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

sports betting has progressed significantly in Nigeria from traditional kinds like pool staking and Baba Ijebu to a thriving sports betting wagering industry. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would bet just N50-N200 on matches.

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

Despite financial challenges such as inflation, Nigeria's sports betting wagering sector has actually prospered, bring in millions, particularly among the youthful group facing high joblessness rates.

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

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations despite difficulties in enforcement. Issues such as insufficient age confirmation and marketing rule breaches show industry regulative gaps.

Despite these obstacles, sports betting wagering companies continue to thrive through effective organization designs and aggressive marketing methods, sports betting leveraging the developer influencer market.

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

Sheriff Olaniyan - CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession covers various functions in the gaming and entertainment industry, including working at one of the United Kingdom's biggest gaming centres, The Palace Bingo Club, where he acted 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, has grown into a leading e-commerce business in the wagering and gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually 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 sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, sports betting a fully incorporated community that combines relevant sports betting material, engaging functions, and a first-rate sportsbook.

Since taking the helm just before the pandemic, Sam has actually driven significant development for LiveScore Group. The company's employee headcount has actually increased by 29%, and annual income has actually surged from around ₤ 10 million to over ₤ 80 million.

Sam's management and strategic vision have actually propelled LiveScore Group's success and assisted shape the market's instructions. LiveScoreBet has accomplished significant user engagement, sports betting with over 100,000 downloads on the Google Play Store.

Anthony Werkman - CEO of Betway Group

Anthony Werkman was selected CEO of Betway in November 2017, having previously functioned as the business's Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has actually remained in the online video gaming market since 2000, holding various successful functions, including General Manager of an information analytics team and Director of a digital marketing agency.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has differentiated herself as a senior executive with a track record of transforming start-ups into institutionalized services. Her know-how covers the video gaming, real estate, and credit lending markets, sports betting where he has established himself as a tactical and functional leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business's operational techniques and market expansion.

She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN offers frHer instructional background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, 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 first sports betting platform in Nigeria, it was the first to introduce a fully practical site, setting a standard 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 actually developed itself as one of the largest bookmakers in Europe and the world. The company operates in more than 50 nations, consisting of Nigeria, where it is completely accredited.

Under Babalola's management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, providing a wide 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 of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually collaborated with African socio-economic organizations and governments to develop developmental policies aimed at empowering youths. 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 sports betting 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, the number of which is increasing annually. In the very 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 creator, majority shareholder, sports betting and joint Chief Executive of Bet365, sports betting an online gambling business she developed in 2000. Bet365.com was launched in 2001 as an online sports betting website and has actually considering that turned into among the world's largest online gaming business.

By 2016, Bet365 produced $2 billion in revenues and sports betting assisted in $45 billion in yearly bets. The business 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 wagering company in Nigeria, developed alongside entrepreneur Kunle Soname, sports betting who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management company that produces financial investment returns and provides unique investment insights and solutions to both specific and institutional customers.

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

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting wagering market. He has actually been functioning as the Country Director for 22BET in Nigeria since June 2021. In this function, sports betting he has actually contributed to the company's growth through partnerships, business technique, and brand-new service advancement.

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

His career began 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 sports betting 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 uses sports betting wagering, sports betting casino video games, and live dealer 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 gambling establishments worldwide.

Sudeep Ramnani-- CEO Sportybet Group

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

SportyBet is a global sports betting and real-money video gaming operator understood for providing an omni-channel entertainment experience in regulated emerging markets. Under Ramnani's leadership, SportyBet has become 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 sports betting mobile payments and a strong advocate for the growing African web ecosystem. His investments show his dedication to promoting innovation and advancement within the area.

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

The firm is set to interfere with the sports betting market.

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 yearly, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, sports betting the company intends to utilize cutting-edge technology and a commitment to responsible gambling to revolutionise the sector.

Backed by the financial power of four 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 wagering platform.

At a press rundown, the business's spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, especially football, has actually set the stage for Sunbet's ambitious entry. He added that the firm's robust financial backing and professional team will allow it to scale and control the market quickly.

Islamic authorities raid wagering shops in northern Nigeria

Islamic police in Nigeria's northern city of Kano have actually begun closing 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 force, known as the Hisbah, informed the BBC.

Grievances from community leaders and moms and sports betting dads prompted the crackdown, sports betting fretted about the growing variety of sports betting addicts, he stated.

On the 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 said.

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

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

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

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

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

Mr Aminudeen stated such bookmakers had actually had the ability to run under the radar as they had actually opened under false pretenses.

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

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

Lots of people go to bookmakers to delight in the sociability of other bettors, though mobile apps are likewise popular for sports betting wagering on the outcome of occasions and groups.

Nigeria's crippling recession has actually also suggested individuals want to run the risk of a percentage in the hope of winning huge.

However this had led to widespread addiction, and sports betting moms and dads were even complaining that kids were dropping out of school to gamble, Mr Aminudeen stated.

"These economic concerns we are facing in Nigeria is God informing us to alter our methods by stopping sins," he said.

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 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 - often, such violations bring a fine.

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