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

Gambling has progressed considerably in Nigeria from conventional forms like pool staking and Baba Ijebu to a growing sports betting industry. Historically tied 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 access came virtual sports betting, which parallels global patterns. The sports betting 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 sector has actually thrived, drawing in millions, particularly amongst the vibrant market dealing with high joblessness rates.

Reports show that around 60 million Nigerians aged 18-40 actively engage in sports betting, driving an industry that produces an approximated yearly earnings of N730 billion. The federal government has not gone unnoticed by this growth, which is considering regulative procedures like import tax tasks and VAT increases to handle the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to guarantee fair operations despite difficulties in enforcement. Issues such as insufficient age verification and advertising guideline breaches reveal market regulative gaps.

Despite these challenges, sports betting wagering business continue to grow through reliable organization models and aggressive marketing techniques, leveraging the creator influencer market.

These efforts have contributed to Nigeria's robust $2 billion gaming sector, with CEOs playing crucial functions in broadening audience reach and driving market development. Here are the CEOs of leading sports betting wagering companies who have considerably added to Nigeria's $2 billion sports betting empire through their comprehensive audience reach.

Constable Olaniyan - CEO Surebet247

Sheriff Olaniyan is the CEO of Surebet247, a sports betting book company he co-founded with Badmos Olasupo in 2011. His varied profession spans various roles in the video gaming and sports betting show business, including working at one of the United Kingdom's biggest 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 actually grown into a leading e-commerce business in the wagering and gaming sector, sports betting running through online, mobile, and retail channels. The company was integrated in Nigeria on November 7, 2006, and has actually since expanded its existence, sports betting achieving over 5,000 downloads on the Google Play Store.

Sam Sadi - CEO Livescorebet

Sam Sadi has more than 25 years of experience in wagering brand names and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a fully incorporated environment that combines relevant sports betting material, engaging functions, and a world-class sportsbook.

Given that taking the helm right before the pandemic, Sam has actually driven substantial growth for LiveScore Group. The business's worker headcount has increased by 29%, and annual revenue has actually risen from roughly ₤ 10 million to over ₤ 80 million.

Sam's management and strategic vision have moved LiveScore Group's success and sports betting assisted form the market's direction. LiveScoreBet has actually attained 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 functioned as the business's Marketing and Operations Director sports betting given that 2015. He signed up with Betway in 2013 and has remained in the online gaming market given that 2000, sports betting holding numerous effective roles, including General Manager of an information analytics group 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 business's app has amassed substantial 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 changing start-ups into institutionalized services. Her competence covers the video gaming, real estate, and credit loaning industries, where he has actually established himself as a strategic and functional leader.

Damilare has contributed in NairaBET's success for over 14 years. Because June 2019, she has worked as Managing Director and has actually overseen the business's development and operations in Lagos, Nigeria.

Before this, she was the Chief Operating Officer from 2010 to June 2019, pivotal in the company's functional methods and sports betting market growth.

She founded DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN supplies frHer educational background includes 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, established business in 2009. While NairaBET was not the first sports betting platform in Nigeria, it was the first to launch a completely 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, a franchise of the global sports betting wagering business based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has established itself as one of the biggest bookies in Europe and the world. The company operates in more than 50 nations, including Nigeria, where it is totally licensed.

Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting market, offering a wide variety of sports betting choices and 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 Chairman of Vend Capital. In addition to leading these endeavors, Ukanwoke has worked together with African socio-economic organizations and 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 introduced 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 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 entered into a collaboration with the Lagos Employment Trust Fund, creating over 100,000 jobs, the number 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 founder, bulk shareholder, and joint Chief Executive of Bet365, an online gambling business she developed in 2000. Bet365.com was launched in 2001 as an online wagering site and has actually given that become among the world's largest online sports betting companies.

By 2016, Bet365 created $2 billion in revenues and sports betting helped with $45 billion in annual bets. The company also holds a majority 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, a leading sports betting wagering company in Nigeria, developed alongside businessman 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 company that creates investment returns and offers distinct investment insights and options to both individual and institutional clients.

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

Fikayo Ogunfuye - Country Director 22bet

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

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

His career started at Jumia Group, where he worked in SEO, sports betting CRM, and content management. Fikayo likewise served 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 sports betting 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, gambling establishment video games, and live dealership games. It was released 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 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 company he developed in 2013.

SportyBet is a global sports betting wagering and real-money video gaming operator understood for sports betting delivering an omni-channel entertainment experience in managed emerging markets. Under Ramnani's management, SportyBet has actually become a significant 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 investor sports betting in fintech and sports betting mobile payments and a strong advocate for the growing African internet ecosystem. His investments show his dedication to fostering development and advancement within the region.

On April 30, sports betting 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 said it is concentrated on revolutionising how millions of Africans engage with sports betting. In an industry worth over $1.5 billion yearly, with double-digit development forecast in the coming years, according to reports from the African Sports Betting Association and PwC, the company aims to leverage cutting-edge technology and sports betting a commitment to responsible sports betting to change the sector.

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

At a press instruction, the company's representative, Akin Babatunde, stated that the rise in Internet penetration, sports betting mobile usage, and the continent's deep passion for sports betting, particularly football, has actually set the stage for Sunbet's ambitious entry. He included that the firm's robust sponsorship and expert group will allow it to scale and control the marketplace quickly.

Islamic authorities raid wagering shops in northern Nigeria

Islamic authorities in Nigeria's northern city of Kano have begun shutting down sports betting stores, which they state are running unlawfully.

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

Problems from community leaders and parents prompted the crackdown, fretted about the growing variety of gambling addicts, he said.

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

However Mr Aminudeen warned that now that the public knew that the Hisbah was clamping down on sports betting, 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 secular law.

Bookmakers and sports betting bars tend to be allowed to operate in Kano's Christian areas, though they too can deal with action if the Hisbah believes Muslims are frequenting them.

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

Sports betting stores can be found all over the city. A lot of have television screens, and consumers see the result of global football matches or horse races on which they have staked money.

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

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

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

Many people go to bookies to take pleasure in the friendship of other bettors, though mobile apps are likewise popular for wagering on the result of events and teams.

Nigeria's crippling recession has actually also implied people want to risk a small amount in the hope of winning big.

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 concerns we are facing in Nigeria is God informing us to change our ways by stopping sins," he stated.

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 closed down or we'll detain them and take them to [a Sharia] court," Mr Aminudeen stated.

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

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