Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting market.
sports betting has actually progressed substantially in Nigeria from conventional types like pool staking and Baba Ijebu to a flourishing 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 just N50-N200 on matches.
Gradually, with increased web gain access to came virtual sports betting, which parallels worldwide patterns. The sports betting market is valued at $89.91 billion in 2023 and is projected to nearly double to $182.02 billion by 2030.
In spite of economic challenges such as inflation, Nigeria's sports betting wagering sector has flourished, bring in millions, particularly among the vibrant market facing high unemployment rates.
Reports indicate that roughly 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that produces a projected annual earnings of N730 billion. The federal government has not gone undetected by this growth, sports betting which is considering regulative measures like import tax tasks and VAT increases to manage the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of obstacles in enforcement. Problems such as insufficient age confirmation and marketing guideline breaches show market regulatory spaces.
Regardless of these obstacles, sports betting business continue to thrive through reliable service designs and aggressive marketing techniques, leveraging the creator influencer market.
These efforts have actually added to Nigeria's robust $2 billion gaming sector, with CEOs playing important functions in broadening audience reach and sports betting driving market growth. Here are the CEOs of leading sports betting business who have substantially added to Nigeria's $2 billion sports betting empire through their comprehensive audience reach.
Constable Olaniyan - CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse career covers numerous roles in the gaming and entertainment industry, consisting of operating at one of the United Kingdom's biggest gaming centres, The Palace Bingo Club, where he worked 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 grown into a leading e-commerce business in the wagering and gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has given that expanded 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 sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely incorporated environment that integrates pertinent sports betting material, engaging features, and a first-rate sportsbook.
Given that taking the helm prior to the pandemic, Sam has driven substantial development for LiveScore Group. The business's staff member headcount has actually increased by 29%, sports betting and yearly income has surged from around ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have propelled LiveScore Group's success and helped form the market's direction. LiveScoreBet has actually achieved significant user engagement, sports betting 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 served as the company's Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has actually remained in the online gaming industry given that 2000, holding different successful functions, consisting of General Manager of an information analytics team and Director of a digital marketing company.
Under Werkman's management, sports betting Betway has continued to grow its market presence and boost its offerings. The business's app has garnered substantial 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 changing start-ups into institutionalized services. Her expertise spans the video gaming, realty, sports betting and credit financing industries, where he has actually established himself as a tactical and operational leader.
Damilare has contributed in NairaBET's success for over 14 years. Considering that June 2019, she has actually acted as Managing Director and has actually managed the company's growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business's operational strategies and sports betting market growth.
She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN provides frHer educational background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to introduce a totally functional site, setting a standard in the industry.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director sports betting 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 developed itself as one of the biggest bookies in Europe and the world. The business operates in more than 50 countries, including Nigeria, where it is totally licensed.
Under Babalola's management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, using a vast array of wagering options and an user-friendly 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 federal governments to design developmental policies focused on 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, sports betting 2018, by Byron Petzer and Adekunle Adeniji, runs 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, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, sports betting BetKing entered into a collaboration with the Lagos Employment Trust Fund, producing over 100,000 jobs, the number of which is increasing every year. In the very 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 creator, bulk investor, sports betting and joint Chief Executive of Bet365, an online sports betting business she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and has considering that turned into one of the world's largest online gaming business.
By 2016, sports betting Bet365 produced $2 billion in profits and assisted in $45 billion in yearly bets. The company also holds a bulk 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 co-founder of Bet9ja, a leading sports betting wagering company in Nigeria, developed together with business person Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.
Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian property management business that produces investment returns and sports betting offers unique financial investment insights and options to both private and institutional customers.
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 leadership, sports betting Bet9ja has become a significant player in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned expert in the sports betting wagering market. He has been acting as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has actually added to the business's growth through collaborations, business technique, and brand-new service development.
Fikayo's experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and sports betting client experience, and Country Manager at 22BET, sports betting concentrating on marketing strategy and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.
His career started 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 gaming platform that offers sports betting, casino video games, and live dealer games. It was introduced in 2017 and sports betting is owned and operated by Marikit Holdings Ltd, a business registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and sports betting 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 global sports betting and real-money video gaming operator understood for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani's leadership, SportyBet has become 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 investor in fintech and mobile payments and a strong advocate for the growing African internet environment. His investments show his commitment to cultivating development and sports betting development within the area.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to disrupt the sports betting industry.
Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to leverage cutting-edge technology and a commitment to accountable gaming to change the sector.
Backed by the monetary power of four prominent African billionaires, Sunbet, sports betting which will launch in the first quarter of 2025, intends to be the continent's largest and most ingenious sports betting wagering platform.
At a press instruction, the business's spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent's deep enthusiasm for sports betting, particularly football, has actually set the stage for sports betting Sunbet's ambitious entry. He included that the firm's robust sponsorship and sports betting expert group will allow it to scale and control the marketplace rapidly.
Islamic cops raid betting stores in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have actually started shutting down sports betting wagering shops, which they state are running unlawfully.
"As you know, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, informed the BBC.
Problems from community leaders and parents prompted the crackdown, stressed over the growing variety of sports betting addicts, he said.
On the first day of raids, 30 stores were closed in one suburban area alone, and their owners were sent home with a caution, sports betting the Sharia officer said.
However Mr Aminudeen cautioned that now that the general public knew that the Hisbah was clamping down on gambling, those flouting the rules would be detained.
Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system - Sharia - together with nonreligious law.
Bookies and bars tend to be allowed to operate in Kano's Christian neighbourhoods, sports betting though they too can face action if the Hisbah believes Muslims are frequenting them.
However, the present crackdown is focused on Muslim locations of Kano, a sprawling city and the economic center of northern Nigeria.
Sports betting stores can be found all over the city. Most have television screens, and consumers see the outcome of worldwide football matches or horse races on which they have staked cash.
Mr Aminudeen stated such bookies had been able to operate under the radar as they had opened under false pretenses.
"They do not have licences to operate as they were permitted to run computer game centres, which they later transformed to wagering stores," he stated.
The sports betting wagering market has actually broadened considerably across West Africa in recent years. The region is approximately divided between a generally Muslim north and a primarily Christian south.
Many people go to bookmakers to delight in the camaraderie of other gamblers, though mobile apps are also popular for sports betting on the result of events and teams.
Nigeria's crippling economic crisis has actually likewise suggested people want to risk a percentage in the hope of winning huge.
But this had actually led to extensive addiction, and moms and dads were even grumbling that children were leaving of school to bet, Mr Aminudeen stated.
"These economic problems we are dealing with in Nigeria is God telling us to alter our methods by stopping sins," he stated.
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 wagering shops to either closed down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen stated.
It is unclear what punishment they would deal with - typically, such violations 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 consumption of alcohol were banned.
