Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering industry.
sports betting has actually developed significantly in Nigeria from traditional kinds like pool staking and Baba Ijebu to a growing sports betting industry. Historically tied to European football leagues, sports betting swimming pool staking was a typical sight at motor parks and kiosks, where enthusiasts would bet as low as N50-N200 on matches.
Gradually, with increased internet access came virtual sports betting, which parallels global trends. The sports betting wagering market is valued at $89.91 billion in 2023 and sports betting is projected to nearly double to $182.02 billion by 2030.
In spite of economic obstacles such as inflation, Nigeria's sports betting wagering sector has grown, drawing in millions, particularly among the vibrant market dealing with high joblessness rates.
Reports suggest 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 not gone undetected by this growth, which is considering regulatory steps like excise tasks and VAT boosts to handle the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of obstacles in enforcement. Issues such as insufficient age confirmation and marketing rule breaches reveal industry regulative spaces.
In spite of these difficulties, sports betting companies continue to thrive through reliable organization models and aggressive marketing methods, leveraging the creator influencer market.
These efforts have actually contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing important roles in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting companies who have significantly added to Nigeria's $2 billion gambling empire through their comprehensive audience reach.
Sheriff Olaniyan - CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career spans numerous roles in the video gaming and show business, including working at one of the United Kingdom's biggest 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 sports betting a Master's in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has become a leading e-commerce service in the sports betting and sports betting video gaming sector, operating through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has given that broadened its existence, achieving 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 ended up being the CEO of LiveScore Group, a fully incorporated community that combines pertinent sports betting content, engaging features, and a first-rate sportsbook.
Since taking the helm just before the pandemic, Sam has actually driven significant development for LiveScore Group. The company's worker headcount has increased by 29%, sports betting and annual income has actually surged from around ₤ 10 million to over ₤ 80 million.
Sam's leadership and strategic vision have moved LiveScore Group's success and helped shape the industry's direction. LiveScoreBet has accomplished 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 acted as the company's Marketing and sports betting Operations Director considering that 2015. He joined Betway in 2013 and has remained in the online video gaming market considering that 2000, holding various successful functions, including General Manager of an information analytics team and sports betting Director sports betting of a digital marketing firm.
Under Werkman's leadership, Betway has actually continued to grow its market presence and boost 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 distinguished herself as a senior executive with a track record of transforming start-ups into institutionalized companies. Her knowledge covers the video gaming, realty, and credit financing industries, sports betting where he has actually developed himself as a strategic and sports betting functional leader.
Damilare has been instrumental in NairaBET's success for over 14 years. Given that June 2019, she has acted as Managing Director and has overseen the business's development and sports betting operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business's functional techniques and market growth.
She established DearDammy Women's Initiative (DDWIN), sports betting a non-profit company empowering women-owned organizations. DDWIN provides frHer instructional 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 business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to introduce a totally 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, a franchise of the global sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookies in Europe and the world. The company runs in more than 50 nations, including Nigeria, where it is completely licensed.
Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, using a wide variety of sports betting options and an easy to use 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 endeavors, Ukanwoke has collaborated with African socio-economic organizations and governments to develop 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, established and released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand sports betting name of Lake Ventures Ltd. This pan-African sports betting and 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, BetKing entered into a collaboration with the Lagos Employment Trust Fund, sports betting developing over 100,000 jobs, the number of which is increasing yearly. In the exact 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 founder, bulk investor, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was launched in 2001 as an online wagering website and has actually because turned into among the world's largest online gaming business.
By 2016, sports betting Bet365 generated $2 billion in profits and assisted in $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered substantial 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 company in Nigeria, established along with business owner 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 business that generates financial investment returns and sports betting uses unique financial investment insights and solutions to both individual and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, sports betting Bet9ja has actually ended up being a substantial player in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned professional in the sports betting wagering market. He has been serving as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has actually added to the business's development through collaborations, business technique, and new business development.
Fikayo's experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, sports betting where he managed product advancement and client experience, and Country Manager at 22BET, sports betting focusing on marketing method and sports betting budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and sports betting held different digital marketing functions at Laclic Services and Betty Bingo.
His profession 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 sports betting of Technology (B.Tech.) in Management and sports betting Accounting from Ladoke Akintola University of Technology and a Master of Science (MS) in Business Administration, sports betting Management, sports betting and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gaming platform that provides sports betting, casino video games, and live dealer games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, sports betting a business registered in Cyprus and a subsidiary of Orakum N.V.. They are also the owners of Betwinner and a chain of casinos worldwide.
Sudeep Ramnani-- CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a business he developed in 2013.
SportyBet is a global sports betting and real-money video gaming operator understood for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's management, SportyBet has become a substantial gamer in the industry, sports betting with over 1 million downloads on the Google Play Store.
In addition to his role at SportyBet, sports betting Sudeep is an active investor in fintech and mobile payments and a strong supporter for the growing African web environment. His investments reflect his dedication to cultivating innovation and advancement within the area.
On April 30, sports betting 2024, Sudeep Ramnani purchased Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to disrupt the sports wagering industry.
Sunbet Sporting International Limited has stated it is focused on changing how countless Africans engage with sports betting. In a market 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, sports betting the firm aims to leverage innovative technology and a commitment to responsible gambling to change the sector.
Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will introduce in the first quarter of 2025, intends to be the continent's biggest and sports betting most innovative sports betting wagering platform.
At a press briefing, the business's spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile use, sports betting and the continent's deep passion for sports betting, specifically football, has set the stage for Sunbet's ambitious entry. He included that the company's robust sponsorship and specialist team will allow it to scale and control the market quickly.
Islamic cops raid wagering stores in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have started closing down sports betting wagering stores, which they say are operating illegally.
"As you understand, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, told the BBC.
Problems from neighborhood leaders and parents triggered the crackdown, fretted about the growing number of sports betting addicts, he said.
On the first day of raids, 30 stores were closed in one suburb alone, and their owners were sent home with a caution, the Sharia officer stated.
But Mr Aminudeen warned that now that the public understood that the Hisbah was clamping down on sports betting, those flouting the rules would be detained.
Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system - Sharia - alongside nonreligious law.
Bookmakers and bars tend to be enabled to run in Kano's Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.
However, the existing crackdown is concentrated on Muslim locations of Kano, a vast city and the financial hub of northern Nigeria.
sports betting wagering shops can be discovered all over the city. Many have tv screens, and customers enjoy the result 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 opened under false pretences.
"They don't have licences to run as they were permitted to run computer game centres, which they later transformed to wagering shops," he stated.
The sports betting market has broadened drastically across West Africa over the last few years. The region is roughly divided between a primarily Muslim north and a predominantly Christian south.
Many people go to bookies to take pleasure in the sociability of other gamblers, sports betting though mobile apps are also popular for sports betting on the result of events and teams.
Nigeria's debilitating recession has also meant individuals are willing to risk a small amount in the hope of winning big.
But this had led to extensive dependency, and moms and dads were even complaining that children were leaving of school to bet, Mr Aminudeen said.
"These economic concerns we are dealing with in Nigeria is God informing us to alter our ways 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 encouraging those running those wagering shops to either closed down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what punishment they would deal with - often, sports betting such violations carry 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 consumption of alcohol were prohibited.
