Meet CEOs/MDs of business behind Nigeria's $2 billion Sports betting industry.
sports betting has actually developed substantially in Nigeria from conventional types like pool staking and Baba Ijebu to a flourishing sports betting wagering market. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.
Slowly, with increased internet access came virtual sports betting, which parallels global trends. The sports betting market is valued at $89.91 billion in 2023 and is predicted to nearly double to $182.02 billion by 2030.
Regardless of financial difficulties such as inflation, Nigeria's sports betting wagering sector has actually flourished, drawing in millions, especially amongst the youthful demographic facing high unemployment rates.
Reports show that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that generates an approximated yearly income of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulative procedures like excise responsibilities and VAT boosts to manage the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of challenges in enforcement. Concerns such as insufficient age verification and marketing rule breaches reveal market regulative spaces.
Despite these difficulties, sports betting wagering business continue to thrive through efficient company designs and aggressive marketing techniques, leveraging the creator influencer market.
These efforts have added to Nigeria's robust $2 billion sports betting sector, with CEOs playing vital roles in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting companies who have actually considerably added to Nigeria's $2 billion sports betting empire through their comprehensive 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 diverse career spans various roles in the video gaming and entertainment industry, including working at one of the United Kingdom's largest video gaming centres, The Palace Bingo Club, where he functioned 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 organization in the wagering and video gaming sector, operating through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has actually since expanded its existence, achieving 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 integrated environment that integrates pertinent sports betting material, engaging features, and a first-rate sportsbook.
Given that taking the helm prior to the pandemic, Sam has actually driven significant growth for LiveScore Group. The business's employee headcount has actually increased by 29%, and annual income has surged from approximately ₤ 10 million to over ₤ 80 million.
Sam's management and strategic vision have propelled LiveScore Group's success and helped form the market's instructions. LiveScoreBet has attained major user engagement, with over 100,000 downloads on the Google Play Store.
Anthony Werkman - CEO of Betway Group
Anthony Werkman was appointed CEO of Betway in November 2017, having actually formerly worked as the company's Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has remained in the online video gaming industry given that 2000, holding numerous successful functions, including General Manager of an information analytics group and Director of a digital marketing firm.
Under Werkman's management, Betway has continued to grow its market presence and enhance its offerings. The company's app has 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 actually differentiated herself as a senior executive with a performance history of changing start-ups into institutionalized organizations. Her expertise covers the video gaming, real estate, and credit lending industries, where he has developed himself as a strategic and functional leader.
Damilare has actually been instrumental in NairaBET's success for over 14 years. Since June 2019, she has actually acted as Managing Director and has actually overseen the company'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 techniques and market growth.
She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN supplies 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 company, established business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to launch a fully functional site, setting a criteria 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 actually established itself as one of the largest bookies in Europe and the world. The business operates in more than 50 countries, including Nigeria, where it is completely licensed.
Under Babalola's leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, using a wide range of sports betting 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, Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has teamed up with African socio-economic organizations and governments to develop developmental policies aimed 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 released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business 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 jobs, the number of which is increasing every year. In the exact 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 founder, bulk shareholder, and joint Chief Executive of Bet365, an online gambling 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 biggest online gaming companies.
By 2016, Bet365 generated $2 billion in revenues and assisted in $45 billion in yearly bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has 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 company in Nigeria, developed together 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 company that generates investment returns and uses distinct financial investment insights and options to both private and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has become a significant player in the Nigerian sports betting market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced specialist in the sports betting wagering market. He has been functioning as the Country Director for 22BET in Nigeria because June 2021. In this role, he has added to the company's growth through collaborations, organization technique, and brand-new company advancement.
Fikayo's experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and customer 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 numerous digital marketing functions at Laclic Services and Betty Bingo.
His career began at Jumia Group, where he worked in SEO, CRM, and 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, Management, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gaming platform that uses sports betting wagering, gambling establishment games, and live dealer video games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a business registered 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 company he developed in 2013.
SportyBet is an international sports betting and real-money video gaming operator understood for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's management, SportyBet has actually become 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 internet environment. His financial investments show his dedication to cultivating innovation and development within the region.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to interrupt the sports wagering market.
Sunbet Sporting International Limited has stated it is concentrated on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to utilize advanced technology and a dedication to accountable sports betting to revolutionise 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 innovative sports betting wagering platform.
At a press instruction, the company's representative, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, particularly football, has actually set the stage for Sunbet's ambitious entry. He added that the firm's robust sponsorship and professional group will enable it to scale and dominate the market rapidly.
Islamic authorities raid betting stores in northern Nigeria
Islamic police in Nigeria's northern city of Kano have started closing down sports betting stores, which they say are running illegally.
"As you understand, wagering is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, informed the BBC.
Problems from neighborhood leaders and moms and dads triggered the crackdown, fretted about the growing variety of sports betting addicts, he stated.
On the very first day of raids, 30 stores were closed in one suburban area alone, and their owners were sent home with a caution, the Sharia officer stated.
However Mr Aminudeen cautioned that now that the general public was aware that the Hisbah was clamping down on gaming, those flouting the guidelines would be arrested.
Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system - Sharia - alongside secular 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 thinks Muslims are frequenting them.
However, the existing crackdown is concentrated on Muslim areas of Kano, a sprawling city and the financial hub of northern Nigeria.
sports betting wagering stores can be found all over the city. Many have tv screens, and consumers view the outcome of worldwide football matches or horse races on which they have staked money.
Mr Aminudeen said such bookies had actually had the ability to run under the radar as they had actually opened under false pretenses.
"They don't have licences to operate as they were permitted to run computer game centres, which they later on converted to sports betting shops," he said.
The sports betting wagering market has expanded significantly throughout West Africa in the last few years. The area is approximately divided between a primarily Muslim north and a predominantly Christian south.
Lots of people go to bookies to enjoy the camaraderie of other bettors, though mobile apps are likewise popular for sports betting on the outcome of events and teams.
Nigeria's crippling recession has actually also indicated individuals are willing to risk a small amount in the hope of winning huge.
However this had actually caused prevalent dependency, and parents were even complaining that kids were leaving of school to gamble, Mr Aminudeen said.
"These financial issues we are dealing with in Nigeria is God informing 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 encouraging those running those wagering shops to either shut down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen said.
It is uncertain what penalty they would deal with - typically, such infringements carry a fine.
Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gaming and the intake of alcohol were banned.
