Meet CEOs/MDs of business behind Nigeria's $2 billion Sports betting market.
Gaming has actually evolved significantly in Nigeria from standard kinds like pool staking and Baba Ijebu to a flourishing sports betting wagering market. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would wager just N50-N200 on matches.
Slowly, with increased internet gain access to came virtual sports betting, which parallels worldwide patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.
Regardless of economic difficulties such as inflation, Nigeria's sports betting sector has actually flourished, attracting millions, particularly amongst the youthful demographic dealing with high joblessness rates.
Reports indicate that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that generates an estimated yearly earnings of N730 billion. The federal government has not gone undetected by this development, which is considering regulative measures like excise tasks and VAT boosts to handle the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of challenges in enforcement. Issues such as insufficient age confirmation and marketing rule breaches reveal industry regulatory gaps.
Regardless of these obstacles, sports betting wagering business continue to thrive through efficient company designs and aggressive marketing strategies, leveraging the creator influencer industry.
These efforts have contributed to Nigeria's robust $2 billion gaming sector, with CEOs playing important roles in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting wagering business who have actually considerably added to Nigeria's $2 billion sports betting empire through their extensive 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 spans numerous functions in the video gaming and entertainment industry, including operating at one of the United Kingdom's largest 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 actually become a leading e-commerce company in the wagering and video gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has since expanded 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 brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated ecosystem that combines relevant sports betting material, engaging features, and a first-rate sportsbook.
Considering that taking the helm prior to the pandemic, Sam has actually driven considerable development for LiveScore Group. The company's worker headcount has increased by 29%, and annual profits has actually surged from approximately ₤ 10 million to over ₤ 80 million.
Sam's leadership and strategic vision have actually moved LiveScore Group's success and assisted form the market's instructions. LiveScoreBet has actually 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 formerly acted as the company's Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has actually been in the online video gaming market given that 2000, holding various effective functions, including General Manager of an information analytics team and Director of a digital marketing agency.
Under Werkman's management, Betway has actually continued to grow its market presence and improve its offerings. The company's app has actually amassed significant 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 executive with a performance history of transforming start-ups into institutionalized businesses. Her expertise spans the video gaming, real estate, and credit financing markets, where he has actually established himself as a tactical and functional leader.
Damilare has actually been instrumental in NairaBET's success for over 14 years. Given that June 2019, she has served as Managing Director and has actually supervised 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 functional strategies and market growth.
She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN offers frHer academic background includes 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 first sports betting wagering platform in Nigeria, it was the first to release a fully functional 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 worldwide sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the biggest bookies in Europe and the world. The company operates in more than 50 nations, consisting of Nigeria, where it is completely certified.
Under Babalola's management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, using a wide variety of wagering options 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, sports betting and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has teamed up with African socio-economic institutions and governments to create 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 launched 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 actually rapidly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, creating over 100,000 jobs, the variety of which is increasing every year. 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 investor, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was launched in 2001 as an online wagering site and has considering that turned into among the world's largest online sports betting companies.
By 2016, Bet365 produced $2 billion in incomes and helped with $45 billion in annual bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has actually gathered 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 business in Nigeria, developed together with entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management company that creates financial investment returns and offers distinct financial investment insights and options to both specific and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has actually ended up being a substantial gamer in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced expert in the sports betting market. He has been acting as the Country Director for 22BET in Nigeria because June 2021. In this function, he has contributed to the company's development through partnerships, service technique, and brand-new company development.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled 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 numerous digital marketing functions at Laclic Services and Betty Bingo.
His profession started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also 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 a Master of Science (MS) in Business Administration, Management, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gambling platform that provides sports betting wagering, casino video games, and live dealership video games. It was introduced 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 likewise 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 developed in 2013.
SportyBet is a global sports betting wagering and real-money gaming operator understood for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's leadership, SportyBet has become a significant 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 internet environment. His investments reflect his commitment to cultivating innovation and advancement within the region.
On April 30, 2024, Sudeep Ramnani bought 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 stated it is concentrated on changing 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 firm intends to take advantage of innovative innovation and a dedication to responsible sports betting to revolutionise the sector.
Backed by the financial power of four popular African billionaires, Sunbet, which will release in the very first quarter of 2025, aims 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 increase in Internet penetration, mobile usage, and the continent's deep passion for sports betting, specifically football, has actually set the stage for Sunbet's ambitious entry. He included that the company's robust sponsorship and expert team will allow it to scale and dominate the market quickly.
Islamic cops raid wagering shops in northern Nigeria
Islamic police in Nigeria's northern city of Kano have begun shutting down sports betting wagering shops, which they say are operating illegally.
"As you understand, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, informed the BBC.
Grievances from neighborhood leaders and moms and dads prompted the crackdown, worried about the growing number of gambling addicts, he said.
On the first day of raids, 30 shops were closed in one suburban area alone, and their owners were sent home with a warning, the Sharia officer said.
However Mr Aminudeen cautioned that now that the general public knew that the Hisbah was clamping down on gambling, those flouting the rules would be detained.
Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system - Sharia - alongside nonreligious law.
Bookies and bars tend to be allowed to operate in Kano's Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the present crackdown is focused on Muslim areas of Kano, a vast city and the financial center of northern Nigeria.
Sports betting stores can be found all over the city. The majority of have television screens, and clients see the result of global football matches or horse races on which they have actually staked cash.
Mr Aminudeen said such bookies had actually had the ability to run under the radar as they had opened under false pretenses.
"They don't have licences to operate as they were permitted to run computer game centres, which they later converted to sports betting shops," he said.
The sports betting market has actually broadened considerably throughout West Africa in recent years. The region is approximately divided between a mainly Muslim north and a mainly Christian south.
Many people go to bookies to delight in the sociability of other bettors, though mobile apps are likewise popular for wagering on the outcome of occasions and teams.
Nigeria's debilitating recession has actually also indicated individuals want to run the risk of a percentage in the hope of winning huge.
However this had actually resulted in prevalent addiction, and moms and dads were even grumbling that children were leaving of school to bet, Mr Aminudeen stated.
"These economic problems we are facing in Nigeria is God telling us to change our methods 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 recommending those running those sports betting shops to either closed down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen stated.
It is unclear what penalty they would deal with - typically, such infringements bring a fine.
Sharia was presented in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gambling and the consumption of alcohol were prohibited.
