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

Gambling has evolved considerably in Nigeria from traditional types like pool staking and Baba Ijebu to a thriving sports betting wagering industry. Historically connected to European football leagues, pool staking was a typical 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 trends. The sports betting market is valued at $89.91 billion in 2023 and is predicted to nearly double to $182.02 billion by 2030.

Regardless of economic difficulties such as inflation, Nigeria's sports betting sector has grown, drawing in millions, specifically among the youthful group facing high unemployment rates.

Reports show that around 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that produces a projected yearly profits of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulatory procedures like excise responsibilities and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations regardless of challenges in enforcement. Issues such as inadequate age verification and advertising rule breaches reveal industry regulative gaps.

In spite of these obstacles, sports betting wagering companies continue to thrive through effective service models and aggressive marketing techniques, leveraging the developer influencer market.

These efforts have actually contributed to Nigeria's robust $2 billion gaming sector, sports betting with CEOs playing essential roles in expanding audience reach and driving market development. Here are the CEOs of leading sports betting companies who have actually substantially added to Nigeria's $2 billion gaming empire through their substantial 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 spans different functions in the gaming and show business, consisting of operating at among the United Kingdom's largest video 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, sports betting 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, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually since expanded its presence, 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 brand sports betting names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely integrated ecosystem that combines pertinent sports betting content, sports betting engaging functions, and sports betting a first-rate sportsbook.

Because taking the helm right before the pandemic, Sam has actually driven considerable development for LiveScore Group. The company's employee headcount has increased by 29%, and annual profits has actually risen from around ₤ 10 million to over ₤ 80 million.

Sam's leadership and tactical vision have actually propelled LiveScore Group's success and helped shape the industry'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 selected CEO of Betway in November 2017, sports betting having previously worked as the company's Marketing and sports betting Operations Director considering that 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming market given that 2000, holding numerous effective roles, sports betting 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 existence and sports betting improve its offerings. The company's app has gathered substantial user engagement, sports betting with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually distinguished herself as a senior executive with a performance history of transforming start-ups into institutionalized companies. Her know-how spans the video gaming, real estate, and credit loaning industries, where he has actually established himself as a strategic and operational leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, sports betting pivotal in the company's functional techniques and market growth.

She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN provides 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 company, sports betting developed the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to introduce a totally functional site, 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, a franchise of the international sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the largest bookmakers in Europe and the world. The business runs in more than 50 countries, consisting of Nigeria, where it is fully licensed.

Under Babalola's leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, sports betting using a large range of sports betting options and an user-friendly 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, sports betting Managing Director of KingMakers, and sports betting Chairman of Vend Capital. In addition to leading these ventures, sports betting Ukanwoke has collaborated with African socio-economic institutions and governments to develop developmental policies focused on empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.

BetKing, founded and introduced 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 entertainment business has rapidly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, producing over 100,000 tasks, sports betting the number of which is increasing each year. In the 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, an online sports betting business she developed in 2000. Bet365.com was released in 2001 as an online wagering site and has since become one of the world's largest online sports betting companies.

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

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management company that produces financial investment returns and provides distinct investment insights and services to both individual and institutional clients.

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

Fikayo Ogunfuye - Country Director 22bet

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

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

His profession started at Jumia Group, where he operated in SEO, sports betting 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 gaming platform that uses sports betting wagering, sports betting gambling establishment games, and live games. It was launched 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 likewise 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 business he established in 2013.

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

In addition to his function at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African web environment. His investments reflect his dedication to fostering innovation and advancement within the region.

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

The company is set to interrupt the sports betting market.

Sunbet Sporting International Limited has stated it is concentrated on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development projection in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, the company aims to take advantage of advanced technology and a dedication to responsible gambling to change the sector.

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

At a press briefing, the company's spokesperson, Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, especially football, has set the stage for sports betting Sunbet's enthusiastic entry. He added that the firm's robust financial backing and specialist group will enable it to scale and dominate the marketplace quickly.

Islamic cops raid betting shops in northern Nigeria

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

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

Complaints from neighborhood leaders and parents triggered the crackdown, fretted about the growing variety of gambling addicts, he said.

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

But Mr Aminudeen cautioned that now that the public was aware that the Hisbah was clamping down on sports betting, those flouting the guidelines would be jailed.

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

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

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

Sports betting stores can be found all over the city. A lot of have tv screens, and clients see the result of international football matches or horse races on which they have actually staked cash.

Mr Aminudeen stated such bookmakers had 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 allowed to run computer game centres, which they later on converted to sports betting shops," he stated.

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

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

Nigeria's crippling recession has likewise suggested individuals are willing to risk a small amount in the hope of winning huge.

But this had caused extensive dependency, and parents were even complaining that kids were leaving of school to bet, sports betting Mr Aminudeen stated.

"These financial issues we are facing in Nigeria is God telling us to change our ways 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 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 unclear what penalty they would face - typically, such infringements bring 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 intake of alcohol were banned.