Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering market.
Gambling has evolved significantly in Nigeria from standard kinds like pool staking and sports betting Baba Ijebu to a successful sports betting wagering industry. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet as little as N50-N200 on matches.
Slowly, sports betting with increased internet gain access to came virtual sports betting, which parallels global trends. 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.
In spite of economic challenges such as inflation, Nigeria's sports betting wagering sector has actually grown, bring in millions, particularly among the vibrant demographic dealing with high unemployment rates.
Reports indicate that around 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that creates a projected yearly revenue of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulative measures like excise tasks and VAT increases to handle the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations in spite of challenges in enforcement. Issues such as inadequate age confirmation and marketing rule breaches reveal industry regulatory spaces.
Regardless of these obstacles, sports betting wagering business continue to thrive through effective company models and aggressive marketing methods, leveraging the developer influencer industry.
These efforts have contributed to Nigeria's robust $2 billion gambling sector, with CEOs playing vital roles in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting business who have considerably contributed to Nigeria's $2 billion sports betting 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 career spans numerous functions in the gaming and sports betting entertainment industry, consisting of operating at among the United Kingdom's largest video gaming centres, The Palace Bingo Club, sports betting 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, sports betting Wales. Surebet247, founded in August 2011, has actually turned into a leading e-commerce organization in the wagering and video gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and sports betting has actually considering that expanded its existence, sports betting attaining 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 completely integrated environment that combines pertinent sports betting material, engaging features, sports betting and a world-class sportsbook.
Because taking the helm just before the pandemic, Sam has actually driven considerable development for sports betting LiveScore Group. The business's staff member headcount has actually increased by 29%, and yearly revenue has surged from roughly ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have actually propelled LiveScore Group's success and assisted shape the industry's instructions. LiveScoreBet has attained major user engagement, sports betting 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 actually formerly functioned as the business's Marketing and Operations Director because 2015. He joined Betway in 2013 and sports betting has actually been in the online gaming market because 2000, holding various successful roles, including General Manager of a data analytics group and sports betting Director of a digital marketing firm.
Under Werkman's management, Betway has actually continued to grow its market presence and enhance its offerings. The business's app has amassed considerable 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 services. Her knowledge covers the gaming, property, and credit loaning markets, where he has actually established himself as a strategic and operational leader.
Damilare has been instrumental in NairaBET's success for over 14 years. Because June 2019, she has actually acted as Managing Director and sports betting has managed the business'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 functional strategies and market growth.
She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN offers 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, sports betting 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 release a totally practical site, 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 established itself as one of the biggest bookmakers in Europe and the world. The company runs in more than 50 countries, including Nigeria, where it is fully certified.
Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, providing a vast array of wagering alternatives 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 worked together with African socio-economic organizations and governments to create 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 launched in Nigeria on February 22, 2018, by Byron Petzer and sports betting Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has actually quickly 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 collaboration with the Lagos Employment Trust Fund, sports betting developing over 100,000 jobs, the number of which is increasing yearly. In the very 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, majority investor, 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 given that grown into among the world's biggest online gaming business.
By 2016, Bet365 produced $2 billion in profits and helped with $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has 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 company in Nigeria, established together with business person Kunle Soname, who likewise owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management company that produces investment returns and offers unique financial investment insights and options to both individual and institutional customers.
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 actually ended up being a considerable gamer in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced specialist in the sports betting wagering industry. He has actually been acting as the Country Director for 22BET in Nigeria since June 2021. In this function, sports betting he has added to the company's growth through collaborations, company technique, sports betting and brand-new service advancement.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and consumer 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 sports betting Betty Bingo.
His profession began at Jumia Group, where he operated 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 sports betting platform that offers sports betting wagering, gambling establishment video games, and live dealer games. It was introduced in 2017 and sports betting is owned and operated by Marikit Holdings Ltd, a company signed up in Cyprus and a subsidiary of Orakum N.V.. They are also the owners of Betwinner and a chain of gambling establishments worldwide.
Sudeep Ramnani-- CEO Sportybet Group
Sudeep Ramnani is the Founder and sports betting CEO of SportyBet, a business he established in 2013.
SportyBet is a global sports betting and real-money video gaming operator understood for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has become a significant player in the industry, sports betting 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 advocate for the growing African web community. His investments reflect his dedication to cultivating development and development within the region.
On April 30, 2024, sports betting Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to disrupt the sports wagering industry.
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 annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to leverage innovative technology and a dedication to accountable gambling to change the sector.
Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will release in the first quarter of 2025, aims to be the continent's largest and sports betting most ingenious sports betting wagering platform.
At a press rundown, the business's representative, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet's enthusiastic entry. He included that the company's robust sponsorship and expert team will enable it to scale and dominate the market quickly.
Islamic police raid betting shops in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have actually begun closing down sports betting wagering stores, which they say are operating illegally.
"As you understand, sports betting is forbidden in Islam," Mujahid Aminudeen, sports betting deputy chief of the Sharia police, referred to as the Hisbah, informed the BBC.
Problems from community leaders and moms and dads prompted the crackdown, fretted about the growing variety of sports betting addicts, he said.
On the first day of raids, 30 shops were closed in one suburb alone, and their owners were sent out home with a warning, the Sharia officer stated.
However Mr Aminudeen warned that now that the public knew that the Hisbah was clamping down on gaming, those flouting the guidelines would be detained.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system - Sharia - along with nonreligious law.
Bookies and bars tend to be enabled to operate in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
However, the present crackdown is focused on Muslim areas of Kano, a sprawling city and the economic center of northern Nigeria.
sports betting wagering stores can be found all over the city. The majority of have tv screens, and consumers view the outcome of global football matches or horse races on which they have actually staked money.
Mr Aminudeen said such bookies had actually been able to operate under the radar as they had actually opened under false pretenses.
"They don't have licences to run as they were permitted to run computer game centres, which they later converted to sports betting shops," he said.
The sports betting wagering market has actually broadened dramatically throughout West Africa in recent years. The region is approximately divided in between a generally Muslim north and a primarily Christian south.
Many people go to bookies to take pleasure in the camaraderie of other gamblers, though mobile apps are also popular for wagering on the outcome of events and teams.
Nigeria's debilitating recession has likewise meant individuals want to risk a percentage in the hope of winning huge.
However this had actually caused prevalent dependency, and parents were even grumbling that children were dropping out of school to bet, Mr Aminudeen said.
"These economic issues we are facing 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 advising those running those sports betting 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 presented in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, sports betting and the intake of alcohol were prohibited.
