Foreign Sports Betting Companies Invading Nigeria Market Online - Who Are they, Where are they From, How Much of the Market Have they Captured?

 

Nigeria probably has one of the largest sports betting market in the world, estimated to be 80 million active bettors staking over$5.5 million worth of bets daily. 

The market size is so much lucrative to have attracted some of the biggest sports betting companies around the world. Companies with such large financial and technological capacity to the extent that they are now Usurping  the tender abilities of some young indigenous Sports betting companies in Nigeria. 

The nature of online sports betting business is such that it is difficult to protect infant companies here in Nigeria. With what these bigger foreign companies are offering bettors, and how they can complete transaction (deposit, bets and pay outs) from their foreign Office. The regulatory body here in Nigeria can do little or nothing to protect the local investors. 

So who are these foreign sports betting companies invading Nigeria market online. Where are they from, how big are they, Have they really taking over the market? 

1. Bet365 (since 2000) is probably the first foreign sports betting company that discovered how lucrative the Nigerian market is and started to invade and compete as a leading company in the market. 

Owner: Bet365 is a UK company own by Coates family (Denise, John and their father Peter). Denise Coates CBE is a British billionaire businesswoman and the actual founder, majority shareholder and joint chief executive of Bet365. Her Net worth as at February 2021 is £10.2billion.

She has been the highest paid chief executive in Britain for several years, and is one of the wealthiest women in Britain, according to the Sunday Times Rich list 2021.

Net Worth: Bet365 is one of the world's largest online gambling companies, with £4.6billion in revenues and facilitating £69 billion in yearly bets. The company also owns a majority stake in Stoke City Football Club. 

Market Share in Nigeria: 17% as at 2021

2. Betway (Since 2006} is based in Malta and Guernsey, with support offices in London, Cape Town and the Isle of Man. This is one company many analysts has ranked as perhaps, the best online betting platform in the world. 

 Owner: Betway is a private company, but the founder is Germain Moshal who first created the website in 2006 and in the past five years, has bought his first stake in the company, and has since increased his investment and now is the major shareholder. Mr Moshal net worth is $1.6 billion

Net Worth: Betway is one of the best, if not the very best online sports betting company in the world today, with over $4.1 billion in revenue and over $50 billion in yearly bets. 

Market Share in Nigeria: 14% as at 2021.

3. Sportybet (Since 2013) Although Sportybet is seen as an international Sports betting company, the headquarters is actually in Lagos and has it's largest market share here in Nigeria. Sportybet is technological supported by the London based Fintech, which by the way is own by the same person. 

Owner: Sportybet is own by Sudeep Ramnani from India, many have alleged that the football legend Nwankwo KANU has a substantial amount of shares in the company. But from our investigation, we found out that KANU just has a nominal shares as the ambassador of the brand. Ramnani has other companies such as Fintech, his net worth is $15 million as at 2021.

Net Worth: Sportybet revenue has grown from $5.5 million in 2018 to $1billion as at 2021. The brand now haul in over 10billion in yearly bets. 

Market Share in Nigeria: 5.5% as at 2021.

4. 1×Bet (2007) was first incorporated in Russian as 1X Corp N.V, but now has it's headquarters in Cyprus after the company fled from Moscow for illegal activities. Now, they operate majorly and have their principal offices in Cyprus, Malta and Nigeria. 

Owner: 1×bet are own by three partners, police major and former head of K department in Russia, Sergey Karshkov; the billionaire Roman Semiokhin, and Dmitry Kazorin now operate from Cyprus and also become one of the largest Sports betting company in the world today. 

Net Worth: 1×bet is also one of the largest Sport betting company in the world today with over $2 billion in revenue and faciliting over $36 billion in yearly bets. The company is a major sponsor of Chelsea and Liverpool FC

Market Share in Nigeria: 12% as at 2021

5. Melbet (Since 2012) is one of the fastest growing brands, many has alleged that OTRADA HOSPITALITY LIMITED are the owners of Melbet, but further investigation revealed that Melbet, 22bet, betwinner...are all subsidies of 1×bet. This is the reason these three platforms look so similar, because they use the same software. 

The parent company 1X Corp N.V. based in Cyprus and in it bid to gain more "shelf-space" open up several subsidiary brands: 1xBit, 1xStavka, BookmakerPub, 22Bet, MelBet, BetWinner, AsproBet, 1xbetaffiliates, partners1xbet, 1xbetcompani, 1xbetworld, bet1-x, 1xbn, 1xbet85, mostbet, 4rab. 

However, the promotional and customer support provided by Melbet may have put the brand ahead as the fastest growing among its sister brands. 

Owner: Melbet is own by the three principal partners and owners of 1X Corp N.V.(Sergey Karshkov, Roman Semiokhin, Dmitry Kazorin), but the brand managers in charge are: Evgeniy Kiriushin and Alexandr Thikonov. 

Net Worth: Melbet as one brand has over $2 billion in revenue and over $42 billion in yearly bets, making it one of the biggest online sports betting brands in the world today. 

Market Share in Nigeria: 8% as at 2021

6  Betwinner (since 2018) commoflag to be own by Marikit Holdings Ltd., a company headquartered in Limassol, Cyprus, but in reality, it is a subsidiary of 1X Corp N.V. and one of the multiple brands unleashed in the Nigerian market to gain more "Self-Space" among bettors in the country. 

Owner: Betwinner is own by the same owners of Melbet and 22bet, the parent company 1X Corp N.V. but incorporated under Marikit Holdings Ltd. 

Net Worth: Betwinner has over $1billion in revenue and over $23 billion in yearly bets. 

Market Share in Nigeria: 4.5% as at 2021

7.  22bet (since 2017) is one of brand registered under Marikit Holdings Ltd in Limassol, Cyprus) and operated by TechSolutions Group N.V. 

Owner: 22bet in reality is own by the parent company 1X Corp N.V. whose strategy is to dominate the online sports betting landscape through multiple brands. The brand is handled by one of the three partners, Sergey Karshkov. 

Net Worth: 22bet has over $1.5billion in revenue and over $27 billion in yearly bets.

Market Share in Nigeria: 5% as at 2021

In Conclusion: Most of the foreign sports betting companies invading Nigeria market are from UK, Cyprus, Malta, Russia and some other eastern European countries. This foreign invaders has cumulatively captured about 52% of the market. 

Although, Bet9ja may be seen as the leading brand in Nigeria with 28% market share, but in reality 1X Corp N.V. the Cyprus based company has taken over the market lead with cumulative shares of its multiple brands: 1×Bet, Melbet, 22Bet and Betwinner, which is 30% of the market share.