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

Gaming has progressed significantly in Nigeria from conventional types like pool staking and Baba Ijebu to a flourishing sports betting wagering industry. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would bet just N50-N200 on matches.

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

In spite of financial difficulties such as inflation, Nigeria's sports betting wagering sector has flourished, attracting millions, particularly amongst the younger group facing high unemployment rates.

Reports show that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving an industry that generates an approximated annual revenue of N730 billion. The federal government has not gone unnoticed by this development, which is thinking about regulative measures like excise responsibilities and VAT increases to handle the sector.

The National Lottery Act of 2005 established regulative bodies like the National Lottery Regulatory Commission to guarantee fair operations despite challenges in enforcement. Concerns such as inadequate age verification and sports betting marketing rule breaches show industry regulatory gaps.

Regardless of these difficulties, sports betting companies continue to thrive through efficient business models and aggressive marketing strategies, sports betting leveraging the developer influencer industry.

These efforts have actually contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing crucial roles in broadening audience reach and driving industry development. Here are the CEOs of leading sports betting wagering companies who have actually substantially contributed to Nigeria's $2 billion gaming 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 career spans different functions in the video gaming and sports betting show business, sports betting consisting of operating at one of the United Kingdom's largest video gaming centres, The Palace Bingo Club, sports betting where he functioned 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 grown into a leading e-commerce business in the wagering and video gaming sector, operating through online, mobile, and sports betting retail channels. The company was incorporated in Nigeria on November 7, 2006, and has actually because broadened its existence, 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 ended up being the CEO of LiveScore Group, a totally integrated community that combines appropriate sports betting material, engaging features, and sports betting a first-rate sportsbook.

Considering that taking the helm just before the pandemic, Sam has driven considerable development for LiveScore Group. The company's worker headcount has actually increased by 29%, and yearly earnings has surged from around ₤ 10 million to over ₤ 80 million.

Sam's leadership and tactical vision have actually moved LiveScore Group's success and assisted shape the industry's direction. 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 selected CEO of Betway in November 2017, having formerly worked as the business's Marketing and Operations Director given that 2015. He joined Betway in 2013 and has been in the online gaming market considering that 2000, holding different successful functions, sports betting including General Manager of an information analytics team and sports betting Director of a digital marketing company.

Under Werkman's management, Betway has actually continued to grow its market existence and sports betting boost its offerings. The business's app has actually amassed considerable 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 track record of transforming start-ups into institutionalized organizations. Her competence spans the gaming, property, sports betting and credit financing industries, where he has established himself as a tactical and operational leader.

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

Before this, she was the Chief Operating Officer from 2010 to June 2019, sports betting essential in the business's operational strategies and market expansion.

She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned businesses. DDWIN offers frHer educational background consists of a Bachelor's degree in Geology/Earth Science from the University of Ibadan, completed 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 wagering platform in Nigeria, it was the first to release a totally practical website, 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 worldwide sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookies in Europe and sports betting the world. The business runs in more than 50 nations, consisting of Nigeria, where it is fully licensed.

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

BetKing, founded and sports betting released 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 sports betting home entertainment business has quickly grown its presence in Nigeria, sports betting with outlets in significant cities and over 500,000 downloads on the Google Play Store.
bet9ja.com
In 2020, BetKing participated in a collaboration with the Lagos Employment Trust Fund, producing over 100,000 jobs, the number of which is increasing yearly. In the exact 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 shareholder, and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was introduced in 2001 as an online sports betting site and has since become among the world's biggest online sports betting business.

By 2016, Bet365 created $2 billion in earnings and sports betting facilitated $45 billion in annual bets. The company also holds a majority stake in Stoke City Football Club. Bet365 has actually amassed 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 wagering company in Nigeria, developed alongside entrepreneur 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 property management business that generates investment returns and provides unique financial investment insights and solutions to both private and institutional clients.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in popularity, with over 1 million downloads on the Google Play Store. Under Ojuroye's management, Bet9ja has actually ended up being a substantial gamer in the Nigerian sports betting industry.
Fikayo Ogunfuye - Country Director 22bet
Fikayo Ogunfuye is a skilled professional in the sports betting wagering industry. He has been functioning as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has actually contributed to the company's growth through partnerships, service strategy, and new business advancement.

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, concentrating on marketing method and budget management. Before 22BET, he led marketing efforts at LuckyBet.NG and held various digital marketing roles 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 Operations from ESTG University in Cotonou, Benin Republic.

22Bet is an online gambling platform that offers sports betting, casino games, sports betting and live dealer video games. It was launched in 2017 and is owned and operated by Marikit Holdings Ltd, a business registered in Cyprus and a subsidiary of Orakum N.V.. They are likewise the owners of Betwinner and a chain of casinos worldwide.
bit.ly Sudeep Ramnani-- CEO Sportybet Group
Sudeep Ramnani is the Founder and CEO of SportyBet, a business he established in 2013.

SportyBet is an international sports betting and sports betting real-money video gaming operator understood for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's management, SportyBet has actually become a substantial 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 sports betting the growing African web ecosystem. His investments show his dedication to fostering innovation and development within the area.

On April 30, 2024, Sudeep Ramnani purchased Chowdeck, participating in a seed round valued at $2.5 million.
The firm is set to interfere with the sports betting industry.

Sunbet Sporting International Limited has stated 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 development projection in the coming years, sports betting according to reports from the African Sports Betting Association and PwC, the company intends to take advantage of advanced technology and a commitment to accountable gaming to revolutionise the sector.

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

At a press rundown, the business's spokesperson, sports betting Akin Babatunde, stated that the increase in Internet penetration, mobile use, and the continent's deep passion for sports betting, specifically football, has actually set the stage for Sunbet's ambitious entry. He added that the company's robust financial backing and professional team will allow it to scale and dominate the marketplace rapidly.


Islamic authorities raid wagering shops in northern Nigeria

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

"As you understand, wagering is forbidden in Islam," Mujahid Aminudeen, of the Sharia police, called the Hisbah, informed the BBC.

Problems from community leaders and moms and dads triggered the crackdown, fretted about the growing number of sports betting addicts, he said.

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

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

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

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

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

Sports betting stores can be discovered all over the city. The majority of have tv screens, and clients watch the outcome of international football matches or horse races on which they have staked money.

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

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

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

Many individuals go to bookies to enjoy the camaraderie of other gamblers, sports betting though mobile apps are likewise popular for wagering on the outcome of occasions and teams.

Nigeria's crippling recession has actually also meant individuals want to risk a small amount in the hope of winning huge.

However this had resulted in extensive addiction, and moms and dads were even complaining that kids were dropping out of school to gamble, Mr Aminudeen said.

"These economic problems we are dealing with in Nigeria is God telling us to alter our methods by stopping sins," he stated.

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 advising those running those sports betting stores to either closed down or we'll arrest them and take them to [a Sharia] court," Mr Aminudeen said.

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

Sharia was presented in Kano in 2000 - as it remained in 11 other Muslim-majority northern states - and prostitution, sports betting gambling and the consumption of alcohol were banned.