Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering industry.
Gaming has evolved substantially in Nigeria from traditional forms like pool staking and Baba Ijebu to a thriving sports betting wagering market. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.
Slowly, with increased web gain access to came virtual wagering, which parallels international trends. The sports betting market is valued at $89.91 billion in 2023 and sports betting is predicted to nearly double to $182.02 billion by 2030.
In spite of economic obstacles such as inflation, Nigeria's sports betting wagering sector has flourished, attracting millions, specifically amongst the youthful demographic facing high unemployment rates.
Reports indicate that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that creates an estimated yearly income of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulatory measures like excise responsibilities and VAT boosts to handle the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations in spite of difficulties in enforcement. Concerns such as inadequate age confirmation and advertising rule breaches show market regulative gaps.
Regardless of these obstacles, sports betting business continue to prosper through efficient company models and sports betting aggressive marketing methods, sports betting leveraging the creator sports betting influencer market.
These efforts have actually contributed to Nigeria's robust $2 billion gambling sector, with CEOs playing essential functions in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have substantially added to Nigeria's $2 billion gambling empire through their substantial audience reach.
Sheriff 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 spans different roles in the video gaming and entertainment industry, consisting of operating at one of the United Kingdom's biggest video gaming centres, sports betting The Palace Bingo Club, sports betting where he acted 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 actually grown into a leading e-commerce service in the sports betting and video gaming sector, running through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and sports betting has because broadened its presence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has more than 25 years of experience in sports betting brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated ecosystem that combines relevant sports betting content, engaging functions, and a world-class sportsbook.
Because taking the helm prior to the pandemic, Sam has actually driven substantial growth for LiveScore Group. The company's employee headcount has increased by 29%, and yearly revenue has surged from roughly ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have propelled LiveScore Group's success and helped shape the industry's direction. LiveScoreBet has attained significant 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 worked as the business's Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has actually remained in the online gaming industry considering that 2000, holding numerous effective roles, consisting of 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 improve its offerings. The business's app has actually garnered considerable user engagement, 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 track record of changing start-ups into institutionalized businesses. Her proficiency spans the video gaming, realty, and credit financing industries, where he has established himself as a strategic and functional leader.
Damilare has been instrumental in NairaBET's success for sports betting over 14 years. Considering that June 2019, she has actually worked as Managing Director and has overseen 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 company's functional strategies and market growth.
She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN provides frHer instructional 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 very first to launch a totally practical site, sports betting 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 wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookmakers in Europe and the world. The company runs in more than 50 nations, including Nigeria, where it is completely accredited.
Under Babalola's management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, offering 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, Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has collaborated with African socio-economic institutions and governments to develop 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, established and launched in Nigeria on February 22, 2018, by Byron Petzer and sports betting Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has quickly 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 collaboration with the Lagos Employment Trust Fund, producing over 100,000 jobs, the variety of which is increasing each year. In the exact 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, majority shareholder, sports betting and joint Chief Executive of Bet365, an online gaming business she established in 2000. Bet365.com was released in 2001 as an online wagering website and has because turned into among the world's largest online gaming companies.
By 2016, Bet365 produced $2 billion in incomes and facilitated $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has gathered 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 wagering business in Nigeria, developed alongside business owner 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 business that generates financial investment returns and uses distinct financial investment insights and solutions to both private and institutional clients.
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 become a significant player in the Nigerian sports betting market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced professional in the sports betting wagering market. He has been serving as the Country Director for 22BET in Nigeria since June 2021. In this role, he has actually added to the company's growth through partnerships, organization strategy, and sports betting brand-new company development.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and client experience, and Country Manager at 22BET, focusing on marketing technique and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and Betty Bingo.
His career 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 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 provides sports betting, casino games, and live dealer video games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, sports betting 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 business he developed in 2013.
SportyBet is a global sports betting wagering and real-money gaming operator understood for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has become a significant player in the market, with over 1 million downloads on the Google Play Store.
In addition to his role at SportyBet, sports betting Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African internet environment. His investments reflect his dedication to promoting development and development within the region.
On April 30, 2024, sports betting Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to interfere with the sports betting industry.
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 yearly, sports betting with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to utilize innovative technology and a commitment to responsible sports betting to revolutionise the sector.
Backed by the financial power of 4 popular African billionaires, Sunbet, which will launch in the first quarter of 2025, aims to be the continent's largest and most ingenious sports betting wagering platform.
At a press briefing, the company's spokesperson, Akin Babatunde, said that the rise in Internet penetration, sports betting mobile usage, sports betting and the continent's deep passion for sports betting, especially football, has actually set the stage for Sunbet's ambitious entry. He added that the firm's robust financial backing and professional team will allow it to scale and control the market quickly.
Islamic authorities raid betting stores in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have begun closing down sports betting wagering stores, which they say are running illegally.
"As you understand, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, told the BBC.
Problems from neighborhood leaders and moms and dads prompted the crackdown, fretted about the growing number of sports betting addicts, he stated.
On the first day of raids, 30 stores were closed in one suburb alone, sports betting and their owners were sent home with a caution, the Sharia officer said.
But Mr Aminudeen alerted that now that the public understood that the Hisbah was clamping down on sports betting, those flouting the rules would be apprehended.
Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system - Sharia - alongside nonreligious law.
Bookmakers and bars tend to be allowed to operate in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
However, sports betting the current crackdown is focused on Muslim locations of Kano, sports betting a vast city and the financial center of northern Nigeria.
sports betting wagering shops can be discovered all over the city. Most have tv screens, and clients enjoy the outcome of global football matches or horse races on which they have actually staked money.
Mr Aminudeen stated such bookmakers had been able to operate under the radar as they had opened under false pretences.
"They do not have licences to run as they were allowed to run video games centres, which they later on converted to wagering stores," he stated.
The sports betting wagering market has actually broadened dramatically across West Africa in the last few years. The region is approximately divided between a mainly Muslim north and a primarily Christian south.
Many individuals go to bookies to take pleasure in the friendship of other gamblers, though mobile apps are likewise popular for sports betting on the outcome of occasions and groups.
Nigeria's debilitating economic crisis has likewise meant individuals are willing to run the risk of a percentage in the hope of winning huge.
However this had resulted in prevalent dependency, and parents were even grumbling that children were dropping out of school to gamble, Mr Aminudeen stated.
"These economic issues we are facing in Nigeria is God telling us to alter our methods 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 advising those running those wagering stores to either closed down or we'll apprehend 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, gaming and the usage of alcohol were banned.
