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

Gambling has progressed considerably in Nigeria from traditional types like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would bet as little as N50-N200 on matches.

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

In spite of financial challenges such as inflation, sports betting Nigeria's sports betting wagering sector has actually grown, bring in millions, sports betting specifically among the younger group facing high joblessness rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving an industry that produces an approximated annual earnings of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulative procedures like excise responsibilities and VAT increases to manage the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations regardless of obstacles in enforcement. Issues such as insufficient age verification and marketing rule breaches reveal market regulatory gaps.

In spite of these obstacles, sports betting wagering companies continue to grow through reliable service models and aggressive marketing techniques, leveraging the creator influencer market.

These efforts have actually contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing crucial functions in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering companies who have actually considerably added to Nigeria's $2 billion gambling empire through their comprehensive 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 different 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 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, sports betting Wales. Surebet247, founded in August 2011, has actually become a leading e-commerce service in the wagering and gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and sports betting has considering that broadened its presence, sports betting attaining 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, sports betting he became the CEO of LiveScore Group, a completely incorporated environment that combines appropriate sports betting content, engaging features, and a world-class sportsbook.

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

Sam's leadership and strategic vision have actually moved LiveScore Group's success and assisted form the market'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 selected CEO of Betway in November 2017, having previously acted as the company's Marketing and Operations Director given that 2015. He joined Betway in 2013 and has been in the online video gaming industry since 2000, holding different effective roles, consisting of General Manager of an information analytics team and Director sports betting of a digital marketing agency.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has distinguished herself as a senior executive with a performance history of transforming start-ups into institutionalized businesses. Her knowledge spans the gaming, real estate, and credit financing industries, where he has actually established himself as a tactical and functional leader.

Damilare has actually been instrumental in NairaBET's success for over 14 years. Considering that June 2019, she has functioned as Managing Director and has actually supervised the business's development and operations in Lagos, sports betting Nigeria.

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

She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN provides frHer educational background includes 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, sports betting established the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, sports betting it was the very first to release a totally functional site, 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 worldwide sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has established itself as one of the largest bookies in Europe and the world. The company operates in more than 50 nations, including Nigeria, where it is totally accredited.

Under Babalola's management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, providing a vast array of wagering 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, and sports betting Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually teamed up with African socio-economic institutions and governments to create developmental policies aimed at empowering youths. 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 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 partnership with the Lagos Employment Trust Fund, producing over 100,000 jobs, the variety of which is increasing each year. In the same year, MultiChoice broadcaster bought a 20% stake in BetKing, which was increased to 49% in 2021.

Denise Coates - CEO Bet 365

Denise Coates is a British billionaire businesswoman, sports betting the founder, majority shareholder, and joint Chief Executive of Bet365, an online gambling business she established in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has actually considering that become among the world's biggest online gaming companies.

By 2016, Bet365 produced $2 billion in profits and assisted in $45 billion in annual bets. The business also holds a bulk 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, a leading sports betting company in Nigeria, established together with entrepreneur 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 possession management business that produces investment returns and uses unique investment insights and solutions to both private and institutional customers.

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

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting wagering market. He has been acting as the Country Director for sports betting 22BET in Nigeria considering that June 2021. In this function, he has added to the business's development through partnerships, service method, and sports betting brand-new organization development.

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

His profession 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 sports betting 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 offers sports betting wagering, casino video games, and live dealership video games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a business signed up in Cyprus and a subsidiary of Orakum N.V.. They are also the owners of Betwinner and a chain of casinos worldwide.

Sudeep Ramnani-- CEO Sportybet Group

Sudeep Ramnani is the Founder and sports betting CEO of SportyBet, a company he developed in 2013.

SportyBet is an international sports betting and real-money video gaming operator understood for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani's management, SportyBet has actually ended up being a significant player in the industry, 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 advocate for the growing African internet environment. His financial investments reflect his dedication to promoting development and development within the area.

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

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

Sunbet Sporting International Limited has said it is focused on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to utilize advanced innovation and a commitment to responsible gambling to change the sector.

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

At a press briefing, sports betting the business's spokesperson, Akin Babatunde, sports betting said that the increase in Internet penetration, mobile use, and the continent's deep passion for sports betting, particularly football, has actually set the stage for Sunbet's ambitious entry. He added that the firm's robust financial backing and professional team will allow it to scale and sports betting dominate the marketplace quickly.

Islamic cops raid betting stores in northern Nigeria

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

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

Problems from neighborhood leaders and parents triggered the crackdown, worried about the growing variety of sports betting addicts, he said.

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

But Mr Aminudeen alerted that now that the public understood that the Hisbah was clamping down on gaming, those flouting the guidelines would be jailed.

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

Bookmakers and bars tend to be allowed to operate in Kano's Christian areas, sports betting though they too can face action if the Hisbah believes Muslims are frequenting them.

However, the present crackdown is focused on Muslim locations of Kano, sports betting a vast city and the financial hub of northern Nigeria.

Sports betting shops can be found all over the city. The majority of have tv screens, and sports betting customers see the result of international football matches or horse races on which they have staked money.

Mr Aminudeen said such bookmakers had actually had the ability to operate under the radar as they had actually opened under false pretences.

"They don't have licences to run as they were permitted to run computer game centres, which they later on converted to sports betting shops," he stated.

The sports betting wagering market has actually broadened drastically throughout West Africa in recent years. The region is roughly divided in between a generally Muslim north and a predominantly Christian south.

Many individuals go to bookies to take pleasure in the friendship of other gamblers, though mobile apps are likewise popular for wagering on the outcome of occasions and groups.

Nigeria's crippling recession has actually likewise meant individuals are willing to risk a percentage in the hope of winning huge.

But this had led to widespread addiction, and moms and dads were even complaining that kids were dropping out of school to gamble, Mr Aminudeen stated.

"These economic issues we are dealing with in Nigeria is God informing us to alter our methods by stopping sins," he said.

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 sports betting shops to either shut down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen said.

It is uncertain what punishment they would face - often, such infringements bring a fine.

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