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

Gaming has evolved substantially in Nigeria from traditional forms like pool staking and Baba Ijebu to a thriving sports betting wagering market. Historically tied to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where lovers would wager just N50-N200 on matches.

Slowly, with increased web access came virtual sports betting, which parallels worldwide 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.

Regardless of financial obstacles such as inflation, Nigeria's sports betting wagering sector has actually thrived, sports betting drawing in millions, particularly amongst the youthful market dealing with high joblessness rates.

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

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations regardless of challenges in enforcement. Issues such as inadequate age verification and marketing guideline breaches reveal industry regulatory gaps.

In spite of these challenges, sports betting wagering companies continue to flourish through reliable organization designs and sports betting aggressive marketing methods, leveraging the creator influencer market.

These efforts have added to Nigeria's robust $2 billion gambling sector, with CEOs playing important roles in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering companies who have significantly contributed to Nigeria's $2 billion gaming empire through their substantial 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 varied profession covers numerous roles in the gaming and show business, including operating at one of the United Kingdom's biggest video gaming centres, The Palace Bingo Club, where he acted 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 turned into a leading e-commerce company in the wagering and gaming sector, operating through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, sports betting 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 sports betting brands and sports betting media. In 2019, sports betting he became the CEO of LiveScore Group, a totally integrated community that combines pertinent sports betting content, engaging functions, and sports betting a world-class sportsbook.

Given that taking the helm right before the pandemic, Sam has driven considerable growth for LiveScore Group. The business's employee headcount has actually increased by 29%, and yearly earnings has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam's management and tactical vision have moved LiveScore Group's success and helped shape the industry's direction. LiveScoreBet has actually accomplished 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 formerly worked as the company's Marketing and sports betting Operations Director since 2015. He signed up with Betway in 2013 and has actually been in the online gaming industry since 2000, holding various successful functions, including General Manager of an information analytics team and Director of a digital marketing agency.

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

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has identified herself as a senior executive with a track record of changing start-ups into institutionalized companies. Her knowledge covers the gaming, property, and credit loaning industries, where he has actually developed himself as a strategic and functional leader.

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

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

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

Akin Alabi, the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to introduce a completely practical site, setting a criteria in the industry.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director of 1XBET Nigeria Limited, sports betting 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 bookmakers in Europe and the world. The company operates in more than 50 nations, including Nigeria, sports betting where it is totally accredited.

Under Babalola's leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, sports betting using a vast array of wagering options 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, sports betting Managing Director of KingMakers, sports betting and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has worked together with African socio-economic institutions and federal governments to design developmental policies focused on empowering youths. In 2015, sports betting 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, sports betting 2018, by Byron Petzer and Adekunle Adeniji, sports betting runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has quickly 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, producing over 100,000 jobs, the number of which is increasing every year. In the very 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, the founder, bulk shareholder, and sports betting joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and has given that become one of the world's biggest online gaming companies.

By 2016, Bet365 produced $2 billion in profits and assisted in $45 billion in yearly bets. The company also holds a bulk stake in Stoke City Football Club. Bet365 has actually gathered 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 wagering company in Nigeria, established alongside business person 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 possession management business that produces investment returns and provides special financial investment insights and solutions to both specific and institutional clients.

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

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting wagering industry. He has been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has added to the company's development through collaborations, company method, sports betting and sports betting brand-new organization 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 sports betting Country Manager at 22BET, focusing on marketing strategy and spending plan management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held numerous digital marketing roles at Laclic Services and Betty Bingo.

His profession 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 sports betting a Master of Science (MS) in Business Administration, Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that offers sports betting, gambling establishment games, and live dealership video games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a business registered 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 developed in 2013.

SportyBet is an international sports betting wagering and real-money gaming operator known for sports betting 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 market, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, sports betting Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African internet ecosystem. His financial investments reflect his commitment to promoting innovation and development within the area.

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

The firm is set to disrupt the sports betting industry.

Sunbet Sporting International Limited has said 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 development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize innovative technology and sports betting a dedication to responsible sports betting to change the sector.

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

At a press rundown, the company's representative, Akin Babatunde, stated that the increase in Internet penetration, mobile usage, and the continent's deep passion for sports betting, especially football, has actually set the stage for Sunbet's ambitious entry. He added that the company's robust sponsorship and professional group will allow it to scale and dominate the market quickly.

Islamic police raid wagering stores in northern Nigeria

Islamic authorities in Nigeria's northern city of Kano have started closing down sports betting stores, which they say are running unlawfully.

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

Complaints from community leaders and moms and dads triggered the crackdown, fretted about the growing variety of sports betting addicts, he stated.

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

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

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

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

Nevertheless, the current crackdown is concentrated on Muslim areas of Kano, a sprawling city and the economic hub of northern Nigeria.

Sports betting stores can be discovered all over the city. Many have tv screens, and customers watch the outcome of global football matches or horse races on which they have actually staked cash.

Mr Aminudeen said such bookies 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 video games centres, which they later converted to sports betting stores," he stated.

The sports betting wagering market has actually expanded considerably across West Africa in recent years. The region is approximately divided between a mainly Muslim north and a predominantly Christian south.

Many people go to bookies to take pleasure in the friendship of other bettors, sports betting though mobile apps are also popular for sports betting on the outcome of events and teams.

Nigeria's debilitating recession has actually likewise implied individuals want to risk a percentage in the hope of winning huge.

However this had actually caused widespread addiction, and moms and dads were even complaining that kids were dropping out of school to gamble, Mr Aminudeen said.

"These economic problems we are dealing with in Nigeria is God telling us to alter our ways by stopping sins," he said.

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 sports betting shops 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, gaming and the intake of alcohol were prohibited.