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

sports betting has evolved substantially in Nigeria from standard forms like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would bet just N50-N200 on matches.

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

Despite financial difficulties such as inflation, Nigeria's sports betting sector has grown, drawing in millions, especially among the youthful market facing high joblessness rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that creates an approximated annual income of N730 billion. The federal government has not gone unnoticed by this development, which is considering regulatory measures like import tax tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations despite obstacles in enforcement. Concerns such as inadequate age verification and marketing rule breaches show industry regulatory gaps.

Regardless of these difficulties, sports betting wagering companies continue to grow through reliable business models and aggressive marketing strategies, leveraging the developer influencer industry.

These efforts have actually contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing crucial roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting companies who have substantially contributed to Nigeria's $2 billion gambling empire through their extensive 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 various functions in the gaming and entertainment industry, including working at one of the United Kingdom's biggest video gaming centres, sports betting 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, sports betting Wales. Surebet247, founded in August 2011, sports betting has actually become a leading e-commerce organization in the wagering and sports betting gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has actually given that expanded its presence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi - CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully integrated community that integrates pertinent sports betting content, engaging features, sports betting and a world-class sportsbook.

Since taking the helm right before the pandemic, sports betting Sam has actually driven considerable development for sports betting LiveScore Group. The business's employee headcount has actually increased by 29%, and annual earnings has actually surged from approximately ₤ 10 million to over ₤ 80 million.

Sam's management and strategic vision have actually moved LiveScore Group's success and helped form the market's direction. LiveScoreBet has attained significant 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 actually previously acted as the business's Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has been in the online gaming market considering that 2000, holding numerous effective roles, including General Manager of a data analytics team and Director sports betting of a digital marketing company.

Under Werkman's leadership, Betway has actually continued to grow its market presence and enhance its offerings. The company's app has actually amassed 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 performance history of transforming start-ups into institutionalized businesses. Her know-how spans the video gaming, property, and credit lending markets, where he has actually established himself as a tactical and functional leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, critical in the company's functional strategies and market growth.

She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned services. DDWIN provides frHer educational 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 business, established business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the very first to introduce a totally functional 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 worldwide sports betting business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually established itself as one of the biggest bookies in Europe and the world. The company runs in more than 50 nations, consisting of Nigeria, where it is completely accredited.

Under Babalola's leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, offering a wide variety of wagering alternatives and an easy to use 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 organizations and federal governments to design developmental policies aimed at 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 trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment business has actually 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, sports betting creating over 100,000 tasks, the number of which is increasing annually. 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 founder, majority shareholder, and joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was released in 2001 as an online sports betting site and has considering that become among the world's largest online gambling business.

By 2016, Bet365 created $2 billion in revenues and helped with $45 billion in yearly bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has actually garnered significant 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 business in Nigeria, sports betting developed alongside business owner 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 generates investment returns and provides distinct financial investment insights and solutions to both private and institutional customers.

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

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting wagering industry. He has actually been serving as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has added to the business's growth through collaborations, organization method, and new business advancement.

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

His profession began 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 sports betting 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, casino video games, and live dealership games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a business registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise 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 company he developed in 2013.

SportyBet is a worldwide sports betting and real-money video gaming operator known for providing an omni-channel entertainment experience in controlled emerging markets. Under Ramnani's leadership, SportyBet has ended up being a significant player 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 sports betting the growing African internet ecosystem. His investments show his dedication to promoting 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 interfere with the sports betting market.

Sunbet Sporting International Limited has stated it is concentrated on changing how countless 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 company aims to leverage innovative innovation and a commitment to responsible gambling to revolutionise the sector.

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

At a press rundown, the company's representative, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, specifically football, has actually set the stage for Sunbet's ambitious entry. He added that the firm's robust sponsorship and specialist team will allow it to scale and control the marketplace rapidly.

Islamic police raid wagering shops in northern Nigeria

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

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

Problems from community leaders and parents prompted the crackdown, stressed over the growing number of gambling addicts, he said.

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

However Mr Aminudeen alerted that now that the general public understood that the Hisbah was clamping down on gambling, 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 - alongside secular law.

Bookies and bars tend to be enabled 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 locations of Kano, a sprawling city and sports betting the financial hub of northern Nigeria.

sports betting wagering shops can be discovered all over the city. Many have tv screens, and clients view the result of worldwide football matches or horse races on which they have actually staked cash.

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

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

The sports betting wagering industry has expanded drastically throughout West Africa in recent years. The area is roughly divided between a generally Muslim north and a primarily Christian south.

Many people go to bookmakers to take pleasure in the friendship of other bettors, though mobile apps are also popular for sports betting on the outcome of occasions and groups.

Nigeria's crippling recession has actually likewise meant individuals want to risk a percentage in the hope of winning huge.

But this had actually caused prevalent dependency, and parents were even grumbling that kids were dropping out of school to gamble, Mr Aminudeen said.

"These financial problems we are dealing with in Nigeria is God telling us to alter 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 shops to either closed down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen said.

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

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