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

Gambling has developed significantly in Nigeria from standard forms like pool staking and Baba Ijebu to a growing sports betting wagering industry. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager just N50-N200 on matches.

Gradually, with increased internet gain access to 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 almost double to $182.02 billion by 2030.

Despite economic obstacles such as inflation, Nigeria's sports betting wagering sector has grown, drawing in millions, particularly amongst the youthful market facing high unemployment rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that generates an estimated yearly profits of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulative measures like import tax responsibilities and sports betting VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations regardless of challenges in enforcement. Issues such as inadequate age confirmation and advertising guideline breaches reveal industry regulatory gaps.

In spite of these obstacles, sports betting wagering business continue to thrive through efficient company designs and aggressive marketing methods, leveraging the developer influencer industry.

These efforts have actually contributed to Nigeria's robust $2 billion gambling sector, with CEOs playing vital functions in broadening audience reach and driving market development. Here are the CEOs of leading sports betting business who have actually substantially added to Nigeria's $2 billion sports betting empire through their substantial audience reach.

Sheriff Olaniyan - CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse career covers various functions in the video gaming and show business, including operating at among the United Kingdom's largest video gaming centres, The Palace Bingo Club, where he served as the Lead Engineer in a Bingo and sports betting 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 actually grown into a leading e-commerce company in the sports betting and video gaming sector, running through online, mobile, sports betting and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has given that 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, he became the CEO of LiveScore Group, a fully integrated community that combines pertinent sports betting material, engaging features, and a first-rate sportsbook.

Given that taking the helm just before the pandemic, Sam has actually driven considerable development for LiveScore Group. The company's employee headcount has actually increased by 29%, and annual profits has risen from around ₤ 10 million to over ₤ 80 million.

Sam's leadership and strategic vision have actually propelled LiveScore Group's success and assisted shape the industry's direction. LiveScoreBet has accomplished significant 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 actually previously worked as the company's Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has actually remained in the online gaming market since 2000, holding various successful functions, consisting of General Manager of an information analytics team and Director of a digital marketing company.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has identified herself as a senior executive with a track record of transforming start-ups into institutionalized businesses. Her know-how covers the gaming, sports betting real estate, and sports betting credit financing markets, where he has established himself as a strategic and operational leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, essential in the company's functional methods and market expansion.

She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN supplies frHer educational background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.

Akin Alabi, the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, developed business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to launch a totally functional site, setting a standard 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 biggest bookmakers in Europe and the world. The business operates in more than 50 countries, including Nigeria, where it is totally accredited.

Under Babalola's leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, providing a wide range of wagering alternatives 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 endeavors, Ukanwoke has worked together with African socio-economic organizations and governments to design 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 released 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 entertainment company has actually quickly grown its presence in Nigeria, with outlets in significant cities and 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 annually. In the very 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 creator, majority shareholder, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was launched in 2001 as an online wagering site and has actually since turned into one of the world's largest online sports betting business.

By 2016, Bet365 created $2 billion in revenues and facilitated $45 billion in annual bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually garnered 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, established along with business owner Kunle Soname, who also 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 generates financial investment returns and uses distinct financial investment insights and solutions to both private 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 management, Bet9ja has actually become a significant player in the Nigerian sports betting industry.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting 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 development through collaborations, organization technique, and new service advancement.

Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he managed item advancement and client experience, and Country Manager at 22BET, focusing on marketing technique and spending plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.

His career started at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise 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 gaming platform that uses sports betting, gambling establishment video games, and live dealer video games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a business 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 business he established in 2013.

SportyBet is an international sports betting wagering and real-money video gaming operator known for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's management, SportyBet has actually become a substantial 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 financier in fintech and mobile payments and a strong advocate for the growing African internet environment. His investments reflect his dedication to promoting development and development within the area.

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

The firm is set to disrupt the sports wagering market.

Sunbet Sporting International Limited has stated it is focused on changing how countless 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 accountable gaming to change the sector.

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

At a press briefing, the company's representative, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, specifically football, has set the stage for Sunbet's enthusiastic entry. He added that the firm's robust sponsorship and professional group will enable it to scale and control the marketplace rapidly.

Islamic authorities raid wagering stores in northern Nigeria

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

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

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

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

However Mr Aminudeen alerted that now that the public understood that the Hisbah was clamping down on gaming, 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 secular law.

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

Nevertheless, the present crackdown is concentrated on Muslim areas of Kano, a vast city and the economic hub of northern Nigeria.

sports betting wagering stores can be discovered all over the city. Many have tv screens, and customers see the outcome of global football matches or horse races on which they have actually staked cash.

Mr Aminudeen stated such bookies had had the ability 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 on converted to wagering stores," he said.

The sports betting wagering market has expanded dramatically throughout West Africa in the last few years. The region is roughly divided in between a primarily Muslim north and a mainly Christian south.

Many individuals go to bookies to take pleasure in the sociability of other gamblers, though mobile apps are likewise popular for sports betting on the outcome of occasions and teams.

Nigeria's debilitating economic crisis has actually likewise indicated people are willing to run the risk of a percentage in the hope of winning big.

However this had actually caused prevalent dependency, and moms and sports betting dads were even complaining that children were leaving of school to gamble, Mr Aminudeen stated.

"These financial issues we are dealing with in Nigeria is God informing 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 advising those running those wagering stores to either shut down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen stated.

It is uncertain what punishment they would face - typically, such infringements carry 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 prohibited.