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

Gaming has progressed considerably in Nigeria from standard forms like pool staking and Baba Ijebu to a growing sports betting industry. Historically tied to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.

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

Regardless of economic obstacles such as inflation, Nigeria's sports betting wagering sector has thrived, bring in millions, especially amongst the younger group dealing with high unemployment rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that creates an approximated yearly profits of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulatory steps like import tax duties and VAT increases to manage the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations despite obstacles in enforcement. Concerns such as insufficient age confirmation and advertising guideline breaches reveal industry regulatory gaps.

In spite of these difficulties, sports betting wagering companies continue to prosper through reliable company designs and aggressive marketing techniques, leveraging the developer influencer industry.

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

Sheriff Olaniyan - CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His diverse career spans different functions in the video gaming and show business, including working at one of the United Kingdom's largest 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 sports betting a Master's in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has actually grown into a leading e-commerce service in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually considering that broadened its existence, accomplishing 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 sports betting names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally integrated ecosystem that integrates appropriate sports betting content, engaging features, and a first-rate sportsbook.

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

Sam's management and sports betting strategic vision have actually moved LiveScore Group's success and helped shape the industry's instructions. LiveScoreBet has actually 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, sports betting having actually formerly worked as the business's Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming industry considering that 2000, holding different successful roles, consisting of General Manager of an information analytics team and Director sports betting of a digital marketing company.

Under Werkman's leadership, sports betting Betway has continued to grow its market presence and enhance its offerings. The business's app has actually garnered considerable user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has distinguished herself as a senior executive with a performance history of changing start-ups into institutionalized businesses. Her know-how covers the video gaming, sports betting realty, and sports betting credit loaning industries, where he has developed himself as a tactical and operational leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the business's operational techniques and market expansion.

She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN supplies frHer academic background includes a Bachelor's degree in Geology/Earth Science from the University of Ibadan, sports betting finished in 2005.

Akin Alabi, the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to launch a fully practical 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, sports betting a franchise of the worldwide sports betting 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 company operates in more than 50 nations, sports betting including Nigeria, where it is fully certified.

Under Babalola's management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, offering a wide variety of sports betting alternatives and an user-friendly 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 sports betting Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually worked together with African socio-economic organizations and federal governments to create 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 launched 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 and entertainment company has rapidly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, sports betting creating over 100,000 tasks, the variety of which is increasing annually. 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 creator, majority shareholder, and joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was introduced in 2001 as an online wagering website and has actually given that become one of the world's largest online gaming business.

By 2016, Bet365 produced $2 billion in revenues and assisted in $45 billion in yearly bets. The business 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 company in Nigeria, developed along with businessman Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, sports betting an independent Nigerian property management business that produces investment returns and offers distinct investment insights and services to both private and institutional clients.

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 actually ended up being a considerable player in the Nigerian sports betting market.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a skilled specialist in the sports betting wagering market. He has been working as the Country Director for 22BET in Nigeria since June 2021. In this role, he has actually contributed to the business's growth through collaborations, service method, and brand-new business development.

Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and consumer experience, and Country Manager at 22BET, sports betting concentrating on marketing strategy and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous digital marketing functions at Laclic Services and Betty Bingo.

His career started at Jumia Group, where he operated in SEO, CRM, sports betting and content management. Fikayo likewise acted 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 sports betting 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 wagering, gambling establishment games, and live dealership video games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a business registered in Cyprus and sports betting 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, a business he developed in 2013.

SportyBet is a global sports betting and sports betting real-money video gaming operator known for delivering an omni-channel entertainment experience in regulated emerging markets. Under Ramnani's leadership, SportyBet has actually ended up being 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 financier in fintech and mobile payments and a strong supporter for the growing African internet ecosystem. His financial investments show his commitment to cultivating development and development within the region.

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

The company is set to interrupt the sports betting industry.

Sunbet Sporting International Limited has stated it is concentrated on changing 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 sports betting PwC, the firm intends to leverage cutting-edge technology and a dedication to accountable gambling to revolutionise the sector.

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

At a press briefing, the company's representative, sports betting Akin Babatunde, said that the rise in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, especially football, sports betting has set the stage for Sunbet's ambitious entry. He included that the company's robust sponsorship and professional team will enable it to scale and dominate the marketplace rapidly.

Islamic cops raid betting stores in northern Nigeria

Islamic cops in Nigeria's northern city of Kano have started shutting down sports betting wagering shops, sports betting which they say are operating illegally.

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

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

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

But Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on sports betting, those flouting the guidelines would be jailed.

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

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

However, the existing crackdown is focused on Muslim locations of Kano, a sprawling city and the economic center of northern Nigeria.

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

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

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

The sports betting wagering industry has broadened dramatically across West Africa over the last few years. The area is approximately divided in between a mainly Muslim north and a predominantly Christian south.

Many people go to bookies to take pleasure in the camaraderie of other gamblers, though mobile apps are likewise popular for wagering on the outcome of events and teams.

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

But this had actually resulted in widespread addiction, and parents were even grumbling that kids were dropping out of school to bet, Mr Aminudeen stated.

"These economic concerns we are dealing with in Nigeria is God informing us to alter our ways by stopping sins," he stated.

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 sports betting stores to either closed down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen said.

It is unclear what punishment they would deal with - typically, such violations bring a fine.

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