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

Gambling has developed considerably in Nigeria from conventional types like pool staking and Baba Ijebu to a successful sports betting wagering industry. Historically tied to European football leagues, swimming was a typical sight at motor parks and kiosks, sports betting where enthusiasts would bet as little as N50-N200 on matches.

Slowly, with increased web access came virtual wagering, which parallels international trends. The sports betting wagering market is valued at $89.91 billion in 2023 and is predicted to nearly double to $182.02 billion by 2030.
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Despite economic challenges such as inflation, Nigeria's sports betting sector has prospered, attracting millions, specifically among the youthful demographic facing high joblessness rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively engage in sports betting, sports betting driving an industry that produces an estimated yearly revenue of N730 billion. The federal government has actually not gone unnoticed by this growth, which is thinking about regulative procedures like import tax duties and VAT increases to manage the sector.

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

In spite of these difficulties, sports betting wagering companies continue to prosper through efficient business models and aggressive marketing techniques, leveraging the creator influencer market.

These efforts have actually added to Nigeria's robust $2 billion gaming sector, with CEOs playing important functions in expanding audience reach and driving market growth. Here are the CEOs of leading sports betting companies who have considerably added to Nigeria's $2 billion gambling empire through their extensive audience reach.

Sheriff Olaniyan - CEO Surebet247
Sheriff Olaniyan is the CEO of Surebet247, sports betting a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied career spans various functions in the video gaming and entertainment industry, including working at one of the United Kingdom's largest video gaming centres, The Palace Bingo Club, where he acted 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 become a leading e-commerce business in the sports betting and gaming sector, running through online, mobile, and retail channels. The company was incorporated in Nigeria on November 7, 2006, and has because broadened its presence, sports betting accomplishing over 5,000 downloads on the Google Play Store.
Sam Sadi - CEO Livescorebet
Sam Sadi has more than 25 years of experience in sports betting brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a totally incorporated environment that integrates appropriate sports betting content, engaging functions, and sports betting a first-rate sportsbook.

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

Sam's leadership and strategic vision have actually propelled LiveScore Group's success and assisted form the market's direction. LiveScoreBet has actually 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 actually previously worked as the business's Marketing and Operations Director since 2015. He signed up with Betway in 2013 and sports betting has remained in the online video gaming industry given that 2000, holding numerous effective functions, consisting of General Manager of a data analytics group and Director of a digital marketing company.

Under Werkman's leadership, Betway has continued to grow its market existence and boost its offerings. The business's app has amassed considerable 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 changing start-ups into institutionalized services. Her expertise covers the video gaming, realty, and credit financing industries, where he has developed himself as a tactical and operational leader.

Damilare has contributed in NairaBET's success for over 14 years. Given that June 2019, she has worked as Managing Director and has overseen the business's development and operations in Lagos, Nigeria.

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

She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned services. DDWIN offers frHer academic background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed in 2005.

Akin Alabi, sports betting 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 launch a totally practical site, setting a standard 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 global sports betting 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 business runs in more than 50 nations, including Nigeria, where it is totally licensed.

Under Babalola's leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, using a wide variety 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 endeavors, sports betting Ukanwoke has worked together with African socio-economic organizations and federal governments to design developmental policies focused on empowering young people. In 2015, Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.
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BetKing, founded and released in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, operates under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and home entertainment company has actually quickly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a partnership 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, sports betting and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was released in 2001 as an online sports betting website and has considering that become among the world's largest online gaming companies.

By 2016, Bet365 created $2 billion in incomes and assisted in $45 billion in annual 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 company in Nigeria, developed along with entrepreneur Kunle Soname, sports betting who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian property management business that creates investment returns and offers unique investment insights and options to both specific and institutional clients.

Founded in 2012 under KC Gaming Networks, sports betting Bet9ja has actually rapidly grown in appeal, sports betting with over 1 million downloads on the Google Play Store. Under Ojuroye's leadership, Bet9ja has actually become a significant player in the Nigerian sports betting wagering market.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is an experienced professional in the sports betting industry. He has been serving as the Country Director for sports betting 22BET in Nigeria given that June 2021. In this function, sports betting he has added to the company's development through partnerships, service strategy, and brand-new service advancement.

Fikayo's experience includes functions such as Chief Operations Officer (West Africa) at 22BET, sports betting where he handled product advancement and consumer experience, and Country Manager at 22BET, focusing on marketing technique 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 profession started 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 Accounting from Ladoke Akintola University of Technology and a Master of Science (MS) in Business Administration, Management, and sports betting Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that provides 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 sports betting a subsidiary of Orakum N.V.. They are also 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 business he established in 2013.

SportyBet is a global sports betting wagering and real-money gaming operator known for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has actually ended up being a substantial 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 financial investments reflect his commitment to fostering development and advancement within the area.

On April 30, 2024, Sudeep Ramnani bought Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to disrupt the sports betting market.

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

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

At a press instruction, sports betting the business's representative, Akin Babatunde, said that the increase in Internet penetration, mobile use, and the continent's deep enthusiasm for sports betting, especially football, sports betting has set the stage for Sunbet's ambitious entry. He included that the firm's robust sponsorship and sports betting specialist group will allow it to scale and sports betting dominate the market quickly.


Islamic cops raid wagering shops in northern Nigeria

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

"As you understand, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, referred to as the Hisbah, informed the BBC.

Problems from community leaders and parents prompted the crackdown, worried about the growing variety of gambling addicts, he said.

On the first day of raids, 30 shops 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 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 sports betting operates the Islamic legal system - Sharia - along with secular law.

Bookmakers and bars tend to be permitted to operate in Kano's Christian neighbourhoods, though they too can deal with action if the Hisbah believes Muslims are frequenting them.

However, the current crackdown is focused on Muslim locations of Kano, a sprawling city and the financial center of northern Nigeria.

Sports betting stores can be discovered all over the city. A lot of have television screens, and clients see the result of international football matches or horse races on which they have staked money.

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

"They do not have licences to run as they were allowed to run video games centres, which they later on converted to wagering stores," he said.

The sports betting market has actually broadened dramatically across West Africa in recent years. The region is roughly divided between a generally Muslim north and a primarily Christian south.

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

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

But this had actually resulted in widespread addiction, and moms and dads were even complaining that kids were dropping out of school to bet, Mr Aminudeen said.

"These financial problems we are dealing with in Nigeria is God telling us to change our ways by stopping sins," he said.

The raids on Tuesday concentrated on Munjibir, sports betting 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 closed down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen said.

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

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