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

sports betting has progressed considerably in Nigeria from standard kinds like pool staking and sports betting Baba Ijebu to a thriving sports betting wagering 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 internet gain access to came virtual wagering, which parallels worldwide patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is forecasted to almost double to $182.02 billion by 2030.

In spite of financial challenges such as inflation, Nigeria's sports betting sector has actually flourished, attracting millions, particularly among the vibrant group dealing with high joblessness rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that generates an approximated annual revenue of N730 billion. The federal government has not gone undetected by this development, sports betting which is considering regulatory steps like import tax duties and VAT increases to handle the sector.

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

In spite of these difficulties, sports betting wagering business continue to grow through effective business models and aggressive marketing strategies, leveraging the creator sports betting influencer market.

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

Sheriff 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 different roles in the video gaming and show business, including working at one of the United Kingdom's largest video gaming centres, sports betting The Palace Bingo Club, 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, has actually turned into a leading e-commerce company in the sports betting and gaming sector, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has because expanded its presence, sports betting 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 brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely incorporated environment that integrates appropriate sports betting material, engaging features, and a world-class sportsbook.

Considering that taking the helm prior to the pandemic, Sam has driven substantial development for LiveScore Group. The company's employee headcount has actually increased by 29%, and yearly revenue has actually risen from approximately ₤ 10 million to over ₤ 80 million.

Sam's management and strategic vision have actually propelled LiveScore Group's success and assisted form the industry's instructions. LiveScoreBet has achieved 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, having actually previously acted as the company's Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has remained in the online gaming industry because 2000, holding different successful roles, sports betting including General Manager of a data analytics group and Director of a digital marketing agency.

Under Werkman's management, Betway has continued to grow its market presence and enhance its offerings. The company's app has amassed substantial 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 sports betting executive with a performance history of transforming start-ups into institutionalized businesses. Her competence spans the gaming, realty, and credit lending industries, where he has actually developed himself as a strategic and operational leader.

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

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

She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN provides frHer academic background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, sports betting completed in 2005.

Akin Alabi, the creator sports betting of NairaBET.com, Nigeria's pioneering sports betting bookmaking company, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to release a totally functional 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, a franchise of the worldwide sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookmakers in Europe and the world. The business operates in more than 50 countries, including Nigeria, where it is completely licensed.

Under Babalola's leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, using a wide variety of sports betting choices 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 endeavors, sports betting Ukanwoke has actually teamed up with African socio-economic institutions and federal governments to design developmental policies focused on empowering youths. In 2015, sports betting Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.

BetKing, established and sports betting released 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 wagering and entertainment company has actually quickly grown its presence in Nigeria, with outlets in major 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 jobs, the variety of which is increasing each year. In the same year, sports betting 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 creator, majority investor, and joint Chief Executive of Bet365, an online gaming business she established in 2000. Bet365.com was launched in 2001 as an online sports betting website and has actually because grown into one of the world's largest online gaming business.

By 2016, Bet365 produced $2 billion in revenues and assisted in $45 billion in yearly bets. The business also holds a majority 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 alongside entrepreneur Kunle Soname, 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 creates financial investment returns and provides unique financial investment insights and solutions to both specific and institutional clients.

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

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a skilled professional in the sports betting market. He has actually been serving as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has actually added to the company's development through partnerships, service technique, and new business development.

Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and client experience, and Country Manager at 22BET, sports betting focusing on marketing method and sports betting budget 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 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 sports betting 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 uses sports betting, casino video 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 entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has actually ended up being a substantial gamer in the industry, sports betting with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, sports betting Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African internet ecosystem. His investments reflect his commitment to cultivating innovation and development within the region.

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

The company is set to interrupt the sports betting industry.

Sunbet Sporting International Limited has stated it is concentrated on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to utilize cutting-edge technology and a dedication to accountable gambling to change the sector.

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

At a press rundown, the business's spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile use, and sports betting the continent's deep enthusiasm for sports betting, sports betting specifically football, has actually set the stage for sports betting Sunbet's ambitious entry. He included that the company's robust sponsorship and specialist team will allow it to scale and control the marketplace rapidly.

Islamic cops raid wagering shops in northern Nigeria

Islamic authorities in Nigeria's northern city of Kano have started closing down sports betting shops, which they say are running illegally.

"As you understand, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, informed the BBC.

Complaints from community leaders and moms and dads triggered the crackdown, fretted about the growing variety of gambling addicts, he stated.

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

But Mr Aminudeen alerted that now that the general public was aware that the Hisbah was clamping down on gaming, 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 - alongside nonreligious law.

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

Nevertheless, sports betting the present crackdown is focused on Muslim locations of Kano, a sprawling city and sports betting the economic hub of northern Nigeria.

Sports betting stores can be discovered all over the city. Many have television screens, and clients enjoy the outcome of worldwide football matches or horse races on which they have actually staked cash.

Mr Aminudeen said such bookies had 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 computer game centres, which they later transformed to sports betting shops," he said.

The sports betting wagering market has broadened drastically throughout West Africa recently. The region is roughly divided in between a primarily Muslim north and a primarily Christian south.

Many people go to bookies to take pleasure in the sociability of other gamblers, though mobile apps are likewise popular for sports betting wagering on the outcome of events and sports betting teams.

Nigeria's debilitating recession has also suggested people are willing to risk a small amount in the hope of winning big.

But this had actually caused extensive dependency, sports betting and parents were even complaining that children were dropping out of school to bet, Mr Aminudeen said.

"These financial concerns we are dealing with in Nigeria is God telling us to change our ways by stopping sins," he stated.

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 shops to either closed down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen said.

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, gaming and the usage of alcohol were prohibited.