Meet CEOs/MDs of business behind Nigeria's $2 billion Sports betting market.
Gambling has evolved significantly in Nigeria from traditional kinds like pool staking and Baba Ijebu to a growing sports betting wagering industry. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet just N50-N200 on matches.
Slowly, with increased web access came virtual sports betting, which parallels worldwide trends. 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.
Despite economic difficulties such as inflation, Nigeria's sports betting sector has actually prospered, bring in millions, specifically amongst the vibrant demographic dealing with high joblessness rates.
Reports show that roughly 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that produces an estimated yearly revenue of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulative steps like excise duties and VAT increases to manage the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure fair operations in spite of difficulties in enforcement. Problems such as insufficient age confirmation and marketing guideline breaches show industry regulative gaps.
In spite of these challenges, sports betting companies continue to prosper through reliable service designs and aggressive marketing techniques, leveraging the creator influencer market.
These efforts have contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing crucial functions in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have significantly contributed to Nigeria's $2 billion gaming empire through their comprehensive 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 varied career spans numerous functions in the video gaming and entertainment industry, including working at one of 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 become a leading e-commerce service in the wagering and video gaming sector, operating through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has actually given that expanded its presence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has over 25 years of experience in wagering brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely incorporated ecosystem that combines appropriate sports betting material, engaging features, and sports betting a world-class sportsbook.
Considering that taking the helm right before the pandemic, Sam has driven considerable growth for LiveScore Group. The business's worker headcount has actually increased by 29%, and annual earnings has actually surged from roughly ₤ 10 million to over ₤ 80 million.
Sam's leadership and tactical vision have actually moved LiveScore Group's success and helped form the market's instructions. 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, having actually formerly acted as the company's Marketing and Operations Director sports betting given that 2015. He joined Betway in 2013 and has been in the online video gaming market given that 2000, holding numerous successful functions, consisting of General Manager of an information analytics team and Director of a digital marketing firm.
Under Werkman's management, Betway has continued to grow its market existence and improve its offerings. The business'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 knowledge spans the gaming, real estate, and credit financing industries, where he has actually developed himself as a strategic and functional leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Given that June 2019, sports betting she has actually acted as Managing Director and sports betting has actually managed the business's growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company's operational methods and market growth.
She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN offers frHer instructional background consists of 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 business, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to introduce a completely functional site, setting a benchmark 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 wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookies in Europe and the world. The company runs in more than 50 nations, consisting of Nigeria, where it is totally accredited.
Under Babalola's management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a vast array of wagering choices and sports betting 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 sports betting of KingMakers, and 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, established and released in Nigeria on February 22, sports betting 2018, sports betting by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has rapidly 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 collaboration with the Lagos Employment Trust Fund, creating over 100,000 jobs, the number of which is increasing annually. In the exact 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, bulk shareholder, and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually because turned into among the world's biggest online gaming business.
By 2016, Bet365 produced $2 billion in profits and assisted in $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually garnered 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, a leading sports betting wagering business 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 property management company that generates financial investment returns and uses special investment insights and services to both individual and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has actually become a considerable player in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled specialist in the sports betting wagering industry. He has actually been working as the Country Director sports betting for 22BET in Nigeria considering that June 2021. In this role, he has actually added to the business's growth through partnerships, business strategy, and brand-new business advancement.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and consumer experience, and Country Manager at 22BET, concentrating on marketing method and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and Betty Bingo.
His profession began at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also served 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 offers sports betting, casino games, and live dealership 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 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 company he established in 2013.
SportyBet is a worldwide sports betting wagering and real-money video gaming operator known for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has actually ended up being a considerable player in the market, sports betting 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 sports betting mobile payments and a strong advocate for the growing African internet ecosystem. His financial investments reflect his commitment to fostering development and development within the area.
On April 30, 2024, sports betting Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to interrupt the sports wagering industry.
Sunbet Sporting International Limited has said it is focused on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to take advantage of advanced innovation and a commitment to responsible sports betting to change the sector.
Backed by the financial power of four prominent African billionaires, Sunbet, which will introduce in the very first quarter of 2025, aims to be the continent's largest and most innovative sports betting platform.
At a press briefing, the company's spokesperson, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, especially football, has actually set the stage for Sunbet's enthusiastic entry. He included that the firm's robust sponsorship and specialist team will allow it to scale and dominate the market rapidly.
Islamic police raid betting shops in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have actually begun shutting down sports betting shops, which they say are running unlawfully.
"As you understand, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, informed the BBC.
Complaints from neighborhood leaders and parents prompted the crackdown, worried about the growing variety of gambling addicts, he said.
On the very first day of raids, 30 stores were closed in one suburban area alone, and their owners were sent home with a warning, the Sharia officer stated.
But Mr Aminudeen warned that now that the general public was aware that the Hisbah was clamping down on gambling, those flouting the guidelines would be apprehended.
Kano city is the capital of Kano state, sports betting which has a bulk Muslim population and runs the Islamic legal system - Sharia - alongside nonreligious law.
Bookies and bars tend to be allowed to run in Kano's Christian neighbourhoods, though they too can face action if the Hisbah thinks Muslims are frequenting them.
However, the existing crackdown is concentrated on Muslim areas of Kano, a sprawling city and the economic hub of northern Nigeria.
Sports betting stores can be discovered all over the city. Most have television screens, and customers watch the result of international football matches or horse races on which they have actually staked cash.
Mr Aminudeen stated such bookies had had the ability to run under the radar as they had actually opened under false pretences.
"They don't have licences to run as they were permitted to run video games centres, which they later on converted to sports betting stores," he stated.
The sports betting wagering industry has expanded significantly throughout West Africa recently. The area is roughly divided in between a mainly Muslim north and a primarily Christian south.
Many individuals go to bookmakers to take pleasure in the friendship of other gamblers, though mobile apps are likewise popular for sports betting on the result of events and groups.
Nigeria's crippling economic crisis has likewise meant individuals are willing to run the risk of a percentage in the hope of winning huge.
But this had caused widespread dependency, sports betting and parents were even complaining that children were dropping out of school to gamble, Mr Aminudeen said.
"These financial issues we are dealing with in Nigeria is God telling 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 recommending those running those sports betting shops to either shut down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen said.
It is unclear what punishment they would deal with - frequently, such violations bring a fine.
Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, sports betting gambling and the usage of alcohol were banned.
