Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports betting market.

sports betting has actually progressed considerably in Nigeria from conventional kinds like pool staking and Baba Ijebu to a growing sports betting wagering industry. Historically tied to European football leagues, sports betting pool staking was a common sight at motor parks and sports betting kiosks, sports betting where enthusiasts would bet as little as N50-N200 on matches.

Slowly, with increased web gain access to came virtual sports betting, sports betting which parallels worldwide 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.

In spite of economic obstacles such as inflation, Nigeria's sports betting wagering sector has grown, attracting millions, specifically among the youthful group facing high joblessness rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that produces an approximated annual revenue of N730 billion. The federal government has not gone unnoticed by this development, which is considering regulative steps like import tax tasks and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations in spite of obstacles in enforcement. Problems such as insufficient age verification and advertising guideline breaches reveal industry regulatory spaces.

Despite these difficulties, sports betting business continue to grow through effective company models and aggressive marketing methods, leveraging the developer influencer industry.

These efforts have actually contributed to Nigeria's robust $2 billion gaming sector, with CEOs playing crucial roles in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting wagering companies who have actually substantially contributed to Nigeria's $2 billion gambling empire through their extensive 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 profession spans various roles in the gaming and sports betting 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 turned into a leading e-commerce business in the sports betting and sports betting gaming sector, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and sports betting has actually since expanded its presence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi - CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brands and sports betting media. In 2019, sports betting he ended up being the CEO of LiveScore Group, a totally incorporated environment that integrates relevant sports betting material, engaging features, and a first-rate sportsbook.

Because taking the helm prior to the pandemic, sports betting Sam has driven considerable growth for LiveScore Group. The business's staff member headcount has increased by 29%, sports betting and annual profits has actually surged from approximately ₤ 10 million to over ₤ 80 million.

Sam's leadership and strategic vision have moved LiveScore Group's success and helped shape the industry's instructions. 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 formerly acted as the business's Marketing and sports betting Operations Director given that 2015. He joined Betway in 2013 and has remained in the online gaming market since 2000, holding various effective functions, including General Manager of a data analytics team and Director of a digital marketing company.

Under Werkman's management, sports betting Betway has actually continued to grow its market existence and improve its offerings. The company's app has 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 distinguished herself as a senior executive with a performance history of transforming start-ups into institutionalized businesses. Her expertise covers the video gaming, realty, and credit financing markets, where he has actually established himself as a strategic and operational leader.

Damilare has actually been instrumental in NairaBET's success for over 14 years. Because 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, essential in the business's operational methods and sports betting market growth.

She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN offers frHer educational background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.

Akin Alabi, sports betting the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking company, developed the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to launch a totally practical site, setting a standard in the industry.

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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the largest bookmakers in Europe and the world. The company runs in more than 50 countries, including Nigeria, where it is completely licensed.

Under Babalola's leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, providing a vast array of wagering 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, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually teamed up with African socio-economic institutions and governments to design 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, sports betting by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has rapidly grown its presence in Nigeria, with outlets in significant cities and sports betting 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 tasks, the variety of which is increasing every year. In the exact 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 founder, majority investor, and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has actually because become one of the world's largest online gaming companies.

By 2016, Bet365 generated $2 billion in incomes and facilitated $45 billion in yearly bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has amassed 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 company in Nigeria, developed alongside entrepreneur 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 creates financial investment returns and provides distinct investment insights and solutions to both private and institutional customers.

Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has ended up being a significant gamer in the Nigerian sports betting wagering market.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting wagering industry. He has been functioning as the Country Director for 22BET in Nigeria since June 2021. In this function, he has actually added to the company's growth through partnerships, organization method, sports betting and new service advancement.

Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item development 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 career started at Jumia Group, where he worked in SEO, sports betting CRM, and content management. Fikayo also worked 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, sports betting Management, and sports betting Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that offers sports betting, casino games, and sports betting live dealership video games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a business registered 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 an international sports betting wagering and real-money video gaming operator understood for providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani's leadership, SportyBet has actually ended up being a significant 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 a strong supporter for the growing African web community. His investments show his commitment to cultivating development and advancement within the area.

On April 30, 2024, Sudeep Ramnani bought Chowdeck, taking part in a seed round valued at $2.5 million.

The company is set to disrupt the sports wagering industry.

Sunbet Sporting International Limited has said 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 development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to leverage advanced technology and a commitment to accountable sports betting to change the sector.

Backed by the monetary power of 4 popular African billionaires, Sunbet, which will launch in the first quarter of 2025, aims to be the continent's biggest and most innovative sports betting wagering platform.

At a press rundown, the business's representative, Akin Babatunde, stated that the rise in Internet penetration, mobile use, sports betting and the continent's deep passion for sports betting, especially football, has set the stage for Sunbet's ambitious entry. He added that the firm's robust sponsorship and professional group will enable it to scale and sports betting control the marketplace quickly.

Islamic authorities raid betting shops in northern Nigeria

Islamic police in Nigeria's northern city of Kano have actually begun shutting down sports betting wagering stores, which they state are running unlawfully.

"As you know, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, informed the BBC.

Grievances from neighborhood leaders and parents prompted the crackdown, stressed over the growing number of gambling addicts, he stated.

On the very first day of raids, 30 shops were closed in one suburban area alone, and their owners were sent home with a caution, the Sharia officer stated.

But Mr Aminudeen cautioned that now that the general public knew that the Hisbah was clamping down on gaming, those flouting the rules would be arrested.

Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system - Sharia - alongside secular law.

Bookmakers and sports betting bars tend to be enabled to operate in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.

However, the current crackdown is concentrated on Muslim areas of Kano, a sprawling city and sports betting the economic center of northern Nigeria.

sports betting wagering stores can be discovered all over the city. Many have tv screens, and customers enjoy the outcome of worldwide football matches or horse races on which they have staked cash.

Mr Aminudeen stated such bookmakers had had the ability to operate under the radar as they had actually opened under false pretenses.

"They do not have licences to operate as they were allowed to run video games centres, which they later converted to wagering stores," he said.

The sports betting wagering market has expanded significantly across West Africa in recent years. The region is roughly divided in between a mainly Muslim north and a predominantly Christian south.

Many people go to bookies to enjoy the sociability of other gamblers, though mobile apps are also popular for wagering on the outcome of events and groups.

Nigeria's crippling recession has also indicated people are willing to risk a small amount in the hope of winning huge.

However this had actually caused extensive dependency, and sports betting moms and dads were even grumbling that children were dropping out of school to gamble, Mr Aminudeen said.

"These financial concerns we are facing in Nigeria is God informing us to change our ways by stopping sins," he said.

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 shops to either shut down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen stated.

It is unclear what penalty they would face - typically, such violations carry a fine.

Sharia was presented in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gambling and the intake of alcohol were prohibited.