Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering industry.
Gambling has actually evolved significantly in Nigeria from standard kinds like pool staking and Baba Ijebu to a successful sports betting market. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager as little as N50-N200 on matches.
Gradually, 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 predicted to almost double to $182.02 billion by 2030.
Regardless of economic challenges such as inflation, Nigeria's sports betting wagering sector has thrived, bring in millions, especially among the vibrant group dealing with high unemployment rates.
Reports show that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that creates an approximated annual profits of N730 billion. The federal government has actually not gone unnoticed by this development, sports betting which is thinking about regulatory steps like import tax responsibilities and VAT boosts to handle the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations regardless of challenges in enforcement. Problems such as insufficient age confirmation and advertising rule breaches show market regulative gaps.
In spite of these obstacles, sports betting wagering business continue to prosper through effective company designs and sports betting aggressive marketing techniques, leveraging the developer influencer market.
These efforts have added to Nigeria's robust $2 billion gaming sector, with CEOs playing vital functions in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have actually considerably added to Nigeria's $2 billion gambling 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 diverse career covers numerous roles in the gaming and show business, sports betting consisting of operating at among the United Kingdom's biggest 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 become a leading e-commerce business in the wagering and gaming sector, running through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has since expanded its presence, sports betting attaining 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, he became the CEO of LiveScore Group, a fully incorporated community that combines relevant sports betting content, engaging features, and a first-rate sportsbook.
Given that taking the helm just before the pandemic, Sam has actually driven considerable growth for LiveScore Group. The company's staff member headcount has increased by 29%, and sports betting yearly profits has actually surged from roughly ₤ 10 million to over ₤ 80 million.
Sam's management and strategic vision have actually propelled LiveScore Group's success and assisted shape the industry's direction. LiveScoreBet has actually accomplished major 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 functioned as the business's Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming industry because 2000, holding numerous successful functions, including General Manager of a data analytics team and Director of a digital marketing firm.
Under Werkman's management, Betway has continued to grow its market existence and enhance its offerings. The business's app has actually garnered substantial user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has actually identified herself as a senior sports betting executive with a track record of changing start-ups into institutionalized organizations. Her knowledge spans the gaming, sports betting property, sports betting and sports betting credit lending industries, where he has established himself as a tactical and operational leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Since June 2019, she has actually acted as Managing Director and has actually managed the business's development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the business's operational methods and market growth.
She established 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, finished in 2005.
Akin Alabi, the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to release a completely 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 global sports betting business based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookies in Europe and the world. The business runs in more than 50 nations, consisting of Nigeria, where it is totally licensed.
Under Babalola's management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, providing a vast array of wagering choices 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, sports betting Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has collaborated with African socio-economic institutions and federal governments to develop 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 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 and entertainment company has rapidly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, creating over 100,000 tasks, the number of which is increasing yearly. In the exact same year, sports betting 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, bulk investor, and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and has actually considering that become one of the world's biggest online gambling business.
By 2016, Bet365 created $2 billion in revenues and facilitated $45 billion in yearly bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually garnered considerable 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, developed along with business person 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 property management business that produces investment returns and offers distinct financial investment insights and solutions to both individual and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has actually become a significant player in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled professional in the sports betting wagering industry. He has been acting as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has added to the company's development through collaborations, organization method, and brand-new business development.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and client experience, and Country Manager at 22BET, sports betting focusing 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 started at Jumia Group, where he operated 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, sports betting Benin Republic.
22Bet is an online gambling platform that uses sports betting wagering, gambling establishment games, and live dealership games. It was released in 2017 and is owned and sports betting operated by Marikit Holdings Ltd, a business signed up in Cyprus and a subsidiary of Orakum N.V.. They are also 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 and real-money video gaming operator known for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's leadership, SportyBet has actually ended up being a considerable gamer in the industry, with over 1 million downloads on the Google Play Store.
In addition to his role at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African internet ecosystem. His financial investments reflect his commitment to cultivating innovation and development within the area.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to disrupt the sports wagering market.
Sunbet Sporting International Limited has said it is concentrated on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to take advantage of innovative technology and a commitment to responsible sports betting to revolutionise the sector.
Backed by the financial power of four prominent African billionaires, Sunbet, which will release in the first quarter of 2025, intends to be the continent's largest and most ingenious sports betting wagering platform.
At a press instruction, the company's spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile use, and sports betting the continent's deep passion for sports betting, specifically football, has actually set the stage for Sunbet's enthusiastic entry. He added that the firm's robust sponsorship and expert group will enable it to scale and control the marketplace quickly.
Islamic authorities raid wagering stores in northern Nigeria
Islamic police in Nigeria's northern city of Kano have actually begun closing down sports betting wagering shops, sports betting which they say are operating unlawfully.
"As you know, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, told the BBC.
Problems from community leaders and parents triggered the crackdown, stressed over the growing number of gambling addicts, sports betting he said.
On the first day of raids, 30 shops were closed in one suburban area alone, sports betting and sports betting their owners were sent out home with a warning, the Sharia officer said.
But Mr Aminudeen warned that now that the general public knew that the Hisbah was clamping down on gambling, sports betting those flouting the rules would be jailed.
Kano city is the capital of Kano state, sports betting which has a majority Muslim population and operates the Islamic legal system - Sharia - alongside nonreligious law.
Bookmakers and bars tend to be permitted to operate in Kano's Christian neighbourhoods, though they too can face action if the Hisbah thinks Muslims are frequenting them.
However, sports betting the current crackdown is focused on Muslim areas of Kano, sports betting a sprawling city and the economic hub of northern Nigeria.
Sports betting stores can be discovered all over the city. The majority of have tv screens, sports betting and customers enjoy the outcome of worldwide football matches or horse races on which they have actually staked cash.
Mr Aminudeen stated such bookies had been able to run under the radar as they had actually opened under false pretenses.
"They do not have licences to operate as they were permitted to run computer game centres, which they later on converted to wagering stores," he said.
The sports betting market has actually expanded significantly throughout West Africa recently. The region is roughly divided between a mainly Muslim north and sports betting a primarily Christian south.
Lots of people go to bookmakers to delight in the sociability of other bettors, though mobile apps are also popular for sports betting on the result of events and teams.
Nigeria's crippling recession has actually also implied people are willing to run the risk of a small amount in the hope of winning huge.
But this had actually caused prevalent addiction, and parents were even complaining that children were dropping out of school to gamble, Mr Aminudeen stated.
"These financial issues we are facing in Nigeria is God telling us to change our ways by stopping sins," he stated.
The raids on Tuesday focused on Munjibir, considered a resort area in the northeast of the city-- visitors flock there at weekends.
"I am encouraging those running those sports betting stores to either shut down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen stated.
It is uncertain what penalty they would face - frequently, such violations bring a fine.
Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, sports betting and the intake of alcohol were prohibited.
