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

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

Gradually, with increased web access came virtual sports betting, which parallels global patterns. The sports betting 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 difficulties such as inflation, Nigeria's sports betting wagering sector has actually grown, drawing in millions, especially amongst the younger group dealing with high joblessness rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that generates an approximated annual income of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulative steps like import tax duties and VAT boosts to handle the sector.

The National Lottery Act of 2005 recognized regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations in spite of obstacles in enforcement. Problems such as insufficient age verification and advertising rule breaches show industry regulative gaps.

In spite of these challenges, sports betting business continue to grow through efficient business designs and aggressive marketing techniques, leveraging the creator influencer market.

These efforts have contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing vital roles in expanding audience reach and driving industry development. Here are the CEOs of leading sports betting business who have significantly added to Nigeria's $2 billion sports betting empire through their substantial audience reach.

Sheriff 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 profession 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, where he functioned as the Lead Engineer in a Bingo and sports betting 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 organization in the sports betting and gaming sector, sports betting operating through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has since broadened its existence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi - CEO Livescorebet

Sam Sadi has over 25 years of experience in sports betting brand names and sports betting media. In 2019, sports betting he ended up being the CEO of LiveScore Group, a completely integrated environment that combines relevant sports betting material, engaging features, and a first-rate sportsbook.

Because taking the helm just before the pandemic, Sam has driven substantial growth for LiveScore Group. The business's employee headcount has actually increased by 29%, sports betting and annual profits has actually risen from roughly ₤ 10 million to over ₤ 80 million.

Sam's management and strategic vision have actually propelled LiveScore Group's success and assisted form the industry's instructions. LiveScoreBet has accomplished 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 previously worked as the company's Marketing and Operations Director sports betting because 2015. He signed up with Betway in 2013 and has actually been in the online video gaming market because 2000, holding different effective functions, sports betting including General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman's management, Betway has continued to grow its market presence and sports betting boost its offerings. The company's app has actually garnered significant user engagement, 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 sports betting executive with a performance history of changing start-ups into institutionalized organizations. Her know-how spans the video gaming, realty, and credit financing industries, where he has actually established himself as a tactical and functional leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the business's functional strategies and market expansion.

She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned companies. DDWIN supplies frHer instructional 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 company, developed the business in 2009. While NairaBET was not the very first sports betting platform in Nigeria, it was the first to release a completely functional website, setting a criteria in the industry.

Femi Babalola- General Manager of 1Xbet Nigeria Limited

Femi Babalola is the Managing Director of 1XBET Nigeria Limited, sports betting a franchise of the worldwide sports betting wagering company 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 business operates in more than 50 nations, including Nigeria, where it is totally accredited.

Under Babalola's leadership, 1XBET Nigeria has actually broadened its footprint in the competitive Nigerian sports betting market, providing a large range of wagering alternatives and sports betting 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 collaborated with African socio-economic organizations and sports betting 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 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 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 participated in a partnership with the Lagos Employment Trust Fund, creating over 100,000 tasks, the variety of which is increasing annually. In the 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 investor, and joint Chief Executive of Bet365, an online sports betting business she established in 2000. Bet365.com was released in 2001 as an online wagering website and sports betting has because turned into among the world's largest online sports betting companies.

By 2016, Bet365 generated $2 billion in revenues and helped with $45 billion in yearly bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has amassed 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, established alongside business person Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management business that creates investment returns and uses unique financial investment insights and sports betting solutions to both specific and institutional customers.

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

Fikayo Ogunfuye - Country Director 22bet

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

Fikayo's experience includes roles such as Chief Operations Officer (West Africa) at 22BET, where he handled product advancement and consumer experience, and Country Manager at 22BET, sports betting concentrating on marketing method 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 profession began at Jumia Group, where he worked in SEO, sports betting 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 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 uses sports betting, gambling establishment video games, and live dealer games. It was launched 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 casinos worldwide.

Sudeep Ramnani-- CEO Sportybet Group

Sudeep Ramnani is the Founder and CEO of SportyBet, a business he developed in 2013.

SportyBet is a worldwide sports betting and real-money gaming operator understood for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's management, SportyBet has actually become a significant 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 financier in fintech and mobile payments and a strong supporter for the growing African internet environment. His investments reflect his commitment to promoting innovation and advancement 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 disrupt the sports wagering market.

Sunbet Sporting International Limited has stated it is focused on changing how countless Africans engage with sports betting. In a market worth over $1.5 billion annual, with double-digit development projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to utilize advanced technology and a commitment to responsible gambling to revolutionise the sector.

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

At a press instruction, the company's representative, Akin Babatunde, stated that the rise 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 ambitious entry. He added that the firm's robust financial backing and specialist group will allow it to scale and control the marketplace quickly.

Islamic cops raid betting stores in northern Nigeria

Islamic authorities in Nigeria's northern city of Kano have started closing down sports betting wagering stores, which they say are running illegally.

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

Problems from neighborhood leaders and parents triggered the crackdown, worried about the growing number of sports betting addicts, he said.

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

But Mr Aminudeen cautioned that now that the general public understood that the Hisbah was clamping down on gambling, those flouting the rules would be apprehended.

Kano city is the capital of Kano state, sports betting which has a bulk Muslim population and runs the Islamic legal system - Sharia - alongside nonreligious law.

Bookmakers and sports betting 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 concentrated on Muslim locations of Kano, sports betting a sprawling city and the financial center of northern Nigeria.

Sports betting shops can be found all over the city. Most have tv screens, and consumers enjoy the outcome of international football matches or horse races on which they have staked money.

Mr Aminudeen said such bookmakers had actually been able to run under the radar as they had actually opened under false pretences.

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

The sports betting industry has expanded drastically across West Africa recently. The area is roughly divided in between a primarily Muslim north and a predominantly Christian south.

Many individuals go to bookmakers to take pleasure in the camaraderie of other bettors, though mobile apps are also popular for wagering on the result of occasions and teams.

Nigeria's crippling economic crisis has actually likewise implied individuals are willing to run the risk of a percentage in the hope of winning big.

However this had actually resulted in extensive dependency, and parents were even complaining that kids were leaving of school to gamble, Mr Aminudeen stated.

"These economic issues we are dealing with in Nigeria is God informing us to change our ways 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 jail them and take them to [a Sharia] court," Mr Aminudeen said.

It is unclear what penalty they would face - often, such violations carry a fine.

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