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

sports betting has progressed substantially in Nigeria from standard types like pool staking and Baba Ijebu to a thriving sports betting wagering industry. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager as little as N50-N200 on matches.

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

In spite of financial difficulties such as inflation, Nigeria's sports betting sector has thrived, drawing in millions, particularly amongst the younger market dealing with high unemployment rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that produces an approximated annual income of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulative procedures like import tax responsibilities and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of difficulties in enforcement. Problems such as inadequate age verification and advertising rule breaches show industry regulatory spaces.

Despite these obstacles, sports betting wagering companies continue to grow through effective service models and aggressive marketing techniques, leveraging the developer influencer market.

These efforts have contributed to Nigeria's robust $2 billion gaming sector, sports betting with CEOs playing essential functions in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting companies who have actually significantly added to Nigeria's $2 billion gambling 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 different roles in the gaming and entertainment industry, consisting of operating at among the United Kingdom's largest video 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 become a leading e-commerce company in the sports betting and video gaming sector, operating through online, mobile, sports betting and retail channels. The business 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 over 25 years of experience in wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally incorporated ecosystem that integrates pertinent sports betting material, engaging functions, and a first-rate sportsbook.

Given that taking the helm prior to the pandemic, Sam has actually driven significant development for LiveScore Group. The business's employee headcount has actually increased by 29%, and annual income has risen from roughly ₤ 10 million to over ₤ 80 million.

Sam's management and strategic vision have actually propelled LiveScore Group's success and sports betting helped shape the industry's direction. LiveScoreBet has actually attained 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 previously served as the company's Marketing and Operations Director since 2015. He joined Betway in 2013 and has remained in the online gaming industry because 2000, holding numerous effective functions, consisting of General Manager of an information analytics group and sports betting Director of a digital marketing agency.

Under Werkman's leadership, Betway has actually continued to grow its market existence and sports betting improve its offerings. The company'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 identified herself as a senior executive with a track record of transforming start-ups into institutionalized businesses. Her knowledge covers the gaming, realty, sports betting and 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, sports betting she has acted as Managing Director and has actually overseen the business's growth and operations in Lagos, Nigeria.

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

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

Akin Alabi, the founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to release a completely functional 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 global sports betting company based in Cyprus. 1XBET, sports betting founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookies in Europe and the world. The business runs in more than 50 countries, consisting of Nigeria, where it is totally licensed.

Under Babalola's management, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, using a wide range of sports betting choices and an user-friendly 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, sports betting and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has collaborated with African socio-economic organizations and governments to create developmental policies targeted at empowering young people. 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 sports betting Adekunle Adeniji, runs under the brand sports betting name of Lake Ventures Ltd. This pan-African sports betting and sports betting home entertainment business has actually rapidly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, sports betting BetKing participated in a collaboration with the Lagos Employment Trust Fund, producing over 100,000 tasks, the number of which is increasing every year. In the same year, MultiChoice broadcaster bought a 20% stake in BetKing, sports betting 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, an online gaming company she developed in 2000. Bet365.com was launched in 2001 as an online wagering site and has since turned into one of the world's biggest online gaming business.

By 2016, Bet365 created $2 billion in revenues and helped with $45 billion in annual bets. The company likewise holds a majority stake in Stoke City Football Club. Bet365 has amassed substantial 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 business in Nigeria, developed alongside business person Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

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

Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in appeal, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, sports betting Bet9ja has ended up being a considerable gamer in the Nigerian sports betting industry.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a skilled specialist in the sports betting wagering industry. He has actually been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has actually added to the business's development through partnerships, sports betting business method, and brand-new service advancement.

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

His profession began at Jumia Group, where he operated in SEO, CRM, sports betting 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that provides sports betting, gambling establishment video games, and live dealership games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, a company registered in Cyprus and sports betting 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 a worldwide sports betting and real-money gaming operator known for providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani's management, SportyBet has become a substantial gamer in the industry, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, Sudeep is an active investor sports betting in fintech and mobile payments and a strong advocate for the growing African web environment. His investments reflect his dedication to fostering innovation and development within the area.

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

The company is set to interfere with the sports wagering industry.

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 annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, sports betting the company aims to take advantage of cutting-edge technology and a commitment to responsible gambling to revolutionise the sector.

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

At a press rundown, the business's representative, Akin Babatunde, sports betting stated that the increase in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, especially football, has set the stage for Sunbet's ambitious entry. He added that the firm's robust financial backing and expert team will enable it to scale and dominate the marketplace quickly.

Islamic police raid betting shops in northern Nigeria

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

"As you understand, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, informed the BBC.

Grievances from community leaders and parents triggered the crackdown, fretted about the growing number of sports betting addicts, he stated.

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

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

Kano city is the capital of Kano state, which has a bulk Muslim population and runs the Islamic legal system - Sharia - along with secular 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 existing crackdown is focused on Muslim areas of Kano, a sprawling city and the financial center of northern Nigeria.

sports betting wagering shops can be found all over the city. Most have television screens, and consumers watch the result of international football matches or sports betting horse races on which they have actually staked cash.

Mr Aminudeen said such bookmakers had been able 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 on converted to sports betting stores," he stated.

The sports betting industry has actually broadened considerably throughout West Africa recently. The area is roughly divided between a generally Muslim north and a mainly Christian south.

Many individuals go to bookies to enjoy the camaraderie of other bettors, though mobile apps are also popular for sports betting on the result of events and groups.

Nigeria's debilitating economic crisis has actually likewise implied individuals want to risk a small amount in the hope of winning big.

But this had resulted in prevalent dependency, sports betting and moms and dads were even grumbling that children were leaving of school to bet, Mr Aminudeen stated.

"These economic concerns we are facing in Nigeria is God telling us to change our methods 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 recommending those running those wagering shops to either closed down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen stated.

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

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