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

sports betting has actually evolved significantly in Nigeria from conventional types like pool staking and Baba Ijebu to a growing sports betting market. Historically connected to European football leagues, pool staking was a typical 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 wagering, which parallels international trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is forecasted to almost double to $182.02 billion by 2030.

Regardless of financial difficulties such as inflation, Nigeria's sports betting sector has actually prospered, bring in millions, specifically amongst the youthful market facing high joblessness rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that produces a projected yearly revenue of N730 billion. The federal government has not gone undetected by this development, which is considering regulative procedures like excise responsibilities and VAT increases to handle the sector.

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

Regardless of these challenges, sports betting business continue to grow through reliable business designs and aggressive marketing methods, leveraging the creator influencer market.

These efforts have actually added to Nigeria's robust $2 billion gambling sector, with CEOs playing essential roles in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting companies who have actually substantially contributed to Nigeria's $2 billion gambling empire through their comprehensive audience reach.

Constable 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 career covers different functions in the gaming and entertainment industry, including working at one of the United Kingdom's largest 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, sports betting has actually become a leading e-commerce service in the sports betting and gaming sector, running through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has because expanded its presence, attaining 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, he became the CEO of LiveScore Group, a totally integrated ecosystem that combines appropriate sports betting content, engaging features, and a first-rate sportsbook.

Considering that taking the helm right before the pandemic, Sam has actually driven substantial growth for LiveScore Group. The company's staff member headcount has actually increased by 29%, and yearly revenue has risen from approximately ₤ 10 million to over ₤ 80 million.

Sam's management and tactical vision have actually propelled LiveScore Group's success and helped shape the industry's direction. LiveScoreBet has actually 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 appointed CEO of Betway in November 2017, having formerly served as the company's Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has actually been in the online video gaming industry given that 2000, holding various effective roles, consisting of General Manager of a data analytics team and sports betting Director of a digital marketing company.

Under Werkman's leadership, Betway has actually continued to grow its market existence and improve its offerings. The company's app has actually amassed substantial user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has identified herself as a senior executive with a performance history of transforming start-ups into institutionalized services. Her know-how spans the gaming, real estate, and credit financing industries, where he has actually developed himself as a strategic and functional leader.

Damilare has contributed in NairaBET's success for over 14 years. Considering that June 2019, she has functioned as Managing Director and has managed the business's development and operations in Lagos, sports betting Nigeria.

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

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

Akin Alabi, the founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking company, developed the 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 criteria in the industry.

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

Under Babalola's leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, offering a large range of wagering choices and an easy to use platform. The 1XBET app has over 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 endeavors, Ukanwoke has teamed up with African socio-economic institutions and governments to create developmental policies targeted at 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 and home entertainment business has rapidly grown its presence in Nigeria, with outlets in major sports betting 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 annually. In the very 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 founder, majority shareholder, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was introduced in 2001 as an online wagering website and has actually given that become among the world's largest online gambling business.

By 2016, Bet365 generated $2 billion in profits and assisted in $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has garnered substantial 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, sports betting a leading sports betting business in Nigeria, developed along with entrepreneur 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 business that produces financial investment returns and provides special financial investment insights and solutions to both private and institutional clients.

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

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a skilled specialist in the sports betting industry. He has actually been functioning as the Country Director for sports betting 22BET in Nigeria given that June 2021. In this function, he has contributed to the company's development through collaborations, company technique, sports betting and new service development.

Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and customer experience, and Country Manager at 22BET, focusing on marketing method 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 profession started at Jumia Group, where he operated in SEO, CRM, sports betting 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 Accounting from Ladoke Akintola University of Technology and a Master of Science (MS) in Business Administration, Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that offers sports betting wagering, casino games, sports betting and live dealer video 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 an international sports betting and real-money video gaming operator known for delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has actually ended up being a substantial 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 investor in fintech and mobile payments and a strong advocate for the growing African internet community. His investments show his dedication to fostering innovation and development within the region.

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

The firm is set to interrupt the sports betting market.

Sunbet Sporting International Limited has stated it is concentrated on revolutionising 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 company intends to take advantage of innovative innovation and a commitment to responsible gambling to revolutionise the sector.

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

At a press instruction, the company's spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, and sports betting the continent's deep enthusiasm for sports betting, especially football, has set the stage for Sunbet's ambitious entry. He added that the company's robust sponsorship and expert group will enable it to scale and control the marketplace quickly.

Islamic cops raid wagering shops in northern Nigeria

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

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

Problems from community leaders and parents triggered the crackdown, fretted about the growing variety of gambling addicts, he said.

On the first day of raids, 30 stores were closed in one suburb alone, sports betting and their owners were sent out home with a caution, sports betting the Sharia officer stated.

But Mr Aminudeen alerted that now that the public understood 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 - alongside nonreligious law.

Bookies and bars tend to be allowed to operate in Kano's Christian areas, though they too can face action if the Hisbah thinks Muslims are frequenting them.

Nevertheless, the existing crackdown is concentrated on Muslim locations of Kano, a sprawling city and the financial hub of northern Nigeria.

sports betting wagering shops can be discovered all over the city. Most have tv screens, and consumers view the outcome of international football matches or horse races on which they have staked money.

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

"They do not have licences to run as they were allowed to run computer game centres, which they later on converted to wagering stores," he stated.

The sports betting market has expanded drastically across West Africa in recent years. The region is approximately divided between a primarily Muslim north and a predominantly Christian south.

Lots of people go to bookies to take pleasure in the sociability of other gamblers, though mobile apps are likewise popular for sports betting on the result of occasions and teams.

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

However this had actually caused prevalent addiction, and parents were even complaining that children were leaving of school to gamble, Mr Aminudeen stated.

"These financial issues we are dealing with in Nigeria is God informing us to alter our ways by stopping sins," he stated.

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 - frequently, such infringements carry a fine.

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