Meet CEOs/MDs of business behind Nigeria's $2 billion Sports betting market.
Gaming has evolved significantly in Nigeria from traditional kinds like pool staking and Baba Ijebu to a growing sports betting wagering industry. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.
Gradually, with increased internet access came virtual wagering, which parallels global trends. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to nearly double to $182.02 billion by 2030.
Regardless of economic obstacles such as inflation, Nigeria's sports betting wagering sector has actually grown, drawing in millions, specifically among the youthful demographic dealing with high joblessness rates.
Reports indicate that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that generates an approximated annual income of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulatory procedures like excise duties and VAT increases to handle the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of difficulties in enforcement. Issues such as insufficient age confirmation and advertising rule breaches reveal market regulative spaces.
In spite of these challenges, sports betting business continue to flourish through effective company designs and aggressive marketing strategies, leveraging the creator influencer industry.
These efforts have contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing vital functions in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have actually significantly contributed to Nigeria's $2 billion sports betting empire through their extensive 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 career spans numerous roles in the video gaming and show business, consisting of operating at one of 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, sports betting has actually grown into a leading e-commerce business in the sports betting and gaming sector, running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, sports betting and sports betting has actually since broadened its existence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has over 25 years of experience in sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally integrated community that combines appropriate sports betting material, engaging features, and a world-class sportsbook.
Considering that taking the helm prior to the pandemic, Sam has actually driven considerable development for LiveScore Group. The business's worker headcount has increased by 29%, and annual revenue has surged from roughly ₤ 10 million to over ₤ 80 million.
Sam's leadership and strategic vision have propelled LiveScore Group's success and helped shape the industry's instructions. LiveScoreBet has actually achieved 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 formerly acted as the company's Marketing and sports betting Operations Director given that 2015. He signed up with Betway in 2013 and has remained in the online gaming market given that 2000, holding different effective functions, including General Manager of a data analytics group and Director of a digital marketing firm.
Under Werkman's leadership, Betway has continued to grow its market presence and improve its offerings. The business's app has gathered considerable user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has actually distinguished herself as a senior executive with a performance history of changing start-ups into institutionalized companies. Her knowledge covers the video gaming, realty, and credit financing industries, where he has actually established himself as a strategic and functional leader.
Damilare has contributed in NairaBET's success for sports betting over 14 years. Considering that June 2019, she has worked as Managing Director sports betting and has managed the business's development and sports betting operations in Lagos, sports betting Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company's functional techniques and market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned services. 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, the founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, sports betting it was the very first to release a completely practical site, setting a benchmark 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 established itself as one of the biggest bookmakers in Europe and the world. The business runs in more than 50 countries, consisting of Nigeria, sports betting where it is totally accredited.
Under Babalola's leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, using a wide range 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 focused on 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 sports betting name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has actually quickly grown its existence in Nigeria, sports betting with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, producing over 100,000 tasks, the variety of which is increasing yearly. In the same year, MultiChoice broadcaster purchased 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, majority investor, and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was released in 2001 as an online wagering website and has since grown into one of the world's biggest online sports betting business.
By 2016, Bet365 generated $2 billion in incomes and assisted in $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered 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, a leading sports betting wagering business in Nigeria, sports betting established along with entrepreneur 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 business that produces financial investment returns and offers unique financial investment insights and options to both individual and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in popularity, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has ended up being a significant player in the Nigerian sports betting industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned specialist in the sports betting wagering market. He has actually been functioning as the Country Director for 22BET in Nigeria since June 2021. In this role, he has contributed to the business's development through collaborations, business method, and brand-new business advancement.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and customer experience, and Country Manager at 22BET, focusing on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and sports betting held various digital marketing roles at Laclic Services and Betty Bingo.
His profession began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also served as a Human Resource Officer at SIFAX Group.
He holds a Bachelor sports betting 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, Management, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gaming platform that provides sports betting, sports betting gambling establishment video games, and live dealership video games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a company signed up 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 global sports betting wagering and sports betting real-money video gaming operator understood for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has actually ended up being a significant gamer 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 supporter for the growing African web community. His financial investments show his commitment to fostering innovation and development within the region.
On April 30, sports betting 2024, Sudeep Ramnani purchased Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to disrupt the sports betting market.
Sunbet Sporting International Limited has said it is concentrated on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, sports betting with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to take advantage of advanced technology and a dedication to responsible gaming to change the sector.
Backed by the financial power of 4 prominent African billionaires, Sunbet, which will release in the first quarter of 2025, intends to be the continent's biggest and most ingenious sports betting wagering platform.
At a press briefing, the business's spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, sports betting specifically football, has set the stage for Sunbet's ambitious entry. He included that the firm's robust financial backing and professional group will enable it to scale and sports betting control the marketplace rapidly.
Islamic cops raid wagering stores in northern Nigeria
Islamic police in Nigeria's northern city of Kano have begun closing down sports betting wagering shops, which they say are operating illegally.
"As you know, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, told the BBC.
Complaints from community leaders and moms and dads prompted the crackdown, stressed over the growing variety of sports betting addicts, he said.
On the very first day of raids, 30 shops were closed in one residential area alone, and their owners were sent home with a caution, the Sharia officer said.
But Mr Aminudeen warned that now that the general 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, sports betting which has a bulk Muslim population and operates 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 deal with action if the Hisbah thinks Muslims are frequenting them.
However, the present crackdown is concentrated on Muslim areas of Kano, a sprawling city and the economic center of northern Nigeria.
Sports betting shops can be found all over the city. The majority of have television screens, and clients watch the result of worldwide football matches or horse races on which they have staked cash.
Mr Aminudeen stated such bookmakers had had the ability to run 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 converted to wagering stores," he stated.
The sports betting wagering market has actually broadened drastically throughout West Africa recently. The area is approximately divided between a mainly Muslim north and a predominantly Christian south.
Many people go to bookies to enjoy the camaraderie of other gamblers, though mobile apps are also popular for sports betting wagering on the result of occasions and teams.
Nigeria's crippling recession has actually also meant individuals are willing to risk a percentage in the hope of winning huge.
But this had actually resulted in widespread addiction, and parents were even complaining that children were dropping out of school to bet, Mr Aminudeen stated.
"These financial problems we are dealing with in Nigeria is God telling us to alter our methods by stopping sins," he stated.
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 stores to either closed down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen said.
It is uncertain what penalty they would deal with - often, such violations carry a fine.
Sharia was presented in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, gaming and the intake of alcohol were banned.