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

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

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

In spite of financial obstacles such as inflation, Nigeria's sports betting sector has thrived, attracting millions, specifically amongst the younger group dealing with high unemployment rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that creates an approximated yearly earnings of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulative measures like excise duties and VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations despite difficulties in enforcement. Concerns such as inadequate age confirmation and advertising rule breaches show market regulative spaces.

Despite these obstacles, sports betting business continue to grow through efficient organization designs and aggressive marketing methods, leveraging the developer influencer market.

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

Sheriff Olaniyan - CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse profession covers various roles in the video gaming and entertainment industry, consisting of working at one of the United Kingdom's largest gaming centres, The Palace Bingo Club, where he worked 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, sports betting Wales. Surebet247, founded in August 2011, has actually become a leading e-commerce business in the wagering and video gaming sector, running through online, mobile, and sports betting retail channels. The business was incorporated in Nigeria on November 7, 2006, and has actually since broadened its existence, accomplishing 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 brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, sports betting a completely integrated ecosystem that integrates relevant sports betting material, sports betting engaging functions, and a world-class sportsbook.

Because taking the helm just before the pandemic, Sam has driven substantial growth for LiveScore Group. The company's worker headcount has increased by 29%, and yearly earnings has actually risen from around ₤ 10 million to over ₤ 80 million.

Sam's management and strategic vision have actually moved LiveScore Group's success and helped form the industry's direction. LiveScoreBet has actually accomplished major user engagement, 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 served as the company's Marketing and Operations Director because 2015. He signed up with Betway in 2013 and sports betting has actually been in the online video gaming market since 2000, holding various effective roles, including General Manager of a data analytics group and Director sports betting of a digital marketing firm.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually differentiated herself as a senior sports betting executive with a performance history of changing start-ups into institutionalized businesses. Her know-how covers the gaming, property, and sports betting credit loaning markets, where he has established himself as a strategic and operational leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business's functional methods and market growth.

She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN offers 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, developed the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to release a completely functional site, sports betting 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 worldwide sports betting 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 runs in more than 50 nations, including Nigeria, where it is completely certified.

Under Babalola's leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, using a wide variety of wagering choices and sports betting 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 actually teamed up with African socio-economic organizations and federal governments to design developmental policies aimed 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 brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has rapidly 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 participated in a collaboration with the Lagos Employment Trust Fund, developing over 100,000 tasks, the number of which is increasing every 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, majority investor, and joint Chief Executive of Bet365, sports betting an online gaming business she established in 2000. Bet365.com was launched in 2001 as an online sports betting site and has considering that grown into among the world's largest online gaming business.

By 2016, Bet365 created $2 billion in incomes and assisted in $45 billion in yearly bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has garnered significant user engagement, sports betting 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, sports betting developed together with entrepreneur Kunle Soname, who likewise owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management business that creates investment returns and provides unique investment insights and options to both specific and institutional customers.

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 leadership, Bet9ja has actually become a significant gamer in the Nigerian sports betting industry.

Fikayo Ogunfuye - Country Director 22bet

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

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

His career started at Jumia Group, where he operated in SEO, CRM, sports betting and content management. Fikayo also 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 offers sports betting wagering, casino games, and live dealer games. It was introduced in 2017 and is owned and operated 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 CEO of SportyBet, a company he established in 2013.

SportyBet is a global sports betting and real-money video gaming operator understood for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has actually ended up being a considerable 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 supporter for the growing African web ecosystem. His financial investments reflect his commitment to fostering development and advancement within the region.

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

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

Sunbet Sporting International Limited has said it is on changing how countless Africans engage with sports betting. In a market 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 aims to utilize advanced innovation and a dedication to responsible gaming to change the sector.

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

At a press rundown, the business's representative, sports betting Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent's deep passion for sports betting, particularly football, has actually set the stage for Sunbet's enthusiastic entry. He added that the company's robust sponsorship and expert team will enable it to scale and dominate the market rapidly.

Islamic police raid wagering stores in northern Nigeria

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

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

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

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

However Mr Aminudeen warned that now that the general public was aware that the Hisbah was clamping down on sports betting, those flouting the guidelines would be apprehended.

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

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

However, the current crackdown is focused on Muslim areas of Kano, a sprawling city and the financial hub of northern Nigeria.

sports betting wagering shops can be found all over the city. The majority of have tv screens, and clients see the outcome of global football matches or horse races on which they have actually staked money.

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

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

The sports betting wagering industry has broadened significantly throughout West Africa over the last few years. The area is roughly divided between a primarily Muslim north and a predominantly Christian south.

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

Nigeria's crippling recession has actually likewise indicated people want to run the risk of a small amount in the hope of winning big.

However this had actually led to prevalent dependency, sports betting and parents were even grumbling that kids were dropping out of school to gamble, Mr Aminudeen said.

"These financial issues we are facing in Nigeria is God informing us to alter 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 encouraging those running those sports betting stores 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 infringements carry a fine.

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