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

Gambling has progressed considerably in Nigeria from standard types like pool staking and Baba Ijebu to a growing sports betting market. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would bet as low as N50-N200 on matches.

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

In spite of economic challenges such as inflation, Nigeria's sports betting wagering sector sports betting has thrived, drawing in millions, sports betting specifically among the youthful market dealing with high joblessness rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively engage in sports betting, sports betting driving a market that generates an approximated yearly revenue of N730 billion. The federal government has not gone unnoticed by this development, sports betting which is considering regulatory steps like import tax responsibilities and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations in spite of obstacles in enforcement. Issues such as inadequate age confirmation and marketing rule breaches show industry regulatory spaces.

In spite of these obstacles, sports betting business continue to grow through reliable service models and aggressive marketing methods, leveraging the creator influencer industry.

These efforts have actually contributed to Nigeria's robust $2 billion gambling sector, with CEOs playing important functions in broadening audience reach and driving market development. Here are the CEOs of leading sports betting wagering companies who have considerably 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 company he co-founded with Badmos Olasupo in 2011. His varied profession spans various roles in the video gaming and sports betting show business, consisting of operating at among the United Kingdom's biggest gaming centres, sports betting The Palace Bingo Club, where he functioned 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 business in the wagering and video gaming sector, running through online, mobile, and sports betting retail channels. The company was included in Nigeria on November 7, 2006, and has actually since broadened its existence, achieving 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 ended up being the CEO of LiveScore Group, a totally incorporated community that integrates relevant sports betting material, engaging functions, and a world-class sportsbook.

Given that taking the helm prior to the pandemic, Sam has driven significant development for LiveScore Group. The company's staff member headcount has actually increased by 29%, sports betting and annual profits has surged from approximately ₤ 10 million to over ₤ 80 million.

Sam's leadership and strategic vision have actually moved LiveScore Group's success and assisted form the industry's direction. LiveScoreBet has achieved significant user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman - CEO of Betway Group

Anthony Werkman was appointed CEO of Betway in November 2017, having previously served as the business's Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has remained in the online video gaming market since 2000, holding different successful functions, including General Manager of an information analytics team and Director of a digital marketing company.

Under Werkman's management, Betway has actually continued to grow its market existence and boost its offerings. The company's app has actually amassed significant user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually identified herself as a senior executive with a performance history of transforming start-ups into institutionalized organizations. Her expertise spans the video gaming, realty, and credit loaning markets, where he has actually developed himself as a tactical and sports betting operational leader.

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

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

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

Akin Alabi, the creator of NairaBET.com, sports betting Nigeria's pioneering sports betting bookmaking company, developed the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to introduce 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 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 largest bookies in Europe and the world. The company runs in more than 50 countries, consisting of Nigeria, where it is fully licensed.

Under Babalola's management, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a vast array of wagering choices and sports betting an easy to use 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, sports betting and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually collaborated with African socio-economic organizations and sports betting 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, founded and launched in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has 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 yearly. In the same year, sports betting 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, bulk investor, sports betting and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was introduced in 2001 as an online wagering site and has actually since grown into among the world's largest online sports betting business.

By 2016, Bet365 generated $2 billion in revenues and helped with $45 billion in yearly bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has actually amassed significant 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, sports betting a leading sports betting company in Nigeria, established along with businessman Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, sports betting an independent Nigerian possession management business that generates financial investment returns and offers unique investment insights and sports betting options to both private and institutional clients.

Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has actually become a substantial gamer in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting industry. He has been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has contributed to the business's growth through collaborations, business technique, and sports betting new organization advancement.

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

His career started at Jumia Group, where he worked in SEO, CRM, and 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 a Master of Science (MS) in Business Administration, Management, and sports betting Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that uses sports betting wagering, casino games, and live dealer games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a company signed up in Cyprus and 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 an international sports betting and real-money gaming operator understood for delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani's management, sports betting SportyBet has become a significant player 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 web ecosystem. His financial investments show his commitment to cultivating development and advancement within the region.

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

Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will launch in the first quarter of 2025, aims to be the continent's largest and most ingenious sports betting wagering platform.

At a press instruction, the company's representative, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and the continent's deep passion for sports betting, especially football, has actually set the stage for Sunbet's enthusiastic entry. He added that the firm's robust sponsorship and expert group will enable it to scale and dominate the marketplace quickly.

Islamic police raid wagering stores in northern Nigeria

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

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

Problems from community leaders and moms and dads triggered the crackdown, fretted about the growing number of gambling addicts, he said.

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

But Mr Aminudeen cautioned that now that the general public was aware that the Hisbah was clamping down on gaming, those flouting the guidelines would be detained.

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

Bookies 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.

However, the current crackdown is concentrated on Muslim areas of Kano, sports betting a vast city and sports betting the economic hub of northern Nigeria.

Sports betting stores can be found all over the city. Many have television screens, and customers watch the result of global football matches or horse races on which they have staked money.

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 operate as they were allowed to run computer game centres, which they later on converted to sports betting stores," he stated.

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

Lots of people go to bookies to delight in the sociability of other gamblers, though mobile apps are likewise popular for sports betting on the result of occasions and groups.

Nigeria's crippling economic crisis has likewise implied individuals want to run the risk of a small amount in the hope of winning huge.

But this had actually caused prevalent addiction, and moms and dads were even complaining that children were dropping out of school to gamble, Mr Aminudeen said.

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

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

"I am encouraging those running those wagering 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 deal with - often, such violations bring a fine.

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