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

Gaming has developed considerably in Nigeria from standard forms like pool staking and Baba Ijebu to a flourishing sports betting market. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would wager just N50-N200 on matches.

Gradually, with increased web access came virtual wagering, sports betting which parallels global patterns. 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.

Despite economic challenges such as inflation, Nigeria's sports betting wagering sector has actually thrived, bring in millions, especially among the younger market dealing with high unemployment rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving a market that creates an approximated annual income of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulative measures like import tax tasks and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations despite challenges in enforcement. Concerns such as insufficient age verification and advertising rule breaches show market regulatory spaces.

Despite these challenges, sports betting wagering companies continue to thrive through efficient organization designs and aggressive marketing methods, leveraging the developer influencer market.

These efforts have actually added to Nigeria's robust $2 billion sports betting sector, with CEOs playing vital roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering companies who have actually substantially contributed to Nigeria's $2 billion gambling empire through their substantial 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 covers numerous functions in the video gaming and entertainment industry, consisting of operating 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 turned into a leading e-commerce company in the wagering and gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, sports betting 2006, and has because broadened its presence, 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 integrated community that integrates pertinent sports betting content, engaging functions, and a world-class sportsbook.

Since taking the helm just before the pandemic, sports betting Sam has actually driven substantial development for LiveScore Group. The business's staff member headcount has increased by 29%, and yearly profits has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam's management and tactical vision have actually propelled LiveScore Group's success and helped shape the market's direction. LiveScoreBet has attained major 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 formerly acted as the company's Marketing and Operations Director since 2015. He joined Betway in 2013 and has remained in the online video gaming market since 2000, holding various effective roles, consisting of General Manager of an information analytics team and Director of a digital marketing firm.

Under Werkman's leadership, Betway has actually continued to grow its market existence and boost its offerings. The business's app has 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 distinguished herself as a senior sports betting executive with a track record of transforming start-ups into institutionalized services. Her proficiency spans the gaming, property, and sports betting credit lending markets, sports betting where he has actually developed himself as a tactical and functional leader.

Damilare has actually been instrumental in NairaBET's success for over 14 years. Since June 2019, she has worked as Managing Director and has actually overseen the business's growth and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the business's operational methods and market growth.

She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN provides frHer instructional background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, 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 first sports betting wagering platform in Nigeria, it was the very first to launch a totally functional website, 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 worldwide sports betting wagering business 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 business operates in more than 50 nations, consisting of Nigeria, where it is completely certified.

Under Babalola's management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, offering a wide variety of wagering 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 ventures, Ukanwoke has actually collaborated with African socio-economic organizations and governments to develop developmental policies focused on empowering young people. In 2015, Ernst & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.

BetKing, sports betting founded and introduced in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand sports betting name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has actually quickly grown its existence in Nigeria, with outlets in major sports betting cities and over 500,000 downloads on the Google Play Store.

In 2020, sports betting BetKing entered into a partnership with the Lagos Employment Trust Fund, creating over 100,000 tasks, the variety of which is increasing each year. In the 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, sports betting an online gaming company she developed in 2000. Bet365.com was launched in 2001 as an online sports betting website and has considering that grown into among the world's largest online sports betting companies.

By 2016, Bet365 produced $2 billion in revenues and assisted in $45 billion in annual 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 company in Nigeria, established together with business owner 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 business that generates financial investment returns and provides unique 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 leadership, Bet9ja has actually become a significant gamer in the Nigerian sports betting market.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting wagering industry. He has actually been serving as the Country Director for 22BET in Nigeria since June 2021. In this function, he has contributed to the business's growth through partnerships, business strategy, sports betting and brand-new business development.

Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, sports betting where he managed product advancement and consumer experience, and Country Manager at 22BET, concentrating on marketing technique and budget 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, sports betting 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 sports betting 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 sports betting platform that provides sports betting, gambling establishment games, and live dealership video games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, sports betting a company registered in Cyprus and a subsidiary of Orakum N.V.. They are also the owners of Betwinner and sports betting a chain of gambling establishments worldwide.

Sudeep Ramnani-- CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a business he developed in 2013.

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

In addition to his function at SportyBet, sports betting Sudeep is an active investor in fintech and mobile payments and a strong supporter for the growing African web environment. His financial investments show his commitment to fostering innovation and advancement within the region.

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

The firm is set to interrupt the sports wagering industry.

Sunbet Sporting International Limited has said it is focused on changing how millions of Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit development projection in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, the firm aims to take advantage of advanced technology and sports betting a dedication to accountable sports betting to revolutionise the sector.

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

At a press briefing, the business's spokesperson, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and the continent's deep enthusiasm for sports betting, specifically football, has actually set the stage for Sunbet's ambitious entry. He included that the firm's robust financial backing and specialist team will enable it to scale and control the market rapidly.

Islamic authorities raid betting shops in northern Nigeria

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

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

Complaints from community leaders and parents triggered the crackdown, fretted about the growing variety of sports betting addicts, he said.

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

But Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on gambling, those flouting the rules would be detained.

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

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

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

sports betting wagering shops can be found all over the city. The majority of 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 bookies had actually been able 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 converted to wagering stores," he stated.

The sports betting wagering market has actually broadened dramatically across West Africa recently. The area is approximately divided in between a generally Muslim north and sports betting a predominantly Christian south.

Many individuals go to bookies to take pleasure in the camaraderie of other bettors, though mobile apps are likewise popular for sports betting wagering on the result of occasions and groups.

Nigeria's debilitating recession has actually also suggested individuals want to run the risk of a percentage in the hope of winning huge.

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

"These economic concerns we are dealing with in Nigeria is God telling us to alter our methods 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 recommending those running those wagering shops to either closed 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 violations bring a fine.

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