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

sports betting has progressed considerably in Nigeria from traditional 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 lovers would bet as low as N50-N200 on matches.

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

In spite of economic obstacles such as inflation, sports betting Nigeria's sports betting wagering sector has actually thrived, attracting millions, sports betting especially among the youthful group dealing with high joblessness rates.

Reports show that around 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that generates an estimated annual earnings of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulatory 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 challenges in enforcement. Concerns such as inadequate age verification and marketing rule breaches reveal market regulatory spaces.

In spite of these difficulties, sports betting business continue to grow through efficient company models and aggressive marketing strategies, leveraging the developer influencer industry.

These efforts have actually added to Nigeria's robust $2 billion sports betting sector, with CEOs playing vital roles in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting wagering companies who have considerably added to Nigeria's $2 billion gambling empire through their substantial 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 diverse career covers various functions in the gaming and entertainment industry, consisting of operating at one of the United Kingdom's largest gaming centres, 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 actually become a leading e-commerce organization in the wagering and sports betting video gaming sector, operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, sports betting and sports betting has actually considering that broadened 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 sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated environment that combines relevant sports betting material, engaging features, sports betting and a world-class sportsbook.

Considering that taking the helm just before the pandemic, Sam has actually driven significant development for LiveScore Group. The business's employee headcount has actually increased by 29%, and sports betting yearly profits has actually surged from approximately ₤ 10 million to over ₤ 80 million.

Sam's leadership and sports betting strategic vision have propelled LiveScore Group's success and helped form the industry's direction. LiveScoreBet has actually accomplished major sports betting 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 company's Marketing and Operations Director given that 2015. He joined Betway in 2013 and has remained in the online video gaming market because 2000, holding various successful functions, including General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman's management, sports betting Betway has continued to grow its market presence and boost its offerings. The business's app has actually garnered substantial user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has differentiated herself as a senior executive with a track record of changing start-ups into institutionalized companies. Her know-how covers the video gaming, property, sports betting and credit lending industries, where he has developed himself as a tactical and operational leader.

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

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

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

Akin Alabi, the founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking company, developed business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, sports betting it was the first to launch a fully practical website, sports betting setting a criteria 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 international sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookies in Europe and the world. The business operates in more than 50 nations, consisting of Nigeria, where it is completely certified.

Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, offering a wide variety of sports betting options 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 ventures, Ukanwoke has actually worked together with African socio-economic institutions and governments to design 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 Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has actually quickly grown its existence 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, developing over 100,000 tasks, the number of which is increasing annually. In the 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 founder, majority investor, sports betting and joint Chief Executive of Bet365, an online sports betting business she developed in 2000. Bet365.com was introduced in 2001 as an online wagering site and has considering that turned into among the world's biggest online gambling business.

By 2016, sports betting Bet365 created $2 billion in revenues and sports betting facilitated $45 billion in yearly bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has 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 alongside business person Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

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

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

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting wagering market. He has actually been functioning as the Country Director for 22BET in Nigeria since June 2021. In this function, he has actually added to the company's growth through collaborations, organization strategy, and sports betting brand-new organization development.

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

His career began at Jumia Group, where he operated in SEO, CRM, sports betting and content management. Fikayo likewise acted 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 provides sports betting, casino games, and live dealership video games. It was launched in 2017 and is owned and run 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 gambling establishments 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 wagering and real-money gaming operator known for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's leadership, SportyBet has actually ended up being a significant 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 sports betting in fintech and mobile payments and a strong advocate for the growing African web ecosystem. His financial investments show his commitment to cultivating development and advancement within the area.

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

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

Sunbet Sporting International Limited has stated it is concentrated on revolutionising how millions of Africans engage with sports betting. In an industry 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 aims to leverage cutting-edge technology and a dedication to accountable gambling to revolutionise the sector.

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

At a press briefing, sports betting the company's spokesperson, Akin Babatunde, stated that the rise in Internet penetration, mobile usage, and the continent's deep enthusiasm for sports betting, specifically football, has actually set the stage for Sunbet's ambitious entry. He included that the firm's robust sponsorship and professional group will allow it to scale and control the market rapidly.

Islamic cops raid betting stores in northern Nigeria

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

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

Complaints from neighborhood leaders and parents prompted the crackdown, stressed over the growing variety of sports betting addicts, he said.

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

But Mr Aminudeen warned that now that the public was aware that the Hisbah was clamping down on sports betting, those flouting the guidelines 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.

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

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

Sports betting shops can be found all over the city. Many have tv screens, and consumers view the result of international football matches or horse races on which they have actually staked cash.

Mr Aminudeen stated such bookmakers had actually 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 permitted to run computer game centres, which they later on transformed to sports betting shops," he stated.

The sports betting wagering market has expanded dramatically across West Africa recently. The region is approximately divided between a primarily Muslim north and sports betting a mainly Christian south.

Lots of people go to bookmakers to take pleasure in the camaraderie of other gamblers, sports betting though mobile apps are also popular for sports betting on the result of occasions and groups.

Nigeria's crippling economic crisis has actually also implied individuals want to risk a percentage in the hope of winning big.

But this had actually resulted in prevalent dependency, and moms and dads were even grumbling that kids were dropping out of school to bet, sports betting Mr Aminudeen said.

"These economic issues we are dealing with in Nigeria is God telling us to alter our methods 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 advising those running those wagering shops to either closed down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen said.

It is uncertain what penalty they would deal with - typically, sports betting such infringements carry a fine.

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