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

sports betting has progressed considerably in Nigeria from traditional kinds like pool staking and Baba Ijebu to a flourishing sports betting market. Historically connected to European football leagues, pool staking was a typical sight at motor parks and sports betting kiosks, where lovers would bet as low as N50-N200 on matches.

Slowly, sports betting with increased web access came virtual wagering, which parallels worldwide patterns. The sports betting market is valued at $89.91 billion in 2023 and is predicted to almost double to $182.02 billion by 2030.

Despite financial obstacles such as inflation, sports betting Nigeria's sports betting wagering sector has thrived, attracting millions, specifically amongst the vibrant group dealing with high joblessness rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that generates a projected yearly profits of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulative measures like excise responsibilities and VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations in spite of difficulties in enforcement. Concerns such as insufficient age confirmation and marketing rule breaches show market regulative spaces.

In spite of these obstacles, sports betting companies continue to flourish through effective company designs and aggressive marketing techniques, 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 development. Here are the CEOs of leading sports betting companies who have actually considerably contributed 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 diverse career spans various functions in the gaming and show business, consisting of operating at one of the United Kingdom's biggest video 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 University of Glamorgan, Wales. Surebet247, founded in August 2011, has actually become a leading e-commerce business in the sports betting and gaming sector, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually given that expanded its presence, 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 ended up being the CEO of LiveScore Group, a totally incorporated environment that combines appropriate sports betting material, engaging features, and a first-rate sportsbook.

Considering that taking the helm just before the pandemic, Sam has driven significant growth for LiveScore Group. The business's employee headcount has actually increased by 29%, and yearly earnings has risen from roughly ₤ 10 million to over ₤ 80 million.

Sam's management and tactical vision have actually moved LiveScore Group's success and assisted shape the market's direction. LiveScoreBet has accomplished major user engagement, sports betting 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 previously functioned as the company's Marketing and Operations Director because 2015. He joined Betway in 2013 and has actually remained in the online gaming industry given that 2000, holding various successful roles, including General Manager of a data analytics team and sports betting Director of a digital marketing company.

Under Werkman's management, sports betting Betway has actually continued to grow its market existence and boost its offerings. The company's app has gathered considerable user engagement, sports betting 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 changing start-ups into institutionalized businesses. Her expertise spans the gaming, real estate, sports betting and credit lending markets, where he has actually developed himself as a tactical and functional leader.

Damilare has contributed in NairaBET's success for over 14 years. Because June 2019, she has served as Managing Director and has overseen the company's growth and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company's functional techniques and market growth.

She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN supplies frHer academic background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished in 2005.

Akin Alabi, the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, sports betting it was the very first to launch a fully 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, a franchise of the international sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has 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 completely licensed.

Under Babalola's leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, providing a wide range of wagering options 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, sports betting 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 governments to design developmental policies aimed at empowering young people. In 2015, sports betting 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, sports betting by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has rapidly grown its presence in Nigeria, sports betting with outlets in major sports betting 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 variety of which is increasing every year. In the very 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, sports betting the founder, majority investor, sports betting and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was launched in 2001 as an online wagering site and has actually given that become among the world's biggest online gambling companies.

By 2016, Bet365 generated $2 billion in profits and assisted in $45 billion in yearly bets. The company likewise 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 business in Nigeria, established alongside 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 possession management company that generates investment returns and offers distinct investment insights and options to both private and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually rapidly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has become a considerable gamer in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting market. He has actually been acting as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has actually added to the company's growth through collaborations, service method, and new service development.

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

His career began at Jumia Group, where he worked in SEO, 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 a Master of Science (MS) in Business Administration, 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 launched in 2017 and sports betting 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 company he developed in 2013.

SportyBet is a global sports betting wagering and sports betting real-money video gaming operator understood for delivering an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's leadership, SportyBet has become a substantial 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 investor in fintech and mobile payments and sports betting a strong advocate for the growing African internet environment. His investments show his commitment to fostering development and sports betting advancement within the region.

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

The company is set to interrupt the sports betting industry.

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 development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to take advantage of cutting-edge technology and a commitment to accountable gambling to revolutionise the sector.

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

At a press briefing, the business's spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, specifically football, sports betting has actually set the stage for Sunbet's ambitious entry. He included that the company's robust sponsorship and specialist team will allow it to scale and control the marketplace quickly.

Islamic police raid betting stores in northern Nigeria

Islamic authorities in Nigeria's northern city of Kano have actually started shutting down sports betting wagering shops, which they say are running unlawfully.

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

Complaints from community leaders and moms and dads prompted the crackdown, fretted about the growing variety of gambling addicts, he stated.

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

But Mr Aminudeen cautioned that now that the public was aware that the Hisbah was clamping down on sports betting, those flouting the rules 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 enabled to operate in Kano's Christian areas, though they too can face action if the Hisbah believes Muslims are frequenting them.

Nevertheless, the current 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. The majority of have television screens, and consumers view the result of global football matches or horse races on which they have actually staked cash.

Mr Aminudeen said such bookmakers had actually been able to run under the radar as they had actually opened under false pretenses.

"They don't have licences to operate as they were allowed to run video games centres, which they later on converted to wagering stores," he said.

The sports betting market has expanded considerably across West Africa over the last few years. The area is approximately divided between a mainly Muslim north and a primarily Christian south.

Many individuals go to bookmakers to delight in the camaraderie of other bettors, though mobile apps are likewise popular for sports betting on the result of events and teams.

Nigeria's debilitating recession has also implied individuals want to run the risk of a percentage in the hope of winning big.

However this had actually resulted in widespread addiction, and parents were even grumbling that children were leaving of school to gamble, Mr Aminudeen stated.

"These economic issues we are facing in Nigeria is God telling us to change our methods by stopping sins," he said.

The raids on Tuesday focused on Munjibir, considered a resort area in the northeast of the city-- visitors flock there at weekends.

"I am advising those running those wagering shops to either shut down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen stated.

It is uncertain what penalty they would face - typically, such violations bring a fine.

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