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

Gambling has actually progressed considerably in Nigeria from conventional forms like pool staking and Baba Ijebu to a thriving sports betting wagering industry. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as low as N50-N200 on matches.

Gradually, sports betting with increased web access came virtual sports betting, which parallels international patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is predicted to nearly double to $182.02 billion by 2030.

In spite of financial challenges such as inflation, Nigeria's sports betting sector has flourished, drawing in millions, particularly among the youthful market facing high unemployment rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that produces an approximated annual income of N730 billion. The federal government has actually not gone undetected by this development, which is thinking about regulative measures like import tax tasks and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure fair operations despite challenges in enforcement. Problems such as inadequate age confirmation and marketing guideline breaches reveal market regulative spaces.

Despite these difficulties, sports betting wagering companies continue to grow through reliable service models and aggressive marketing methods, leveraging the creator influencer industry.

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

Constable Olaniyan - CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied career spans different functions in the video gaming and entertainment industry, consisting of working at one of the United Kingdom's biggest 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, Wales. Surebet247, founded in August 2011, has become a leading e-commerce business in the wagering and video gaming sector, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, sports betting and has because expanded its existence, achieving 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 ended up being the CEO of LiveScore Group, a totally incorporated environment that integrates pertinent sports betting content, engaging functions, and a world-class sportsbook.

Because taking the helm just before the pandemic, Sam has driven considerable growth for LiveScore Group. The company's worker headcount has increased by 29%, and annual profits has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam's leadership and strategic vision have moved LiveScore Group's success and helped form the market's direction. 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 appointed CEO of Betway in November 2017, having formerly acted as the company's Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has been in the online gaming industry given that 2000, holding different effective roles, including General Manager of a data analytics group and Director of a digital marketing firm.

Under Werkman's management, Betway has actually continued to grow its market presence and improve its offerings. The company's app has actually gathered significant 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 performance history of transforming start-ups into institutionalized businesses. Her proficiency spans the gaming, real estate, and sports betting credit lending markets, where he has actually established himself as a strategic and operational leader.

Damilare has contributed in NairaBET's success for over 14 years. Given that June 2019, she has actually served as Managing Director and sports betting has actually overseen the company's development and 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 expansion.

She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned companies. DDWIN offers frHer instructional background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, sports betting finished in 2005.

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

Under Babalola's leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, providing a wide variety of sports betting options 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 actually collaborated with African socio-economic institutions and federal governments to create developmental policies targeted at 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 brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has quickly grown its existence 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, sports betting creating over 100,000 jobs, the number of which is increasing yearly. In the very same year, MultiChoice broadcaster purchased a 20% stake in BetKing, sports betting which was increased to 49% in 2021.

Denise Coates - CEO Bet 365

Denise Coates is a British billionaire businesswoman, the founder, majority shareholder, and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was released in 2001 as an online betting site and has actually since grown into among the world's biggest online gambling companies.

By 2016, Bet365 generated $2 billion in revenues and facilitated $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, established alongside entrepreneur Kunle Soname, 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 creates investment returns and offers distinct financial investment insights and options to both specific and institutional customers.

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

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting market. He has actually been acting as the Country Director for 22BET in Nigeria because June 2021. In this function, he has added to the business's growth through collaborations, service strategy, and new organization advancement.

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

His career began at Jumia Group, where he worked in SEO, CRM, sports betting 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 uses sports betting wagering, gambling establishment video games, and live dealer games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a company signed up in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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 company he established in 2013.

SportyBet is a global sports betting wagering and real-money gaming operator known for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's leadership, SportyBet has actually ended up being a substantial player 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 community. His financial investments reflect his commitment to cultivating innovation and advancement within the area.

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

The firm is set to interrupt the sports wagering industry.

Sunbet Sporting International Limited has stated it is focused on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and sports betting PwC, the firm intends to utilize innovative innovation and a commitment to accountable gambling to change the sector.

Backed by the financial power of 4 prominent African billionaires, Sunbet, which will launch in the very first quarter of 2025, aims to be the continent's largest and most innovative sports betting wagering platform.

At a press briefing, the company's spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and sports betting the continent's deep passion for sports betting, particularly football, has actually set the stage for sports betting Sunbet's enthusiastic entry. He added that the firm's robust sponsorship and professional group will enable it to scale and dominate the marketplace rapidly.

Islamic police raid wagering shops in northern Nigeria

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

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

Complaints from community leaders and parents prompted the crackdown, worried about the growing number of gambling addicts, he said.

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

But Mr Aminudeen alerted that now that the public knew that the Hisbah was clamping down on sports betting, those flouting the guidelines would be apprehended.

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

Bookies and bars tend to be enabled to run in Kano's Christian areas, though they too can deal with action if the Hisbah thinks Muslims are frequenting them.

Nevertheless, the existing crackdown is concentrated on Muslim locations of Kano, a sprawling city and the economic hub of northern Nigeria.

sports betting wagering shops can be discovered all over the city. Most have television screens, and clients enjoy the result of international football matches or horse races on which they have staked money.

Mr Aminudeen stated such bookmakers had been able to operate under the radar as they had opened under false pretenses.

"They do not have licences to run as they were permitted to run computer game centres, which they later on transformed to wagering shops," he stated.

The sports betting wagering market has actually expanded dramatically across West Africa recently. The region is approximately divided between a generally Muslim north and a primarily Christian south.

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

Nigeria's debilitating recession has also indicated individuals are willing to run the risk of a percentage in the hope of winning huge.

However this had actually led to widespread dependency, and moms and dads were even complaining that children were leaving of school to gamble, Mr Aminudeen said.

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

The raids on Tuesday focused on Munjibir, thought about a resort area in the northeast of the city-- visitors flock there at weekends.

"I am encouraging those running those wagering shops to either shut down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen said.

It is uncertain what penalty they would face - typically, such infringements 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 banned.