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

Gambling has developed substantially in Nigeria from standard forms like pool staking and Baba Ijebu to a successful sports betting industry. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where lovers would wager as low as N50-N200 on matches.

Slowly, with increased internet 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 nearly double to $182.02 billion by 2030.

Regardless of economic obstacles such as inflation, Nigeria's sports betting wagering sector has actually thrived, drawing in millions, specifically among the youthful group dealing with high joblessness rates.

Reports indicate that approximately 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that produces an estimated annual revenue of N730 billion. The federal government has actually 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 established regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations in spite of obstacles in enforcement. Issues such as insufficient age confirmation and marketing rule breaches reveal industry regulative spaces.

Regardless of these challenges, sports betting companies continue to grow through reliable service designs and aggressive marketing techniques, leveraging the creator influencer industry.

These efforts have actually added to Nigeria's robust $2 billion gambling sector, with CEOs playing essential roles in expanding audience reach and driving market development. Here are the CEOs of leading sports betting business who have actually significantly contributed to Nigeria's $2 billion gambling empire through their substantial audience reach.

Constable Olaniyan - CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career covers numerous roles in the gaming and entertainment industry, consisting of operating at among the United Kingdom's largest gaming centres, The Palace Bingo Club, where he served 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 organization in the sports betting and gaming sector, operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually since expanded 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 wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a completely incorporated ecosystem that integrates appropriate sports betting content, engaging features, and a world-class sportsbook.

Given that taking the helm prior to the pandemic, Sam has actually driven considerable growth for LiveScore Group. The business's staff member headcount has increased by 29%, and annual income has actually risen from approximately ₤ 10 million to over ₤ 80 million.

Sam's management and tactical vision have moved LiveScore Group's success and assisted shape the market's instructions. LiveScoreBet has actually attained 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 formerly served as the company's Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has actually been in the online video gaming industry since 2000, holding various successful roles, consisting of General Manager of an information analytics group and Director of a digital marketing firm.

Under Werkman's leadership, Betway has continued to grow its market presence and enhance its offerings. The company's app has actually 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 changing start-ups into institutionalized organizations. Her know-how covers the gaming, realty, and credit loaning industries, where he has established himself as a tactical and functional leader.

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

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

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

Akin Alabi, the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, sports betting established the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to release 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, a franchise of the international sports betting wagering business 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 fully licensed.

Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a wide variety of sports betting 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, sports betting Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually worked together with African socio-economic institutions and federal governments to design developmental policies aimed at empowering youths. In 2015, sports betting Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.

BetKing, established and introduced 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 and home entertainment business has actually rapidly 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, creating over 100,000 jobs, the number of which is increasing every year. In the exact 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 creator, bulk shareholder, and joint Chief Executive of Bet365, an online gaming business she established in 2000. Bet365.com was introduced in 2001 as an online wagering website and has because become among the world's largest online sports betting companies.

By 2016, Bet365 generated $2 billion in profits and assisted in $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually gathered substantial 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, developed along with 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 property management business that produces investment returns and uses distinct financial investment insights and options to both private and institutional customers.

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

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a seasoned expert in the sports betting wagering market. He has actually been acting as the Country Director for 22BET in Nigeria given that June 2021. In this function, sports betting he has added to the business's development through collaborations, company strategy, and brand-new company advancement.

Fikayo's experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and consumer experience, and Country Manager at 22BET, concentrating on marketing strategy and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing roles at Laclic Services and Betty Bingo.

His career started at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo also worked as a Human Resource Officer at SIFAX Group.

He holds a Bachelor of Technology (B.Tech.) in Management and sports betting 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, casino video games, and live dealership games. It was released 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 also 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 company he developed in 2013.

SportyBet is a global sports betting and real-money gaming operator understood for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's leadership, SportyBet has actually become a considerable gamer in the market, 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 advocate for the growing African web ecosystem. His financial investments show his dedication to cultivating innovation and development 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 disrupt the sports wagering market.

Sunbet Sporting International Limited has stated 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 growth forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to leverage innovative technology and a commitment to accountable gambling 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 most innovative sports betting platform.

At a press instruction, the business's representative, Akin Babatunde, stated that the rise in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, especially football, has actually set the stage for Sunbet's ambitious entry. He included that the company's robust sponsorship and expert team will allow it to scale and dominate the marketplace quickly.

Islamic authorities raid betting stores in northern Nigeria

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

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

Complaints from community leaders and moms and dads prompted the crackdown, fretted about the growing number of gambling addicts, he said.

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

But Mr Aminudeen alerted that now that the 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 runs the Islamic legal system - Sharia - together with nonreligious law.

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

Nevertheless, the present crackdown is focused on Muslim areas 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 clients enjoy the outcome of worldwide football matches or horse races on which they have actually staked cash.

Mr Aminudeen said such bookmakers had actually been able to run under the radar as they had actually opened under false pretenses.

"They don't have licences to operate as they were permitted to run video games centres, which they later on transformed to sports betting stores," he said.

The sports betting wagering market has expanded drastically across West Africa over the last few years. The area is approximately divided between a primarily Muslim north and a primarily Christian south.

Many individuals go to bookmakers to enjoy the friendship of other bettors, though mobile apps are likewise popular for sports betting on the result of events and groups.

Nigeria's debilitating economic crisis has also implied people are willing to run the risk of a small amount in the hope of winning big.

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

"These financial concerns 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 sports betting shops to either shut down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen stated.

It is unclear what penalty they would deal with - typically, such violations carry a fine.

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