The N2 Billion Bet: Meet the CEOs Reshaping Nigeria's Betting Industry Despite Islamic Resistance
Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting market.
sports betting has evolved significantly in Nigeria from conventional kinds 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 sports betting parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.
Slowly, with increased internet gain access to came virtual sports betting, which parallels global trends. The sports betting market is valued at $89.91 billion in 2023 and is forecasted to almost double to $182.02 billion by 2030.
In spite of financial challenges such as inflation, Nigeria's sports betting wagering sector has thrived, attracting millions, sports betting particularly amongst the younger demographic dealing with high unemployment rates.
Reports indicate that roughly 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that produces a projected annual revenue of N730 billion. The federal government has actually not gone unnoticed by this growth, which is thinking about regulatory steps like import tax duties and VAT increases to manage the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure fair operations despite obstacles in enforcement. Problems such as insufficient age verification and advertising guideline breaches show industry regulatory spaces.
Regardless of these obstacles, sports betting wagering business continue to flourish through reliable company models and aggressive marketing techniques, leveraging the developer influencer market.
These efforts have added to Nigeria's robust $2 billion gambling sector, with CEOs playing crucial roles in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting wagering business who have actually considerably contributed to Nigeria's $2 billion gambling empire through their substantial audience reach.
Constable Olaniyan - CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse profession covers different roles in the video gaming and entertainment industry, including working at one of the United Kingdom's biggest 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 turned into a leading e-commerce company in the wagering and video gaming sector, running through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and sports betting has considering that broadened its existence, 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 became the CEO of LiveScore Group, a fully incorporated community that combines pertinent sports betting content, engaging features, and a .
Considering that taking the helm just before the pandemic, Sam has driven substantial development for LiveScore Group. The business's worker headcount has increased by 29%, and annual profits has actually risen from around ₤ 10 million to over ₤ 80 million.
Sam's management and sports betting tactical vision have actually propelled LiveScore Group's success and assisted shape the industry's direction. LiveScoreBet has actually achieved major 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 formerly served as the business's Marketing and Operations Director because 2015. He joined Betway in 2013 and has actually remained in the online video gaming market considering that 2000, holding numerous effective roles, including General Manager of an information analytics team and Director of a digital marketing agency.
Under Werkman's leadership, Betway has actually continued to grow its market existence and sports betting enhance its offerings. The company's app has actually garnered substantial user engagement, with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has actually identified herself as a senior executive with a performance history of changing start-ups into institutionalized companies. Her proficiency covers the gaming, property, and 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. Given that June 2019, she has worked as Managing Director and has actually supervised the business'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 strategies and sports betting market growth.
She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN supplies 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, sports betting established business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to release a fully 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 business runs in more than 50 nations, consisting of Nigeria, where it is totally accredited.
Under Babalola's leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, offering a large range of sports betting choices 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 sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has collaborated with African socio-economic institutions and governments to develop developmental policies focused on empowering young people. 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, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and sports betting entertainment company has actually quickly grown its presence in Nigeria, with outlets in major cities and sports betting over 500,000 downloads on the Google Play Store.
In 2020, sports betting BetKing participated in a collaboration with the Lagos Employment Trust Fund, creating over 100,000 jobs, the number of which is increasing yearly. In the exact 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 founder, majority shareholder, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was released in 2001 as an online sports betting site and has actually considering that become one of the world's largest online sports betting business.
By 2016, sports betting Bet365 produced $2 billion in earnings and helped with $45 billion in yearly bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has actually gathered significant user engagement, sports betting 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 company in Nigeria, sports betting established together with business person Kunle Soname, who likewise owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.
Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management business that generates financial investment returns and offers unique investment insights and solutions to both specific and sports betting institutional clients.
Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has ended up being a considerable gamer in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a seasoned professional in the sports betting market. He has been working as the Country Director for sports betting 22BET in Nigeria considering that June 2021. In this function, he has added to the business's development through collaborations, organization strategy, and new company development.
Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and client experience, and Country Manager at 22BET, focusing 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 worked in SEO, CRM, and content management. Fikayo likewise functioned as a Human Resource Officer at SIFAX Group.
He holds a Bachelor of Technology (B.Tech.) in Management and sports betting Accounting from Ladoke Akintola University of Technology and a Master of Science (MS) in Business Administration, Management, sports betting and Operations from ESTG University in Cotonou, Benin Republic.
22Bet is an online sports betting platform that provides sports betting wagering, casino games, and live dealership video games. It was released in 2017 and sports betting is owned and run 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 a chain of gambling establishments worldwide.
Sudeep Ramnani-- CEO Sportybet Group
Sudeep Ramnani is the Founder and sports betting CEO of SportyBet, a business he established in 2013.
SportyBet is an international sports betting and real-money gaming operator understood for delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has ended up being a significant gamer 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 a strong supporter for the growing African web ecosystem. His financial investments show his dedication to promoting development and development within the area.
On April 30, sports betting 2024, Sudeep Ramnani invested in Chowdeck, participating in a seed round valued at $2.5 million.
The company is set to interrupt the sports wagering market.
Sunbet Sporting International Limited has stated it is concentrated on changing how millions of Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, sports betting the firm intends to take advantage of advanced technology and a commitment to accountable sports betting to change the sector.
Backed by the financial power of four popular African billionaires, Sunbet, sports betting which will introduce in the first quarter of 2025, intends to be the continent's biggest and most innovative sports betting wagering platform.
At a press instruction, the company's representative, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent's deep passion for sports betting, sports betting particularly football, has set the stage for sports betting Sunbet's ambitious entry. He added that the firm's robust financial backing and expert group will allow it to scale and control the marketplace rapidly.
Islamic authorities raid wagering stores in northern Nigeria
Islamic cops in Nigeria's northern city of Kano have begun shutting down sports betting wagering stores, which they state are operating illegally.
"As you understand, wagering is forbidden in Islam," Mujahid Aminudeen, sports betting deputy chief of the Sharia police, called the Hisbah, informed the BBC.
Grievances from community leaders and parents triggered the crackdown, stressed over the growing variety of sports betting addicts, he stated.
On the first day of raids, 30 shops were closed in one residential area alone, and their owners were sent out home with a caution, the Sharia officer stated.
However Mr Aminudeen cautioned that now that the public understood that the Hisbah was clamping down on sports betting, those flouting the guidelines would be detained.
Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system - Sharia - together with nonreligious law.
Bookmakers and bars tend to be enabled to run in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.
However, the present crackdown is focused on Muslim areas of Kano, a sprawling city and the financial center of northern Nigeria.
Sports betting stores can be found all over the city. Most have tv screens, and consumers watch the outcome of international football matches or horse races on which they have staked cash.
Mr Aminudeen stated such bookies had been able to operate under the radar as they had actually opened under false pretenses.
"They do not have licences to run as they were allowed to run video games centres, which they later converted to sports betting shops," he stated.
The sports betting wagering market has actually expanded significantly throughout West Africa recently. The area is roughly divided between a primarily Muslim north and a predominantly Christian south.
Lots of people go to bookmakers to delight in the sociability of other gamblers, though mobile apps are also popular for sports betting on the outcome of events and groups.
Nigeria's debilitating economic crisis has actually also implied individuals want to risk a percentage in the hope of winning big.
But this had led to extensive dependency, and moms and dads were even grumbling that kids were leaving of school to gamble, sports betting Mr Aminudeen said.
"These economic issues we are facing in Nigeria is God informing us to change our methods 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 closed down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen said.
It is uncertain what penalty they would deal with - typically, such infringements bring a fine.
Sharia was introduced in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, gambling and the intake of alcohol were banned.
