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

sports betting has actually progressed substantially in Nigeria from standard kinds like pool staking and sports betting Baba Ijebu to a growing sports betting wagering industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and sports betting kiosks, sports betting where enthusiasts would bet just N50-N200 on matches.

Gradually, with gain access to came virtual sports betting, which parallels international patterns. The sports betting market is valued at $89.91 billion in 2023 and is projected to almost double to $182.02 billion by 2030.

In spite of financial challenges such as inflation, Nigeria's sports betting wagering sector has flourished, attracting millions, especially amongst the younger group dealing with high unemployment rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving a market that produces a projected annual earnings of N730 billion. The federal government has actually not gone unnoticed by this growth, which is considering regulatory measures like import tax duties and VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations in spite of obstacles in enforcement. Concerns such as insufficient age confirmation and marketing guideline breaches reveal market regulative spaces.

Regardless of these challenges, sports betting business continue to flourish through efficient business models and aggressive marketing strategies, leveraging the creator influencer market.

These efforts have contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing crucial roles in expanding audience reach and driving market development. Here are the CEOs of leading sports betting wagering business who have significantly added to Nigeria's $2 billion gambling empire through their extensive audience reach.

Constable 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 profession covers various roles in the video gaming and entertainment industry, sports betting consisting of operating 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 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 service in the sports betting and gaming sector, running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, sports betting 2006, and has actually given that expanded its presence, achieving 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 ended up being the CEO of LiveScore Group, sports betting a totally incorporated ecosystem that integrates appropriate sports betting content, engaging functions, and sports betting a world-class sportsbook.

Because taking the helm right before the pandemic, Sam has driven considerable development for LiveScore Group. The business's employee headcount has increased by 29%, and yearly earnings has surged from around ₤ 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 industry's instructions. LiveScoreBet has attained significant user engagement, sports betting 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 formerly worked as the business's Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has actually remained in the online gaming industry considering that 2000, holding numerous effective functions, consisting of General Manager of an information analytics group and Director of a digital marketing company.

Under Werkman's management, Betway has continued to grow its market presence and improve 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 actually differentiated herself as a senior executive with a performance history of changing start-ups into institutionalized companies. Her expertise covers the gaming, property, and credit lending industries, where he has developed himself as a tactical and functional leader.

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

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

She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN offers frHer instructional 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 company, established the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to introduce a totally practical website, 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 worldwide 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 bookies in Europe and the world. The business runs in more than 50 nations, consisting of Nigeria, where it is completely accredited.

Under Babalola's leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, offering a wide range of wagering 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 Chairman of Vend Capital. In addition to leading these ventures, sports betting Ukanwoke has worked together with African socio-economic organizations and federal governments to design developmental policies focused on empowering youths. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.

BetKing, established 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 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, BetKing participated in a partnership with the Lagos Employment Trust Fund, creating over 100,000 tasks, the variety of which is increasing each year. 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 founder, majority investor, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was introduced in 2001 as an online wagering website and has actually considering that grown into one of the world's biggest online gaming companies.

By 2016, sports betting Bet365 produced $2 billion in profits and assisted in $45 billion in annual bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered 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 alongside business person 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 asset management business that creates financial investment returns and provides distinct investment insights and solutions to both specific and institutional clients.

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 ended up being a significant gamer in the Nigerian sports betting market.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a skilled professional in the sports betting market. He has been functioning as the Country Director for 22BET in Nigeria because June 2021. In this role, he has added to the company's development through collaborations, company strategy, and new service development.

Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and customer experience, and Country Manager at 22BET, focusing on marketing strategy and budget management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and Betty Bingo.

His profession started at Jumia Group, where he worked in SEO, CRM, and sports betting content management. Fikayo likewise served 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, gambling establishment video games, and live dealer games. It was introduced in 2017 and is owned and sports betting operated by Marikit Holdings Ltd, sports betting a company registered 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 established in 2013.

SportyBet is a global sports betting wagering and real-money video gaming operator known for providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani's management, SportyBet has ended up being a considerable player in the industry, sports betting 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 supporter for the growing African web ecosystem. His investments reflect his commitment to promoting innovation and advancement within the region.

On April 30, 2024, Sudeep Ramnani purchased 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 revolutionising how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize innovative technology and a commitment to responsible sports betting to revolutionise the sector.

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

At a press briefing, the company's spokesperson, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and the continent's deep passion for sports betting, sports betting especially football, has set the stage for Sunbet's ambitious entry. He added that the company's robust financial backing and expert group will enable it to scale and control the marketplace quickly.

Islamic cops raid betting shops in northern Nigeria

Islamic cops in Nigeria's northern city of Kano have started shutting down sports betting stores, which they state are running illegally.

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

Complaints from neighborhood leaders and parents prompted the crackdown, stressed over the growing number of gambling addicts, he said.

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

However Mr Aminudeen cautioned that now that the general public understood that the Hisbah was clamping down on gaming, those flouting the rules would be jailed.

Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system - Sharia - together with secular law.

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

Nevertheless, the current crackdown is concentrated on Muslim locations of Kano, a vast city and the financial hub of northern Nigeria.

Sports betting shops can be found all over the city. A lot of have television screens, and customers see the outcome of global football matches or horse races on which they have actually staked money.

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

"They don't have licences to operate as they were permitted to run video games centres, which they later on converted to wagering shops," he said.

The sports betting market has broadened dramatically across West Africa in recent years. The area is approximately divided between a mainly Muslim north and a predominantly Christian south.

Many people go to bookies to enjoy the camaraderie of other bettors, though mobile apps are likewise popular for wagering on the outcome of occasions and groups.

Nigeria's crippling recession has likewise indicated individuals want to risk a small amount in the hope of winning big.

But this had caused prevalent addiction, and moms and dads were even grumbling that children were dropping out of school to bet, sports betting Mr Aminudeen said.

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

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

"I am encouraging those running those sports betting shops to either shut down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen said.

It is unclear what penalty they would face - often, sports betting 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.