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

Gambling has evolved significantly in Nigeria from standard kinds like pool staking and Baba Ijebu to a thriving sports betting market. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would bet as little as N50-N200 on matches.

Gradually, with increased web gain access to came virtual sports betting, sports betting which parallels global 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 economic difficulties such as inflation, Nigeria's sports betting wagering sector has actually grown, attracting millions, specifically among the youthful market dealing with high joblessness rates.

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

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of difficulties in enforcement. Issues such as insufficient age verification and marketing rule breaches reveal industry regulatory spaces.

Regardless of these obstacles, sports betting wagering companies continue to grow through effective company designs and aggressive marketing methods, leveraging the developer influencer market.

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

Sheriff Olaniyan - CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, sports betting a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career covers various functions in the gaming and entertainment industry, including operating at one of the United Kingdom's biggest video gaming centres, 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, sports betting Wales. Surebet247, founded in August 2011, has become a leading e-commerce business in the sports betting and gaming sector, operating through online, mobile, sports betting and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has because expanded its existence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi - CEO Livescorebet

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

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

Sam's leadership and tactical vision have moved LiveScore Group's success and sports betting assisted shape the market's instructions. LiveScoreBet has actually accomplished significant 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 formerly worked as the business's Marketing and Operations Director since 2015. He joined Betway in 2013 and has actually remained in the online gaming market because 2000, holding various effective functions, sports betting 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 existence and improve its offerings. The company's app has actually amassed significant 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 executive with a track record of changing start-ups into institutionalized organizations. Her knowledge covers the video gaming, real estate, and credit loaning industries, where he has developed himself as a strategic and operational leader.

Damilare has actually contributed in NairaBET's success for sports betting over 14 years. Because June 2019, she has actually acted as Managing Director and has actually overseen the business'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 techniques and market expansion.

She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN offers frHer instructional background includes 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, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to release a fully practical site, setting a criteria 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 actually established itself as one of the largest bookmakers in Europe and the world. The business runs in more than 50 nations, consisting of Nigeria, where it is fully certified.

Under Babalola's management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, offering a large range 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, sports betting Managing Director of KingMakers, sports betting and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has worked together with African socio-economic institutions 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 released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, sports betting runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment company has rapidly grown its existence in Nigeria, sports betting 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 yearly. In the exact 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 investor, and joint Chief Executive of Bet365, sports betting an online gambling company she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has actually given that grown into one of the world's largest online gambling business.

By 2016, Bet365 generated $2 billion in earnings and facilitated $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has 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 wagering company in Nigeria, developed along with 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 possession management company that produces financial investment returns and uses unique financial investment insights and services to both specific and institutional customers.

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 significant player in the Nigerian sports betting market.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting industry. He has actually been serving as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has contributed to the business's development through collaborations, company technique, and sports betting brand-new service advancement.

Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and client experience, and Country Manager at 22BET, concentrating on marketing technique and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different 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 likewise worked 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, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that provides sports betting wagering, casino video games, and live dealer video games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a business 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, sports betting a business he developed in 2013.

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

In addition to his role at SportyBet, Sudeep is an active investor sports betting in fintech and mobile payments and a strong advocate for the growing African internet ecosystem. His financial investments reflect his dedication to cultivating development and advancement within the area.

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

The company is set to interfere with the sports betting market.

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 yearly, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to utilize cutting-edge innovation and a commitment to responsible sports betting to revolutionise the sector.

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

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

Islamic authorities raid betting stores in northern Nigeria

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

"As you know, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, sports betting told the BBC.

Problems from community leaders and parents prompted the crackdown, worried about the growing number of sports betting addicts, he said.

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

However Mr Aminudeen warned that now that the public was aware 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 majority Muslim population and operates the Islamic legal system - Sharia - alongside nonreligious law.

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

However, the current crackdown is focused on Muslim areas of Kano, a sprawling city and the financial hub of northern Nigeria.

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

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

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

The sports betting wagering market has expanded drastically throughout West Africa recently. The area is approximately divided in between a mainly Muslim north and a predominantly Christian south.

Many people go to bookies to enjoy the sociability of other gamblers, though mobile apps are also popular for wagering on the outcome of occasions and groups.

Nigeria's crippling recession has actually also implied individuals want to run the risk of a small amount in the hope of winning big.

But this had led to prevalent addiction, and moms and dads were even complaining that kids were leaving of school to gamble, Mr Aminudeen stated.

"These economic problems we are dealing with in Nigeria is God informing us to change our methods by stopping sins," he stated.

The raids on Tuesday focused 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 apprehend them and take them to [a Sharia] court," Mr Aminudeen stated.

It is unclear what penalty they would deal with - often, such violations carry a fine.

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