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

Gaming has evolved significantly in Nigeria from conventional kinds like pool staking and Baba Ijebu to a flourishing sports betting industry. Historically tied to European football leagues, swimming pool staking was a common sight at motor sports betting parks and kiosks, where enthusiasts would wager just N50-N200 on matches.

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

Regardless of financial obstacles such as inflation, Nigeria's sports betting sector has actually prospered, sports betting drawing in millions, specifically amongst the younger group facing high unemployment rates.

Reports suggest that around 60 million Nigerians aged 18-40 actively take part in sports betting, sports betting driving a market that generates an estimated annual revenue of N730 billion. The federal government has actually not gone unnoticed by this growth, sports betting which is thinking about regulatory measures like excise tasks and VAT boosts to manage the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to ensure reasonable operations despite obstacles in enforcement. Problems such as insufficient age confirmation and advertising guideline breaches show industry regulatory gaps.

Despite these challenges, sports betting wagering business continue to grow through effective organization models and aggressive marketing methods, sports betting leveraging the developer influencer industry.

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

Constable 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 career covers various functions in the video gaming and entertainment industry, including working at among the United Kingdom's biggest gaming centres, The Palace Bingo Club, sports betting 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 turned into a leading e-commerce company in the sports betting and gaming sector, operating through online, mobile, sports betting and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has considering that expanded its presence, sports betting accomplishing over 5,000 downloads on the Google Play Store.

Sam Sadi - CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, sports betting a fully integrated environment that integrates relevant sports betting material, engaging features, and a world-class sportsbook.

Because taking the helm right before the pandemic, Sam has actually driven significant growth for LiveScore Group. The business's staff member headcount has actually increased by 29%, and sports betting annual revenue has risen from approximately ₤ 10 million to over ₤ 80 million.

Sam's leadership and strategic vision have actually moved LiveScore Group's success and assisted shape the market's direction. LiveScoreBet has actually attained major sports betting user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman - CEO of Betway Group

Anthony Werkman was designated CEO of Betway in November 2017, having formerly served as the company's Marketing and Operations Director given that 2015. He joined Betway in 2013 and has actually remained in the online video gaming industry considering that 2000, holding various successful roles, consisting of General Manager of an information analytics group and Director sports betting of a digital marketing firm.

Under Werkman's management, Betway has continued to grow its market presence and sports betting enhance its offerings. The business'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 actually differentiated herself as a senior executive with a performance history of changing start-ups into institutionalized companies. Her proficiency covers the video gaming, real estate, and credit financing industries, where he has developed himself as a strategic and functional leader.

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

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

She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned businesses. 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 business, established the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the first to introduce a totally practical website, setting a standard 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 established itself as one of the largest bookies in Europe and the world. The company operates in more than 50 nations, including Nigeria, where it is totally licensed.

Under Babalola's leadership, sports betting 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, providing a wide range of wagering options 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 teamed up with African socio-economic institutions and federal governments to design developmental policies targeted at empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.

BetKing, established and introduced 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 wagering and home entertainment business has quickly grown its presence in Nigeria, with outlets in significant cities and sports betting over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership with the Lagos Employment Trust Fund, developing over 100,000 tasks, the variety of which is increasing each year. 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 creator, majority investor, and joint Chief Executive of Bet365, an online sports betting business she developed in 2000. Bet365.com was launched in 2001 as an online sports betting website and has because turned into one of the world's largest online gambling companies.

By 2016, Bet365 produced $2 billion in earnings and assisted in $45 billion in annual bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has actually gathered considerable 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, sports betting a leading sports betting wagering business in Nigeria, established alongside business person Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management business that creates financial investment returns and provides unique investment insights and solutions to both individual and institutional customers.

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

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting wagering industry. He has actually been acting as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has actually added to the business's growth through partnerships, service strategy, sports betting and new organization development.

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

His career began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo likewise acted as a Human Resource Officer at SIFAX Group.

He holds a Bachelor of Technology (B.Tech.) in Management and sports betting 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 uses sports betting wagering, gambling establishment 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 sports betting a subsidiary of Orakum N.V.. They are also the owners of Betwinner and sports betting 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 real-money video gaming operator sports betting known for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's management, sports betting SportyBet has become a substantial 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 investor in fintech and mobile payments and a strong advocate for the growing African web ecosystem. His financial investments reflect his dedication to cultivating innovation and sports betting development within the region.

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

The company is set to interfere with the sports wagering market.

Sunbet Sporting International Limited has stated it is concentrated on changing how millions of Africans engage with sports betting. In a market 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 sports betting PwC, the company aims to take advantage of cutting-edge technology and a commitment to accountable gaming to revolutionise the sector.

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

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

Islamic cops raid betting stores in northern Nigeria

Islamic cops in Nigeria's northern city of Kano have begun closing down sports betting stores, which they say are operating illegally.

"As you understand, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, referred to as the Hisbah, told the BBC.

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

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

However Mr Aminudeen cautioned that now that the general public understood that the Hisbah was clamping down on sports betting, sports betting those flouting the guidelines would be arrested.

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

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

Nevertheless, the existing crackdown is focused on Muslim locations of Kano, a sprawling city and sports betting the economic hub of northern Nigeria.

Sports betting shops can be found all over the city. The majority of have tv screens, sports betting and customers view the outcome of global football matches or horse races on which they have staked cash.

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

"They do not have licences to operate as they were allowed to run computer game centres, which they later on transformed to wagering shops," he stated.

The sports betting market has broadened drastically across West Africa over the last few years. The region is approximately divided between a mainly Muslim north and a primarily Christian south.

Lots of people go to bookmakers to take pleasure in the sociability of other bettors, though mobile apps are likewise popular for sports betting on the result of events and teams.

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

But this had actually led to widespread addiction, and parents were even complaining that kids were dropping out of school to gamble, Mr Aminudeen said.

"These economic problems we are facing in Nigeria is God informing us to change our methods 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 encouraging those running those sports betting shops to either shut down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen stated.

It is uncertain what penalty they would face - often, such infringements bring a fine.

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