Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering industry.
Gambling has actually developed significantly in Nigeria from standard kinds like pool staking and Baba Ijebu to a successful sports betting wagering industry. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would wager just N50-N200 on matches.
Slowly, sports betting with increased web gain access to came virtual sports betting, which parallels worldwide trends. The sports betting market is valued at $89.91 billion in 2023 and is predicted to nearly double to $182.02 billion by 2030.
Despite economic difficulties such as inflation, Nigeria's sports betting sector has actually prospered, bring in millions, sports betting especially among the younger group facing high unemployment rates.
Reports show that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving a market that creates an approximated yearly income of N730 billion. The federal government has not gone undetected by this development, which is considering regulatory procedures like excise duties and VAT boosts to manage the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations in spite of difficulties in enforcement. Concerns such as inadequate age confirmation and marketing guideline breaches show market regulative gaps.
Despite these challenges, sports betting wagering business continue to thrive through effective organization designs and aggressive marketing strategies, leveraging the developer influencer market.
These efforts have added to Nigeria's robust $2 billion sports betting sector, with CEOs playing important roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting companies who have substantially contributed to Nigeria's $2 billion gambling empire through their extensive audience reach.
Constable Olaniyan - CEO Surebet247
Constable 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 various functions in the gaming and show business, including operating at among the United Kingdom's largest video gaming centres, The Palace Bingo Club, 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 turned into a leading e-commerce company in the sports betting and gaming sector, operating through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, sports betting and has 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, sports betting he became the CEO of LiveScore Group, a completely integrated environment that integrates relevant sports betting material, engaging features, and a first-rate sportsbook.
Considering that taking the helm right before the pandemic, Sam has actually driven significant development for LiveScore Group. The business's staff member headcount has increased by 29%, sports betting and annual income has surged from approximately ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have actually propelled LiveScore Group's success and helped shape the industry's direction. LiveScoreBet has actually accomplished major 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, sports betting having formerly served as the company's Marketing and Operations Director given that 2015. He joined Betway in 2013 and has been in the online gaming market given that 2000, holding different successful functions, including General Manager of a data analytics team and sports betting Director of a digital marketing firm.
Under Werkman's leadership, Betway has continued to grow its market existence and improve its offerings. The company's app has actually amassed substantial user engagement, sports betting 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 transforming start-ups into institutionalized businesses. Her proficiency covers the gaming, real estate, sports betting and credit lending markets, where he has developed himself as a tactical and operational leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Since June 2019, she has actually served as Managing Director and has actually overseen the company's development and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company's functional techniques and market expansion.
She founded DearDammy Women's Initiative (DDWIN), 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, completed in 2005.
Akin Alabi, the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking company, developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, sports betting it was the very first to release a totally functional site, setting a standard in the market.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director of 1XBET Nigeria Limited, a franchise of the global sports betting business based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookies in Europe and the world. The company runs in more than 50 countries, including Nigeria, sports betting where it is completely certified.
Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, offering a large range of wagering choices 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 sports betting Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually worked together with African socio-economic institutions and federal governments to create developmental policies aimed 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 and sports betting home entertainment business has actually rapidly 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, developing over 100,000 jobs, the number of which is increasing every year. 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 shareholder, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was launched in 2001 as an online wagering site and has actually considering that grown into one of the world's biggest online sports betting business.
By 2016, sports betting Bet365 generated $2 billion in revenues and facilitated $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered significant 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, sports betting a leading sports betting wagering business in Nigeria, established alongside businessman Kunle Soname, sports betting 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 company that creates financial investment returns and uses distinct financial investment insights and sports betting options 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 ended up being a considerable gamer in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced professional in the sports betting industry. He has actually 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 method, and new business development.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and client experience, and Country Manager at 22BET, focusing on marketing strategy and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and Betty Bingo.
His career began at Jumia Group, where he operated in SEO, CRM, and sports betting 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 sports betting Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gambling platform that offers sports betting, casino video games, and live dealer games. It was released 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 CEO of SportyBet, a company he developed in 2013.
SportyBet is an international sports betting wagering and real-money video gaming operator understood for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's leadership, SportyBet has actually become a significant player in the industry, with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for sports betting the growing African internet community. His financial investments reflect his dedication to cultivating innovation and development within the region.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, sports betting taking part in a seed round valued at $2.5 million.
The firm is set to interrupt the sports wagering market.
Sunbet Sporting International Limited has said it is focused on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, 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 innovation and a dedication to accountable sports betting to revolutionise the sector.
Backed by the financial power of four popular African billionaires, Sunbet, which will introduce in the very first quarter of 2025, sports betting aims to be the continent's biggest and most innovative sports betting wagering platform.
At a press briefing, the company's spokesperson, Akin Babatunde, sports betting stated that the increase in Internet penetration, mobile usage, and the continent's deep passion for sports betting, specifically football, has actually set the stage for Sunbet's enthusiastic entry. He added that the firm's robust sponsorship and professional group will enable it to scale and dominate the market rapidly.
Islamic authorities raid betting stores in northern Nigeria
Islamic authorities in Nigeria's northern city of Kano have actually begun closing down sports betting shops, sports betting which they say are operating unlawfully.
"As you know, sports betting is prohibited in Islam," Mujahid Aminudeen, sports betting deputy chief of the Sharia police force, called the Hisbah, told the BBC.
Problems from neighborhood leaders and parents triggered the crackdown, fretted about the growing variety of gambling addicts, he stated.
On the first day of raids, 30 shops were closed in one residential area alone, and their owners were sent home with a caution, the Sharia officer stated.
But Mr Aminudeen cautioned that now that the general public understood that the Hisbah was clamping down on gambling, those flouting the guidelines would be jailed.
Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system - Sharia - together with nonreligious law.
Bookies and bars tend to be permitted to operate 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 sprawling city and the financial hub of northern Nigeria.
sports betting wagering stores can be found all over the city. Most have tv screens, and clients see the outcome of worldwide football matches or horse races on which they have actually staked cash.
Mr Aminudeen stated such bookmakers had actually been able to run under the radar as they had actually opened under false pretences.
"They do not have licences to run as they were permitted to run video games centres, which they later converted to wagering stores," he said.
The sports betting wagering market has actually broadened drastically throughout West Africa over the last few years. The region is roughly divided in between a primarily Muslim north and a mainly Christian south.
Many people go to bookies to enjoy the sociability of other bettors, though mobile apps are also popular for wagering on the result of events and teams.
Nigeria's debilitating recession has actually also indicated individuals want to run the risk of a small amount in the hope of winning big.
However this had led to widespread dependency, and parents were even grumbling that kids were dropping out of school to gamble, sports betting Mr Aminudeen stated.
"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 advising those running those wagering stores to either closed down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen said.
It is uncertain what punishment they would deal with - frequently, such infringements bring a fine.
Sharia was presented in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, gambling and the consumption of alcohol were banned.
