have propelled LiveScore Group's success and assisted shape the industry's direction. LiveScoreBet has achieved major 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 previously acted as the business's Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has remained in the online gaming market considering that 2000, holding different effective functions, consisting of General Manager of an information analytics team and Director of a digital marketing firm.
Under Werkman's management, Betway has actually continued to grow its market presence and enhance its offerings. The company's app has actually garnered substantial user engagement, sports betting with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has identified 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 industries, where he has developed himself as a strategic and operational leader.
Damilare has contributed in NairaBET's success for over 14 years. Considering that June 2019, sports betting she has functioned as Managing Director and sports betting has supervised the business's growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business's functional strategies and market growth.
She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN provides frHer educational background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, sports betting finished in 2005.
Akin Alabi, the founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking company, developed the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to launch a completely 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 worldwide sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has actually established itself as one of the largest bookies in Europe and the world. The company operates in more than 50 countries, consisting of Nigeria, where it is fully licensed.
Under Babalola's leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, providing a wide variety of wagering options 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 governments to design 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, established and released 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 and home entertainment business has rapidly 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 partnership with the Lagos Employment Trust Fund, producing over 100,000 tasks, the variety of which is increasing annually. In the same year, MultiChoice broadcaster bought a 20% stake in BetKing, sports betting which was increased to 49% in 2021.
Denise Coates - CEO Bet 365
Denise Coates is a British billionaire businesswoman, the founder, bulk shareholder, sports betting and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was released in 2001 as an online sports betting site and has actually considering that grown into one of the world's largest online gambling companies.
By 2016, Bet365 produced $2 billion in incomes and facilitated $45 billion in annual bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has amassed substantial 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 company in Nigeria, developed along with businessman Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management company that generates investment returns and uses distinct investment insights and sports betting options to both specific and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has actually ended up being a significant player in the Nigerian sports betting market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced expert in the sports betting wagering market. He has been working as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has actually added to the company's growth through partnerships, business method, and new organization development.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and consumer experience, and Country Manager at 22BET, focusing 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 career began at Jumia Group, where he operated in SEO, sports betting CRM, and sports betting 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gambling platform that uses sports betting wagering, gambling establishment games, and live dealership games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, sports betting a company registered 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 business he developed in 2013.
SportyBet is a global sports betting wagering and sports betting real-money video gaming operator known for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani's leadership, SportyBet has become a significant player 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 sports betting mobile payments and a strong supporter for the growing African internet environment. His investments reflect his dedication to fostering development and development within the area.
On April 30, 2024, sports betting Sudeep Ramnani bought Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to interfere with the sports betting industry.
Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development forecast in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, sports betting the company aims to utilize innovative technology and a dedication to accountable gambling to revolutionise the sector.
Backed by the financial power of four prominent African billionaires, Sunbet, which will introduce in the first quarter of 2025, intends to be the continent's largest and sports betting most ingenious sports betting platform.
At a press instruction, the company's spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent's deep passion for sports betting, sports betting particularly football, has actually set the stage for Sunbet's ambitious entry. He included that the firm's robust sponsorship and expert group will allow it to scale and dominate the marketplace rapidly.
Islamic authorities raid wagering stores 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 force, known as the Hisbah, informed the BBC.
Grievances from neighborhood leaders and moms and dads prompted the crackdown, fretted about the growing variety of sports betting addicts, he said.
On the very first day of raids, 30 stores were closed in one residential area alone, and their owners were sent home with a caution, sports betting the Sharia officer said.
However Mr Aminudeen cautioned that now that the public knew that the Hisbah was clamping down on sports betting, sports betting those flouting the guidelines would be jailed.
Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system - Sharia - along with nonreligious law.
Bookmakers and bars tend to be allowed to run in Kano's Christian neighbourhoods, though they too can face action if the Hisbah thinks Muslims are frequenting them.
However, the existing crackdown is concentrated on Muslim areas of Kano, a vast city and the economic hub of northern Nigeria.
sports betting wagering stores can be found all over the city. A lot of have tv screens, and consumers see the result of international football matches or horse races on which they have actually staked cash.
Mr Aminudeen stated such bookies had been able to operate under the radar as they had actually opened under false pretences.
"They don't have licences to operate as they were permitted to run video games centres, which they later transformed to wagering shops," he said.
The sports betting wagering market has expanded dramatically throughout West Africa in recent years. The area is roughly divided between a primarily Muslim north and sports betting a mainly Christian south.
Many people go to bookmakers to enjoy the camaraderie of other bettors, though mobile apps are also popular for wagering on the outcome of occasions and sports betting teams.
Nigeria's crippling economic crisis has actually likewise implied individuals are willing to risk a percentage in the hope of winning huge.
However this had led to extensive addiction, and moms and dads were even grumbling that kids were dropping out of school to bet, Mr Aminudeen stated.
"These financial issues we are dealing with in Nigeria is God telling us to change 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 sports betting shops to either shut down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen said.
It is uncertain what punishment they would deal with - frequently, such infringements bring a fine.
Sharia was presented in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, sports betting gambling and the usage of alcohol were prohibited.
