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

Gaming has evolved substantially in Nigeria from standard types like pool staking and Baba Ijebu to a successful sports betting wagering industry. Historically connected to European football leagues, pool staking was a common sight at motor parks and kiosks, where enthusiasts would wager just N50-N200 on matches.

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

Regardless of financial difficulties such as inflation, Nigeria's sports betting sector has actually grown, attracting millions, particularly amongst the vibrant market 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 creates a projected yearly income of N730 billion. The federal government has not gone undetected by this growth, which is thinking about regulatory procedures like excise duties and VAT increases to manage the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to make sure reasonable operations regardless of challenges in enforcement. Issues such as inadequate age confirmation and marketing guideline breaches show industry regulatory spaces.

In spite of these difficulties, sports betting business continue to grow through reliable service models and aggressive marketing strategies, leveraging the creator influencer market.

These efforts have contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing vital functions in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have significantly contributed to Nigeria's $2 billion gambling empire through their comprehensive 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 varied profession covers numerous roles in the video gaming and entertainment industry, consisting of 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, has actually become a leading e-commerce business in the wagering and video gaming sector, running through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually because 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 sports betting brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated environment that combines appropriate sports betting material, engaging features, and a world-class sportsbook.

Considering that taking the helm just before the pandemic, Sam has actually driven significant growth for LiveScore Group. The company's staff member headcount has increased by 29%, and yearly income has surged from roughly ₤ 10 million to over ₤ 80 million.

Sam's management and strategic vision have moved LiveScore Group's success and helped form the market's direction. LiveScoreBet has actually achieved 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 business's Marketing and Operations Director considering that 2015. He joined Betway in 2013 and has been in the online gaming market considering that 2000, holding various effective functions, consisting of General Manager of a data analytics group and Director of a digital marketing agency.

Under Werkman's leadership, Betway has actually continued to grow its market presence and enhance its offerings. The company's app has amassed substantial user engagement, 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 performance history of transforming start-ups into institutionalized companies. Her expertise spans the video gaming, realty, and credit financing markets, where he has actually established himself as a strategic and operational leader.

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

Before this, sports betting she was the Chief Operating Officer from 2010 to June 2019, critical in the company's operational techniques and market expansion.

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

Under Babalola's management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting wagering market, providing a wide range of wagering alternatives 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, Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually worked together with African socio-economic institutions and governments to create 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 released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has quickly grown its presence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a partnership with the Lagos Employment Trust Fund, developing over 100,000 tasks, the number of which is increasing each year. In the 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 shareholder, and joint Chief Executive of Bet365, an online gaming business she established in 2000. Bet365.com was released in 2001 as an online wagering site and has actually because become among the world's biggest online sports betting companies.

By 2016, Bet365 generated $2 billion in revenues and facilitated $45 billion in yearly bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has garnered 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, established together 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 asset management company that produces financial investment returns and provides special financial investment insights and solutions to both private 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 gamer in the Nigerian sports betting market.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting wagering market. He has actually been serving as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has contributed to the company's growth through partnerships, company method, and new organization advancement.

Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and client experience, and Country Manager at 22BET, focusing on marketing method and budget plan management. Before 22BET, he led marketing efforts at LuckyBet.NG and held numerous 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 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 gambling platform that offers sports betting wagering, casino video games, and live dealer games. It was launched in 2017 and is owned and run 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 casinos worldwide.

Sudeep Ramnani-- CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a business he established in 2013.

SportyBet is an international sports betting wagering and real-money video gaming operator understood for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani's management, SportyBet has actually become a substantial 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 financier in fintech and mobile payments and a strong supporter for the growing African internet environment. His investments reflect his commitment to promoting 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 interfere with the sports wagering market.

Sunbet Sporting International Limited has stated it is focused on revolutionising how millions of Africans engage with sports betting. In a market worth over $1.5 billion yearly, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to utilize advanced technology and a commitment to responsible gaming to revolutionise the sector.

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

At a press briefing, the company's spokesperson, Akin Babatunde, said that the rise 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 firm's robust financial backing and professional team will allow it to scale and control the market quickly.

Islamic authorities raid wagering shops in northern Nigeria

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

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

Grievances from community leaders and moms and dads triggered the crackdown, worried about the growing number of sports betting addicts, he said.

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

But Mr Aminudeen alerted that now that the general public was aware that the Hisbah was clamping down on gambling, those flouting the rules would be jailed.

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

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

However, the present crackdown is concentrated on Muslim areas of Kano, a sprawling city and the financial center of northern Nigeria.

Sports betting shops can be discovered all over the city. Many have tv screens, and clients enjoy the outcome of international football matches or horse races on which they have staked cash.

Mr Aminudeen stated such bookies had had the ability to run under the radar as they had opened under false pretenses.

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

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

Many individuals go to bookies to take pleasure in the friendship of other bettors, though mobile apps are likewise popular for wagering on the outcome of occasions and groups.

Nigeria's crippling recession has actually also suggested people want to run the risk of a percentage in the hope of winning big.

However this had resulted in widespread dependency, and moms and dads were even complaining that kids were leaving of school to bet, Mr Aminudeen stated.

"These financial issues we are dealing with in Nigeria is God informing us to alter our ways by stopping sins," he said.

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

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

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

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