Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering industry.
Gaming has progressed considerably in Nigeria from traditional types like pool staking and Baba Ijebu to a thriving sports betting wagering market. Historically connected to European football leagues, 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 web gain access to came virtual wagering, which parallels international patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is projected to almost double to $182.02 billion by 2030.
In spite of economic difficulties such as inflation, Nigeria's sports betting sector has actually grown, drawing in millions, specifically amongst the younger group dealing with high joblessness rates.
Reports indicate that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that creates a projected annual profits of N730 billion. The federal government has not gone undetected by this growth, which is considering regulatory steps like excise duties and VAT boosts to manage the sector.
The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure fair operations despite obstacles in enforcement. Problems such as insufficient age verification and marketing guideline breaches reveal industry regulatory spaces.
Regardless of these challenges, sports betting wagering companies continue to prosper through reliable business models and aggressive marketing strategies, leveraging the developer influencer market.
These efforts have actually added to Nigeria's robust $2 billion sports betting sector, with CEOs playing vital functions in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting wagering business who have substantially added to Nigeria's $2 billion gaming empire through their substantial audience reach.
Constable Olaniyan - CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied profession covers different roles in the video gaming and show business, consisting of operating at among the United Kingdom's largest gaming centres, The Palace Bingo Club, where he acted 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 organization in the sports betting and gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually considering that expanded its presence, 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 completely integrated ecosystem that combines relevant sports betting material, engaging features, and a world-class sportsbook.
Since taking the helm just before the pandemic, sports betting Sam has actually driven considerable development for LiveScore Group. The company's staff member headcount has increased by 29%, and yearly income has surged from approximately ₤ 10 million to over ₤ 80 million.
Sam's leadership and strategic vision have propelled LiveScore Group's success and assisted shape the industry'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 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 video gaming market because 2000, sports betting holding different successful roles, including General Manager of a data analytics group and Director of a digital marketing firm.
Under Werkman's management, Betway has actually continued to grow its market existence and improve its offerings. The business's app has actually garnered considerable user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has differentiated herself as a senior executive with a track record of transforming start-ups into institutionalized companies. Her competence covers the gaming, property, and sports betting credit lending industries, sports betting where he has actually developed himself as a tactical and operational leader.
Damilare has actually contributed in NairaBET's success for over 14 years. Considering that June 2019, she has actually functioned as Managing Director and has 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 operational methods and sports betting market growth.
She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN provides frHer instructional background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished 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 very first sports betting wagering platform in Nigeria, it was the very first to introduce a completely practical website, setting a criteria 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 countries, sports betting consisting of Nigeria, where it is fully certified.
Under Babalola's management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, offering a vast array of sports betting options and an user-friendly 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 actually teamed up with African socio-economic institutions and federal governments to develop developmental policies targeted 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 trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has actually quickly 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 collaboration with the Lagos Employment Trust Fund, creating over 100,000 jobs, sports betting the variety of which is increasing annually. In the very same year, MultiChoice broadcaster purchased a 20% stake in BetKing, sports betting 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 developed in 2000. Bet365.com was released in 2001 as an online sports betting site and has actually considering that grown into among the world's biggest online gaming companies.
By 2016, Bet365 produced $2 billion in profits and assisted in $45 billion in annual bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has 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, a leading sports betting wagering company in Nigeria, established alongside entrepreneur 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 possession management business that creates investment returns and provides unique financial investment insights and services to both specific and institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has actually become a considerable gamer in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced expert in the sports betting market. He has been acting as the Country Director for 22BET in Nigeria since June 2021. In this function, he has actually contributed to the company's development through collaborations, service technique, and new service development.
Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and consumer experience, sports betting and Country Manager at 22BET, concentrating on marketing method and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.
His career 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 sports betting 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 provides sports betting wagering, casino games, and live dealer video games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, sports betting a business 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 business he established in 2013.
SportyBet is a global sports betting wagering and real-money gaming operator understood for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's leadership, SportyBet has become a significant player in the market, 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 web community. His investments show his commitment to fostering innovation and development within the region.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to disrupt the sports wagering market.
Sunbet Sporting International Limited has stated it is focused on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit development projection in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, the company intends to take advantage of advanced innovation and a dedication to responsible sports betting 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 largest and most ingenious sports betting platform.
At a press instruction, the business's representative, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, particularly football, has set the stage for Sunbet's enthusiastic entry. He added that the firm's robust financial backing and professional group will enable it to scale and control the marketplace quickly.
Islamic cops raid betting shops in northern Nigeria
Islamic police in Nigeria's northern city of Kano have begun closing down sports betting stores, which they state are running illegally.
"As you understand, sports betting is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, sports betting told the BBC.
Problems from neighborhood leaders and moms and dads prompted the crackdown, stressed over the growing variety of gambling addicts, he stated.
On the very first day of raids, 30 shops were closed in one suburb alone, and their owners were sent home with a warning, the Sharia officer said.
But Mr Aminudeen warned that now that the public understood that the Hisbah was clamping down on gambling, those flouting the guidelines 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.
Bookies and bars tend to be permitted to operate in Kano's Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the current crackdown is focused on Muslim locations of Kano, a sprawling city and the financial center of northern Nigeria.
Sports betting stores can be discovered all over the city. A lot of have tv screens, and consumers watch the result of global football matches or horse races on which they have staked money.
Mr Aminudeen stated such bookies had been able to run under the radar as they had opened under false pretenses.
"They don't have licences to operate as they were allowed to run video games centres, which they later on converted to wagering shops," he stated.
The sports betting market has actually broadened dramatically across West Africa in the last few years. The region is approximately divided in between a mainly Muslim north and a mainly Christian south.
Many people go to bookmakers to take pleasure in the camaraderie of other gamblers, though mobile apps are also popular for sports betting on the result of events and teams.
Nigeria's debilitating economic crisis has likewise suggested people are willing to run the risk of a small amount in the hope of winning huge.
But this had actually resulted in widespread addiction, sports betting and parents were even complaining that kids were leaving of school to gamble, Mr Aminudeen said.
"These economic issues 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, considered a resort area in the northeast of the city-- visitors flock there at weekends.
"I am advising those running those sports betting stores to either shut down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen said.
It is uncertain what punishment they would face - typically, such violations bring a fine.
Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gaming and the consumption of alcohol were banned.
