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

sports betting has evolved substantially in Nigeria from standard forms like pool staking and Baba Ijebu to a growing sports betting industry. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet as little as N50-N200 on matches.

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

In spite of financial difficulties such as inflation, Nigeria's sports betting wagering sector has actually prospered, drawing in millions, particularly amongst the youthful group dealing with high joblessness rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that creates an estimated annual revenue of N730 billion. The federal government has actually not gone undetected by this development, which is considering regulative measures like import tax duties and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations in spite of difficulties in enforcement. Concerns such as insufficient age verification and marketing rule breaches show industry regulatory spaces.

Despite these obstacles, sports betting companies continue to flourish through effective company designs and aggressive marketing strategies, leveraging the developer influencer industry.

These efforts have actually added to Nigeria's robust $2 billion gaming sector, with CEOs playing important functions in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting companies who have considerably contributed 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 varied profession covers various functions in the gaming and show business, including operating at one of the United Kingdom's biggest video gaming centres, The Palace Bingo Club, sports betting 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 actually grown into a leading e-commerce organization in the wagering and gaming sector, running through online, mobile, and retail channels. The business was included in Nigeria on November 7, sports betting 2006, and has actually because broadened its existence, 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 names and sports betting media. In 2019, sports betting he became the CEO of LiveScore Group, a completely integrated community that combines relevant sports betting material, engaging functions, and a first-rate sportsbook.

Since taking the helm just before the pandemic, sports betting Sam has actually driven considerable growth for LiveScore Group. The company's worker headcount has actually increased by 29%, sports betting and yearly earnings has surged from approximately ₤ 10 million to over ₤ 80 million.

Sam's management and tactical vision have propelled LiveScore Group's success and helped shape the industry's direction. LiveScoreBet has actually accomplished major 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 actually previously worked as the business's Marketing and Operations Director since 2015. He joined Betway in 2013 and has actually remained in the online video gaming market considering that 2000, holding different effective functions, including General Manager of a data analytics team and Director of a digital marketing company.

Under Werkman's management, Betway has actually continued to grow its market presence and enhance its offerings. The company's app has gathered considerable 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 performance history of changing start-ups into institutionalized services. Her competence covers the video gaming, realty, and credit lending markets, where he has developed himself as a tactical and operational leader.

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

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

She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN provides frHer academic background includes 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 business, developed business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to release a completely practical site, setting a standard in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

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

Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, offering a vast array of sports betting choices and an user-friendly platform. The 1XBET app has more than 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 endeavors, Ukanwoke has worked together with African socio-economic organizations 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, sports betting 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has rapidly grown its presence 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, developing over 100,000 tasks, the variety of which is increasing yearly. In the 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, bulk shareholder, and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was launched in 2001 as an online wagering site and has actually since grown into one of the world's largest online gaming companies.

By 2016, Bet365 produced $2 billion in profits and helped with $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually garnered 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, established along with businessman Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, sports betting an independent Nigerian property management business that generates financial investment returns and offers special investment insights and services to both specific and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has rapidly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has ended up being a substantial gamer in the Nigerian sports betting market.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a skilled professional in the sports betting industry. He has actually been functioning as the Country Director for sports betting 22BET in Nigeria considering that June 2021. In this role, he has actually contributed to the business's development through partnerships, sports betting service strategy, and brand-new service advancement.

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

His profession started at Jumia Group, where he worked in SEO, 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 offers sports betting, casino video games, and live dealer games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a business signed up 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 company he developed in 2013.

SportyBet is a worldwide sports betting wagering and real-money video gaming operator sports betting known for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's management, SportyBet has actually ended up being a significant gamer in the market, 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 mobile payments and a strong supporter for the growing African web ecosystem. His investments reflect his commitment to cultivating innovation and development within the area.

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

The company is set to disrupt the sports wagering market.

Sunbet Sporting International Limited has said it is concentrated on changing 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, according to reports from the African Sports Betting Association and sports betting PwC, the company intends to leverage advanced innovation and sports betting a commitment to accountable sports betting to revolutionise the sector.

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

At a press rundown, sports betting the company's representative, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent's deep passion for sports betting, sports betting especially football, has set the stage for Sunbet's enthusiastic entry. He included that the company's robust sponsorship and expert group will enable it to scale and dominate the marketplace rapidly.

Islamic cops raid wagering shops in northern Nigeria

Islamic cops in Nigeria's northern city of Kano have begun shutting down sports betting wagering shops, which they state are operating unlawfully.

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

Grievances from neighborhood leaders and parents triggered the crackdown, stressed over the growing variety of gambling addicts, sports betting he stated.

On the first day of raids, 30 shops were closed in one residential area alone, and their owners were sent out 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 gaming, sports betting those flouting the guidelines would be jailed.

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

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

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

Sports betting shops can be discovered all over the city. The majority of have tv screens, sports betting and customers see the outcome of international 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 do not have licences to run as they were permitted to run video games centres, which they later on transformed to sports betting shops," he said.

The sports betting industry has actually expanded considerably across West Africa over the last few years. The region is approximately divided between a generally Muslim north and a mainly Christian south.

Lots of people go to bookies to enjoy the sociability of other gamblers, though mobile apps are also popular for wagering on the result of events and teams.

Nigeria's debilitating economic crisis has also indicated people want to run the risk of a percentage in the hope of winning big.

However this had actually led to extensive addiction, and moms and dads were even grumbling that kids were leaving of school to bet, Mr Aminudeen stated.

"These economic problems we are facing in Nigeria is God telling 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 recommending those running those wagering shops 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 violations carry a fine.

Sharia was introduced in Kano in 2000 - as it was in 11 other Muslim-majority northern states - and prostitution, gaming and the intake of alcohol were banned.