Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering market.
sports betting has developed considerably in Nigeria from standard types like pool staking and Baba Ijebu to a successful sports betting wagering market. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would bet just N50-N200 on matches.
Slowly, with increased web gain access to came virtual sports betting, which parallels global trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.
Regardless of financial challenges such as inflation, Nigeria's sports betting sector has flourished, bring in millions, specifically among the vibrant market facing high unemployment rates.
Reports suggest that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that produces an estimated annual revenue of N730 billion. The federal government has actually not gone unnoticed by this growth, sports betting which is considering regulative procedures like import tax responsibilities and VAT increases to handle the sector.
The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations despite obstacles in enforcement. Problems such as inadequate age verification and advertising rule breaches show market regulative spaces.
Regardless of these challenges, sports betting business continue to thrive through effective company designs and aggressive marketing methods, sports betting leveraging the developer influencer market.
These efforts have actually contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing important functions in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting business who have significantly added 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 diverse career spans different roles in the gaming and show business, consisting of working at one of the United Kingdom's biggest 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 grown into a leading e-commerce service in the wagering and gaming sector, running through online, mobile, sports betting and retail channels. The company was integrated in Nigeria on November 7, sports betting 2006, and has considering that expanded its existence, sports betting attaining over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has more than 25 years of experience in wagering brands and sports betting media. In 2019, sports betting he became the CEO of LiveScore Group, a totally integrated ecosystem that integrates appropriate sports betting content, engaging functions, sports betting and a world-class sportsbook.
Given that taking the helm right before the pandemic, Sam has actually driven substantial development for LiveScore Group. The company's employee headcount has actually increased by 29%, and yearly profits has surged from approximately ₤ 10 million to over ₤ 80 million.
Sam's leadership and strategic vision have moved LiveScore Group's success and assisted shape the market's direction. LiveScoreBet has actually attained 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 previously functioned as the company's Marketing and Operations Director since 2015. He joined Betway in 2013 and has actually remained in the online gaming market since 2000, holding different effective functions, including General Manager of an information analytics team and Director of a digital marketing firm.
Under Werkman's management, Betway has actually continued to grow its market presence and sports betting improve its offerings. The business's app has gathered significant user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has actually differentiated herself as a senior executive with a track record of changing start-ups into institutionalized businesses. Her proficiency covers the gaming, property, and credit financing markets, where he has developed himself as a strategic and operational leader.
Damilare has actually been instrumental in NairaBET's success for sports betting over 14 years. Given that June 2019, she has acted as Managing Director and has managed the company's growth and sports betting operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the business's functional strategies and market expansion.
She established DearDammy Women's Initiative (DDWIN), sports betting a non-profit organization empowering women-owned businesses. DDWIN provides frHer academic background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, sports betting the founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to introduce a totally practical website, sports betting setting a benchmark in the market.
Femi Babalola- General Manager of 1Xbet Nigeria Limited
Femi Babalola is the Managing Director of 1XBET Nigeria Limited, sports betting a franchise of the global sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookmakers in Europe and the world. The business operates in more than 50 nations, consisting of Nigeria, where it is totally certified.
Under Babalola's leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering 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, sports betting and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has teamed up with African socio-economic institutions and federal governments to develop 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, established and launched in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has actually rapidly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.
In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, producing over 100,000 jobs, the number of which is increasing annually. In the very same year, sports betting 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 shareholder, and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was introduced in 2001 as an online wagering website and has actually considering that grown into among the world's biggest online gaming companies.
By 2016, Bet365 generated $2 billion in revenues and helped with $45 billion in annual bets. The business 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 business in Nigeria, developed along with business person 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 provides distinct financial investment insights and solutions to both private and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in popularity, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has ended up being a considerable player in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled professional in the sports betting market. He has actually been functioning as the Country Director for sports betting 22BET in Nigeria considering that June 2021. In this role, he has contributed to the business's growth through partnerships, organization method, and brand-new service development.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and customer experience, and Country Manager at 22BET, focusing on marketing technique and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.
His profession began at Jumia Group, sports betting where he worked in SEO, sports betting 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 sports betting platform that offers sports betting, casino games, and live dealer video games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a company registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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 company he developed in 2013.
SportyBet is a worldwide sports betting wagering and sports betting real-money video gaming operator known for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani's management, SportyBet has become a considerable player in the industry, 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 sports betting a strong advocate for the growing African web environment. His financial investments reflect his dedication to promoting innovation and sports betting development within the region.
On April 30, 2024, Sudeep Ramnani purchased Chowdeck, taking part in a seed round valued at $2.5 million.
The firm is set to disrupt the sports betting industry.
Sunbet Sporting International Limited has stated it is focused on changing how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, sports betting with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize advanced innovation and a commitment to accountable gaming to revolutionise the sector.
Backed by the financial power of four popular African billionaires, Sunbet, which will launch in the very first quarter of 2025, aims to be the continent's biggest and most ingenious sports betting platform.
At a press instruction, the business's representative, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent's deep passion for sports betting, specifically football, has set the stage for Sunbet's enthusiastic entry. He added that the firm's robust financial backing and professional team will allow it to scale and dominate the market quickly.
Islamic police raid wagering shops in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have actually begun shutting down sports betting stores, which they say are operating unlawfully.
"As you know, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, informed the BBC.
Grievances from community leaders and parents prompted the crackdown, fretted about the growing variety of gambling addicts, sports betting he stated.
On the first day of raids, 30 shops were closed in one residential area alone, and sports betting their owners were sent out home with a caution, the Sharia officer said.
But Mr Aminudeen alerted that now that the general public knew that the Hisbah was clamping down on gambling, those flouting the rules would be detained.
Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system - Sharia - alongside secular law.
Bookies and bars tend to be allowed to operate in Kano's Christian areas, sports betting though they too can face action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the present crackdown is focused on Muslim locations of Kano, a sprawling city and the financial center of northern Nigeria.
Sports betting shops can be discovered all over the city. Most have tv screens, and consumers enjoy the outcome of international football matches or horse races on which they have staked cash.
Mr Aminudeen said such bookmakers had actually been able to operate under the radar as they had opened under false pretences.
"They don't have licences to operate as they were allowed to run video games centres, which they later on transformed to sports betting shops," he said.
The sports betting industry has expanded significantly across West Africa in the last few years. The area is approximately divided in between a mainly Muslim north and a predominantly Christian south.
Lots of people go to bookies to enjoy the friendship of other gamblers, though mobile apps are also popular for sports betting on the outcome of events and groups.
Nigeria's crippling recession has likewise suggested people want to run the risk of a percentage in the hope of winning huge.
However this had led to widespread addiction, and sports betting parents were even grumbling that children were leaving of school to gamble, Mr Aminudeen stated.
"These financial problems we are facing in Nigeria is God telling us to alter our ways by stopping sins," he stated.
The raids on Tuesday concentrated on Munjibir, sports betting considered a resort area in the northeast of the city-- visitors flock there at weekends.
"I am encouraging those running those wagering stores to either closed down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen stated.
It is unclear what penalty they would face - frequently, such infringements 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.
