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

Gaming has developed significantly 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 common sight at motor parks and kiosks, where lovers would bet just N50-N200 on matches.

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

Regardless of economic obstacles such as inflation, Nigeria's sports betting sector has thrived, drawing in millions, sports betting especially among the younger group facing high joblessness rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that creates an estimated yearly profits of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulative procedures like import tax responsibilities and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations in spite of obstacles in enforcement. Issues such as insufficient age verification and advertising guideline breaches show industry regulatory gaps.

Regardless of these challenges, sports betting wagering companies continue to grow through effective service models and aggressive marketing methods, leveraging the creator sports betting influencer industry.

These efforts have actually contributed to Nigeria's robust $2 billion gambling sector, with CEOs playing important roles in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting business who have considerably contributed to Nigeria's $2 billion gaming empire through their extensive 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 career covers different functions in the gaming and entertainment industry, 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 business in the wagering and video gaming sector, sports betting running through online, sports betting mobile, and retail channels. The company was included in Nigeria on November 7, 2006, sports betting and has actually because expanded its presence, accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi - CEO Livescorebet

Sam Sadi has more than 25 years of experience in sports betting brand names and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated environment that combines appropriate sports betting content, engaging functions, and a first-rate sportsbook.

Since taking the helm right before the pandemic, Sam has driven significant development for LiveScore Group. The company's staff member headcount has increased by 29%, and yearly profits has surged from approximately ₤ 10 million to over ₤ 80 million.

Sam's management and strategic vision have moved LiveScore Group's success and assisted shape the industry's direction. LiveScoreBet has actually 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, sports betting having formerly served as the company's Marketing and Operations Director because 2015. He joined Betway in 2013 and has actually remained in the online gaming market considering that 2000, sports betting holding numerous successful functions, consisting of 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 sports betting enhance its offerings. The company's app has garnered considerable 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 performance history of changing start-ups into institutionalized services. Her competence covers the gaming, real estate, sports betting and credit loaning industries, where he has actually developed himself as a tactical and operational leader.

Damilare has actually contributed in NairaBET's success for over 14 years. Since June 2019, she has acted as Managing Director sports betting and has actually overseen the business's development and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company's operational techniques and market growth.

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

Akin Alabi, sports betting the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking company, developed business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to release a fully practical site, setting a criteria in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director sports betting of 1XBET Nigeria Limited, a franchise of the global sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the biggest bookmakers in Europe and the world. The business operates in more than 50 countries, including Nigeria, sports betting where it is completely accredited.

Under Babalola's leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, providing a wide variety of sports betting options 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 actually worked together with African socio-economic institutions and federal 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, established and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and sports betting home 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 entered into a collaboration with the Lagos Employment Trust Fund, producing over 100,000 tasks, the variety of which is increasing annually. In the very same year, MultiChoice broadcaster purchased 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 creator, bulk shareholder, and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was launched in 2001 as an online wagering site and has given that become among the world's biggest online gaming business.

By 2016, Bet365 produced $2 billion in earnings and helped with $45 billion in annual bets. The company likewise holds a majority 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 wagering company in Nigeria, developed alongside business owner Kunle Soname, sports betting who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management company that generates investment returns and uses distinct investment insights and solutions to both private and institutional customers.

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 management, Bet9ja has become a substantial gamer in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting wagering industry. He has actually been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has contributed to the company's development through partnerships, service strategy, and brand-new service advancement.

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

His profession started at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also worked 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 sports betting platform that uses sports betting, casino games, and live dealership games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a company registered 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 a global sports betting and real-money video gaming operator sports betting known for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's leadership, SportyBet has become a considerable 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 investor in fintech and mobile payments and a strong supporter for sports betting the growing African internet ecosystem. His financial investments reflect his commitment to cultivating innovation and development 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 interrupt the sports betting 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 forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to utilize cutting-edge innovation and a commitment to accountable gaming to change the sector.

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

At a press rundown, the company's spokesperson, Akin Babatunde, sports betting said that the rise in Internet penetration, mobile usage, and the continent's deep passion for sports betting, specifically football, has actually set the stage for Sunbet's enthusiastic entry. He included that the firm's robust sponsorship and expert team will allow it to scale and dominate the market quickly.

Islamic authorities raid wagering stores in northern Nigeria

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

"As you know, wagering is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, informed the BBC.

Grievances from neighborhood leaders and parents prompted the crackdown, fretted about the growing number of gambling addicts, he said.

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

But Mr Aminudeen alerted that now that the general public was aware that the Hisbah was clamping down on gambling, those flouting the guidelines would be arrested.

Kano city is the capital of Kano state, which has a bulk Muslim population and operates the Islamic legal system - Sharia - along with secular law.

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

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

sports betting wagering shops can be discovered all over the city. Many have television screens, and consumers watch the result of global football matches or horse races on which they have actually staked money.

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

"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 market has actually expanded considerably throughout West Africa over the last few years. The area is roughly divided in between a generally Muslim north and a predominantly Christian south.

Many individuals go to bookmakers to enjoy the camaraderie 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 also meant people want to run the risk of a percentage in the hope of winning big.

But this had actually resulted in prevalent dependency, and parents were even complaining that kids were dropping out of school to bet, Mr Aminudeen said.

"These financial issues we are facing in Nigeria is God telling us to change our methods by stopping sins," he said.

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

"I am advising those running those wagering stores 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 - often, such infringements carry a fine.

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