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

Gaming has actually evolved significantly in Nigeria from standard forms like pool staking and Baba Ijebu to a growing sports betting industry. Historically connected 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, with increased internet access came virtual wagering, which parallels global trends. 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 difficulties such as inflation, Nigeria's sports betting wagering sector has actually flourished, sports betting bring in millions, particularly amongst the younger market facing high unemployment rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that generates an approximated annual revenue of N730 billion. The federal government has not gone unnoticed by this development, which is considering regulative procedures like import tax tasks and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee reasonable operations in spite of difficulties in enforcement. Problems such as insufficient age verification and advertising rule breaches show industry regulatory gaps.

Regardless of these difficulties, sports betting wagering companies continue to prosper through efficient business models and aggressive marketing strategies, leveraging the creator influencer industry.

These efforts have added to Nigeria's robust $2 billion gaming sector, with CEOs playing crucial roles in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have actually significantly added to Nigeria's $2 billion gaming empire through their comprehensive audience reach.

Sheriff 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 career covers numerous functions in the gaming and show business, consisting of operating at one of the United Kingdom's largest gaming centres, The Palace Bingo Club, where he served as the Lead Engineer in a Bingo and sports betting 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 business in the wagering and video gaming sector, operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and sports betting has considering that 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 became the CEO of LiveScore Group, a completely integrated community that integrates appropriate sports betting content, engaging features, and sports betting a first-rate sportsbook.

Considering that taking the helm right before the pandemic, Sam has driven significant growth for LiveScore Group. The business's worker headcount has actually increased by 29%, and annual revenue has actually surged from approximately ₤ 10 million to over ₤ 80 million.

Sam's management and sports betting strategic vision have propelled LiveScore Group's success and sports betting helped form the industry's direction. LiveScoreBet has attained major user engagement, 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 actually formerly served as the company's Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has been in the online video gaming market because 2000, holding numerous effective roles, consisting of General Manager of a data analytics team and Director of a digital marketing company.

Under Werkman's leadership, Betway has continued to grow its market existence and sports betting enhance its offerings. The business's app has gathered 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 transforming start-ups into institutionalized organizations. Her competence covers the gaming, sports betting real estate, and credit lending markets, where he has established himself as a strategic and operational leader.

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

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

She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN supplies 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 business, sports betting developed business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to release a fully practical website, sports betting 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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookies in Europe and the world. The business runs in more than 50 nations, including Nigeria, where it is completely accredited.

Under Babalola's management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, using a wide range of wagering choices 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 endeavors, sports betting Ukanwoke has actually worked together with African socio-economic institutions and federal 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 released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, sports betting runs under the brand sports betting name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has actually rapidly grown its presence 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 jobs, the variety of which is increasing yearly. In the exact 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, sports betting the creator, majority shareholder, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was released in 2001 as an online sports betting site and has actually considering that grown into among the world's biggest online gaming companies.

By 2016, sports betting Bet365 generated $2 billion in profits and facilitated $45 billion in yearly bets. The business likewise 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 business person Kunle Soname, who likewise owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian property management company that produces financial investment returns and provides special financial investment insights and solutions to both specific and institutional customers.

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

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a skilled expert in the sports betting wagering industry. He has been serving as the Country Director for 22BET in Nigeria since June 2021. In this role, he has contributed to the company's growth through partnerships, organization strategy, and new company development.

Fikayo's experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed item development 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 various digital marketing functions at Laclic Services and Betty Bingo.

His career started at Jumia Group, where he operated 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 Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gaming platform that provides sports betting wagering, casino video games, and live dealership games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, sports betting a business 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 company he established in 2013.

SportyBet is an international sports betting and real-money gaming operator understood for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's leadership, SportyBet has actually become a significant gamer in the industry, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, Sudeep is an active investor in fintech and mobile payments and a strong supporter for the growing African web community. His investments reflect his commitment to fostering development and sports betting advancement within the region.

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

The company is set to disrupt the sports betting market.

Sunbet Sporting International Limited has stated it is focused on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, sports betting the firm aims to take advantage of innovative innovation and a dedication to accountable gambling to revolutionise the sector.

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

At a press rundown, the business's representative, Akin Babatunde, sports betting said that the increase in Internet penetration, mobile use, and sports betting the continent's deep passion for sports betting, especially football, sports betting has set the stage for Sunbet's ambitious entry. He added that the company's robust sponsorship and specialist group will enable it to scale and dominate the marketplace quickly.

Islamic police raid betting stores in northern Nigeria

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

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

Grievances from community leaders and moms and dads prompted the crackdown, worried about the growing variety 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.

But Mr Aminudeen alerted that now that the general public knew that the Hisbah was clamping down on sports betting, sports betting those flouting the guidelines would be detained.

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

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

Nevertheless, the existing crackdown is focused on Muslim locations of Kano, a sprawling city and the financial hub of northern Nigeria.

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

Mr Aminudeen said such bookmakers had actually been able 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 transformed to wagering stores," he stated.

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

Many individuals go to bookies to delight in the camaraderie of other gamblers, though mobile apps are also popular for wagering on the result of events and teams.

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

But this had actually resulted in prevalent dependency, and sports betting moms and dads were even grumbling that children were leaving of school to bet, Mr Aminudeen stated.

"These economic concerns we are facing in Nigeria is God informing us to change our methods 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 advising those running those sports betting shops to either closed down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen stated.

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

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