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

Gambling has progressed considerably in Nigeria from conventional types like pool staking and Baba Ijebu to a flourishing sports betting wagering market. Historically tied 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 web gain access to came virtual wagering, which parallels international trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is projected to almost double to $182.02 billion by 2030.

In spite of financial difficulties such as inflation, Nigeria's sports betting wagering sector has prospered, drawing in millions, specifically amongst the vibrant market facing high unemployment rates.

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

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

Regardless of these obstacles, sports betting wagering business continue to thrive through efficient organization models and aggressive marketing strategies, leveraging the developer influencer industry.

These efforts have actually added to Nigeria's robust $2 billion sports betting sector, with CEOs playing crucial roles in broadening audience reach and driving market development. Here are the CEOs of leading sports betting wagering companies who have significantly contributed to Nigeria's $2 billion gaming empire through their comprehensive 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 diverse profession spans numerous roles in the video gaming and show business, including working at one of the United Kingdom's biggest 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, Wales. Surebet247, founded in August 2011, has become a leading e-commerce service in the sports betting and video gaming sector, running through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has since expanded its presence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi - CEO Livescorebet

Sam Sadi has more than 25 years of experience in wagering brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully incorporated environment that combines pertinent sports betting material, engaging features, and a first-rate sportsbook.

Because taking the helm just before the pandemic, Sam has driven considerable development for LiveScore Group. The business's worker headcount has increased by 29%, and annual income has actually risen from approximately ₤ 10 million to over ₤ 80 million.

Sam's management and tactical vision have actually propelled LiveScore Group's success and assisted form the market's direction. LiveScoreBet has achieved significant 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 actually formerly acted as the company's Marketing and Operations Director sports betting since 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming market because 2000, holding different effective roles, consisting of General Manager of a data analytics group and Director of a digital marketing agency.

Under Werkman's leadership, Betway has continued to grow its market presence and boost its offerings. The business's app has actually 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 differentiated herself as a senior executive with a track record of transforming start-ups into institutionalized companies. Her proficiency covers the video gaming, realty, and credit loaning industries, where he has established himself as a strategic and functional leader.

Damilare has been instrumental in NairaBET's success for over 14 years. Given that June 2019, she has actually functioned as Managing Director and has supervised the company's growth and operations in Lagos, Nigeria.

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

She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN supplies frHer educational 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 company, established business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to release a totally functional site, setting a criteria 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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has developed itself as one of the largest bookmakers in Europe and the world. The company operates in more than 50 countries, consisting of Nigeria, sports betting where it is totally licensed.

Under Babalola's management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, offering a wide range of sports betting alternatives and an easy to use 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 collaborated with African socio-economic organizations and governments to design 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, established and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has quickly grown its existence 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, producing over 100,000 tasks, the number of which is increasing each 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, an online sports betting business she established in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has since grown into among the world's largest online sports betting business.

By 2016, Bet365 created $2 billion in revenues and assisted in $45 billion in yearly bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has 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, established together with entrepreneur Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

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

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

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting wagering industry. He has actually been functioning as the Country Director for 22BET in Nigeria since June 2021. In this role, he has actually added to the company's development through collaborations, company strategy, and brand-new business development.

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

His profession started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also functioned 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 gambling platform that provides sports betting, gambling establishment video games, and live dealership games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a company signed up 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 developed in 2013.

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

In addition to his function at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong advocate for the growing African web community. His financial investments show his dedication to fostering innovation and advancement 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 industry.

Sunbet Sporting International Limited has stated it is concentrated on revolutionising how millions of Africans engage with sports betting. In a market 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, the firm intends to utilize cutting-edge innovation and a dedication to accountable sports betting to change the sector.

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

At a press instruction, the company's spokesperson, Akin Babatunde, sports betting said that the rise in Internet penetration, mobile usage, and the continent's deep passion for sports betting, particularly football, has set the stage for Sunbet's ambitious entry. He added that the firm's robust sponsorship and specialist team will allow it to scale and control the market quickly.

Islamic cops raid betting stores in northern Nigeria

Islamic authorities in Nigeria's northern city of Kano have begun shutting down sports betting stores, which they state are running unlawfully.

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

Complaints from neighborhood leaders and moms and dads prompted the crackdown, worried about the growing variety of sports betting addicts, he said.

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

However Mr Aminudeen cautioned that now that the public knew that the Hisbah was clamping down on gambling, those flouting the guidelines would be apprehended.

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 enabled to operate in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.

However, the existing crackdown is concentrated on Muslim areas of Kano, a vast city and sports betting the economic center of northern Nigeria.

sports betting wagering shops can be discovered all over the city. A lot of have tv screens, and customers see the outcome of worldwide football matches or horse races on which they have staked money.

Mr Aminudeen said such bookies had had the ability to operate under the radar as they had opened under false pretences.

"They don't have licences to run as they were permitted to run computer game centres, which they later on converted to wagering shops," he stated.

The sports betting industry has expanded dramatically across West Africa in the last few years. The region is roughly divided in between a mainly Muslim north and a primarily Christian south.

Lots of people go to bookmakers to take pleasure in the friendship of other bettors, though mobile apps are also popular for sports betting on the result of occasions and groups.

Nigeria's debilitating economic crisis has also indicated individuals are willing to risk a percentage in the hope of winning big.

However this had actually caused widespread dependency, and parents were even complaining that kids were dropping out of school to gamble, Mr Aminudeen said.

"These economic issues we are facing in Nigeria is God telling us to change our methods 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 encouraging those running those sports betting shops 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 deal with - frequently, such violations bring a fine.

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