Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting market.
sports betting has evolved considerably in Nigeria from standard types like pool staking and Baba Ijebu to a growing sports betting industry. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would bet just 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 forecasted to almost double to $182.02 billion by 2030.
Regardless of economic obstacles such as inflation, Nigeria's sports betting wagering sector has actually prospered, bring in millions, specifically among the younger demographic dealing with high joblessness rates.
Reports show that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that generates an approximated annual profits of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulatory measures like import tax duties and VAT increases to handle the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations regardless of obstacles in enforcement. Problems such as inadequate age confirmation and advertising guideline breaches reveal market regulatory spaces.
Despite these obstacles, sports betting wagering companies continue to flourish through efficient organization models and aggressive marketing strategies, leveraging the developer influencer market.
These efforts have contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing crucial functions in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting business who have actually considerably added to Nigeria's $2 billion gaming empire through their comprehensive audience reach.
Constable Olaniyan - CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession covers various roles in the gaming and entertainment industry, including working 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 actually grown into a leading e-commerce company in the sports betting and gaming sector, sports betting running through online, sports betting mobile, sports betting and retail channels. The business was included in Nigeria on November 7, 2006, and sports betting has actually since broadened 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 brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely incorporated ecosystem that integrates relevant sports betting material, engaging functions, sports betting and sports betting a world-class sportsbook.
Given that taking the helm just before the pandemic, Sam has driven substantial development for LiveScore Group. The business's staff member headcount has increased by 29%, and annual income has surged from around ₤ 10 million to over ₤ 80 million.
Sam's management and strategic vision have actually propelled LiveScore Group's success and helped shape the industry's direction. LiveScoreBet has actually attained significant 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 functioned as the company's Marketing and Operations Director since 2015. He joined Betway in 2013 and sports betting has actually been in the online gaming industry since 2000, holding different effective functions, consisting of General Manager of a data analytics team and Director of a digital marketing firm.
Under Werkman's leadership, Betway has actually continued to grow its market presence and enhance its offerings. The company's app has 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 distinguished herself as a senior executive with a track record of transforming start-ups into institutionalized companies. Her proficiency spans the video gaming, realty, sports betting and credit lending markets, where he has developed himself as a tactical and operational leader.
Damilare has been instrumental in NairaBET's success for sports betting over 14 years. Because June 2019, she has actually served as Managing Director and has overseen the business's growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the business's operational strategies and market growth.
She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN supplies frHer educational background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the creator of NairaBET.com, sports betting Nigeria's pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, sports betting it was the very first to release a completely functional site, setting a standard in the market.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director of 1XBET Nigeria Limited, sports betting a franchise of the global sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has actually established itself as one of the biggest bookmakers in Europe and the world. The business operates in more than 50 countries, consisting of Nigeria, sports betting where it is totally certified.
Under Babalola's leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, offering a wide range of sports betting choices 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, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has collaborated with African socio-economic organizations and governments to create developmental policies focused on empowering young people. In 2015, sports betting 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 company has rapidly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, producing over 100,000 jobs, the variety of which is increasing yearly. In the very 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 sports betting business she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and sports betting has since turned into among the world's biggest online gambling business.
By 2016, Bet365 produced $2 billion in earnings and assisted in $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has amassed significant 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, sports betting established along with entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management company that produces financial investment returns and provides special financial investment insights and services to both specific and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly 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 industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled professional in the sports betting wagering market. He has actually been acting as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has actually added to the business's growth through partnerships, company method, and brand-new service development.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and customer experience, and Country Manager at 22BET, concentrating on marketing technique and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.
His profession began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise 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 sports betting a Master of Science (MS) in Business Administration, Management, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online sports betting platform that uses sports betting wagering, casino games, and live dealership games. It was released 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 gambling establishments 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 wagering and real-money gaming operator understood for providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani's leadership, sports betting SportyBet has actually become a considerable player 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 web community. His financial investments show his dedication to promoting development and development within the region.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to interrupt the sports betting industry.
Sunbet Sporting International Limited has stated it is focused on revolutionising 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, sports betting according to reports from the African Sports Betting Association and PwC, the company aims to take advantage of innovative technology and a commitment to accountable gaming to change the sector.
Backed by the financial power of four prominent African billionaires, Sunbet, sports betting which will release in the very first quarter of 2025, intends to be the continent's largest and most innovative sports betting wagering platform.
At a press instruction, the company's spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile use, sports betting and the continent's deep passion for sports betting, especially football, has set the stage for sports betting Sunbet's enthusiastic entry. He added that the company's robust sponsorship and expert team will allow it to scale and dominate the market quickly.
Islamic cops raid betting shops in northern Nigeria
Islamic police in Nigeria's northern city of Kano have actually started shutting down sports betting wagering stores, sports betting which they state are running illegally.
"As you know, sports betting is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, told the BBC.
Complaints from neighborhood leaders and parents triggered the crackdown, worried about the growing number of gambling addicts, he stated.
On the first day of raids, 30 shops were closed in one suburban area alone, and their owners were sent home with a caution, the Sharia officer said.
But Mr Aminudeen cautioned that now that the general public knew 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 bulk Muslim population and operates the Islamic legal system - Sharia - along with secular law.
Bookmakers and sports betting bars tend to be permitted to run in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
Nevertheless, sports betting the current 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. Many have tv screens, and consumers watch the result of international football matches or horse races on which they have actually staked money.
Mr Aminudeen said such bookmakers had actually had the ability 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 on converted to sports betting shops," he said.
The sports betting wagering market has actually expanded dramatically throughout West Africa over the last few years. The area is roughly divided between a generally Muslim north and a mainly Christian south.
Many people go to bookies to enjoy the camaraderie of other gamblers, though mobile apps are likewise popular for wagering on the result of occasions and sports betting teams.
Nigeria's crippling economic crisis has actually likewise indicated people are willing to risk a small amount in the hope of winning big.
But this had actually led to extensive dependency, and parents were even complaining that children were leaving of school to gamble, Mr Aminudeen said.
"These economic concerns we are dealing with in Nigeria is God informing us to alter our ways by stopping sins," he said.
The raids on Tuesday concentrated on Munjibir, thought about a resort area in the northeast of the city-- visitors flock there at weekends.
"I am recommending those running those sports betting stores to either closed down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what penalty they would face - often, sports betting such infringements carry a fine.
Sharia was presented in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and sports betting prostitution, gambling and the intake of alcohol were prohibited.
