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

Gambling has evolved significantly in Nigeria from conventional types like pool staking and Baba Ijebu to a successful sports betting wagering market. Historically tied to European football leagues, sports betting pool staking was a common sight at motor sports betting parks and kiosks, where enthusiasts would wager just N50-N200 on matches.

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

Despite economic challenges such as inflation, Nigeria's sports betting sector has actually grown, drawing in millions, particularly among the vibrant market dealing with high joblessness rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, sports betting driving an industry that creates an estimated annual earnings of N730 billion. The federal government has not gone undetected by this growth, which is thinking about regulative steps like excise responsibilities and sports betting VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of challenges in enforcement. Problems such as inadequate age confirmation and marketing guideline breaches reveal market regulative spaces.

In spite of these challenges, sports betting wagering companies continue to prosper through reliable business designs and aggressive marketing methods, leveraging the creator influencer industry.

These efforts have contributed to Nigeria's robust $2 billion gambling sector, with CEOs playing important functions in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting companies who have actually substantially added to Nigeria's $2 billion gambling 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 covers different functions in the video gaming and entertainment industry, including operating at one of the United Kingdom's largest gaming centres, sports betting The Palace Bingo Club, where he acted 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 turned into a leading e-commerce company in the sports betting and video gaming sector, running through online, mobile, sports betting and retail channels. The company was included in Nigeria on November 7, 2006, and has since expanded its existence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi - CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely integrated community that integrates appropriate sports betting content, engaging functions, sports betting and a world-class sportsbook.

Considering that taking the helm prior to the pandemic, Sam has actually driven substantial development for LiveScore Group. The company's worker headcount has increased by 29%, and annual revenue has risen from around ₤ 10 million to over ₤ 80 million.

Sam's leadership and strategic vision have actually propelled LiveScore Group's success and assisted shape the market's instructions. LiveScoreBet has actually 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 formerly worked as the business's Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually been in the online gaming market because 2000, holding different effective functions, consisting of General Manager of an information analytics team and Director of a digital marketing firm.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has distinguished herself as a senior executive with a track record of changing start-ups into institutionalized organizations. Her know-how covers the video gaming, property, and credit lending markets, where he has established himself as a tactical and operational leader.

Damilare has been instrumental in NairaBET's success for over 14 years. Since June 2019, she has served as Managing Director and has actually supervised the company's growth and operations in Lagos, sports betting Nigeria.

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

She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN offers frHer educational 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 company, developed the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to launch a totally practical website, setting a standard 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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has actually developed itself as one of the largest bookies in Europe and the world. The business operates in more than 50 nations, including Nigeria, where it is completely accredited.

Under Babalola's management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, providing a wide variety of sports betting alternatives 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 ventures, Ukanwoke has actually worked together with African socio-economic organizations and federal governments to create developmental policies focused on 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 brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has quickly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, sports betting BetKing participated in a partnership with the Lagos Employment Trust Fund, creating over 100,000 tasks, the number of which is increasing each year. In the exact 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, the founder, bulk shareholder, and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was launched in 2001 as an online sports betting site and has since become one of the world's largest online sports betting business.

By 2016, sports betting Bet365 created $2 billion in revenues and facilitated $45 billion in yearly bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has actually gathered 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 business in Nigeria, developed alongside businessman Kunle Soname, who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, sports betting an independent Nigerian property management company that creates financial investment returns and provides unique investment insights and services to both individual and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in popularity, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has become a considerable gamer in the Nigerian sports betting wagering market.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is an experienced expert in the sports betting wagering industry. He has been working as the Country Director for 22BET in Nigeria because June 2021. In this role, he has contributed to the business's development through partnerships, sports betting company method, and sports betting new service development.

Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and consumer experience, and Country Manager at 22BET, concentrating on marketing technique and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and Betty Bingo.

His profession started at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that uses sports betting, casino video games, and sports betting live dealer games. It was released in 2017 and is owned and sports betting operated 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 established in 2013.

SportyBet is a global sports betting and real-money video gaming operator known for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's leadership, SportyBet has actually ended up being a significant 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 financier in fintech and mobile payments and a strong advocate for the growing African web environment. His financial investments reflect his dedication to promoting innovation and advancement within the area.

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

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

Sunbet Sporting International Limited has said it is concentrated on revolutionising how countless Africans engage with sports betting. In an industry worth over $1.5 billion annual, 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 utilize advanced technology and a commitment to responsible gambling to change the sector.

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

At a press instruction, the business's representative, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent's deep passion for sports betting, specifically football, has actually set the stage for Sunbet's ambitious entry. He included that the firm's robust financial backing and expert group will enable it to scale and control the market quickly.

Islamic police raid wagering stores in northern Nigeria

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

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

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

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

But Mr Aminudeen warned that now that the general public knew that the Hisbah was clamping down on gambling, those flouting the rules would be detained.

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

Bookies and 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 existing crackdown is concentrated on Muslim areas of Kano, sports betting a vast city and sports betting the financial center of northern Nigeria.

sports betting wagering shops can be discovered all over the city. The majority of have television screens, and clients watch the outcome of international football matches or horse races on which they have actually staked money.

Mr Aminudeen stated such bookies had been able to operate under the radar as they had opened under false pretences.

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

The sports betting wagering industry has actually expanded drastically throughout West Africa in recent years. The area is roughly divided in between a mainly Muslim north and a predominantly Christian south.

Many people go to bookies to delight in the sociability of other bettors, though mobile apps are also popular for wagering on the result of occasions and teams.

Nigeria's debilitating economic crisis has actually also suggested individuals want to risk a small amount in the hope of winning huge.

However this had led to extensive dependency, and parents were even grumbling that kids were leaving of school to bet, Mr .

"These economic issues we are dealing with in Nigeria is God informing us to change our methods by stopping sins," he stated.

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

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

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

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