Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting industry.
sports betting has evolved significantly in Nigeria from standard forms like pool staking and Baba Ijebu to a thriving sports betting wagering market. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, sports betting where lovers would wager just N50-N200 on matches.
Gradually, with increased web access came virtual sports betting, which parallels international patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is projected to nearly double to $182.02 billion by 2030.
Regardless of economic challenges such as inflation, Nigeria's sports betting wagering sector has flourished, bring in millions, specifically among the younger market facing high joblessness rates.
Reports suggest that around 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that produces an approximated yearly earnings of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulative measures like import tax duties and VAT boosts to handle the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of difficulties in enforcement. Concerns such as inadequate age confirmation and advertising rule breaches show industry regulatory gaps.
Despite these difficulties, sports betting business continue to flourish through efficient service models and aggressive marketing methods, leveraging the creator influencer market.
These efforts have contributed to Nigeria's robust $2 billion gambling sector, with CEOs playing important roles in broadening audience reach and driving market development. Here are the CEOs of leading sports betting business who have considerably contributed to Nigeria's $2 billion gaming empire through their substantial 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 profession covers numerous functions in the gaming and entertainment industry, sports betting consisting of operating at one of the United Kingdom's largest video 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, sports betting has grown into a leading e-commerce service in the wagering and gaming sector, operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has because expanded its existence, achieving over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has over 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely incorporated ecosystem that combines pertinent sports betting content, engaging features, and a first-rate sportsbook.
Given that taking the helm just before the pandemic, Sam has driven significant development for LiveScore Group. The company's employee headcount has actually increased by 29%, sports betting and annual revenue has actually risen from roughly ₤ 10 million to over ₤ 80 million.
Sam's management and tactical vision have actually moved LiveScore Group's success and assisted form the market's instructions. 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 selected CEO of Betway in November 2017, having actually previously functioned as the company's Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has actually been in the online gaming market because 2000, holding different successful functions, consisting of General Manager of an information analytics team and Director of a digital marketing firm.
Under Werkman's leadership, Betway has continued to grow its market existence and boost its offerings. The company's app has actually amassed substantial 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 performance history of transforming start-ups into institutionalized services. Her competence covers the gaming, realty, and sports betting credit financing markets, where he has established himself as a tactical and operational leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Because 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, essential in the business's operational strategies and market growth.
She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN offers frHer academic background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished 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 platform in Nigeria, it was the first to introduce a totally functional website, 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, a franchise of the worldwide sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has actually established itself as one of the biggest bookies in Europe and the world. The business operates in more than 50 countries, consisting of Nigeria, where it is completely licensed.
Under Babalola's leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, using a vast array of wagering choices and an easy to use 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 teamed up with African socio-economic organizations and 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, 2018, by Byron Petzer and Adekunle Adeniji, sports betting runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has rapidly 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, creating over 100,000 tasks, the number of which is increasing every year. In the 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, majority shareholder, and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was introduced in 2001 as an online sports betting site and has since grown into among the world's biggest online gaming companies.
By 2016, sports betting Bet365 produced $2 billion in incomes and facilitated $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually 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 co-founder of Bet9ja, a leading sports betting wagering company in Nigeria, developed alongside businessman 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 property management company that creates investment returns and uses distinct investment insights and services to both specific and sports betting institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in appeal, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has become a substantial 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 working as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has actually added to the business's growth through collaborations, organization strategy, and new service development.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and sports betting 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 numerous 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 likewise worked 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online gambling platform that offers sports betting, gambling establishment games, and live dealership video games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a business signed up in Cyprus and sports betting a subsidiary of Orakum N.V.. They are also 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 company he established in 2013.
SportyBet is an international sports betting wagering and real-money gaming operator known for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has actually become a substantial gamer in the market, with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, Sudeep is an active investor in fintech and sports betting mobile payments and sports betting a strong advocate for the growing African web environment. His financial investments reflect his commitment to promoting innovation and advancement within the area.
On April 30, 2024, sports betting Sudeep Ramnani purchased Chowdeck, taking part in a seed round valued at $2.5 million.
The company is set to interfere with the sports wagering industry.
Sunbet Sporting International Limited has stated it is focused on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development projection in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, sports betting the firm intends to leverage innovative innovation and sports betting a commitment to responsible gaming to change the sector.
Backed by the monetary power of four popular African billionaires, Sunbet, which will introduce in the very first quarter of 2025, intends to be the continent's biggest and most innovative sports betting wagering platform.
At a press briefing, the company's spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent's deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet's ambitious entry. He added that the company's robust financial backing and specialist team will enable it to scale and dominate the marketplace quickly.
Islamic authorities raid betting shops in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have actually begun closing down sports betting stores, which they state are operating illegally.
"As you know, sports betting is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, told the BBC.
Grievances from neighborhood leaders and parents prompted the crackdown, stressed over the growing variety of gambling addicts, he said.
On the very first day of raids, 30 shops were closed in one suburb alone, sports betting and their owners were sent home with a warning, the Sharia officer said.
However Mr Aminudeen alerted that now that the public knew 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 majority Muslim population and runs the Islamic legal system - Sharia - along with nonreligious law.
Bookmakers and bars tend to be permitted to run in Kano's Christian areas, though they too can face action if the Hisbah believes 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 stores can be discovered all over the city. Most have tv screens, and customers view the outcome of international football matches or horse races on which they have actually staked cash.
Mr Aminudeen said such bookmakers had actually been able to run under the radar as they had opened under false pretenses.
"They don't have licences to run as they were permitted to run computer game centres, which they later on transformed to sports betting shops," he stated.
The sports betting market has broadened dramatically across West Africa in recent years. The area is approximately divided between a mainly Muslim north and a mainly Christian south.
Lots of people go to bookies to enjoy the sociability of other bettors, sports betting though mobile apps are likewise popular for wagering on the result of occasions and groups.
Nigeria's crippling economic crisis has likewise meant people are willing to run the risk of a small amount in the hope of winning huge.
But this had actually led to prevalent dependency, and parents were even grumbling that children were leaving of school to gamble, Mr Aminudeen said.
"These financial concerns we are dealing with in Nigeria is God telling us to change our ways by stopping sins," he said.
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 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 - typically, such violations bring 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 banned.
