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

sports betting has actually progressed considerably in Nigeria from conventional kinds like pool staking and Baba Ijebu to a successful sports betting industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would wager just N50-N200 on matches.

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

Regardless of financial difficulties such as inflation, Nigeria's sports betting wagering sector sports betting has flourished, attracting millions, specifically amongst the younger group dealing with high unemployment rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that produces an estimated annual income of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulatory procedures like import tax tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of obstacles in enforcement. Issues such as insufficient age confirmation and advertising guideline breaches show market regulatory gaps.

Regardless of these challenges, sports betting business continue to prosper through effective organization designs and aggressive marketing methods, leveraging the developer influencer industry.

These efforts have actually contributed to Nigeria's robust $2 billion gambling sector, sports betting with CEOs playing important functions in expanding audience reach and driving market development. Here are the CEOs of leading sports betting companies who have significantly added to Nigeria's $2 billion sports betting empire through their substantial audience reach.

Constable 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 career spans different roles in the video gaming and entertainment industry, including working at one of the United Kingdom's biggest gaming centres, The Palace Bingo Club, sports betting where he served 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, sports betting has become a leading e-commerce company in the wagering and video gaming sector, sports betting operating through online, mobile, and sports betting retail channels. The company was integrated in Nigeria on November 7, 2006, and has since expanded its existence, 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 became the CEO of LiveScore Group, a totally integrated community that combines relevant sports betting material, engaging features, and a first-rate sportsbook.

Since taking the helm prior to the pandemic, Sam has driven substantial growth for sports betting LiveScore Group. The business's staff member headcount has increased by 29%, and yearly income has risen from roughly ₤ 10 million to over ₤ 80 million.

Sam's leadership and strategic vision have propelled LiveScore Group's success and sports betting assisted form the market's instructions. LiveScoreBet has accomplished major 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 served as the company's Marketing and Operations Director since 2015. He joined Betway in 2013 and has actually remained in the online video gaming industry since 2000, holding various effective roles, including General Manager of an information analytics group and Director of a digital marketing agency.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually identified herself as a senior executive with a track record of changing start-ups into institutionalized companies. Her know-how covers the gaming, realty, and credit loaning markets, where he has actually developed himself as a strategic and operational leader.

Damilare has contributed in NairaBET's success for over 14 years. Because June 2019, she has actually worked as Managing Director and has overseen the business's growth 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 founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN offers frHer educational background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.

Akin Alabi, the founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking company, established the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to introduce a fully practical website, setting a standard in the industry.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, sports betting a franchise of the international sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookmakers in Europe and the world. The company runs in more than 50 countries, including Nigeria, where it is completely licensed.

Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, offering a large range of sports betting options 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 sports betting of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has teamed up with African socio-economic organizations and governments to design developmental policies targeted at 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, sports betting by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and sports betting entertainment company has quickly grown its presence in Nigeria, with outlets in major cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, creating over 100,000 jobs, sports betting the variety of which is increasing yearly. 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 investor, and joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was launched in 2001 as an online sports betting website and has actually considering that become among the world's biggest online gaming companies.

By 2016, Bet365 created $2 billion in incomes and helped with $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has amassed 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 wagering business in Nigeria, developed alongside business owner Kunle Soname, sports betting who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management company that generates financial investment returns and uses unique investment insights and options to both private and institutional clients.

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

Fikayo Ogunfuye - Country Director 22bet

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

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

His profession started at Jumia Group, where he operated in SEO, sports betting CRM, and content management. Fikayo also served 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 gaming platform that provides sports betting wagering, casino video games, sports betting and live dealer video games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a business 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 CEO of SportyBet, sports betting a company he developed in 2013.

SportyBet is a global sports betting wagering and real-money video gaming operator understood for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has actually become a significant gamer in the industry, 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 the growing African web environment. His investments reflect his commitment to fostering development and sports betting advancement within the area.

On April 30, 2024, sports betting Sudeep Ramnani purchased 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 focused on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to take advantage of cutting-edge technology and a dedication to accountable gambling to change the sector.

Backed by the monetary power of 4 popular African billionaires, Sunbet, which will introduce in the first quarter of 2025, intends to be the continent's largest and most ingenious sports betting platform.

At a press rundown, the company's spokesperson, sports betting Akin Babatunde, said that the increase in Internet penetration, sports betting mobile use, and the continent's deep passion for sports betting, especially football, has actually set the stage for Sunbet's enthusiastic entry. He added that the firm's robust financial backing and specialist team will enable it to scale and dominate the market rapidly.

Islamic police raid betting shops in northern Nigeria

Islamic police in Nigeria's northern city of Kano have begun closing down sports betting wagering stores, which they state are running illegally.

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

Grievances from community leaders and parents prompted the crackdown, stressed over the growing number of gambling addicts, he said.

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

But Mr Aminudeen alerted that now that the public knew that the Hisbah was clamping down on gambling, sports betting those flouting the rules would be jailed.

Kano city is the capital of Kano state, which has a majority Muslim population and operates the Islamic legal system - Sharia - along with secular law.

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

Nevertheless, sports betting 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 discovered all over the city. The majority of have television screens, and consumers watch the outcome of worldwide football matches or horse races on which they have actually staked cash.

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

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

The sports betting market has broadened considerably throughout West Africa over the last few years. The region is roughly divided in between a generally Muslim north and a primarily Christian south.

Many individuals go to bookies to take pleasure in the camaraderie of other gamblers, though mobile apps are likewise popular for sports betting wagering on the result of occasions and teams.

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

But this had actually resulted in extensive dependency, and parents were even complaining that children were leaving of school to bet, Mr Aminudeen stated.

"These financial issues 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 recommending those running those wagering shops to either closed down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen stated.

It is unclear what penalty they would deal with - often, such infringements 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.