Sports betting and Gaming in Nigeria
Over the years, gaming in Nigeria has become more apparent with new online betting companies being introduced each year and these companies generating billions of naira annually.
The gaming industry has been able to grow and expand due to the increased penetration of internet services and improved payment systems through the development of fintech.
The gaming industry relies heavily on Nigerian’s love for football, providing Nigerians with opportunities to place bets on teams of their choice and engage in a game of chance.
It is estimated that on average Nigerians spend N730 bn on sports betting annually, with roughly N2 bn being spent daily.
As at October 2018, it was reported that Nigeria generated $180 million in revenue from the gaming industry, ranking second place after Egypt at $286 million.
According to the News Agency of Nigeria (NAN), an estimated 60 million Nigerians between the ages of 18 and 40 are involved in active sports betting while almost N2 billion is spent on sports betting daily, which translates to nearly N730 billion in a year.
Sports betting and Gaming in Nigeria
A report by KPMG in 2016 revealed some startling numbers from the sports betting industry in Nigeria.
As at 2016, the leading sports betting company, Bet9ja raked in an average monthly turnover of $10 million, while NairaBet made an average turnover of $3 million – $5 million, a 20 – 30% margin on profit.
No doubt, the widespread use of mobile phones in Nigeria has been a positive game-changer for the sports betting business.
Every day, it gets easier to pay, play and win or lose.
Sports betting and Gaming in Nigeria
According to figures released by the Nigerian Communications Commission (NCC), as at February 2019, there are about 173.6 million cell phone subscribers with over 100 million internet users in Nigeria, with 80 per cent of this figure being able to access the internet on their phones.
