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

sports betting has developed substantially in Nigeria from traditional types like pool staking and Baba Ijebu to a thriving sports betting industry. Historically tied to European football leagues, pool staking was a common sight at motor parks and kiosks, where lovers would wager just N50-N200 on matches.

Slowly, with increased internet gain access to came virtual wagering, which parallels global 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.

Regardless of financial difficulties such as inflation, Nigeria's sports betting wagering sector has actually flourished, attracting millions, specifically among the vibrant demographic facing high joblessness rates.

Reports show that roughly 60 million Nigerians aged 18-40 actively participate in sports betting, driving an industry that generates an estimated annual earnings of N730 billion. The federal government has not gone undetected by this development, which is thinking about regulatory measures like excise duties and VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to ensure fair operations despite challenges in enforcement. Issues such as insufficient age confirmation and marketing rule breaches reveal market regulative spaces.

Despite these challenges, sports betting wagering business continue to thrive through efficient business models and aggressive marketing methods, sports betting leveraging the creator influencer market.

These efforts have added to Nigeria's robust $2 billion sports betting sector, with CEOs playing vital roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting companies who have substantially added to Nigeria's $2 billion gaming empire through their comprehensive 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 spans various roles in the video gaming and sports betting entertainment industry, including working at one of the United Kingdom's biggest 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, has turned into a leading e-commerce business in the sports betting and video gaming sector, operating through online, mobile, and retail channels. The business was included in Nigeria on November 7, 2006, and has actually since expanded 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 brands and sports betting media. In 2019, he became the CEO of LiveScore Group, a completely incorporated ecosystem that combines pertinent sports betting material, engaging features, and a world-class sportsbook.

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

Sam's management and tactical vision have moved LiveScore Group's success and helped form the market'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 appointed CEO of Betway in November 2017, having previously worked as the business's Marketing and Operations Director given that 2015. He signed up with Betway in 2013 and has remained in the online gaming industry since 2000, holding different effective functions, including General Manager of an information analytics group and Director of a digital marketing firm.

Under Werkman's leadership, Betway has continued to grow its market existence and enhance its offerings. The company's app has amassed significant 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 track record of changing start-ups into institutionalized companies. Her competence spans the video gaming, property, sports betting and credit financing markets, where he has developed himself as a tactical and sports betting operational leader.

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

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

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

Akin Alabi, the creator of NairaBET.com, Nigeria's pioneering sports betting bookmaking business, developed business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to introduce a totally practical site, setting a benchmark 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 worldwide sports betting business 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 company operates in more than 50 countries, including Nigeria, where it is totally licensed.

Under Babalola's leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting market, offering a wide variety of sports betting options and sports betting an user-friendly 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 endeavors, Ukanwoke has teamed up with African socio-economic organizations and federal governments to develop developmental policies focused on empowering youths. 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 trademark name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has quickly grown its presence in Nigeria, with outlets in major 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, sports betting the number of which is increasing every year. In the same year, MultiChoice broadcaster bought 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 founder, bulk investor, and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was released in 2001 as an online wagering site and has actually since turned into one of the world's largest online gambling business.

By 2016, Bet365 generated $2 billion in earnings and assisted in $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has garnered 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, a leading sports betting wagering company in Nigeria, developed along with business owner Kunle Soname, who likewise owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian asset management company that creates investment returns and uses special financial investment insights and sports betting services to both individual and institutional customers.

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

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a seasoned professional in the sports betting market. He has actually been functioning as the Country Director for 22BET in Nigeria considering that June 2021. In this function, he has added to the business's growth through collaborations, service strategy, and sports betting new service advancement.

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

His career began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also worked 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 sports betting platform that uses sports betting wagering, casino video games, and sports betting live dealer games. It was released in 2017 and is owned and run by Marikit Holdings Ltd, a business registered in Cyprus and 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 company he developed in 2013.

SportyBet is an international sports betting and real-money gaming operator known for providing an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's management, SportyBet has become 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 investor in fintech and mobile payments and a strong supporter for the growing African web ecosystem. His investments reflect his dedication to cultivating development and sports betting development within the area.

On April 30, 2024, Sudeep Ramnani invested in Chowdeck, taking part in a seed round valued at $2.5 million.

The company is set to interrupt the sports betting market.

Sunbet Sporting International Limited has said it is concentrated on revolutionising 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, sports betting according to reports from the African Sports Betting Association and PwC, the firm aims to utilize advanced innovation and a commitment to accountable gaming to revolutionise the sector.

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

At a press rundown, the company's representative, Akin Babatunde, said that the rise in Internet penetration, mobile usage, and the continent's deep enthusiasm for sports betting, particularly football, sports betting has set the stage for Sunbet's enthusiastic entry. He included that the company's robust sponsorship and sports betting specialist team will allow it to scale and control the marketplace quickly.

Islamic cops raid betting shops in northern Nigeria

Islamic cops in Nigeria's northern city of Kano have begun shutting down sports betting stores, which they state are running illegally.

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

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

On the very first day of raids, 30 shops were closed in one suburban area alone, sports betting and their owners were sent home with a caution, the Sharia officer stated.

But Mr Aminudeen cautioned that now that the public knew that the Hisbah was clamping down on sports betting, those flouting the guidelines 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 - together with nonreligious law.

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

However, the present crackdown is concentrated on Muslim locations of Kano, a vast city and the financial center of northern Nigeria.

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

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

"They don't have licences to operate as they were permitted to run computer game centres, which they later on converted to wagering shops," he stated.

The sports betting wagering market has expanded significantly throughout West Africa recently. The area is roughly divided between a primarily Muslim north and a predominantly Christian south.

Many people go to bookies to enjoy the sociability of other gamblers, though mobile apps are also popular for wagering on the outcome of occasions and teams.

Nigeria's crippling economic crisis has actually likewise meant people want to run the risk of a percentage in the hope of winning big.

But this had resulted in extensive addiction, and parents were even grumbling that kids were leaving of school to gamble, Mr Aminudeen stated.

"These financial concerns we are dealing with in Nigeria is God informing us to change 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 sports betting shops to either shut down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen said.

It is unclear what punishment they would deal with - often, such violations carry a fine.

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