Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering industry.
sports betting has actually developed considerably in Nigeria from standard types like pool staking and sports betting Baba Ijebu to a flourishing sports betting industry. Historically tied to European football leagues, sports betting pool staking was a common sight at motor parks and kiosks, where lovers would bet just N50-N200 on matches.
Gradually, with increased internet gain access to came virtual wagering, which parallels global trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is predicted to nearly double to $182.02 billion by 2030.
Despite economic challenges such as inflation, Nigeria's sports wagering sector has grown, bring in millions, specifically among the younger demographic dealing with high unemployment rates.
Reports indicate that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that produces an approximated annual profits of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulatory steps like excise responsibilities and VAT increases to manage the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of difficulties in enforcement. Issues such as insufficient age confirmation and advertising rule breaches reveal market regulative gaps.
In spite of these difficulties, sports betting wagering business continue to flourish through efficient business models and aggressive marketing strategies, leveraging the creator influencer industry.
These efforts have contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing essential roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering companies who have substantially contributed to Nigeria's $2 billion gambling empire through their substantial 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 spans various roles in the gaming and entertainment industry, consisting of working at among the United Kingdom's largest gaming centres, The Palace Bingo Club, where he served 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 service in the wagering and video gaming sector, sports betting running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has actually since expanded its presence, achieving over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has more than 25 years of experience in wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated community that combines pertinent sports betting content, engaging functions, and a world-class sportsbook.
Considering that taking the helm just before the pandemic, Sam has driven substantial growth for LiveScore Group. The business's worker headcount has increased by 29%, and sports betting annual earnings has risen from around ₤ 10 million to over ₤ 80 million.
Sam's leadership and strategic vision have propelled LiveScore Group's success and assisted form the market'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 selected CEO of Betway in November 2017, having formerly worked as the company's Marketing and Operations Director sports betting since 2015. He joined Betway in 2013 and has actually been in the online video gaming market considering that 2000, holding different effective roles, consisting of General Manager of a data analytics team and Director of a digital marketing agency.
Under Werkman's leadership, Betway has continued to grow its market existence and improve its offerings. The business's app has actually gathered 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 performance history of transforming start-ups into institutionalized services. Her competence covers the gaming, property, and credit financing industries, where he has actually developed himself as a strategic and operational leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Because June 2019, she has actually worked as Managing Director and has managed the company's development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, sports betting pivotal in the business's operational techniques and market growth.
She founded DearDammy Women's Initiative (DDWIN), sports betting a non-profit company empowering women-owned organizations. DDWIN provides frHer educational background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished in 2005.
Akin Alabi, the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, developed the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to introduce a completely practical site, setting a criteria in the industry.
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 business 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 operates in more than 50 countries, including Nigeria, where it is totally certified.
Under Babalola's management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, using a wide range 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, sports betting and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually worked together with African socio-economic institutions and governments to design 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, established and sports betting launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, sports betting operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has quickly 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 partnership with the Lagos Employment Trust Fund, producing over 100,000 jobs, the variety of which is increasing each year. In the 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, sports betting bulk investor, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and has given that become one of the world's biggest online sports betting business.
By 2016, Bet365 produced $2 billion in incomes and assisted in $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has 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 sports betting co-founder of Bet9ja, a leading sports betting company in Nigeria, established alongside business person 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 asset management business that produces financial investment returns and provides unique investment insights and services to both private and institutional customers.
Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has quickly grown in popularity, 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 industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled expert in the sports betting wagering industry. He has been working as the Country Director for 22BET in Nigeria since June 2021. In this role, he has actually contributed to the company's development through partnerships, service technique, and sports betting brand-new service advancement.
Fikayo's experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and consumer 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 functions at Laclic Services and Betty Bingo.
His career began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise 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 gambling platform that uses sports betting, gambling establishment video games, and sports betting live dealership games. It was launched in 2017 and sports betting is owned and run by Marikit Holdings Ltd, sports betting a company registered in Cyprus and sports betting 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 established in 2013.
SportyBet is a worldwide sports betting wagering and real-money gaming operator understood for providing an omni-channel entertainment experience in controlled 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 function at SportyBet, sports betting Sudeep is an active investor in fintech and mobile payments and sports betting a strong advocate for the growing African internet environment. His investments show his dedication to promoting innovation and advancement within the region.
On April 30, sports betting 2024, Sudeep Ramnani invested in 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 focused on revolutionising how countless 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 aims to take advantage of cutting-edge innovation and sports betting a commitment to accountable gambling to revolutionise the sector.
Backed by the financial power of 4 prominent African billionaires, Sunbet, which will introduce in the very first quarter of 2025, aims to be the continent's biggest and sports betting most innovative sports betting wagering platform.
At a press briefing, the company's representative, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and the continent's deep passion for sports betting, specifically football, has set the stage for Sunbet's enthusiastic entry. He included that the company's robust sponsorship and professional team will allow it to scale and sports betting control the marketplace quickly.
Islamic police raid betting shops in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have started shutting down sports betting wagering shops, which they state are operating illegally.
"As you understand, wagering is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, sports betting told the BBC.
Problems from neighborhood leaders and moms and dads prompted the crackdown, worried about the growing number of gambling addicts, he stated.
On the very first day of raids, 30 stores were closed in one suburb alone, and sports betting their owners were sent home with a caution, sports betting the Sharia officer stated.
However Mr Aminudeen alerted that now that the general 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 majority Muslim population and runs the Islamic legal system - Sharia - alongside secular law.
Bookmakers and bars tend to be allowed to run in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.
Nevertheless, the present crackdown is focused on Muslim locations of Kano, a vast city and the financial hub of northern Nigeria.
Sports betting stores can be found all over the city. Many have television screens, and customers watch the outcome 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 allowed to run computer game centres, which they later on transformed to sports betting shops," he said.
The sports betting market has actually expanded drastically across West Africa in the last few years. The area is approximately divided between a mainly Muslim north and a primarily Christian south.
Many individuals go to bookies to take pleasure in the friendship of other bettors, though mobile apps are likewise popular for wagering on the result of events and groups.
Nigeria's crippling economic crisis has actually likewise suggested individuals want to risk a percentage in the hope of winning big.
However this had resulted in prevalent dependency, sports betting and moms and dads were even complaining that children were leaving of school to gamble, sports betting Mr Aminudeen said.
"These financial issues we are dealing with in Nigeria is God telling us to change our methods by stopping sins," he stated.
The raids on Tuesday focused on Munjibir, considered a resort area in the northeast of the city-- visitors flock there at weekends.
"I am encouraging those running those sports betting shops to either shut down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen stated.
It is uncertain what penalty they would face - often, such infringements carry a fine.
Sharia was introduced in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, gaming and the usage of alcohol were prohibited.
