Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting market.
Gambling has actually progressed significantly in Nigeria from standard forms like pool staking and Baba Ijebu to a growing sports betting wagering market. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, sports betting where enthusiasts would bet just N50-N200 on matches.
Gradually, with increased internet gain access to came virtual sports betting, sports betting which parallels global patterns. The sports betting market is valued at $89.91 billion in 2023 and sports betting is predicted to almost double to $182.02 billion by 2030.
Despite economic challenges such as inflation, Nigeria's sports betting wagering sector has actually grown, bring in millions, particularly among the vibrant group facing high joblessness rates.
Reports suggest that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, sports betting driving a market that produces an estimated annual earnings of N730 billion. The federal government has not gone undetected by this growth, which is considering regulative measures like import tax duties and VAT boosts to handle the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of obstacles in enforcement. Concerns such as insufficient age confirmation and advertising guideline breaches reveal market regulatory gaps.
Despite these difficulties, sports betting business continue to flourish through reliable organization models and aggressive marketing techniques, leveraging the developer influencer market.
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 growth. Here are the CEOs of leading sports betting wagering companies who have actually significantly contributed to Nigeria's $2 billion sports betting empire through their extensive 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 spans different roles in the gaming and entertainment industry, consisting of operating at one of the United Kingdom's biggest 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, Wales. Surebet247, founded in August 2011, has actually turned into a leading e-commerce company in the sports betting and gaming sector, running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually considering that broadened its presence, 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 became the CEO of LiveScore Group, sports betting a totally integrated ecosystem that combines relevant sports betting content, engaging features, and a first-rate sportsbook.
Given that taking the helm prior to the pandemic, Sam has actually driven significant growth for LiveScore Group. The business's staff member headcount has actually increased by 29%, and sports betting yearly earnings has surged from around ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have moved LiveScore Group's success and helped shape the industry's instructions. 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 appointed CEO of Betway in November 2017, having actually formerly functioned as the company's Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has been in the online gaming industry since 2000, holding different effective functions, consisting of General Manager of an information analytics group and Director of a digital marketing firm.
Under Werkman's management, sports betting Betway has continued to grow its market presence and improve its offerings. The company's app has actually amassed 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 sports betting executive with a track record of changing start-ups into institutionalized services. Her competence covers the gaming, sports betting realty, and sports betting credit financing markets, where he has established himself as a tactical and operational leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Because June 2019, she has worked as Managing Director and has actually managed the business's development and operations in Lagos, sports betting Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business's functional strategies and market growth.
She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned companies. 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 company, developed the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to launch a fully practical site, setting a benchmark in the market.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the international sports betting wagering 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 business runs in more than 50 nations, sports betting consisting of Nigeria, where it is fully accredited.
Under Babalola's leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, providing a wide variety of wagering options 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 endeavors, Ukanwoke has worked together with African socio-economic organizations and governments to create developmental policies aimed at empowering young people. In 2015, sports betting Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, established and sports betting launched 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 wagering and home entertainment business 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 partnership with the Lagos Employment Trust Fund, producing over 100,000 tasks, the number of which is increasing every year. In the very same year, MultiChoice broadcaster purchased 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, bulk investor, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was launched in 2001 as an online sports betting site and sports betting has actually since become one of the world's biggest online gambling business.
By 2016, sports betting Bet365 produced $2 billion in profits and helped with $45 billion in yearly bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually 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 sports betting co-founder of Bet9ja, a leading sports betting business in Nigeria, sports betting developed along with 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 possession management business that creates financial investment returns and provides special investment insights and solutions to both private and institutional clients.
Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has actually become a significant gamer in the Nigerian sports betting industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled specialist in the sports betting wagering market. He has actually been serving as the Country Director for 22BET in Nigeria because June 2021. In this role, sports betting he has actually added to the company's development through partnerships, organization strategy, and sports betting brand-new service development.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and consumer experience, and sports betting Country Manager at 22BET, concentrating on marketing method and budget plan management. Before 22BET, 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, 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, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online sports betting platform that uses sports betting, casino games, and live dealer video games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, sports betting a business signed up 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 worldwide sports betting wagering and real-money video gaming operator known for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has become a substantial player 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 in fintech and mobile payments and a strong advocate for the growing African web community. His investments show his commitment to cultivating development and sports betting advancement within the region.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to interfere with the sports betting market.
Sunbet Sporting International Limited has said it is concentrated on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to leverage cutting-edge innovation and a commitment to responsible sports betting to revolutionise the sector.
Backed by the financial power of 4 prominent African billionaires, Sunbet, which will release in the first quarter of 2025, aims to be the continent's largest and most innovative sports betting platform.
At a press briefing, the company's representative, Akin Babatunde, stated that the rise in Internet penetration, sports betting mobile use, and the continent's deep enthusiasm for sports betting, specifically football, has actually set the stage for sports betting Sunbet's ambitious entry. He included that the company's robust financial backing and specialist team will allow it to scale and dominate the marketplace quickly.
Islamic police raid wagering shops in northern Nigeria
Islamic police in Nigeria's northern city of Kano have begun shutting down sports betting stores, which they say are running illegally.
"As you know, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, told the BBC.
Problems from community leaders and sports betting parents triggered the crackdown, worried about the growing variety of gambling addicts, he stated.
On the very first day of raids, 30 stores were closed in one residential area alone, and their owners were sent home with a caution, the Sharia officer stated.
But Mr Aminudeen alerted that now that the general public was aware that the Hisbah was clamping down on gaming, those flouting the rules would be apprehended.
Kano city is the capital of Kano state, which has a majority Muslim population and sports betting runs the Islamic legal system - Sharia - together with nonreligious law.
Bookmakers and bars tend to be enabled to run in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
However, sports betting the existing crackdown is focused on Muslim areas of Kano, a vast city and the financial center of northern Nigeria.
sports betting wagering stores can be discovered all over the city. Many have tv screens, and clients view the result of international football matches or horse races on which they have staked cash.
Mr Aminudeen said such bookies had had the ability to operate under the radar as they had actually opened under false pretenses.
"They don't have licences to run as they were allowed to run computer game centres, which they later transformed to wagering shops," he said.
The sports betting wagering industry has actually expanded considerably across West Africa in the last few years. The area is approximately divided in between a generally Muslim north and a predominantly Christian south.
Many individuals go to bookmakers to enjoy the sociability of other gamblers, though mobile apps are also popular for wagering on the result of events and teams.
Nigeria's crippling recession has actually also implied people are willing to risk a small amount in the hope of winning huge.
But this had resulted in prevalent dependency, sports betting and parents were even complaining that children were leaving of school to gamble, Mr Aminudeen said.
"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 focused 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 apprehend them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what penalty they would face - often, such violations carry a fine.
Sharia was presented in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, gaming and the consumption of alcohol were banned.
