Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting market.
Gambling has developed considerably in Nigeria from conventional types like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where lovers would bet just N50-N200 on matches.
Gradually, with increased web access came virtual wagering, which parallels international 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.
Regardless of financial obstacles such as inflation, Nigeria's sports betting sector has actually grown, drawing in millions, specifically among the youthful market facing high joblessness rates.
Reports show that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that generates an estimated annual income of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulative measures like excise duties and VAT increases to manage the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of challenges in enforcement. Issues such as insufficient age confirmation and advertising guideline breaches show market regulatory gaps.
In spite of these obstacles, sports betting wagering business continue to flourish through reliable service designs and aggressive marketing methods, leveraging the developer influencer market.
These efforts have contributed to Nigeria's robust $2 billion gaming sector, with CEOs playing vital functions in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting companies who have substantially added 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 career covers different roles in the video gaming and show business, consisting of operating at among the United Kingdom's biggest video 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 company in the wagering and video gaming sector, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually since broadened its presence, attaining over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has over 25 years of experience in sports betting brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely incorporated environment that combines pertinent sports betting material, engaging features, and a first-rate sportsbook.
Considering that taking the helm right before the pandemic, Sam has driven significant development for LiveScore Group. The company's employee headcount has increased by 29%, and annual revenue has surged from roughly ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have propelled LiveScore Group's success and helped shape the market's direction. LiveScoreBet has accomplished major 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 actually formerly served as the business's Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually been in the online video gaming industry because 2000, holding various successful roles, consisting of General Manager of a data analytics team and Director of a digital marketing company.
Under Werkman's management, Betway has continued to grow its market presence and improve its offerings. The company's app has actually amassed considerable user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has distinguished herself as a senior executive with a performance history of changing start-ups into institutionalized companies. Her proficiency spans the gaming, realty, and credit lending industries, where he has established himself as a tactical and operational leader.
Damilare has actually been instrumental in NairaBET's success for over 14 years. Given that June 2019, she has actually functioned as Managing Director and has managed the business's development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company's functional strategies and market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN supplies 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 company, developed the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to introduce a completely functional website, setting a standard in the industry.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director of 1XBET Nigeria Limited, a franchise of the worldwide sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookmakers in Europe and the world. The company operates in more than 50 countries, including Nigeria, where it is completely licensed.
Under Babalola's leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, offering a wide variety of sports betting 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 endeavors, Ukanwoke has actually worked together with African socio-economic institutions and governments to develop developmental policies aimed at empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
BetKing, established and launched 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 entertainment company has actually quickly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, producing over 100,000 tasks, the variety of which is increasing every year. In the 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 gambling company she developed in 2000. Bet365.com was launched in 2001 as an online sports betting site and has because become one of the world's largest online sports betting business.
By 2016, Bet365 produced $2 billion in incomes and helped with $45 billion in yearly bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has 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 entrepreneur 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 asset management business that produces investment returns and provides special investment insights and solutions to both individual and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has actually ended up being a substantial gamer in the Nigerian sports betting industry.
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 business's development through partnerships, company method, and brand-new service development.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and client experience, and Country Manager at 22BET, concentrating on marketing method and spending 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 began at Jumia Group, where he operated 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 games, and live dealer video games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a company signed up 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 sports betting CEO of SportyBet, a business he established in 2013.
SportyBet is an international sports betting and real-money video gaming operator known for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani's management, SportyBet has actually ended up being a considerable gamer in the market, 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 financial investments reflect his dedication to cultivating development and development within the area.
On April 30, 2024, Sudeep Ramnani invested in Chowdeck, taking part in a seed round valued at $2.5 million.
The company is set to interrupt the sports wagering industry.
Sunbet Sporting International Limited has stated it is concentrated on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to utilize advanced technology and a dedication to accountable gambling to revolutionise the sector.
Backed by the monetary power of four popular African billionaires, Sunbet, which will release in the first quarter of 2025, intends to be the continent's biggest and most ingenious sports betting wagering platform.
At a press instruction, the business's representative, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, specifically football, has actually set the stage for Sunbet's enthusiastic entry. He added that the company's robust sponsorship and specialist group will allow it to scale and dominate the marketplace quickly.
Islamic police raid wagering stores in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have started closing down sports betting wagering shops, which they state are operating unlawfully.
"As you know, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, told the BBC.
Grievances from neighborhood leaders and parents prompted the crackdown, worried about the growing number of gambling addicts, he stated.
On the first day of raids, 30 shops were closed in one suburb alone, and their owners were sent out home with a warning, the Sharia officer stated.
However Mr Aminudeen warned that now that the general public understood that the Hisbah was clamping down on sports betting, those flouting the rules would be arrested.
Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system - Sharia - alongside secular law.
Bookmakers and bars tend to be permitted to run in Kano's Christian neighbourhoods, though they too can face action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the existing crackdown is concentrated on Muslim locations of Kano, a vast city and the financial center of northern Nigeria.
sports betting wagering stores can be discovered all over the city. Most have tv screens, and clients view the result of worldwide football matches or horse races on which they have actually staked cash.
Mr Aminudeen said such bookmakers had actually had the ability to operate under the radar as they had opened under false pretences.
"They do not have licences to run as they were allowed to run video games centres, which they later transformed to sports betting stores," he said.
The sports betting industry has expanded considerably across West Africa in recent years. The area is approximately divided between a generally Muslim north and a primarily Christian south.
Lots of people go to bookies to delight in the friendship of other gamblers, though mobile apps are likewise popular for wagering on the result of occasions and groups.
Nigeria's crippling economic crisis has likewise implied people want to run the risk of a percentage in the hope of winning huge.
But this had actually caused extensive addiction, and parents were even grumbling that children were dropping out of school to bet, Mr Aminudeen stated.
"These economic issues we are facing in Nigeria is God informing us to change our methods by stopping sins," he stated.
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 shut down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what punishment they would face - frequently, such violations bring a fine.
Sharia was presented in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, sports betting and the usage of alcohol were banned.
