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

Gambling has actually developed considerably in Nigeria from standard types like pool staking and Baba Ijebu to a successful sports betting market. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where lovers would bet as little as N50-N200 on matches.

Slowly, with increased internet 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.

Despite financial obstacles such as inflation, sports betting Nigeria's sports betting wagering sector has thrived, attracting millions, specifically amongst the youthful group facing high joblessness rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that creates a projected yearly profits of N730 billion. The federal government has actually not gone unnoticed by this growth, which is thinking about regulative measures like import tax tasks and VAT boosts to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of difficulties in enforcement. Concerns such as insufficient age confirmation and marketing rule breaches reveal market regulative spaces.

Despite these challenges, sports betting wagering business continue to prosper through effective company designs and aggressive marketing methods, leveraging the creator influencer market.

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

Sheriff Olaniyan - CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied profession spans various roles in the gaming and entertainment industry, including operating at among the United Kingdom's biggest 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, Wales. Surebet247, founded in August 2011, has grown into a leading e-commerce company in the sports betting and video gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has since 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 brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally integrated environment that integrates relevant sports betting content, engaging functions, and a world-class sportsbook.

Since taking the helm prior to the pandemic, Sam has driven substantial growth for LiveScore Group. The company's employee headcount has increased by 29%, and yearly earnings has actually surged from approximately ₤ 10 million to over ₤ 80 million.

Sam's management and sports betting strategic vision have actually moved LiveScore Group's success and helped form the market's instructions. 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 appointed CEO of Betway in November 2017, having previously worked as the company's Marketing and sports betting Operations Director since 2015. He joined Betway in 2013 and has remained in the online gaming market because 2000, holding different effective functions, including General Manager of a data analytics team and Director of a digital marketing company.

Under Werkman's leadership, Betway has actually continued to grow its market existence and improve its offerings. The business's app has garnered 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 transforming start-ups into institutionalized companies. Her expertise spans the video gaming, property, and credit loaning markets, where he has developed himself as a tactical and operational leader.

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

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

She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN provides frHer instructional background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, finished in 2005.

Akin Alabi, sports betting 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 platform in Nigeria, it was the very first to release a fully practical 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 international sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookmakers in Europe and the world. The company runs 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, providing a vast array 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 ventures, Ukanwoke has actually collaborated with African socio-economic organizations and federal governments to develop developmental policies targeted at empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.

BetKing, founded 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 business has actually quickly grown its presence in Nigeria, with outlets in major cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, creating over 100,000 jobs, the number of which is increasing every year. In the very 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 creator, majority investor, and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was introduced in 2001 as an online wagering website and has actually since grown into among the world's largest online gaming companies.

By 2016, Bet365 created $2 billion in profits and facilitated $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has amassed considerable 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 business in Nigeria, developed alongside business person 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 possession management business that generates investment returns and provides special investment insights and solutions to both specific and institutional clients.

Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has actually ended up being a considerable player 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 acting as the Country Director for 22BET in Nigeria because June 2021. In this role, he has actually added to the company's development through partnerships, business method, and brand-new company development.

Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item development and consumer experience, and sports betting Country Manager at 22BET, focusing 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 began at Jumia Group, where he operated 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 uses sports betting, gambling establishment games, and sports betting live dealership games. It was launched 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 also 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 developed in 2013.

SportyBet is an international sports betting and real-money video gaming operator known for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani's leadership, SportyBet has actually become a significant gamer in the market, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong advocate for the growing African web environment. His financial investments reflect his dedication to cultivating innovation and advancement within the region.

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

The company is set to disrupt the sports betting industry.

Sunbet Sporting International Limited has said it is focused on revolutionising how millions of Africans engage with sports betting. In a market 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 take advantage of cutting-edge technology and a dedication to responsible gaming to change the sector.

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

At a press instruction, the business's spokesperson, sports betting Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent's deep enthusiasm for sports betting, especially football, has actually set the stage for Sunbet's ambitious entry. He included that the company's robust financial backing and professional group will allow it to scale and control the marketplace rapidly.

Islamic cops raid betting stores in northern Nigeria

Islamic police in Nigeria's northern city of Kano have begun shutting down sports betting shops, sports betting which they say are running illegally.

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

Grievances from community leaders and moms and dads prompted the crackdown, worried about the growing variety of sports betting addicts, he stated.

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

But Mr Aminudeen alerted that now that the public understood that the Hisbah was clamping down on sports betting, those flouting the rules would be arrested.

Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system - Sharia - alongside nonreligious law.

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

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

Sports betting stores can be discovered all over the city. The majority of have tv screens, and sports betting consumers enjoy the result of global football matches or sports betting horse races on which they have actually staked money.

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

"They don't have licences to run as they were allowed to run video games centres, which they later converted to sports betting stores," he said.

The sports betting market has actually expanded significantly across West Africa in recent years. The area is approximately divided between a primarily Muslim north and a predominantly Christian south.

Many individuals go to bookies to enjoy the friendship of other gamblers, though mobile apps are likewise popular for sports betting on the outcome of events and teams.

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

However this had actually caused extensive addiction, sports betting and moms and dads were even grumbling that kids were dropping out of school to bet, Mr Aminudeen stated.

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

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

"I am advising those running those sports betting stores to either closed down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen said.

It is unclear what penalty they would face - frequently, such infringements bring a fine.

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