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

Gambling has developed substantially in Nigeria from standard forms like pool staking and Baba Ijebu to a sports betting wagering market. Historically connected to European football leagues, sports betting pool staking was a common sight at motor parks and kiosks, where lovers would bet as low as N50-N200 on matches.

Slowly, with increased internet gain access to came virtual wagering, which parallels international patterns. The sports betting wagering 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 grown, bring in millions, sports betting especially among the youthful demographic facing high unemployment rates.

Reports suggest that roughly 60 million Nigerians aged 18-40 actively take part in sports betting wagering, driving a market that generates an approximated annual income of N730 billion. The federal government has actually not gone undetected by this growth, which is considering regulative measures like import tax duties and VAT increases to manage the sector.

The National Lottery Act of 2005 recognized regulatory bodies like the National Lottery Regulatory Commission to ensure fair operations in spite of difficulties in enforcement. Problems such as insufficient age confirmation and advertising guideline breaches reveal industry regulative spaces.

Despite these obstacles, sports betting companies continue to flourish through effective company designs and aggressive marketing methods, leveraging the developer influencer industry.

These efforts have actually added to Nigeria's robust $2 billion gaming sector, sports betting with CEOs playing important roles in broadening audience reach and driving market development. Here are the CEOs of leading sports betting business who have actually substantially added to Nigeria's $2 billion gaming empire through their extensive 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 diverse career spans different roles in the video gaming and entertainment industry, consisting of operating at among the United Kingdom's biggest video 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 sports betting a Master's in Geographical Information Systems from the University of Glamorgan, Wales. Surebet247, founded in August 2011, has become a leading e-commerce company in the sports betting and sports betting video gaming sector, running through online, mobile, and retail channels. The company was included in Nigeria on November 7, 2006, and has because broadened its existence, attaining over 5,000 downloads on the Google Play Store.

Sam Sadi - CEO Livescorebet

Sam Sadi has more than 25 years of experience in wagering brands and sports betting media. In 2019, he ended up being the CEO of LiveScore Group, a totally integrated ecosystem that combines pertinent sports betting material, sports betting engaging functions, and a first-rate sportsbook.

Because taking the helm prior to the pandemic, Sam has actually driven considerable growth for LiveScore Group. The business's employee headcount has actually increased by 29%, and yearly income has surged from around ₤ 10 million to over ₤ 80 million.

Sam's leadership and tactical vision have moved LiveScore Group's success and helped shape the market's instructions. LiveScoreBet has attained significant user engagement, with over 100,000 downloads on the Google Play Store.

Anthony Werkman - CEO of Betway Group

Anthony Werkman was appointed CEO of Betway in November 2017, having actually formerly worked as the business's Marketing and Operations Director because 2015. He joined Betway in 2013 and has been in the online gaming market given that 2000, holding different effective functions, including General Manager of an information analytics group and Director of a digital marketing agency.

Under Werkman's leadership, Betway has continued to grow its market presence and improve its offerings. The company's app has amassed significant user engagement, sports betting 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 sports betting executive with a performance history of transforming start-ups into institutionalized services. Her proficiency spans the video gaming, property, and credit lending markets, where he has actually established himself as a strategic and operational leader.

Damilare has actually contributed in NairaBET's success for over 14 years. Considering that June 2019, sports betting she has functioned as Managing Director 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, critical in the company's operational techniques and market expansion.

She established DearDammy Women's Initiative (DDWIN), a non-profit organization empowering women-owned organizations. DDWIN provides frHer academic 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 company, established the business in 2009. While NairaBET was not the first sports betting wagering platform in Nigeria, it was the very first to introduce a completely practical website, setting a benchmark 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 worldwide sports betting wagering company based in Cyprus. 1XBET, founded in 2007 by the late Sergey Karshkov, has developed itself as one of the biggest bookies in Europe and the world. The company runs in more than 50 nations, consisting of Nigeria, where it is totally licensed.

Under Babalola's leadership, 1XBET Nigeria has broadened its footprint in the competitive Nigerian sports betting wagering market, providing a wide variety of sports betting options 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 sports betting 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 federal governments to create 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, runs under the brand name of Lake Ventures Ltd. This pan-African sports betting wagering and entertainment business has actually rapidly grown its existence in Nigeria, with outlets in significant cities and over 500,000 downloads on the Google Play Store.

In 2020, BetKing entered into a collaboration with the Lagos Employment Trust Fund, developing over 100,000 jobs, the number of which is increasing every year. In the 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 shareholder, and joint Chief Executive of Bet365, an online gambling company she developed in 2000. Bet365.com was released in 2001 as an online sports betting website and has actually considering that turned into among the world's largest online sports betting business.

By 2016, Bet365 created $2 billion in earnings and helped with $45 billion in annual bets. The business likewise holds a bulk stake in Stoke City Football Club. Bet365 has amassed significant 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 business in Nigeria, developed along with businessman Kunle Soname, who likewise owns Portuguese club CD Feirense and Nigerian club Remo Stars.

Ojuroye is likewise the Chairman of Mango Asset Management, an independent Nigerian possession management business that generates financial investment returns and provides special investment insights and options to both private 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 management, sports betting Bet9ja has actually ended up being a substantial player in the Nigerian sports betting industry.

Fikayo Ogunfuye - Country Director 22bet

Fikayo Ogunfuye is a skilled specialist in the sports betting market. He has been acting as the Country Director for 22BET in Nigeria given that June 2021. In this role, he has contributed to the business's growth through collaborations, business method, and brand-new company advancement.

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

His career started at Jumia Group, where he worked in SEO, CRM, and 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 gaming platform that offers sports betting wagering, gambling establishment video games, and live dealership games. It was introduced in 2017 and is owned and run by Marikit Holdings Ltd, a company registered in Cyprus and a subsidiary of Orakum N.V.. They are also the owners of Betwinner and sports betting a chain of casinos 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 wagering and real-money gaming operator known for providing an omni-channel home entertainment experience in regulated emerging markets. Under Ramnani's leadership, SportyBet has become a considerable gamer in the industry, with over 1 million downloads on the Google Play Store.

In addition to his role at SportyBet, Sudeep is an active financier in fintech and mobile payments and a strong advocate for sports betting the growing African web ecosystem. His financial investments reflect his commitment to cultivating development and advancement within the area.

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

The company is set to disrupt the sports wagering industry.

Sunbet Sporting International Limited has said it is focused on revolutionising 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 sports betting PwC, the company intends to utilize innovative technology and a commitment to accountable gaming to change the sector.

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

At a press instruction, the business's spokesperson, sports betting Akin Babatunde, stated that the rise in Internet penetration, mobile use, 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 company's robust financial backing and specialist team will allow it to scale and dominate the marketplace rapidly.

Islamic cops raid betting stores in northern Nigeria

Islamic cops in Nigeria's northern city of Kano have started closing down sports betting wagering shops, sports betting which they state are running unlawfully.

"As you understand, sports betting is prohibited in Islam," Mujahid Aminudeen, deputy chief of the Sharia police, sports betting referred to as the Hisbah, informed the BBC.

Grievances from community leaders and moms and sports betting dads prompted the crackdown, worried about the growing variety of gambling addicts, sports betting he stated.

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

But Mr Aminudeen warned that now that the general public knew that the Hisbah was clamping down on gambling, sports betting those flouting the guidelines would be arrested.

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 permitted to operate in Kano's Christian neighbourhoods, though they too can face action if the Hisbah believes Muslims are frequenting them.

However, the current crackdown is focused on Muslim areas of Kano, a vast city and the economic center of northern Nigeria.

Sports betting shops can be found all over the city. Many have television screens, and consumers view the outcome of worldwide football matches or horse races on which they have staked cash.

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 operate as they were allowed to run computer game centres, which they later transformed to sports betting stores," he stated.

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

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

Nigeria's debilitating recession has actually likewise meant people want to risk a percentage in the hope of winning big.

But this had led to prevalent dependency, and parents were even grumbling that kids were leaving of school to bet, Mr Aminudeen stated.

"These economic issues we are facing in Nigeria is God informing us to change our methods by stopping sins," he stated.

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 sports betting stores to either shut down or we'll jail them and take them to [a Sharia] court," Mr Aminudeen said.

It is unclear what penalty they would face - frequently, such violations bring a fine.

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