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

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

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

Despite financial obstacles such as inflation, Nigeria's sports betting sector has actually prospered, bring in millions, particularly among the youthful group dealing with high unemployment rates.

Reports suggest that approximately 60 million Nigerians aged 18-40 actively participate in sports betting wagering, driving an industry that creates an approximated annual income of N730 billion. The federal government has actually not gone unnoticed by this growth, which is considering regulatory steps like excise tasks and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure reasonable operations regardless of challenges in enforcement. Concerns such as inadequate age confirmation and marketing rule breaches show market regulatory gaps.

In spite of these obstacles, sports betting wagering business continue to grow through effective company models and sports betting aggressive marketing methods, leveraging the creator influencer market.

These efforts have actually added to Nigeria's robust $2 billion sports betting sector, with CEOs playing vital functions in broadening audience reach and driving industry growth. Here are the CEOs of leading sports betting companies who have considerably added to Nigeria's $2 billion sports betting empire through their substantial audience reach.

Sheriff 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 profession covers different roles in the gaming and entertainment industry, including operating at one of the United Kingdom's biggest video gaming centres, sports betting The Palace Bingo Club, 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, sports betting Wales. Surebet247, founded in August 2011, has grown into a leading e-commerce organization in the sports betting and sports betting video gaming sector, operating through online, mobile, and retail channels. The business was integrated in Nigeria on November 7, 2006, and has given that expanded 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 sports betting brands and sports betting media. In 2019, sports betting he became the CEO of LiveScore Group, a fully incorporated community that combines appropriate sports betting material, engaging features, and a first-rate sportsbook.

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

Sam's management and strategic vision have actually moved LiveScore Group's success and helped 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 designated CEO of Betway in November 2017, having actually previously functioned as the company's Marketing and Operations Director because 2015. He joined Betway in 2013 and has actually remained in the online gaming market considering that 2000, holding numerous effective functions, consisting of General Manager of an information analytics team and Director sports betting of a digital marketing firm.

Under Werkman's leadership, Betway has continued to grow its market presence and improve its offerings. The company's app has actually amassed substantial 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 changing start-ups into institutionalized businesses. Her knowledge spans the gaming, real estate, and credit loaning markets, where he has established himself as a tactical and functional leader.

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

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

She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN offers 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 company, sports betting established business in 2009. While NairaBET was not the very first sports betting wagering platform in Nigeria, it was the very first to release a completely functional 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 global sports betting company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookmakers in Europe and the world. The business runs in more than 50 nations, including Nigeria, where it is completely accredited.

Under Babalola's leadership, 1XBET Nigeria has expanded its footprint in the competitive Nigerian sports betting wagering market, using a wide variety of wagering alternatives and 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 sports betting Chairman of Vend Capital. In addition to leading these ventures, Ukanwoke has collaborated with African socio-economic organizations and governments to create developmental policies aimed at empowering young people. In 2015, sports betting Ernst & & Young honoured him as the Winner of the Accelerating Category-- World Entrepreneur of the Year.

BetKing, sports betting established and introduced in Nigeria on February 22, 2018, sports betting by Byron Petzer and Adekunle Adeniji, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting and home entertainment company has rapidly grown its presence in Nigeria, sports betting with outlets in major sports betting cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, producing over 100,000 tasks, the variety of which is increasing yearly. In the exact same year, MultiChoice broadcaster purchased 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, bulk investor, and joint Chief Executive of Bet365, an online gaming business she established in 2000. Bet365.com was launched in 2001 as an online wagering site and has because turned into one of the world's largest online sports betting companies.

By 2016, Bet365 generated $2 billion in revenues and facilitated $45 billion in annual bets. The business likewise holds a majority stake in Stoke City Football Club. Bet365 has actually garnered significant user engagement, sports betting 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, established together with 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 property management company that creates financial investment returns and offers distinct investment insights and sports betting options to both individual and institutional customers.

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

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is an experienced specialist in the sports betting industry. He has been working as the Country Director for 22BET in Nigeria because June 2021. In this function, he has contributed to the business's development through partnerships, business technique, sports betting and new company development.

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

His profession began at Jumia Group, where he operated in SEO, CRM, and sports betting content management. Fikayo also 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 sports betting platform that provides sports betting wagering, casino games, and live dealership video games. It was introduced in 2017 and is owned and operated by Marikit Holdings Ltd, a business signed up in Cyprus and a subsidiary of Orakum N.V.. They are also the owners of Betwinner and a chain of casinos worldwide.

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 real-money gaming operator known for delivering an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's leadership, SportyBet has become a considerable player 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 advocate for the growing African web . His financial investments reflect his commitment to cultivating development and advancement within the region.

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 market.

Sunbet Sporting International Limited has stated it is concentrated on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion annual, with double-digit growth projection in the coming years, according to reports from the African Sports Betting Association and PwC, the firm intends to utilize cutting-edge technology and a commitment to accountable gambling to change the sector.

Backed by the financial power of 4 popular African billionaires, sports betting Sunbet, which will introduce in the very first quarter of 2025, aims to be the continent's biggest and most ingenious sports betting platform.

At a press briefing, the company's spokesperson, sports betting Akin Babatunde, stated that the rise in Internet penetration, mobile usage, sports betting and the continent's deep passion for sports betting, especially football, has actually set the stage for sports betting Sunbet's ambitious entry. He added that the company's robust sponsorship and expert group will enable it to scale and control the market quickly.

Islamic police raid betting stores in northern Nigeria

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

"As you understand, sports betting is forbidden in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, called the Hisbah, told the BBC.

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

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

But Mr Aminudeen warned that now that the general public was aware that the Hisbah was clamping down on gambling, those flouting the guidelines would be jailed.

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

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

Nevertheless, the present crackdown is focused on Muslim areas of Kano, a sprawling city and the economic center of northern Nigeria.

Sports betting stores can be found all over the city. A lot of have television screens, and customers view the outcome of worldwide football matches or horse races on which they have actually staked cash.

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

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

The sports betting industry has actually broadened considerably throughout West Africa over the last few years. The area is roughly divided between a primarily Muslim north and a mainly Christian south.

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

Nigeria's crippling economic crisis has actually also indicated people are willing to run the risk of a small amount in the hope of winning big.

But this had led to prevalent dependency, and sports betting parents were even complaining that children were leaving of school to gamble, Mr Aminudeen said.

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

The raids on Tuesday focused 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 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 - often, such infringements bring a fine.

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