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

sports betting has progressed considerably in Nigeria from conventional kinds like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically connected to European football leagues, swimming pool staking was a common sight at motor parks and kiosks, where enthusiasts would bet as little as N50-N200 on matches.

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

In spite of financial obstacles such as inflation, sports betting Nigeria's sports betting sector has grown, bring in millions, specifically amongst the vibrant market facing high unemployment rates.

Reports suggest that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that generates a projected yearly revenue of N730 billion. The federal government has actually not gone unnoticed by this growth, sports betting which is considering regulatory measures like import tax responsibilities and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee reasonable operations regardless of obstacles in enforcement. Issues such as inadequate age verification and advertising guideline breaches reveal industry regulatory gaps.

Despite these obstacles, sports betting wagering companies continue to prosper through reliable service designs and aggressive marketing methods, leveraging the creator influencer market.

These efforts have added to Nigeria's robust $2 billion gambling sector, with CEOs playing vital functions in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting wagering business who have significantly added to Nigeria's $2 billion sports betting 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 varied profession covers numerous roles in the video gaming and entertainment industry, including working at among the United Kingdom's largest video 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 service in the wagering and gaming sector, operating through online, mobile, sports betting and retail channels. The business was included in Nigeria on November 7, 2006, and has actually considering that broadened its presence, 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 brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely integrated community that integrates appropriate sports betting material, engaging functions, sports betting and a world-class sportsbook.

Since taking the helm prior to the pandemic, Sam has driven significant development for LiveScore Group. The company's employee headcount has increased by 29%, and yearly profits has actually surged from around ₤ 10 million to over ₤ 80 million.

Sam's management and tactical vision have actually moved LiveScore Group's success and helped shape the market's direction. LiveScoreBet has actually achieved significant user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman - CEO of Betway Group

Anthony Werkman was appointed CEO of Betway in November 2017, sports betting having previously acted as the company's Marketing and Operations Director because 2015. He joined Betway in 2013 and has remained in the online video gaming market given that 2000, holding various effective roles, consisting of General Manager of an information analytics group and Director sports betting of a digital marketing firm.

Under Werkman's leadership, Betway has continued to grow its market presence and improve its offerings. The business's app has garnered considerable user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually distinguished herself as a senior executive with a track record of transforming start-ups into institutionalized services. Her knowledge covers the video gaming, real estate, and credit financing industries, where he has developed himself as a strategic and operational leader.

Damilare has been instrumental in NairaBET's success for over 14 years. Considering that June 2019, she has actually functioned as Managing Director and has supervised the company's growth and operations in Lagos, Nigeria.

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

She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned companies. 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 founder of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, established the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to launch a totally practical website, sports betting 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 global sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, sports betting has developed itself as one of the largest bookmakers in Europe and the world. The business runs in more than 50 countries, including Nigeria, where it is completely licensed.

Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, using a vast array of wagering options 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 teamed up with African socio-economic institutions and federal 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, founded and released in Nigeria on February 22, 2018, by Byron Petzer and sports betting Adekunle Adeniji, operates under the trademark name of Lake Ventures Ltd. This pan-African sports betting and sports betting entertainment company has actually rapidly grown its presence in Nigeria, sports betting with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, creating over 100,000 jobs, the variety 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 creator, majority shareholder, and sports betting joint Chief Executive of Bet365, an online gaming business she developed in 2000. Bet365.com was launched in 2001 as an online wagering website and has actually since turned into among the world's biggest online gambling companies.

By 2016, Bet365 produced $2 billion in profits and assisted in $45 billion in yearly bets. The company likewise 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, developed together with business person Kunle Soname, who also owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian property management business that generates financial investment returns and uses distinct investment insights and options to both specific and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in appeal, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye's management, sports betting Bet9ja has become a significant player in the Nigerian sports betting wagering industry.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is an experienced expert in the sports betting industry. He has actually been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has actually contributed to the company's growth through partnerships, organization method, and new business advancement.

Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product development and customer experience, and Country Manager at 22BET, concentrating on marketing technique and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held different digital marketing functions 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 provides sports betting wagering, casino video games, and sports betting live dealership video games. It was introduced 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 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 wagering and sports betting real-money gaming operator understood for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's management, SportyBet has ended up being a considerable gamer in the market, with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, Sudeep is an active investor in fintech and sports betting mobile payments and a strong advocate for sports betting the growing African web environment. His investments show his dedication to cultivating innovation and sports betting development within the region.

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

The firm is set to interfere with the sports wagering industry.

Sunbet Sporting International Limited has stated it is focused on revolutionising how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to take advantage of cutting-edge innovation and a commitment to accountable gaming to change the sector.

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

At a press briefing, the business's representative, Akin Babatunde, stated that the increase in Internet penetration, mobile use, and sports betting 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 specialist group will enable it to scale and dominate the marketplace quickly.

Islamic police raid betting stores in northern Nigeria

Islamic police in Nigeria's northern city of Kano have actually begun shutting down sports betting stores, which they state are operating unlawfully.

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

Grievances from neighborhood leaders and moms and dads prompted the crackdown, sports betting stressed over the growing variety of sports betting addicts, he stated.

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

But Mr Aminudeen warned 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 bulk Muslim population and runs the Islamic legal system - Sharia - together with nonreligious law.

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

Nevertheless, sports betting the existing crackdown is focused on Muslim locations of Kano, a vast city and the financial center of northern Nigeria.

sports betting wagering shops can be discovered all over the city. The majority of have tv screens, and consumers see the result of worldwide football matches or horse races on which they have staked cash.

Mr Aminudeen stated such bookies had actually been able to operate under the radar as they had actually opened under false pretences.

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

The sports betting market has actually broadened significantly throughout West Africa in the last few years. The region is approximately divided in between a primarily Muslim north and a mainly Christian south.

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

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

But this had actually resulted in widespread dependency, and sports betting moms and dads were even complaining that children were dropping out of school to bet, Mr Aminudeen stated.

"These economic problems we are dealing with in Nigeria is God informing 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 encouraging those running those wagering stores to either shut down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen said.

It is uncertain what punishment they would deal with - frequently, such infringements carry a fine.

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