Meet CEOs/MDs of business behind Nigeria's $2 billion Sports betting industry.
sports betting has progressed significantly in Nigeria from traditional kinds like pool staking and Baba Ijebu to a growing sports betting market. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, sports betting where enthusiasts would wager as low as N50-N200 on matches.
Gradually, with increased web 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 forecasted to almost double to $182.02 billion by 2030.
Regardless of financial challenges such as inflation, Nigeria's sports betting wagering sector has actually flourished, drawing in millions, specifically among the younger group dealing with high joblessness rates.
Reports suggest that roughly 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that creates a projected annual profits of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulative measures like excise tasks and VAT increases to handle the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations in spite of obstacles in enforcement. Concerns such as insufficient age confirmation and advertising guideline breaches show market regulatory spaces.
In spite of these difficulties, sports betting wagering business continue to thrive through efficient company models and aggressive marketing methods, leveraging the creator influencer market.
These efforts have added to Nigeria's robust $2 billion gambling sector, with CEOs playing essential functions in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting wagering business who have significantly contributed to Nigeria's $2 billion gambling empire through their extensive audience reach.
Constable Olaniyan - CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career covers numerous functions in the gaming and entertainment industry, sports betting including working at one of the United Kingdom's biggest gaming centres, The Palace Bingo Club, where he functioned as the Lead Engineer in a Bingo and sports betting 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 business in the wagering and gaming sector, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, 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 wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully incorporated ecosystem that combines pertinent sports betting material, engaging features, and a world-class sportsbook.
Because taking the helm right before the pandemic, Sam has actually driven substantial development for LiveScore Group. The company's worker headcount has actually increased by 29%, sports betting and yearly revenue has risen from roughly ₤ 10 million to over ₤ 80 million.
Sam's leadership and sports betting strategic vision have actually propelled LiveScore Group's success and helped form the market's instructions. LiveScoreBet has accomplished significant 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 formerly acted as the business's Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has actually been in the online video gaming market given that 2000, holding numerous effective roles, including General Manager of a data analytics group and Director of a digital marketing firm.
Under Werkman's management, Betway has continued to grow its market existence and boost its offerings. The business's app has gathered substantial user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has differentiated herself as a senior executive with a track record of changing start-ups into institutionalized organizations. Her competence spans the video gaming, realty, and credit financing markets, where he has actually developed himself as a tactical and operational leader.
Damilare has contributed in NairaBET's success for over 14 years. Because June 2019, she has actually functioned as Managing Director and has managed the company's growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company's operational methods and market growth.
She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned companies. 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, established business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to introduce a completely practical 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 global sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the biggest bookmakers in Europe and the world. The business operates in more than 50 countries, including Nigeria, where it is fully certified.
Under Babalola's leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, offering a vast array 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 sports betting Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually teamed up with African socio-economic organizations and governments to design developmental policies targeted at empowering young people. In 2015, Ernst & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, founded and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, sports betting runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has actually 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 collaboration with the Lagos Employment Trust Fund, sports betting developing over 100,000 jobs, the variety of which is increasing each year. In the 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, majority shareholder, and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was launched in 2001 as an online sports betting website and has considering that become among the world's largest online sports betting companies.
By 2016, Bet365 produced $2 billion in profits and sports betting assisted in $45 billion in yearly bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has 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, sports betting a leading sports betting wagering business in Nigeria, developed together with business person Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management company that produces financial investment returns and uses unique investment insights and options to both private 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 become a considerable gamer in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced professional in the sports betting market. He has been serving as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has contributed to the company's development through partnerships, service strategy, and brand-new organization advancement.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, sports betting where he managed item advancement and consumer experience, and Country Manager at 22BET, focusing on marketing strategy and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing roles at Laclic Services and Betty Bingo.
His career started at Jumia Group, sports betting 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, sports betting gambling establishment games, and live dealer video games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, sports betting a company signed up in Cyprus and sports betting 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 business he established in 2013.
SportyBet is a global sports betting and real-money gaming operator known for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani's management, SportyBet has actually ended up being a considerable player in the market, 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 web ecosystem. His investments reflect his commitment to fostering innovation and advancement within the area.
On April 30, 2024, sports betting Sudeep Ramnani purchased Chowdeck, taking part in a seed round valued at $2.5 million.
The company is set to interfere with the sports wagering market.
Sunbet Sporting International Limited has said it is concentrated on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, 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 cutting-edge technology and a dedication to responsible gambling to revolutionise the sector.
Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will launch in the very first quarter of 2025, aims to be the continent's biggest and most innovative sports betting platform.
At a press rundown, the company's spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent's deep passion for sports betting, particularly football, has set the stage for Sunbet's enthusiastic entry. He included that the firm's robust financial backing and expert team will enable it to scale and dominate the market rapidly.
Islamic cops raid wagering stores in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have begun closing down sports betting wagering shops, which they state are operating illegally.
"As you understand, wagering is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, told the BBC.
Problems from community leaders and moms and sports betting dads prompted the crackdown, worried about the growing variety of gambling addicts, he said.
On the very first day of raids, 30 shops were closed in one residential area alone, and their owners were sent out home with a caution, the Sharia officer said.
However Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on sports betting, those flouting the rules would be apprehended.
Kano city is the capital of Kano state, sports betting which has a majority Muslim population and runs the Islamic legal system - Sharia - together with secular law.
Bookies and bars tend to be permitted to run in Kano's Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.
However, the current crackdown is focused on Muslim areas of Kano, a sprawling city and the financial hub of northern Nigeria.
sports betting wagering shops can be found all over the city. A lot of have tv screens, sports betting and consumers view the outcome of international football matches or horse races on which they have actually staked money.
Mr Aminudeen said such bookmakers had been able to run under the radar as they had actually opened under false pretences.
"They don't have licences to run as they were permitted to run computer game centres, which they later transformed to wagering shops," he stated.
The sports betting market has actually broadened significantly throughout West Africa recently. The area is approximately divided between a primarily Muslim north and a primarily Christian south.
Many people go to bookies to enjoy the sociability of other bettors, sports betting though mobile apps are also popular for sports betting on the result of events and teams.
Nigeria's crippling economic crisis has actually likewise indicated people are willing to run the risk of a percentage in the hope of winning huge.
However this had actually caused extensive addiction, and moms and dads were even complaining that kids were leaving of school to gamble, Mr Aminudeen said.
"These financial concerns we are facing in Nigeria is God telling us to change our ways by stopping sins," he said.
The raids on Tuesday concentrated on Munjibir, considered a resort area in the northeast of the city-- visitors flock there at weekends.
"I am advising those running those sports betting stores to either shut down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen stated.
It is unclear what punishment they would face - frequently, such infringements carry a fine.
Sharia was presented in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, gambling and the usage of alcohol were prohibited.