Meet CEOs/MDs of business behind Nigeria's $2 billion Sports wagering industry.
Gaming has evolved substantially in Nigeria from conventional forms like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet as low as N50-N200 on matches.
Gradually, with increased internet gain access to came virtual sports betting, which parallels global patterns. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to nearly double to $182.02 billion by 2030. external page(Image: [[https://www.yohaig.ng/wp-content/uploads/images/gambling/sports20betting/bet9ja/Bet9ja-Aviator-banner-001.gif)]]
Regardless of economic challenges such as inflation, Nigeria's sports betting sector has thrived, bring in millions, particularly amongst the younger demographic facing high unemployment rates.
Reports show that roughly 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that generates an estimated annual income of N730 billion. The federal government has not gone undetected by this growth, which is considering regulatory procedures like excise responsibilities and VAT boosts to manage the sector.
The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of difficulties in enforcement. Problems such as inadequate age confirmation and advertising rule breaches reveal market regulatory gaps.
In spite of these challenges, sports betting companies continue to thrive through efficient service designs and aggressive marketing methods, leveraging the creator sports betting influencer industry.
These efforts have actually added to Nigeria's robust $2 billion gaming sector, with CEOs playing important roles in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting companies who have actually considerably added to Nigeria's $2 billion sports betting empire through their substantial audience reach.
Sheriff 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 career spans various roles in the gaming and show business, including working at among the United Kingdom's biggest 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, has actually turned into a leading e-commerce business in the sports betting and gaming sector, operating through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has considering that expanded its presence, sports betting achieving 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, he ended up being the CEO of LiveScore Group, a completely integrated environment that integrates pertinent sports betting content, engaging functions, and a first-rate sportsbook.
Given that taking the helm just before the pandemic, Sam has driven considerable growth for LiveScore Group. The business's employee headcount has increased by 29%, and sports betting annual earnings has surged from roughly ₤ 10 million to over ₤ 80 million.
Sam's leadership and strategic vision have actually 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 designated CEO of Betway in November 2017, having actually previously worked as the company's Marketing and Operations Director since 2015. He joined Betway in 2013 and has been in the online gaming market considering that 2000, holding different successful roles, sports betting 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 boost its offerings. The company's app has garnered considerable user engagement, with over 100,000 downloads on the Google Play Store. external page Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has differentiated herself as a senior executive with a performance history of transforming start-ups into institutionalized businesses. Her know-how spans the gaming, realty, and credit loaning markets, where he has established himself as a strategic and operational leader.
Damilare has contributed in NairaBET's success for over 14 years. Given that June 2019, she has served as Managing Director and has actually overseen 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 company's operational techniques and market expansion.
She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN supplies 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, sports betting Nigeria's pioneering sports betting bookmaking business, developed the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to launch a completely practical site, setting a standard 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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookmakers in Europe and the world. The company runs in more than 50 nations, including Nigeria, where it is fully licensed.
Under Babalola's management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, offering a wide variety of wagering alternatives 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 ventures, Ukanwoke has worked together with African socio-economic institutions and federal 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, established and launched in Nigeria on February 22, sports betting 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has actually quickly grown its existence in Nigeria, sports betting 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, producing over 100,000 tasks, the number of which is increasing each 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 investor, and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was in 2001 as an online sports betting website and has because become among the world's largest online gambling business.
By 2016, Bet365 created $2 billion in profits and assisted in $45 billion in annual bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has amassed 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, established together with business owner 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 asset management company that generates investment returns and uses special financial investment insights and solutions to both private and institutional customers.
Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has actually ended up being a substantial gamer in the Nigerian sports betting industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled specialist in the sports betting wagering market. He has been acting as the Country Director for 22BET in Nigeria because June 2021. In this function, he has actually added to the company's development through partnerships, business strategy, and new organization advancement.
Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and client experience, and Country Manager at 22BET, focusing on marketing method and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and Betty Bingo.
His profession began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also acted 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 provides sports betting, gambling establishment video 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 sports betting a subsidiary of Orakum N.V.. They are also 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 worldwide sports betting wagering and real-money video gaming operator known for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's leadership, SportyBet has actually become a considerable 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 investor in fintech and mobile payments and sports betting a strong advocate for the growing African web ecosystem. His investments reflect his dedication to fostering innovation and advancement within the area.
On April 30, sports betting 2024, Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to interrupt the sports betting 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 yearly, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to utilize innovative innovation and a dedication to responsible gambling to revolutionise the sector.
Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will introduce in the very first quarter of 2025, intends to be the continent's biggest and most ingenious sports betting wagering platform.
At a press briefing, the company's representative, Akin Babatunde, stated that the rise in Internet penetration, sports betting mobile use, and the continent's deep passion for sports betting, especially football, has set the stage for Sunbet's enthusiastic entry. He included that the firm's robust sponsorship and professional group will allow it to scale and sports betting control the marketplace 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 shops, which they say are running illegally.
“As you know, wagering is prohibited in Islam,” Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, informed the BBC.
Complaints from neighborhood leaders and sports betting moms and dads triggered the crackdown, sports betting worried about the growing variety of gambling addicts, he stated.
On the first day of raids, 30 shops were closed in one suburb alone, and their owners were sent home with a caution, the Sharia officer said.
But Mr Aminudeen cautioned that now that the general public understood that the Hisbah was clamping down on sports betting, those flouting the guidelines would be apprehended.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system - Sharia - alongside secular law.
Bookies and bars tend to be allowed to operate in Kano's Christian neighbourhoods, sports betting though they too can face action if the Hisbah believes Muslims are frequenting them.
Nevertheless, the current crackdown is concentrated on Muslim locations of Kano, a sprawling city and the economic hub of northern Nigeria.
Sports betting shops can be found all over the city. A lot of have television screens, and customers watch the result of global football matches or horse races on which they have actually staked money.
Mr Aminudeen stated such bookmakers had been able to run under the radar as they had actually opened under false pretenses.
“They don't have licences to run as they were permitted to run computer game centres, which they later on converted to sports betting stores,” he stated.
The sports betting market has actually broadened dramatically across West Africa over the last few years. The region is roughly divided in between a generally Muslim north and a predominantly Christian south.
Many individuals go to bookies to enjoy the camaraderie of other bettors, though mobile apps are likewise popular for sports betting on the result of occasions and teams.
Nigeria's crippling economic crisis has likewise indicated individuals are willing to run the risk of a small amount in the hope of winning huge.
But this had actually caused extensive addiction, and parents were even grumbling that kids were leaving of school to gamble, Mr Aminudeen said.
“These economic issues we are dealing with in Nigeria is God telling us to change our ways by stopping sins,” he stated.
The raids on Tuesday concentrated 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 stores to either shut down or we'll apprehend them and take them to [a Sharia] court,” Mr Aminudeen stated. (Image: [[https://www.yohaig.ng/wp-content/uploads/images/gambling/sports20betting/bet9ja/Bet9ja-Aviator-300x250.png)]]
It is uncertain what penalty they would face - often, such infringements bring a fine.
Sharia was presented in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, sports betting and the intake of alcohol were banned.