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

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

Slowly, with increased web access came virtual wagering, which parallels international 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.

Despite economic obstacles such as inflation, Nigeria's sports betting sector has actually prospered, sports betting attracting millions, specifically amongst the vibrant demographic facing high unemployment rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that generates an estimated yearly revenue of N730 billion. The federal government has actually not gone undetected by this growth, which is thinking about regulatory procedures like import tax tasks and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure fair operations regardless of difficulties in enforcement. Problems such as insufficient age confirmation and marketing guideline breaches reveal market regulative spaces.

Despite these difficulties, sports betting companies continue to grow through efficient service models and aggressive marketing methods, leveraging the creator influencer industry.

These efforts have added to Nigeria's robust $2 billion gaming sector, with CEOs playing important functions in broadening audience reach and driving market growth. Here are the CEOs of leading sports betting business who have substantially added to Nigeria's $2 billion sports betting empire through their substantial audience reach.

Constable Olaniyan - CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book business he co-founded with Badmos Olasupo in 2011. His varied career covers different roles in the gaming and entertainment industry, including working at one of the United Kingdom's largest 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, sports betting has actually become a leading e-commerce service in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has because broadened its existence, attaining 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 became the CEO of LiveScore Group, a fully integrated environment that combines relevant sports betting content, engaging features, and a first-rate sportsbook.

Because taking the helm prior to the pandemic, Sam has actually driven substantial growth for LiveScore Group. The company's staff member headcount has increased by 29%, and yearly revenue has surged from around ₤ 10 million to over ₤ 80 million.

Sam's management and strategic vision have propelled LiveScore Group's success and helped form the industry's instructions. LiveScoreBet has achieved major 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 actually previously acted as the business's Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has remained in the online video gaming industry since 2000, holding various successful roles, including General Manager of an information analytics team and Director of a digital marketing agency.

Under Werkman's leadership, Betway has continued to grow its market existence and sports betting enhance its offerings. The company's app has actually gathered significant user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has actually identified herself as a senior executive with a performance history of changing start-ups into institutionalized services. Her knowledge covers the gaming, property, and credit loaning industries, where he has established himself as a tactical and functional leader.

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

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

She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN provides frHer instructional background includes 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 company, established the business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the first to introduce a fully practical site, 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 actually established itself as one of the largest bookies in Europe and the world. The company operates in more than 50 countries, including Nigeria, where it is completely certified.

Under Babalola's management, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, offering a wide variety of sports betting choices and an easy to use 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 Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually worked together with African socio-economic organizations and governments to develop 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 released in Nigeria on February 22, 2018, by Byron Petzer and Adekunle Adeniji, runs under the brand sports betting name of Lake Ventures Ltd. This pan-African sports betting and entertainment business has quickly grown its existence in Nigeria, with outlets in major cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, producing over 100,000 tasks, the number of which is increasing every year. 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, bulk shareholder, and joint Chief Executive of Bet365, an online gaming company she developed in 2000. Bet365.com was launched in 2001 as an online sports betting website and has actually considering that grown into one of the world's biggest online gaming business.

By 2016, Bet365 generated $2 billion in profits and assisted in $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually 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 company in Nigeria, established along with 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 asset management company that creates financial investment returns and uses distinct investment insights and services to both specific and institutional customers.

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

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is an experienced expert in the sports betting market. He has been serving as the Country Director for 22BET in Nigeria because June 2021. In this role, he has added to the business's growth through partnerships, company strategy, and new organization development.

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

His career started at Jumia Group, where he operated in SEO, CRM, and content management. Fikayo likewise 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, sports betting Management, and Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online sports betting platform that uses sports betting, gambling establishment video games, and live dealership video 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 company he established in 2013.

SportyBet is an international sports betting and real-money video gaming operator known for providing an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani's management, SportyBet has become a significant gamer in the industry, 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 mobile payments and a strong advocate for the growing African internet environment. His financial investments show his dedication to cultivating development and development within the area.

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 wagering industry.

Sunbet Sporting International Limited has said it is focused on changing how countless Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to leverage advanced innovation and a dedication to responsible sports betting to change the sector.

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

At a press instruction, the business's representative, Akin Babatunde, said that the increase in Internet penetration, mobile usage, 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 financial backing and specialist team will enable it to scale and dominate the marketplace quickly.

Islamic police raid betting stores in northern Nigeria

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

"As you know, sports betting is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, known as the Hisbah, told the BBC.

Complaints from neighborhood leaders and parents prompted the crackdown, stressed over the growing variety of gambling addicts, he stated.

On the very 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 stated.

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

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

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

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

Sports betting stores can be discovered all over the city. Many have television screens, and consumers view the outcome of international football matches or horse races on which they have staked cash.

Mr Aminudeen stated such bookmakers had been able to run under the radar as they had opened under false pretenses.

"They don't have licences to run as they were allowed to run video games centres, which they later converted to sports betting stores," he said.

The sports betting wagering market has broadened considerably throughout West Africa in the last few years. The area is approximately divided between a mainly Muslim north and a mainly Christian south.

Lots of people go to bookies to enjoy the sociability of other gamblers, though mobile apps are likewise popular for sports betting on the result of events and teams.

Nigeria's debilitating economic crisis has actually likewise suggested people want to run the risk of a small amount in the hope of winning huge.

However this had resulted in extensive dependency, and moms and dads were even complaining that kids were leaving of school to bet, Mr Aminudeen said.

"These financial problems we are facing in Nigeria is God informing us to change our ways 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 wagering stores to either closed down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen said.

It is uncertain what penalty they would face - often, 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 sports betting the consumption of alcohol were prohibited.