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

Gambling has evolved significantly in Nigeria from standard types like pool staking and sports betting Baba Ijebu to a thriving sports betting wagering market. Historically connected to European football leagues, pool staking was a typical sight at motor parks and kiosks, where lovers would wager as little as N50-N200 on matches.

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

Regardless of financial challenges such as inflation, Nigeria's sports betting sector has actually flourished, bring in millions, especially among the vibrant group facing high joblessness rates.

Reports indicate that around 60 million Nigerians aged 18-40 actively take part in sports betting, driving a market that produces an estimated annual income of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulatory steps like import tax tasks and VAT boosts to manage the sector.

The National Lottery Act of 2005 established regulatory bodies like the National Lottery Regulatory Commission to make sure fair operations despite difficulties in enforcement. Concerns such as insufficient age verification and marketing guideline breaches show market regulative spaces.

Regardless of these obstacles, sports betting wagering companies continue to prosper through reliable company models and aggressive marketing methods, sports betting leveraging the developer influencer industry.

These efforts have actually added to Nigeria's robust $2 billion gambling sector, with CEOs playing vital roles in expanding audience reach and driving industry growth. Here are the CEOs of leading sports betting wagering business who have significantly added 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 various roles in the gaming and entertainment industry, consisting of operating at among the United Kingdom's largest video gaming centres, The Palace Bingo Club, sports betting where he served 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, sports betting founded in August 2011, has turned into a leading e-commerce company in the wagering and video gaming sector, operating through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has actually because broadened its existence, achieving over 5,000 downloads on the Google Play Store.

Sam Sadi - CEO Livescorebet

Sam Sadi has over 25 years of experience in wagering brand names and sports betting media. In 2019, sports betting he ended up being the CEO of LiveScore Group, a completely integrated ecosystem that integrates pertinent sports betting content, engaging features, and a world-class sportsbook.

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

Sam's management and tactical vision have propelled LiveScore Group's success and assisted form the industry's instructions. LiveScoreBet has actually achieved significant 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 formerly worked as the company's Marketing and Operations Director considering that 2015. He signed up with Betway in 2013 and has actually been in the online video gaming market since 2000, holding different effective roles, consisting of General Manager of a data analytics group and Director of a digital marketing agency.

Under Werkman's leadership, Betway has actually continued to grow its market existence and enhance its offerings. The business'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 identified herself as a senior executive with a track record of transforming start-ups into institutionalized companies. Her expertise spans the video gaming, real estate, and credit lending markets, where he has actually established himself as a strategic and operational leader.

Damilare has been instrumental in NairaBET's success for over 14 years. Since June 2019, she has actually acted as Managing Director and sports betting has overseen the company'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 functional strategies and market expansion.

She established DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN supplies 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 business, established business in 2009. While NairaBET was not the first sports betting platform in Nigeria, sports betting it was the very first to launch a completely practical website, setting a benchmark in the industry.

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 company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the largest bookmakers in Europe and sports betting the world. The business operates in more than 50 countries, including Nigeria, where it is totally certified.

Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, sports betting providing a wide range of sports betting choices 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 actually worked together with African socio-economic organizations and sports betting governments to design 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, established and launched 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 and home entertainment company has actually rapidly grown its presence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, sports betting BetKing participated in a collaboration with the Lagos Employment Trust Fund, producing over 100,000 jobs, the number of which is increasing annually. In the exact same year, MultiChoice broadcaster bought 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 founder, bulk investor, and joint Chief Executive of Bet365, an online sports betting company she developed in 2000. Bet365.com was launched in 2001 as an online sports betting website and has actually because become one of the world's largest online gaming companies.

By 2016, sports betting Bet365 produced $2 billion in profits and facilitated $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed 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, sports betting a leading sports betting wagering business in Nigeria, established along with business person Kunle Soname, who also owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is also the Chairman of Mango Asset Management, an independent Nigerian possession management business that produces investment returns and uses special investment insights and solutions to both specific and institutional customers.

Founded in 2012 under KC Gaming Networks, Bet9ja has actually quickly grown in appeal, 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 a seasoned expert in the sports betting industry. He has actually been serving as the Country Director for 22BET in Nigeria given that June 2021. In this function, he has added to the company's growth through collaborations, organization method, and new organization advancement.

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

His profession started at Jumia Group, sports betting where he operated in SEO, CRM, and content management. Fikayo also functioned 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 wagering, gambling establishment video games, sports betting and sports betting live dealership video games. It was launched in 2017 and is owned and run by Marikit Holdings Ltd, sports betting a business signed up 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 established in 2013.

SportyBet is a global sports betting and sports betting real-money gaming operator understood for providing an omni-channel entertainment experience in managed 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 function at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong supporter for the growing African internet environment. His investments show his commitment to cultivating innovation and advancement within the area.

On April 30, 2024, Sudeep Ramnani bought Chowdeck, participating in a seed round valued at $2.5 million.

The company is set to interfere with the sports betting industry.

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 forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the firm aims to utilize cutting-edge technology and a dedication to responsible gaming to revolutionise the sector.

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

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

Islamic authorities raid wagering stores in northern Nigeria

Islamic police in Nigeria's northern city of Kano have started shutting down sports betting wagering shops, which they say are operating unlawfully.

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

Grievances from neighborhood leaders and parents prompted the crackdown, worried 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, and their owners were sent out home with a warning, the Sharia officer said.

However Mr Aminudeen warned that now that the general public understood that the Hisbah was clamping down on sports betting, those flouting the rules would be detained.

Kano city is the capital of Kano state, sports betting which has a bulk Muslim population and operates the Islamic legal system - Sharia - together with secular law.

Bookies and bars tend to be permitted to operate in Kano's Christian areas, though they too can face action if the Hisbah believes Muslims are frequenting them.

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

sports betting wagering shops can be found all over the city. Many have tv screens, and clients see the outcome of global football matches or sports betting horse races on which they have staked money.

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

"They do not have licences to operate as they were permitted to run video games centres, which they later on transformed to sports betting stores," he said.

The sports betting market has actually broadened drastically throughout West Africa in recent years. The area is roughly divided in between a mainly Muslim north and a predominantly Christian south.

Many individuals go to bookies to delight in the sociability of other gamblers, though mobile apps are also popular for sports betting on the outcome of occasions and groups.

Nigeria's debilitating economic crisis has actually also suggested people want to risk a percentage in the hope of winning huge.

But this had actually resulted in widespread dependency, and parents were even complaining that children were leaving of school to gamble, Mr Aminudeen said.

"These financial concerns we are facing in Nigeria is God telling us to alter our methods by stopping sins," he said.

The raids on Tuesday concentrated on Munjibir, thought about 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 apprehend them and take them to [a Sharia] court," Mr Aminudeen stated.

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

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