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

Gaming has progressed substantially in Nigeria from standard forms like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically tied to European football leagues, pool staking was a typical sight at motor parks and kiosks, where enthusiasts would bet as little as N50-N200 on matches.

Gradually, with increased web gain access to came virtual sports betting, which parallels worldwide trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is projected to nearly double to $182.02 billion by 2030.

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

Reports show that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that produces an estimated yearly income of N730 billion. The federal government has not gone undetected by this growth, which is thinking about regulative measures like excise duties and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations despite difficulties in enforcement. Concerns such as inadequate age confirmation and sports betting marketing guideline breaches reveal industry regulatory spaces.

Regardless of these obstacles, sports betting wagering companies continue to grow through efficient service models and sports betting aggressive marketing techniques, leveraging the developer influencer industry.

These efforts have actually contributed to Nigeria's robust $2 billion gambling sector, with CEOs playing essential functions in broadening audience reach and sports betting driving market growth. Here are the CEOs of leading sports betting business who have considerably contributed to Nigeria's $2 billion gaming empire through their substantial audience reach.

Sheriff Olaniyan - CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession spans different functions in the gaming and entertainment industry, including operating at one of the United Kingdom's biggest gaming centres, sports betting The Palace Bingo Club, where he worked as the Lead Engineer in a Bingo and sports betting 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 grown into a leading e-commerce organization in the wagering and gaming sector, running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually because broadened its existence, sports betting achieving 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 became the CEO of LiveScore Group, a fully incorporated community that integrates relevant sports betting content, engaging features, and sports betting a first-rate sportsbook.

Since taking the helm right before the pandemic, Sam has actually driven substantial growth for LiveScore Group. The business's staff member headcount has actually increased by 29%, and annual profits has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam's management and tactical vision have moved LiveScore Group's success and helped shape the market's direction. LiveScoreBet has accomplished significant 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 previously acted as the company's Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming market because 2000, holding various effective functions, sports betting including General Manager of an information analytics group and Director sports betting of a digital marketing company.

Under Werkman's management, Betway has actually continued to grow its market presence and boost its offerings. The business's app has actually gathered significant 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 proficiency covers the gaming, real estate, and credit financing markets, where he has developed himself as a tactical and operational leader.

Damilare has contributed in NairaBET's success for over 14 years. Given that June 2019, she has actually worked as Managing Director and has overseen the company'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 functional techniques and market growth.

She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned organizations. 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, sports betting the creator 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 first to introduce a totally practical website, sports betting 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 wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookmakers in Europe and the world. The company runs in more than 50 nations, consisting of Nigeria, where it is completely licensed.

Under Babalola's management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, providing a wide variety of wagering choices 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, Managing Director of KingMakers, sports betting and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has teamed up with African socio-economic organizations and governments to design developmental policies aimed at empowering youths. In 2015, sports betting Ernst & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.

BetKing, established and sports betting 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 actually rapidly grown its presence in Nigeria, 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, developing over 100,000 tasks, sports betting the variety 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 founder, sports betting majority shareholder, sports betting and joint Chief Executive of Bet365, sports betting an online gaming company she developed in 2000. Bet365.com was launched in 2001 as an online wagering website and has actually since grown into among the world's largest online gambling companies.

By 2016, Bet365 created $2 billion in earnings and helped with $45 billion in annual bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered 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 also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, sports betting an independent Nigerian property management company that creates investment returns and provides special financial investment insights and options to both private and institutional customers.

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

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting wagering market. He has actually been functioning as the Country Director for 22BET in Nigeria because June 2021. In this function, he has actually added to the company's growth through partnerships, company strategy, and new business development.

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

His career began 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 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 sports betting platform that provides sports betting wagering, gambling establishment games, and live dealer video games. It was introduced 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 casinos worldwide.

Sudeep Ramnani-- CEO Sportybet Group

Sudeep Ramnani is the Founder and sports betting CEO of SportyBet, a business he developed in 2013.

SportyBet is a global sports betting wagering and real-money video gaming operator known for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's management, SportyBet has actually ended up being a substantial gamer in the market, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for sports betting the growing African internet ecosystem. His investments show his commitment to promoting innovation and sports betting development within the region.

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

The company is set to interfere with the sports betting industry.

Sunbet Sporting International Limited has stated it is focused on revolutionising how countless 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 sports betting PwC, the company aims to take advantage of advanced innovation and a commitment to accountable gambling to change the sector.

Backed by the financial power of four prominent African billionaires, Sunbet, which will launch in the 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, sports betting Akin Babatunde, sports betting said that the rise in Internet penetration, mobile usage, and the continent's deep enthusiasm for sports betting, specifically football, has actually set the stage for Sunbet's ambitious entry. He included that the company's robust sponsorship and expert team will allow it to scale and control the market rapidly.

Islamic cops raid betting shops in northern Nigeria

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

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

Complaints from neighborhood leaders and parents triggered the crackdown, worried about the growing variety of sports betting addicts, sports betting he stated.

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

However 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 arrested.

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

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

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

Sports betting shops can be discovered all over the city. The majority of have tv screens, and customers view the result of international football matches or horse races on which they have actually staked money.

Mr Aminudeen stated such bookies had actually had the ability 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 converted to wagering shops," he said.

The sports betting wagering market has actually expanded significantly throughout West Africa in the last few years. The area is roughly divided in between a generally Muslim north and a mainly Christian south.

Many people go to bookies to enjoy the friendship of other bettors, though mobile apps are also popular for sports betting on the outcome of occasions and teams.

Nigeria's debilitating recession has actually likewise implied people want to run the risk of a percentage in the hope of winning huge.

But this had actually resulted in widespread addiction, and parents were even grumbling that kids were dropping out of school to bet, Mr Aminudeen said.

"These financial issues we are dealing with in Nigeria is God informing us to change 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 recommending those running those wagering stores 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 face - often, such infringements carry 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 consumption of alcohol were banned.