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

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

Slowly, with increased web access came virtual sports betting, which parallels international 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 obstacles such as inflation, Nigeria's sports betting sector has flourished, attracting millions, specifically amongst the vibrant demographic dealing with high unemployment rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that generates an approximated annual revenue of N730 billion. The federal government has not gone undetected by this development, sports betting which is thinking about regulative procedures like excise tasks and sports betting VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations in spite of difficulties in enforcement. Concerns such as inadequate age confirmation and marketing rule breaches reveal industry regulatory gaps.

Despite these obstacles, sports betting wagering business continue to grow through effective service models and aggressive marketing strategies, leveraging the creator influencer industry.

These efforts have contributed 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 business who have actually substantially contributed to Nigeria's $2 billion sports betting empire through their substantial audience reach.

Sheriff Olaniyan - CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse career covers numerous roles in the video gaming and entertainment industry, including working at one of the United Kingdom's biggest gaming centres, The Palace Bingo Club, where he acted 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 grown into a leading e-commerce company in the wagering and gaming sector, sports betting running through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has actually since expanded its presence, sports betting accomplishing 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 brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated community that integrates relevant sports betting content, engaging features, and sports betting a world-class sportsbook.

Given that taking the helm right before the pandemic, Sam has actually driven considerable development for LiveScore Group. The business's worker headcount has increased by 29%, and yearly revenue has risen from approximately ₤ 10 million to over ₤ 80 million.

Sam's leadership and tactical vision have moved LiveScore Group's success and assisted shape the market's direction. 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 designated CEO of Betway in November 2017, having actually previously acted as the company's Marketing and sports betting Operations Director considering that 2015. He joined Betway in 2013 and sports betting has actually remained in the online video gaming market since 2000, holding different successful roles, consisting of General Manager of an information analytics group and sports betting Director of a digital marketing agency.

Under Werkman's management, Betway has continued to grow its market presence and sports betting 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 differentiated herself as a senior executive with a track record of changing start-ups into institutionalized businesses. Her know-how spans the gaming, sports betting property, sports betting and credit lending markets, where he has established himself as a tactical and sports betting functional 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 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 strategies and market expansion.

She established DearDammy Women's Initiative (DDWIN), sports betting a non-profit company empowering women-owned businesses. DDWIN provides frHer academic background consists of 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 company, sports betting established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to launch a fully practical site, setting a standard in the market.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director of 1XBET Nigeria Limited, sports betting a franchise of the global sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the biggest bookies in Europe and the world. The business operates in more than 50 countries, consisting of Nigeria, where it is fully licensed.

Under Babalola's leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting wagering market, offering a large range of sports betting choices 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 ventures, Ukanwoke has actually teamed up with African socio-economic institutions and federal governments to design developmental policies focused on 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 brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment business has rapidly grown its presence in Nigeria, with outlets in major 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 tasks, the number of which is increasing every year. In the exact same year, MultiChoice broadcaster bought 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, and joint Chief Executive of Bet365, an online gaming company she established in 2000. Bet365.com was launched in 2001 as an online wagering site and has actually considering that grown into among the world's largest online sports betting business.

By 2016, Bet365 produced $2 billion in earnings and facilitated $45 billion in yearly bets. The company likewise holds a bulk stake in Stoke City Football Club. Bet365 has amassed substantial user engagement, sports betting 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 likewise 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 uses unique financial investment insights and options to both specific 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 leadership, Bet9ja has actually ended up being a substantial gamer in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye - Country Director 22bet

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

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

His profession began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also 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 sports betting platform that uses sports betting, sports betting casino games, and live dealership games. It was introduced in 2017 and is owned and operated 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 a worldwide sports betting wagering and real-money video gaming operator known for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's leadership, sports betting SportyBet has actually ended up being a substantial gamer in the industry, sports betting 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 commitment to cultivating innovation and advancement within the region.

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

The company is set to disrupt the sports betting industry.

Sunbet Sporting International Limited has stated it is concentrated on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to utilize advanced innovation and a dedication to accountable gambling to change the sector.

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

At a press briefing, the business's representative, Akin Babatunde, sports betting stated that the increase in Internet penetration, mobile usage, and the continent's deep enthusiasm for sports betting, particularly football, has set the stage for Sunbet's enthusiastic entry. He added that the company's robust financial backing and expert group will enable it to scale and control the marketplace rapidly.

Islamic cops raid wagering stores in northern Nigeria

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

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

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

On the very first day of raids, 30 shops were closed in one suburban area alone, and their owners were sent out home with a caution, the Sharia officer said.

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

Kano city is the capital of Kano state, which has a majority Muslim population and runs the Islamic legal system - Sharia - along with nonreligious law.

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

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

sports betting wagering shops can be found all over the city. The majority of have tv screens, and sports betting customers view the outcome of global football matches or horse races on which they have actually staked cash.

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

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

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

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

Nigeria's debilitating economic crisis has actually also indicated individuals want to run the risk of a percentage in the hope of winning huge.

But this had actually caused prevalent dependency, and moms and dads were even complaining that kids were dropping out of school to bet, Mr Aminudeen said.

"These economic issues we are facing in Nigeria is God informing us to alter our ways by stopping sins," he stated.

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

"I am recommending those running those wagering stores to either shut down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen said.

It is unclear what penalty they would face - often, such infringements bring a fine.

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