Meet CEOs/MDs of business behind Nigeria's $2 billion Sports betting industry.

sports betting has progressed considerably in Nigeria from conventional forms like pool staking and Baba Ijebu to a growing sports betting wagering market. Historically connected to European football leagues, sports betting pool staking was a typical sight at motor parks and kiosks, where lovers would wager 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 predicted to nearly double to $182.02 billion by 2030.

Regardless of economic obstacles such as inflation, Nigeria's sports betting wagering sector sports betting has actually grown, sports betting attracting millions, specifically among the vibrant demographic facing high unemployment rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving an industry that generates an estimated yearly profits of N730 billion. The federal government has not gone undetected by this growth, which is thinking about regulatory steps like import tax duties and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations regardless of challenges in enforcement. Problems such as insufficient age confirmation and advertising rule breaches show industry regulatory gaps.

Despite these challenges, sports betting business continue to thrive through effective company designs and aggressive marketing techniques, leveraging the creator influencer market.

These efforts have added to Nigeria's robust $2 billion sports betting sector, with CEOs playing vital roles in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting companies who have significantly added to Nigeria's $2 billion gambling empire through their substantial audience reach.

Sheriff Olaniyan - CEO Surebet247

Constable Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His diverse profession covers various functions in the gaming and show business, consisting of working at among the United Kingdom's largest gaming centres, sports betting The Palace Bingo Club, where he functioned 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 grown into a leading e-commerce organization in the wagering and gaming sector, operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, sports betting and sports betting has given that 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 wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally incorporated ecosystem that combines pertinent sports betting content, engaging functions, and a world-class sportsbook.

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

Sam's management and strategic vision have actually moved LiveScore Group's success and assisted form the industry's direction. LiveScoreBet has actually accomplished significant user engagement, sports betting 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 previously served as the company's Marketing and Operations Director sports betting because 2015. He joined Betway in 2013 and has remained in the online gaming market given that 2000, holding different successful functions, sports betting including General Manager of an information analytics team and Director of a digital marketing agency.

Under Werkman's management, sports betting Betway has actually continued to grow its market presence and enhance its offerings. The company's app has actually amassed significant 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 companies. Her competence covers the video gaming, real estate, and credit financing industries, where he has established himself as a strategic and functional leader.

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

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

She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN provides frHer educational 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 company, established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, sports betting it was the first to introduce a fully practical website, setting a benchmark 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 global sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the biggest bookmakers in Europe and the world. The company runs in more than 50 countries, consisting of Nigeria, where it is totally licensed.

Under Babalola's leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, providing a large range of wagering options and an user-friendly 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 sports betting Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has collaborated with African socio-economic institutions and federal governments to develop 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 sports betting released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting wagering and sports betting home entertainment company has quickly 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 tasks, the number of which is increasing annually. In the very 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 founder, majority investor, and joint Chief Executive of Bet365, an online gaming business she established in 2000. Bet365.com was introduced in 2001 as an online wagering site and has since become among the world's largest online gaming business.

By 2016, Bet365 generated $2 billion in profits and facilitated $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has gathered 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 sports betting co-founder of Bet9ja, a leading sports betting business in Nigeria, developed alongside 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 unique investment insights and services to both private and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has become a considerable gamer in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a seasoned specialist in the sports betting market. He has actually been functioning as the Country Director for 22BET in Nigeria since June 2021. In this role, sports betting he has contributed to the company's development through partnerships, business technique, and new company advancement.

Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled product development and customer 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 sports betting Betty Bingo.

His career started at Jumia Group, where he operated 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 provides sports betting wagering, gambling establishment games, and live dealer games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a company registered 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 business he established in 2013.

SportyBet is a worldwide sports betting and real-money video gaming operator known for providing an omni-channel entertainment experience in managed emerging markets. Under Ramnani's management, SportyBet has actually become a considerable player in the market, 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 show his commitment to fostering innovation and 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 interfere with the sports betting market.

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

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

At a press instruction, sports betting the company's representative, Akin Babatunde, said that the increase in Internet penetration, sports betting mobile usage, and the continent's deep passion for sports betting, particularly football, has actually set the stage for Sunbet's enthusiastic entry. He included that the company's robust sponsorship and expert team will allow it to scale and control the market quickly.

Islamic cops raid betting shops in northern Nigeria

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

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

Complaints from community leaders and parents triggered the crackdown, fretted about the growing number of sports betting addicts, he said.

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

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

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

Bookies 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.

However, the existing crackdown is concentrated on Muslim areas of Kano, sports betting a vast city and the economic hub of northern Nigeria.

Sports betting shops can be found all over the city. Most have television screens, and consumers see the outcome of worldwide football matches or horse races on which they have actually staked cash.

Mr Aminudeen stated 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 run as they were permitted to run video games centres, which they later transformed to sports betting shops," he stated.

The sports betting wagering market has broadened drastically throughout West Africa recently. The region is roughly divided in between a primarily Muslim north and a predominantly Christian south.

Many people go to bookies to delight in the friendship of other bettors, though mobile apps are likewise popular for wagering on the result of events and groups.

Nigeria's debilitating economic crisis has actually likewise indicated individuals are willing to run the risk of a in the hope of winning big.

But this had caused widespread dependency, and parents were even complaining that kids were dropping out of school to gamble, Mr Aminudeen stated.

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

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

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

It is uncertain what punishment they would deal with - typically, such infringements 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 intake of alcohol were prohibited.