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

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

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

In spite of economic difficulties such as inflation, Nigeria's sports betting wagering sector has prospered, sports betting drawing in millions, particularly among the vibrant demographic facing high joblessness rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively engage in sports betting wagering, driving a market that generates an estimated annual revenue of N730 billion. The federal government has actually not gone unnoticed by this development, which is thinking about regulative measures like import tax duties and VAT boosts to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations in spite of obstacles in enforcement. Issues such as inadequate age confirmation and advertising rule breaches show industry regulative spaces.

Despite these obstacles, sports betting wagering companies continue to thrive through efficient service models and aggressive marketing strategies, leveraging the developer influencer industry.

These efforts have actually contributed to Nigeria's robust $2 billion sports betting sector, with CEOs playing important functions in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting companies who have substantially contributed to Nigeria's $2 billion gaming empire through their comprehensive 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 profession spans various functions in the gaming and show business, including operating 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, has turned into a leading e-commerce business in the sports betting and video gaming sector, sports betting running through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has actually given that 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 brand sports betting names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, sports betting a totally integrated ecosystem that combines appropriate sports betting material, engaging functions, and sports betting a first-rate sportsbook.

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

Sam's management and strategic vision have moved LiveScore Group's success and assisted shape the market's direction. LiveScoreBet has accomplished significant user engagement, sports betting 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 previously worked as the business's Marketing and Operations Director given that 2015. He joined Betway in 2013 and has actually remained in the online gaming industry because 2000, holding different effective functions, consisting of General Manager of a data analytics team and Director of a digital marketing firm.

Under Werkman's management, Betway has actually continued to grow its market existence and improve its offerings. The company's app has garnered considerable user engagement, with over 100,000 downloads on the Google Play Store.

Damilare Alabi, Co-Founder, Managing Director NairaBET

Damilare Alabi has distinguished herself as a senior executive with a performance history of transforming start-ups into institutionalized companies. Her proficiency spans the gaming, real estate, and credit lending industries, where he has established himself as a strategic and operational leader.

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

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

She founded DearDammy Women's Initiative (DDWIN), a non-profit company empowering women-owned organizations. DDWIN provides frHer educational background includes 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 the business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the very first to introduce a fully practical website, setting a standard 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 international 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 nations, consisting of Nigeria, where it is totally licensed.

Under Babalola's management, 1XBET Nigeria has actually expanded its footprint in the competitive Nigerian sports betting market, sports betting providing a wide variety of wagering choices and sports betting an user-friendly 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 sports betting Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has actually teamed up with African socio-economic organizations and federal governments to develop developmental policies aimed at empowering youths. 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, runs under the trademark name of Lake Ventures Ltd. This pan-African sports betting and entertainment business 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 participated in a collaboration with the Lagos Employment Trust Fund, producing over 100,000 tasks, the number of which is increasing yearly. In the 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 creator, bulk investor, and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was introduced in 2001 as an online wagering website and has actually since grown into among the world's largest online gambling companies.

By 2016, Bet365 generated $2 billion in profits and helped with $45 billion in yearly bets. The business also holds a bulk stake in Stoke City Football Club. Bet365 has actually amassed substantial 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 business in Nigeria, sports betting established alongside entrepreneur Kunle Soname, who likewise 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 creates investment returns and provides unique investment insights and solutions to both individual and institutional clients.

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

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a skilled specialist in the sports betting wagering market. He has been working as the Country Director for sports betting 22BET in Nigeria considering that June 2021. In this function, he has actually contributed to the business's development through collaborations, company technique, and new organization development.

Fikayo's experience consists of roles such as Chief Operations Officer (West Africa) at 22BET, where he managed product advancement and customer 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 numerous digital marketing functions at Laclic Services and Betty Bingo.

His profession began at Jumia Group, where he worked in SEO, CRM, and content management. Fikayo also functioned as a Human Resource Officer at SIFAX Group.

He holds a Bachelor sports betting 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 offers sports betting, gambling establishment video games, and live dealer video games. It was released in 2017 and is owned and operated by Marikit Holdings Ltd, a company 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, sports betting a business he established in 2013.

SportyBet is an international sports betting and real-money video gaming operator understood for delivering an omni-channel home entertainment experience in controlled emerging markets. Under Ramnani's leadership, sports betting SportyBet has actually become a significant player in the industry, sports betting 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 financial investments show his commitment to fostering innovation and advancement within the area.

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

The company is set to disrupt the sports betting market.

Sunbet Sporting International Limited has said it is concentrated on changing 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, according to reports from the African Sports Betting Association and sports betting PwC, the company intends to utilize innovative technology and a dedication to responsible gambling to revolutionise the sector.

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

At a press briefing, the company's spokesperson, Akin Babatunde, said that the increase in Internet penetration, mobile usage, and the continent's deep enthusiasm for sports betting, specifically football, has actually set the stage for Sunbet's enthusiastic entry. He added that the company's robust financial backing and sports betting professional group will enable it to scale and dominate the market quickly.

Islamic cops raid wagering shops in northern Nigeria

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

"As you know, wagering is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police force, called the Hisbah, sports betting informed the BBC.

Problems from community leaders and moms and dads prompted the crackdown, stressed over the growing number of gambling addicts, sports betting he said.

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

But Mr Aminudeen warned that now that the general public was aware that the Hisbah was clamping down on gaming, those flouting the rules would be apprehended.

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

Bookmakers and bars tend to be permitted 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 current crackdown is focused on Muslim areas of Kano, a sprawling city and the financial hub of northern Nigeria.

sports betting wagering stores can be found all over the city. Many have tv screens, and customers see the result of worldwide football matches or horse races on which they have staked money.

Mr Aminudeen stated such bookies had had the ability to operate under the radar as they had actually opened under false pretences.

"They do not have licences to run as they were allowed to run computer game centres, which they later transformed to sports betting shops," he stated.

The sports betting market has actually expanded drastically across West Africa in the last few years. The area is roughly divided in between a mainly Muslim north and a primarily Christian south.

Many people go to bookies to delight in the camaraderie of other bettors, though mobile apps are also popular for wagering on the outcome of occasions and teams.

Nigeria's debilitating recession has actually likewise meant individuals are willing to risk a percentage in the hope of winning huge.

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

"These economic issues we are dealing with in Nigeria is God telling us to change our ways by stopping sins," he stated.

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

"I am advising those running those wagering stores to either shut down or we'll apprehend them and take them to [a Sharia] court," Mr Aminudeen said.

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

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