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

sports betting has evolved considerably in Nigeria from standard kinds like pool staking and Baba Ijebu to a thriving sports betting wagering market. Historically connected to European football leagues, swimming pool staking was a typical sight at motor parks and kiosks, where enthusiasts would wager as little as N50-N200 on matches.

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

Despite financial difficulties such as inflation, Nigeria's sports betting sector has actually grown, drawing in millions, sports betting specifically among the youthful demographic facing high joblessness rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that creates a projected annual profits of N730 billion. The federal government has actually not gone unnoticed by this development, which is considering regulatory measures like import tax responsibilities and VAT boosts to manage the sector.

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

Despite these difficulties, sports betting companies continue to grow through reliable business models and aggressive marketing techniques, leveraging the creator influencer industry.

These efforts have actually added to Nigeria's robust $2 billion sports betting sector, with CEOs playing essential roles in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting wagering companies who have substantially added to Nigeria's $2 billion gambling empire through their comprehensive 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 varied profession covers numerous roles in the gaming and show business, including working at one of the United Kingdom's biggest video 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, Wales. Surebet247, founded in August 2011, sports betting has actually turned into a leading e-commerce business in the wagering and gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has considering that broadened 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 sports betting names and sports betting media. In 2019, he became the CEO of LiveScore Group, a fully integrated community that combines relevant sports betting content, engaging functions, and a first-rate sportsbook.

Considering that taking the helm prior to the pandemic, Sam has actually driven considerable development for LiveScore Group. The business's employee headcount has increased by 29%, and annual revenue has surged from around ₤ 10 million to over ₤ 80 million.

Sam's management and strategic vision have actually moved LiveScore Group's success and assisted form the market's instructions. LiveScoreBet has actually 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 formerly served as the company's Marketing and Operations Director because 2015. He signed up with Betway in 2013 and has actually remained in the online video gaming market because 2000, holding various effective functions, consisting of General Manager of a data analytics team and sports betting Director of a digital marketing company.

Under Werkman's management, Betway has actually continued to grow its market presence and improve 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 actually distinguished herself as a senior executive with a performance history of transforming start-ups into institutionalized companies. Her proficiency covers the gaming, property, and credit lending markets, where he has actually established himself as a tactical and operational leader.

Damilare has contributed in NairaBET's success for over 14 years. Because June 2019, she has acted as Managing Director and has actually managed the business's growth and operations in Lagos, Nigeria.

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

She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN offers 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 company, established the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to introduce a completely practical website, 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 international sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookmakers in Europe and the world. The business runs in more than 50 countries, consisting of Nigeria, where it is totally licensed.

Under Babalola's management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, offering a wide range of sports betting alternatives and 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, and Chairman of Vend Capital. In addition to leading these endeavors, sports betting Ukanwoke has collaborated with African socio-economic institutions and federal governments to design developmental policies targeted 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, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment company has quickly grown its existence in Nigeria, with outlets in major 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 jobs, the variety of which is increasing yearly. In the exact 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 creator, bulk investor, sports betting and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was introduced in 2001 as an online sports betting website and has given that turned into one of the world's biggest online gaming business.

By 2016, Bet365 generated $2 billion in revenues and helped with $45 billion in annual bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has actually garnered 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 business in Nigeria, sports betting established alongside entrepreneur Kunle Soname, who also 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 creates financial investment returns and offers special investment insights and solutions to both specific and institutional clients.

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

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a skilled specialist in the sports betting market. He has actually been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has actually contributed to the company's growth through collaborations, service strategy, and brand-new business development.

Fikayo's experience consists of functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and client experience, and Country Manager at 22BET, concentrating on marketing method and budget management. Before 22BET, 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, sports betting where he worked in SEO, CRM, sports betting and sports betting content management. Fikayo also acted 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, sports betting and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that provides sports betting, gambling establishment video games, and live dealer video games. It was released in 2017 and is owned and sports betting 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 established in 2013.

SportyBet is a global sports betting wagering and sports betting real-money gaming operator known for sports betting providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani's management, SportyBet has actually become a significant player in the market, with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, sports betting Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African web community. His investments show his commitment to cultivating innovation and advancement within the area.

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

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

Sunbet Sporting International Limited has stated it is concentrated on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, sports betting with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize cutting-edge technology and sports betting a dedication to responsible sports betting to revolutionise the sector.

Backed by the financial power of 4 prominent African billionaires, Sunbet, which will release in the first quarter of 2025, intends to be the continent's biggest and most ingenious sports betting platform.

At a press instruction, the company's representative, sports betting Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, particularly football, has actually set the stage for Sunbet's enthusiastic entry. He added that the company's robust sponsorship and professional team will enable it to scale and sports betting control the marketplace quickly.

Islamic authorities raid wagering stores in northern Nigeria

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

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

Grievances from community leaders and moms and dads triggered the crackdown, stressed over the growing number of sports betting addicts, he stated.

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

But Mr Aminudeen cautioned that now that the general public knew 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 majority Muslim population and runs the Islamic legal system - Sharia - alongside nonreligious law.

Bookies and bars tend to be permitted to run 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 focused on Muslim areas of Kano, a sprawling city and the economic center of northern Nigeria.

sports betting wagering shops can be discovered all over the city. Most have tv screens, and clients view the outcome of international football matches or horse races on which they have actually 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 permitted to run video games centres, which they later on converted to wagering stores," he said.

The sports betting industry has actually expanded dramatically across West Africa in the last few years. The area is roughly divided between a mainly Muslim north and a mainly Christian south.

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

Nigeria's debilitating economic crisis has actually likewise implied individuals are willing to risk a small amount in the hope of winning huge.

But this had actually caused widespread dependency, and parents were even grumbling that kids were leaving of school to bet, Mr Aminudeen stated.

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

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

"I am advising those running those sports betting stores to either closed down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen stated.

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

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