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

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

Slowly, with increased internet access came virtual wagering, which parallels global patterns. The sports betting wagering market is valued at $89.91 billion in 2023 and is projected to nearly double to $182.02 billion by 2030.

Despite economic challenges such as inflation, Nigeria's sports betting wagering sector has grown, attracting millions, specifically among the youthful market facing high unemployment rates.

Reports indicate that roughly 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that produces a projected yearly earnings of N730 billion. The federal government has not gone unnoticed by this growth, which is thinking about regulative steps like excise duties and sports betting VAT boosts to handle the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations in spite of challenges in enforcement. Problems such as insufficient age verification and advertising guideline breaches show market regulative spaces.

Regardless of these challenges, sports betting wagering business continue to prosper through effective organization designs and aggressive marketing strategies, leveraging the creator influencer market.

These efforts have contributed to Nigeria's robust $2 billion gaming sector, sports betting with CEOs playing important functions in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting business who have considerably added to Nigeria's $2 billion gambling empire through their substantial 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 covers numerous roles in the 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 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 become a leading e-commerce organization in the wagering and video gaming sector, running through online, mobile, and retail channels. The business was incorporated in Nigeria on November 7, 2006, and has because expanded its existence, 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 ended up being the CEO of LiveScore Group, a fully incorporated community that combines pertinent sports betting content, engaging features, sports betting and a first-rate sportsbook.

Since taking the helm prior to the pandemic, Sam has actually driven considerable development for LiveScore Group. The business's worker headcount has increased by 29%, and annual earnings has risen from approximately ₤ 10 million to over ₤ 80 million.

Sam's leadership and strategic vision have actually propelled LiveScore Group's success and assisted shape the industry's instructions. 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 selected CEO of Betway in November 2017, having actually formerly served as the business's Marketing and Operations Director since 2015. He signed up with Betway in 2013 and has been in the online video gaming industry since 2000, holding numerous successful roles, including General Manager of a data analytics team and Director of a digital marketing company.

Under Werkman's management, Betway has continued to grow its market existence and enhance its offerings. The company's app has actually gathered 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 transforming start-ups into institutionalized businesses. Her expertise covers the gaming, property, and credit loaning markets, where he has developed himself as a strategic and functional leader.

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

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

She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned businesses. DDWIN provides frHer educational 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 business, developed business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to release a fully functional site, setting a criteria in the market.

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 business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has actually developed itself as one of the largest bookmakers in Europe and the world. The business runs in more than 50 nations, consisting of Nigeria, where it is totally certified.

Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, offering a vast array of sports betting 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, sports betting and Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has actually worked together with African socio-economic institutions and governments to create 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, founded 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 business has actually rapidly 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, producing over 100,000 tasks, the number of which is increasing annually. 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 creator, majority investor, and joint Chief Executive of Bet365, an online gambling company she established in 2000. Bet365.com was introduced in 2001 as an online sports betting site and has actually since turned into among the world's biggest online gaming companies.

By 2016, Bet365 created $2 billion in earnings and facilitated $45 billion in annual bets. The business also holds a majority stake in Stoke City Football Club. Bet365 has actually gathered 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 company in Nigeria, developed alongside business person Kunle Soname, who likewise owns Portuguese club CD Feirense and sports betting Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian asset management company that generates financial investment returns and uses special financial investment insights and services to both private and institutional clients.

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

Fikayo Ogunfuye - Country Director 22bet

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

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

His profession began at Jumia Group, sports betting where he worked in SEO, CRM, and sports betting 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 uses sports betting, gambling establishment video games, and live dealership 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, sports betting a business he established in 2013.

SportyBet is a global sports betting wagering and sports betting real-money video gaming operator known for delivering an omni-channel home entertainment experience in managed emerging markets. Under Ramnani's leadership, SportyBet has actually ended up being a considerable gamer in the market, with over 1 million downloads on the Google Play Store.

In addition to his function at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for sports betting the growing African web ecosystem. His investments reflect his commitment to fostering innovation and development within the region.

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

The company is set to interrupt 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 firm aims to utilize advanced innovation and a commitment to accountable sports betting to change the sector.

Backed by the monetary power of 4 prominent African billionaires, Sunbet, which will release in the first quarter of 2025, sports betting intends to be the continent's biggest and most innovative sports betting platform.

At a press rundown, the company's spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent's deep passion for sports betting, specifically football, has set the stage for Sunbet's ambitious entry. He added that the firm's robust financial backing and expert team will allow it to scale and sports betting control the market rapidly.

Islamic authorities raid betting shops in northern Nigeria

Islamic authorities in Nigeria's northern city of Kano have actually begun closing down sports betting wagering shops, which they say are running unlawfully.

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

Grievances from community leaders and moms and dads triggered the crackdown, fretted about the growing variety of gambling addicts, he stated.

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

However Mr Aminudeen cautioned that now that the general public was aware that the Hisbah was clamping down on gambling, 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 - alongside secular law.

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

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

Sports betting shops can be discovered all over the city. The majority of have television screens, and customers see the outcome of international football matches or horse races on which they have staked money.

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

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

The sports betting wagering market has expanded dramatically throughout West Africa over the last few years. The region is approximately divided between a mainly Muslim north and a mainly Christian south.

Many people go to bookmakers to delight in the sociability of other bettors, sports betting though mobile apps are likewise popular for wagering on the result of events and teams.

Nigeria's crippling recession has actually also suggested people are willing to risk a percentage in the hope of winning huge.

However this had actually led to extensive addiction, and moms and dads were even grumbling that kids were leaving of school to bet, Mr Aminudeen said.

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

The raids on Tuesday focused on Munjibir, thought about a resort area in the northeast of the city-- visitors flock there at weekends.

"I am encouraging those running those wagering shops 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 face - typically, such violations carry a fine.

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

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