Meet CEOs/MDs of companies behind Nigeria's $2 billion Sports wagering industry.

Gambling has progressed substantially in Nigeria from traditional kinds like pool staking and sports betting Baba Ijebu to a growing sports betting wagering industry. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would wager as low as N50-N200 on matches.

Slowly, with increased internet access came virtual sports betting, which parallels international trends. The sports betting wagering market is valued at $89.91 billion in 2023 and sports betting 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, attracting millions, particularly among the youthful market facing high joblessness rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that produces an approximated yearly income of N730 billion. The federal government has actually not gone undetected by this growth, which is thinking about regulatory measures like excise responsibilities and VAT increases to manage the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of challenges in enforcement. Issues such as inadequate age verification and marketing rule breaches show industry regulative spaces.

In spite of these challenges, sports betting business continue to grow through effective service designs and aggressive marketing techniques, leveraging the creator influencer industry.

These efforts have actually contributed to Nigeria's robust $2 billion sports betting sector, sports betting with CEOs playing essential functions in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting business who have actually substantially added to Nigeria's $2 billion gambling 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 career spans numerous functions in the video gaming and entertainment industry, sports betting including operating at one of the United Kingdom's biggest gaming centres, The Palace Bingo Club, where he functioned as the Lead Engineer in a Bingo and Bowling Club.

Olaniyan holds a BSc in Geography from the University of Ilorin and sports betting a Master's in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has become a leading e-commerce service in the sports betting and sports betting gaming sector, running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has given that 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 brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally incorporated ecosystem that combines appropriate sports betting content, engaging functions, and a world-class sportsbook.

Since taking the helm just before the pandemic, Sam has actually driven substantial development for LiveScore Group. The business's worker headcount has actually increased by 29%, and annual profits has 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 market's instructions. LiveScoreBet has accomplished major sports betting user engagement, sports betting with over 100,000 downloads on the Google Play Store.

Anthony Werkman - CEO of Betway Group

Anthony Werkman was selected CEO of Betway in November 2017, having actually formerly functioned as the company's Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has remained in the online video gaming industry considering that 2000, holding different effective functions, consisting of General Manager of a data analytics team and Director of a digital marketing firm.

Under Werkman's leadership, Betway has actually continued to grow its market existence and enhance its offerings. The company's app has actually amassed considerable 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 track record of transforming start-ups into institutionalized services. Her competence spans the video gaming, real estate, sports betting and credit financing markets, sports betting where he has developed himself as a tactical and functional leader.

Damilare has been instrumental in NairaBET's success for over 14 years. Since June 2019, she has served as Managing Director and has managed the business's development and operations in Lagos, Nigeria.

Before this, sports betting she was the Chief Operating Officer from 2010 to June 2019, essential in the company's operational methods and market growth.

She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN provides frHer educational background consists of 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, established 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 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 worldwide sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookies in Europe and the world. The business operates in more than 50 nations, consisting of Nigeria, where it is totally licensed.

Under Babalola's leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, using a wide variety of sports betting choices 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, sports betting and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has collaborated with African socio-economic institutions and federal governments to develop 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, sports betting 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 home entertainment company 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 entered into 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 purchased 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, bulk investor, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and has since grown into among the world's largest online gambling business.

By 2016, Bet365 produced $2 billion in revenues and assisted in $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually 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 business in Nigeria, developed alongside businessman Kunle Soname, sports betting who also 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 generates financial investment returns and offers special financial investment insights and sports betting options to both individual and institutional clients.

Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has actually quickly grown in popularity, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has actually ended up being a significant player 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 actually been working as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has added to the company's development through collaborations, sports betting business strategy, and new business development.

Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item advancement and client experience, and Country Manager at 22BET, sports betting focusing on marketing technique and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and sports betting held various digital marketing roles at Laclic Services and Betty Bingo.

His career began at Jumia Group, where he operated in SEO, sports betting 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, sports betting Management, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that provides sports betting wagering, gambling establishment video games, sports betting and live dealership games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a company registered in Cyprus and 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 company he developed in 2013.

SportyBet is a global sports betting and real-money gaming operator understood for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's management, SportyBet has ended up being a substantial 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 sports betting in fintech and mobile payments and a strong supporter for the growing African internet ecosystem. His investments reflect his dedication to fostering development and advancement within the area.

On April 30, 2024, Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.

The firm is set to disrupt the sports betting market.

Sunbet Sporting International Limited has stated it is concentrated on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development forecast in the coming years, sports betting according to reports from the African Sports Betting Association and sports betting PwC, the company aims to leverage cutting-edge innovation and sports betting a dedication to accountable gambling to change the sector.

Backed by the financial power of four prominent African billionaires, Sunbet, which will release in the very first quarter of 2025, aims to be the continent's biggest and sports betting most ingenious sports betting wagering platform.

At a press rundown, the business's spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent's deep passion for sports betting, especially football, has set the stage for Sunbet's enthusiastic entry. He added that the company's robust financial backing and professional group will allow it to scale and control the marketplace quickly.

Islamic authorities raid betting stores in northern Nigeria

Islamic police in Nigeria's northern city of Kano have started shutting down sports betting wagering stores, which they say are operating unlawfully.

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

Complaints from community leaders and parents triggered the crackdown, worried about the growing number of gambling addicts, he said.

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

But Mr Aminudeen cautioned that now that the general public was aware that the Hisbah was clamping down on gambling, sports betting those flouting the guidelines would be jailed.

Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system - Sharia - together with nonreligious law.

Bookmakers and bars tend to be permitted to run in Kano's Christian areas, though they too can face action if the Hisbah believes Muslims are frequenting them.

Nevertheless, the present crackdown is concentrated on Muslim areas of Kano, a vast city and the financial center of northern Nigeria.

Sports betting shops can be discovered all over the city. The majority of have television screens, and clients enjoy the outcome of worldwide football matches or horse races on which they have staked cash.

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

"They don't have licences to operate as they were permitted to run video games centres, which they later on transformed to sports betting stores," he stated.

The sports betting industry has actually expanded considerably throughout West Africa recently. The region is approximately divided between a mainly Muslim north and a mainly Christian south.

Many individuals go to bookmakers to delight in the camaraderie of other gamblers, though mobile apps are also popular for wagering on the result of occasions and teams.

Nigeria's debilitating recession has likewise meant people want to risk a small amount in the hope of winning big.

But this had resulted in widespread addiction, and moms and dads were even complaining that kids were dropping out of school to bet, sports betting Mr Aminudeen stated.

"These financial problems we are dealing with in Nigeria is God informing us to change our methods 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 arrest them and take them to [a Sharia] court," Mr Aminudeen said.

It is unclear what punishment they would face - often, such violations bring a fine.

Sharia was presented in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, sports betting and the usage of alcohol were banned.