Bonita Dowd ha preguntado hace 4 horas Meet CEOs/MDs of companies behind Nigeria’s $2 billion Sports betting market.
Gambling has actually evolved considerably in Nigeria from traditional types like pool staking and Baba Ijebu to a thriving sports betting wagering market. Historically tied to European football leagues, sports betting swimming pool staking was a common sight at motor parks and kiosks, where lovers would wager just N50-N200 on matches.
Gradually, with increased internet access came virtual wagering, sports betting which parallels worldwide trends. The sports betting wagering market is valued at $89.91 billion in 2023 and sports betting is forecasted to almost double to $182.02 billion by 2030.
Despite economic obstacles such as inflation, Nigeria’s sports betting sector has actually thrived, attracting millions, especially among the youthful market dealing with high joblessness rates.
Reports show that around 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that creates an estimated annual profits of N730 billion. The federal government has actually not gone undetected by this development, which is thinking about regulative measures like import tax responsibilities and VAT increases to handle the sector.
The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations in spite of difficulties in enforcement. Issues such as inadequate age verification and advertising guideline breaches show industry regulative gaps.
In spite of these challenges, sports betting wagering business continue to thrive through effective service models and aggressive marketing strategies, leveraging the creator influencer market.
These efforts have actually added to Nigeria’s robust $2 billion gambling sector, with CEOs playing essential functions in expanding audience reach and driving market development. Here are the CEOs of leading sports betting companies who have actually substantially contributed to Nigeria’s $2 billion gaming empire through their extensive audience reach.
Sheriff Olaniyan – CEO Surebet247
Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied profession spans different roles in the video gaming and sports betting entertainment industry, consisting of working 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 of Glamorgan, Wales. Surebet247, founded in August 2011, has become a leading e-commerce organization in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, sports betting 2006, and has since broadened its existence, accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi – CEO Livescorebet
Sam Sadi has over 25 years of experience in sports betting brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully incorporated environment that combines appropriate sports betting material, engaging functions, and a world-class sportsbook.
Given that taking the helm just before the pandemic, Sam has driven considerable growth for LiveScore Group. The business’s employee headcount has actually increased by 29%, and annual profits has actually surged from roughly ₤ 10 million to over ₤ 80 million.
Sam’s leadership and tactical vision have moved LiveScore Group’s success and assisted shape the market’s direction. LiveScoreBet has attained 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 formerly functioned as the business’s Marketing and Operations Director since 2015. He signed up with Betway in 2013 and sports betting has been in the online video gaming market considering that 2000, holding numerous successful functions, including General Manager of an information analytics group and sports betting Director sports betting of a digital marketing firm.
Under Werkman’s leadership, Betway has continued to grow its market existence and sports betting enhance its offerings. The company’s app has actually gathered substantial user engagement, sports betting with over 100,000 downloads on the Google Play Store.
Damilare Alabi, Co-Founder, Managing Director NairaBET
Damilare Alabi has distinguished herself as a senior executive with a performance history of transforming start-ups into institutionalized organizations. Her know-how spans the video gaming, property, and credit financing industries, where he has actually developed himself as a strategic and functional leader.
Damilare has been instrumental in NairaBET’s success for over 14 years. Because June 2019, she has acted as Managing Director and has supervised the company’s growth and operations in Lagos, Nigeria.
Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business’s functional methods and market expansion.
She established DearDammy Women’s Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN offers frHer instructional background includes a Bachelor’s degree in Geology/Earth Science from the University of Ibadan, completed in 2005.
Akin Alabi, the creator of NairaBET.com, sports betting Nigeria’s pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to introduce a completely functional site, setting a criteria 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 worldwide sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookmakers in Europe and the world. The business operates in more than 50 nations, including Nigeria, where it is totally licensed.
Under Babalola’s management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, using a wide range of wagering alternatives 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, and Chairman of Vend Capital. In addition to leading these ventures, sports betting Ukanwoke has teamed up with African socio-economic organizations 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, founded and released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has rapidly grown its existence 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 each year. In the same year, MultiChoice broadcaster bought 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 founder, majority investor, and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has considering that become one of the world’s biggest online sports betting business.
By 2016, Bet365 produced $2 billion in revenues and helped with $45 billion in yearly bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has 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 along with business person Kunle Soname, who likewise 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 creates financial investment returns and offers special financial investment insights and sports betting options to both private and institutional clients.
Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has actually quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye’s management, Bet9ja has actually become a significant player in the Nigerian sports betting wagering industry.
Fikayo Ogunfuye – Country Director 22bet
Fikayo Ogunfuye is a skilled specialist in the sports betting market. He has actually been functioning as the Country Director for 22BET in Nigeria since June 2021. In this role, he has contributed to the business’s development through partnerships, service technique, and sports betting brand-new organization advancement.
Fikayo’s experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and consumer experience, and sports betting Country Manager at 22BET, focusing on marketing technique and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.
His profession started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise acted 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 sports betting 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 uses sports betting, casino video games, and live dealership video games. It was released 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 an international sports betting and real-money gaming operator understood for sports betting delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani’s management, SportyBet has actually ended up being a substantial player in the industry, with over 1 million downloads on the Google Play Store.
In addition to his function at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong supporter for the growing African internet ecosystem. His financial investments reflect his commitment to fostering innovation and development within the region.
On April 30, 2024, Sudeep Ramnani bought Chowdeck, sports betting taking part in a seed round valued at $2.5 million.
The firm 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 yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to leverage cutting-edge innovation and a commitment to responsible gambling to revolutionise the sector.
Backed by the monetary power of four popular African billionaires, Sunbet, which will release in the very first quarter of 2025, aims to be the continent’s largest and most innovative sports betting platform.
At a press rundown, the company’s representative, Akin Babatunde, said that the rise in Internet penetration, sports betting mobile use, and the continent’s deep enthusiasm for sports betting, particularly football, has actually set the stage for Sunbet’s ambitious entry. He added that the company’s robust sponsorship and specialist team will enable it to scale and dominate the marketplace rapidly.
Islamic police raid betting shops in northern Nigeria
Islamic police in Nigeria’s northern city of Kano have actually started shutting down sports betting wagering stores, which they state are operating illegally.
«As you know, sports betting is forbidden in Islam,» Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, told the BBC.
Problems from community leaders and parents prompted the crackdown, worried about the growing variety of sports betting addicts, he stated.
On the first day of raids, 30 stores were closed in one residential area alone, and sports betting their owners were sent out home with a warning, the Sharia officer said.
However Mr Aminudeen alerted that now that the public was aware that the Hisbah was clamping down on gaming, those flouting the guidelines would be jailed.
Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system – Sharia – together with secular law.
Bookmakers and bars tend to be enabled 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 areas of Kano, sports betting a sprawling city and the financial center of northern Nigeria.
Sports betting stores can be found all over the city. Many have television screens, and consumers view the result of global football matches or horse races on which they have actually staked money.
Mr Aminudeen stated such bookmakers had actually been able to operate under the radar as they had opened under false pretenses.
«They do not have licences to operate as they were permitted to run video games centres, which they later on converted to sports betting shops,» he stated.
The sports betting wagering industry has actually broadened significantly across West Africa in the last few years. The region is approximately divided between a generally Muslim north and a primarily Christian south.
Lots of people go to bookies to take pleasure in the friendship of other bettors, though mobile apps are also popular for wagering on the result of events and teams.
Nigeria’s debilitating economic crisis has also suggested people are willing to risk a small amount in the hope of winning big.
However this had actually led to extensive addiction, and moms and dads were even grumbling that children were leaving of school to bet, Mr Aminudeen said.
«These financial concerns we are facing in Nigeria is God telling us to alter our methods by stopping sins,» he said.
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 advising those running those sports betting shops to either shut down or we’ll detain them and take them to [a Sharia] court,» Mr Aminudeen stated.
It is uncertain what penalty they would deal with – 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, gaming and the intake of alcohol were prohibited.