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

sports betting has actually progressed considerably in Nigeria from traditional kinds like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.

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

In spite of financial challenges such as inflation, Nigeria's sports betting sector has actually grown, attracting millions, especially among the younger market dealing with high unemployment rates.

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

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to make sure reasonable operations despite difficulties in enforcement. Problems such as inadequate age verification and advertising guideline breaches reveal market regulatory spaces.

In spite of these difficulties, sports betting companies continue to thrive through efficient business models and aggressive marketing strategies, leveraging the developer influencer industry.

These efforts have actually added to Nigeria's robust $2 billion gaming sector, with CEOs playing essential roles in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting companies who have actually 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 company he co-founded with Badmos Olasupo in 2011. His varied career spans various functions in the gaming and show business, consisting of working at among the United Kingdom's biggest gaming centres, 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, sports betting Wales. Surebet247, founded in August 2011, has turned into a leading e-commerce service in the wagering and video gaming sector, running through online, sports betting mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has actually because expanded its existence, 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 ended up being the CEO of LiveScore Group, a fully incorporated environment that combines relevant sports betting material, engaging functions, and sports betting a world-class sportsbook.

Because taking the helm prior to the pandemic, Sam has driven considerable development for LiveScore Group. The business's worker headcount has increased by 29%, and annual revenue has risen from approximately ₤ 10 million to over ₤ 80 million.

Sam's leadership and tactical vision have propelled LiveScore Group's success and helped form the market'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, sports betting having actually previously served as the business's Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has remained in the online video gaming market considering that 2000, holding different successful roles, including General Manager of an information analytics group and Director of a digital marketing company.

Under Werkman's management, Betway has continued to grow its market presence and enhance its offerings. The company's app has amassed 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 distinguished herself as a senior executive with a track record of changing start-ups into institutionalized businesses. Her competence covers the video gaming, property, and credit lending markets, where he has actually developed himself as a strategic and operational leader.

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

Before this, 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 organizations. DDWIN offers frHer educational background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.

Akin Alabi, the founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking company, established the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to introduce a fully functional website, setting a benchmark 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 global 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 business runs in more than 50 nations, including Nigeria, where it is fully certified.

Under Babalola's leadership, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, using a vast array of sports betting choices 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, sports betting Managing Director of KingMakers, and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has collaborated with African socio-economic institutions and governments to create developmental policies focused on empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.

BetKing, founded and introduced 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 and home entertainment business has rapidly grown its existence in Nigeria, sports betting with outlets in major cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, developing over 100,000 tasks, sports betting the variety of which is increasing yearly. In the very same year, MultiChoice broadcaster purchased 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 creator, majority shareholder, and joint Chief Executive of Bet365, an online sports betting company she established in 2000. Bet365.com was released in 2001 as an online wagering site and has since grown into one of the world's largest online sports betting companies.

By 2016, Bet365 generated $2 billion in earnings and helped with $45 billion in annual bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually 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 co-founder of Bet9ja, a leading sports betting wagering business in Nigeria, developed alongside businessman Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, sports betting an independent Nigerian property management company that creates financial investment returns and offers special investment insights and sports betting solutions to both individual 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 management, Bet9ja has become a significant player in the Nigerian sports betting industry.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a skilled specialist in the sports betting wagering industry. He has actually been working as the Country Director for 22BET in Nigeria considering that June 2021. In this role, he has added to the company's growth through collaborations, service strategy, and brand-new organization development.

Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, where he handled item development and sports betting client experience, sports betting and Country Manager at 22BET, focusing on marketing method and budget plan management. Before 22BET, sports betting he led marketing efforts at LuckyBet.NG and held different digital marketing functions at Laclic Services and sports betting Betty Bingo.

His profession started at Jumia Group, where he worked in SEO, CRM, and sports betting content management. Fikayo likewise functioned 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 gaming platform that uses 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 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 established in 2013.

SportyBet is a worldwide sports betting and real-money gaming operator known for sports betting providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani's leadership, SportyBet has ended up being a substantial 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 advocate for the growing African web ecosystem. His financial investments reflect his commitment to fostering innovation and development within the area.

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

The company is set to interrupt the sports betting market.

Sunbet Sporting International Limited has stated it is focused on changing how millions of Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company intends to utilize innovative innovation and a dedication to accountable sports betting to change the sector.

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

At a press briefing, the business's spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent's deep passion for sports betting, particularly football, has set the stage for Sunbet's ambitious entry. He added that the firm's robust sponsorship and expert team will allow it to scale and control the marketplace quickly.

Islamic cops raid betting stores in northern Nigeria

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

"As you understand, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, known as the Hisbah, informed the BBC.

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

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

However Mr Aminudeen alerted that now that the general public was aware that the Hisbah was clamping down on gaming, those flouting the rules would be arrested.

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

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

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

Sports betting stores can be discovered all over the city. Most have tv screens, and customers view the outcome of worldwide football matches or horse races on which they have actually staked money.

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

"They do not have licences to run as they were allowed to run video games centres, which they later transformed to wagering stores," he said.

The sports betting wagering industry has broadened drastically throughout West Africa in the last few years. The area is roughly divided between a primarily Muslim north and a predominantly Christian south.

Many individuals go to bookies to enjoy the friendship of other gamblers, though mobile apps are also popular for sports betting wagering on the result of occasions and groups.

Nigeria's crippling recession has also implied individuals want to risk a percentage in the hope of winning huge.

However this had caused widespread addiction, and parents were even grumbling that kids were leaving of school to bet, Mr Aminudeen said.

"These financial concerns we are facing in Nigeria is God telling us to change our methods by stopping sins," he said.

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 arrest them and take them to [a Sharia] court," Mr Aminudeen stated.

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

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