Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering industry.
Gaming has actually progressed significantly in Nigeria from standard types like pool staking and sports betting Baba Ijebu to a growing sports betting market. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, sports betting where enthusiasts would bet as little as N50-N200 on matches.
Gradually, with increased internet access came virtual sports betting, which parallels international patterns. The sports betting market is valued at $89.91 billion in 2023 and is projected to almost double to $182.02 billion by 2030.
Despite financial challenges such as inflation, Nigeria's sports betting sector has actually grown, bring in millions, particularly among the younger market facing high unemployment rates.
Reports indicate that roughly 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that produces an estimated yearly income of N730 billion. The federal government has actually not gone undetected by this growth, sports betting which is thinking about regulative steps like excise responsibilities and VAT increases to handle the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations despite obstacles in enforcement. Concerns such as inadequate age verification and advertising guideline breaches reveal market regulatory gaps.
Regardless of these obstacles, sports betting business continue to flourish through efficient service models and sports betting aggressive marketing methods, sports betting leveraging the creator influencer industry.
These efforts have actually contributed to Nigeria's robust $2 billion gambling sector, with CEOs playing important roles in expanding audience reach and driving market development. Here are the CEOs of leading sports betting business who have substantially added to Nigeria's $2 billion gaming empire through their extensive audience reach.
Constable Olaniyan - CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, sports betting a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse career covers numerous functions in the gaming and entertainment industry, consisting of working at among the United Kingdom's biggest 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, Wales. Surebet247, founded in August 2011, sports betting has turned into a leading e-commerce organization in the wagering and video gaming sector, sports betting operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has actually since broadened its existence, 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 completely incorporated ecosystem that integrates relevant sports betting material, engaging features, sports betting and a world-class sportsbook.
Given that taking the helm right before the pandemic, Sam has driven significant development for LiveScore Group. The business's staff member headcount has increased by 29%, and yearly revenue has actually surged from around ₤ 10 million to over ₤ 80 million.
Sam's leadership and sports betting tactical vision have actually propelled LiveScore Group's success and helped shape 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 designated CEO of Betway in November 2017, sports betting having actually formerly acted as the business's Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has been in the online video gaming market because 2000, holding different successful functions, including General Manager of an information analytics group and Director of a digital marketing agency.
Under Werkman's management, Betway has continued to grow its market existence and boost its offerings. The company's app has garnered considerable user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has identified herself as a senior executive with a track record of changing start-ups into institutionalized companies. Her competence covers the video gaming, property, and credit loaning markets, where he has actually established himself as a tactical and operational leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Considering that June 2019, she has functioned as Managing Director and has actually supervised the company'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 businesses. DDWIN offers frHer academic background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, the creator sports betting of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, sports betting it was the very first to launch a fully practical website, setting a criteria 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 international sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookies in Europe and the world. The company runs in more than 50 nations, consisting of Nigeria, where it is completely licensed.
Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, providing a vast array of wagering alternatives and an user-friendly 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, sports betting Ukanwoke has actually teamed up with African socio-economic institutions and federal governments to develop developmental policies targeted at empowering youths. In 2015, Ernst & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, founded and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has rapidly grown its existence in Nigeria, sports betting 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 annually. 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 sports betting business she established in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually because become among the world's largest online gaming companies.
By 2016, Bet365 created $2 billion in incomes and facilitated $45 billion in yearly bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has actually garnered substantial 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 business in Nigeria, developed together with business owner Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management business that produces investment returns and offers distinct investment insights and sports betting options to both private and institutional clients.
Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has actually rapidly grown in appeal, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has actually become a considerable gamer in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned professional in the sports betting wagering industry. He has actually been serving as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has actually added to the company's development through collaborations, organization method, and brand-new service advancement.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and customer experience, and Country Manager at 22BET, concentrating on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing functions at Laclic Services and Betty Bingo.
His career began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise served 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, sports betting and sports betting Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gaming platform that provides sports betting, gambling establishment video games, and live dealer games. It was released in 2017 and sports betting is owned and operated by Marikit Holdings Ltd, a company 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 sports betting CEO of SportyBet, a business he established in 2013.
SportyBet is a global sports betting wagering and real-money gaming operator understood for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has ended up being a substantial 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 financier in fintech and mobile payments and a strong supporter for the growing African internet ecosystem. His investments reflect his commitment to cultivating development and sports betting advancement within the region.
On April 30, 2024, sports betting Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to disrupt the sports betting industry.
Sunbet Sporting International Limited has stated it is focused on revolutionising how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to leverage innovative technology and a dedication to responsible gambling to change the sector.
Backed by the monetary power of four popular 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 platform.
At a press briefing, the company's representative, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent's deep passion for sports betting, particularly football, has set the stage for Sunbet's ambitious entry. He included that the company's robust financial backing and sports betting professional group will allow it to scale and dominate the market rapidly.
Islamic police raid betting stores in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have started closing down sports betting wagering shops, which they state are operating unlawfully.
"As you understand, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, informed the BBC.
Complaints from community leaders and moms and dads prompted the crackdown, stressed over the growing number of gambling addicts, he said.
On the very first day of raids, 30 stores were closed in one suburb alone, and their owners were sent out home with a caution, sports betting the Sharia officer stated.
But Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on gambling, those flouting the guidelines would be detained.
Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system - Sharia - together with secular law.
Bookies and bars tend to be allowed to operate in Kano's Christian neighbourhoods, though they too can face action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the present crackdown is concentrated on Muslim locations of Kano, a sprawling city and sports betting the financial hub of northern Nigeria.
sports betting wagering stores can be found all over the city. Many have television screens, sports betting and customers see the result of global football matches or horse races on which they have staked money.
Mr Aminudeen said such bookies had been able to operate under the radar as they had opened under false pretenses.
"They don't have licences to operate as they were permitted to run video games centres, which they later on transformed to wagering shops," he said.
The sports betting wagering industry has actually broadened drastically across West Africa over the last few years. The area is approximately divided in between a generally Muslim north and sports betting a predominantly Christian south.
Many people go to bookmakers to delight in the camaraderie of other bettors, though mobile apps are also popular for sports betting on the outcome of events and groups.
Nigeria's debilitating economic crisis has actually also indicated individuals want to run the risk of a percentage in the hope of winning big.
However this had actually caused prevalent addiction, sports betting and parents were even grumbling that children were dropping out of school to bet, Mr Aminudeen said.
"These economic problems 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 recommending those running those wagering stores to either closed 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 - often, sports betting such violations bring a fine.
Sharia was presented in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, gaming and the intake of alcohol were banned.
