Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering industry.
Gaming has actually progressed substantially in Nigeria from standard types like pool staking and Baba Ijebu to a flourishing sports betting market. Historically tied 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.
Gradually, sports betting with increased web gain access to came virtual sports betting, which parallels worldwide trends. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to nearly double to $182.02 billion by 2030.
In spite of economic difficulties such as inflation, Nigeria's sports betting wagering sector has actually flourished, bring in millions, especially among the youthful demographic dealing with high unemployment rates.
Reports show that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that generates an estimated annual earnings of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulative procedures like import tax tasks and sports betting VAT increases to handle the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure fair operations despite challenges in enforcement. Issues such as inadequate age confirmation and sports betting marketing guideline breaches show market regulative spaces.
In spite of these obstacles, sports betting companies continue to thrive through reliable service models and aggressive marketing strategies, leveraging the creator influencer market.
These efforts have contributed to Nigeria's robust $2 billion gambling sector, with CEOs playing essential roles in broadening audience reach and driving market development. Here are the CEOs of leading sports betting business who have significantly contributed to Nigeria's $2 billion gaming empire through their substantial audience reach.
Constable Olaniyan - CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse profession covers various roles in the gaming and show business, including working at one of the United Kingdom's largest 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, sports betting founded in August 2011, has grown into a leading e-commerce service in the wagering and gaming sector, running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has given that expanded its existence, attaining over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has more than 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 integrated community that combines relevant sports betting material, sports betting 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 employee headcount has increased by 29%, and yearly income has risen from approximately ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have moved LiveScore Group's success and helped form the market'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 designated CEO of Betway in November 2017, having previously acted as the company's Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming industry since 2000, holding numerous effective functions, sports betting including General Manager of an information analytics group and sports betting Director of a digital marketing agency.
Under Werkman's management, Betway has actually continued to grow its market presence and boost its offerings. The company's app has actually garnered 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 organizations. Her knowledge covers the video gaming, property, and sports betting credit loaning markets, where he has established himself as a tactical and functional leader.
Damilare has contributed in NairaBET's success for over 14 years. Given that June 2019, she has functioned as Managing Director and has actually 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 business's operational techniques and market growth.
She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN provides frHer educational 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, Nigeria's pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, sports betting it was the very first to launch a totally functional site, setting a benchmark 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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookies in Europe and the world. The company runs in more than 50 countries, sports betting consisting of Nigeria, sports betting where it is completely licensed.
Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, sports betting using a wide variety 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 endeavors, Ukanwoke has actually collaborated with African socio-economic organizations and federal governments to create developmental policies focused on empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, established and released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has actually rapidly grown its presence 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, developing over 100,000 tasks, sports betting the variety of which is increasing yearly. In the very same year, MultiChoice broadcaster bought a 20% stake in BetKing, sports betting which was increased to 49% in 2021.
Denise Coates - CEO Bet 365
Denise Coates is a British billionaire businesswoman, the creator, majority shareholder, and joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was released in 2001 as an online wagering site and has actually considering that turned into one of the world's biggest online sports betting companies.
By 2016, Bet365 produced $2 billion in profits and facilitated $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually 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, established together with businessman Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management business that produces investment returns and offers distinct financial investment insights and solutions to both individual and sports betting institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has ended up being a substantial gamer in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting wagering industry. He has actually been functioning as the Country Director for 22BET in Nigeria because June 2021. In this function, he has actually contributed to the company's development through collaborations, business method, sports betting and sports betting brand-new company development.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, sports betting where he handled item advancement and customer experience, and Country Manager at 22BET, focusing on marketing strategy and budget management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held various digital marketing roles at Laclic Services and Betty Bingo.
His profession started at Jumia Group, sports betting where he worked in SEO, sports betting 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, sports betting Benin Republic.
22Bet is an online gaming platform that uses sports betting wagering, casino video games, and live dealership video games. It was introduced in 2017 and sports betting is owned and run by Marikit Holdings Ltd, a company registered 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 CEO of SportyBet, a business he established in 2013.
SportyBet is a worldwide sports betting wagering and sports betting real-money gaming operator understood for providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani's leadership, SportyBet has ended up being a substantial gamer in the market, with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, Sudeep is an active investor sports betting in fintech and mobile payments and a strong supporter for the growing African internet ecosystem. His investments reflect his dedication to cultivating innovation and development within the region.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, sports betting taking part in a seed round valued at $2.5 million.
The firm is set to interrupt the sports wagering industry.
Sunbet Sporting International Limited has stated it is concentrated on revolutionising how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to take advantage of advanced innovation and a dedication to responsible gaming to change the sector.
Backed by the financial power of four prominent African billionaires, Sunbet, which will release in the first quarter of 2025, aims to be the continent's largest and most ingenious sports betting platform.
At a press instruction, the business's representative, Akin Babatunde, stated that the rise in Internet penetration, sports betting mobile usage, and sports betting the continent's deep passion for sports betting, particularly football, has actually set the stage for Sunbet's enthusiastic entry. He added that the firm's robust financial backing and professional group will enable it to scale and control the marketplace quickly.
Islamic cops raid wagering stores in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have started closing down sports betting shops, which they say are operating unlawfully.
"As you know, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, told the BBC.
Grievances from community leaders and sports betting 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 out home with a warning, the Sharia officer said.
However Mr Aminudeen warned that now that the general public knew 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 runs the Islamic legal system - Sharia - together with nonreligious law.
Bookmakers and bars tend to be enabled to operate in Kano's Christian areas, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the current crackdown is focused on Muslim locations of Kano, a sprawling city and sports betting the economic hub of northern Nigeria.
Sports betting shops can be discovered all over the city. A lot of have tv screens, and clients see the result of worldwide football matches or horse races on which they have actually staked money.
Mr Aminudeen said such bookies had actually had the ability to operate under the radar as they had opened under false pretences.
"They don't have licences to run as they were permitted to run video games centres, which they later transformed to sports betting shops," he stated.
The sports betting wagering industry has actually broadened significantly throughout West Africa recently. The area is approximately divided between a primarily Muslim north and a primarily Christian south.
Lots of people go to bookmakers to take pleasure in the friendship of other gamblers, though mobile apps are also popular for wagering on the result of occasions and sports betting groups.
Nigeria's debilitating economic crisis has likewise indicated people want to risk a small amount in the hope of winning huge.
However this had actually resulted in widespread addiction, and moms and dads were even grumbling that children were leaving of school to gamble, Mr Aminudeen stated.
"These financial issues we are dealing with in Nigeria is God informing us to alter our methods by stopping sins," he said.
The raids on Tuesday focused on Munjibir, thought about 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 jail them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what penalty they would face - typically, such violations bring a fine.
Sharia was introduced 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.
