Sports
Nigeria’s Sports Betting Industry Faces Economic Knockout—Maikori
In a country where sports betting has become as common as watching football, Nigeria’s multi-billion-naira gambling industry is now facing its biggest wager yet, survival.
As the nation grapples with an unstable economy, skyrocketing inflation, and a volatile currency, the once-booming betting sector is on the brink of busting.
Founding fathers of the industry in Nigeria like Yahaya Maikori, who founded Global Gaming Company, and doubles as the President of Nigeria E-Sports Federation, explains that despite Nigeria’s sovereignty, the dollarized nature of its economy has proven to be a significant threat to the budding industry.
According to him, the Nigerian i-gaming industry is driven by worldwide software which requires almost every operator to make monthly payments to their service providers to ensure that all aspects of operations run smoothly, but this comes at a significant cost:
“Operators who were paying about $5000 for software services about 4 years ago when $1 went for about N600, are now burdened with the task of coming up with the same $5000 when $1 is going for about N1600; thereby eating substantially into the operator’s profit margin not to mention the cost of renting property which has gone up by 60%.“
Punters and i-gaming customers are also facing financial burdens, as the cost of inflation eats deep into their spending power.
Maikori states that the assumption that customers have a relatively insatiable appetite when it comes to sports betting, may no longer be relevant when such customers are faced with the reality of limited spending power to meet their basic needs.
Arise Business Anchor, Rotus Oddiri also shares Maikori’s sentiment stating that “the higher cost of living always results in lower disposable income to bet.”
Is the Nigerian I-gaming industry poised for extinction?
Maikori knows that the economic situation in Nigeria is far from ideal, however, he is not concerned that the i-gaming industry is on its way to extinction. Rather, he deems this a moment of separation whereby the strong and innovative will survive, while the betting companies that resist innovation and refuse to develop local software, will undoubtedly be crushed by the weight of the harsh economic realities.
He sees the Nigerian i-gaming industry as one which has been oversaturated with so many operators, which also contributes to some of the problems of the gaming industry. For the small players, he recommends consolidation, which will ultimately reduce the cost of their foreign exchange exposure and consolidate their player/ customer pool.
As for the larger operators, Maikori urges them to look beyond sports betting, which is just one subsector of the gaming industry and dabble into other sub-sectors like poker, which is doing so well in countries like the United States, that it is considered a lifestyle game and a game of skill. Despite the education and gestation period which come naturally with the introduction of a new subsector in the Nigerian context, he deems Nigeria ready.
Maikori is more troubled by what appears to be the resistance of the Tinubu administration, which seems dedicated to remaining ignorant about the detrimental consequences of the introduction of numerous backward policies. He narrates an ordeal which the Kenya sports betting industry faced in recent times and hopes that the Nigeria i-gaming industry will not suffer a similar feat.
“I think because tax is a good revenue stream for the government, they are oblivious about how tax regimes work. The government is trying to drive whatever tax they can to bolster their coffers. In the i-gaming industry, we’ve had so many engagements with the government consultants, and they don’t seem to understand the pressing need to resolve the issue of a regulatory framework,” he told betting news site SportsBoom.com.
“In addition, and more importantly, the government doesn’t seem to understand that in the i-gaming industry, every subsector has its unique mechanisms. Hence, having a uniform or blanket tax law and viewing the entire i-gaming industry as sports betting, which is just one sector could disrupt the superstructure that supports the stake element of the industry.”
“For example, until about 4 years ago, Kenya was the biggest i-gaming country in Africa, next to South Africa, with companies turning over 200 million dollars on average per month. The Kenyan government then decided to apply taxes with what appeared to be punitive intent. As we speak, almost all the i-gaming companies have withdrawn their licenses and stopped operating in Kenya. So, when it comes to taxes, there needs to be a long-term approach that can develop the superstructures simultaneously.”
The way forward
Some financial analysts have suggested the use of tech innovations and cryptocurrency as potential solutions, but Oddiri begs to differ due to the volatile nature of crypto and is quite uncertain about which tech innovations will improve disposable income.
However, he is certain that if Nigeria were to broaden its revenue base, the country wouldn’t be so heavily dependent on oil. He also echoes Maikori’s concerns that the potential mass closure of betting companies will lead to significant job losses and higher unemployment.
The prospect of the Nigerian sports betting industry in a decade
In spite of the numerous challenges which plague the Nigerian sports betting industry, Maikori is convinced that if some of the attention that the Minister of Communications is currently channelling towards digital space skills development is extended to the i-gaming industry, then the industry will experience exponential growth in manpower and a significant boost in the trust in the use of local software that’s purchased using the local currency.
In the coming decade, Maikori also foresees ‘forced consolidation’ for small betting operators, but for the larger and more adventurous operators, they will more than likely explore other i-gaming sub-sectors like poker, bingo, and casinos. He also predicts that one- or two-billion-dollar betting companies will emerge from Nigeria and interestingly, Maikori envisions Nigerians in the diaspora playing the role of funders for the industry.
Conclusion
As Nigeria’s betting industry rolls the dice against economic headwinds, industry veterans like Yahaya Maikori see both peril and promise. While some operators may fold under the pressure of forex challenges and shrinking disposable incomes, the savvy players are poised to level up.
From forced consolidations to exploring untapped markets like poker, the game is changing. With a hopeful nod to government collaboration and homegrown tech solutions, Nigeria’s i-gaming sector might just beat the house odds.
In this high-stakes economic shuffle, one thing’s certain, the next decade will separate the high rollers from the penny punters in Africa’s most populous betting market.
By Adedapo Adesanya
The Super Falcons of Nigeria have been drawn in Group C with Egypt, Zambia and Malawi for the defence of their Women’s’ Africa Cup of Nations (WAFCON) title in March, which will be hosted again in Morocco.
Last year, the Nigerian team won the record 10th tournament after defeating the host nation, Morocco, 3-2 in a spectacular final after going down 2-0.
The 2026 edition will be played in Morocco from March 17-April 3, eight months after the last tournament.
The last edition slated for 2024 was postponed by a year for logistical reasons as the Confederation of African Football (CAF) could not get interested hosts.
The next edition which will be the 14th edition and Nigeria will be hoping to win the women’s tournament for the 11th time.
Nigeria’s dominance is only rivalled by Equatorial Guinea which won as hosts of the 2008 and 2012 editions. South Africa won the 2022 edition to become the third African nation to ever win the tournament.
The next edition carries added importance because it serves as qualifying for next year’s Women’s World Cup, with the top four finishers taking up Africa’s slots in the global tournament to be hosted by Brazil.
GROUPS
Group A (Rabat Moulay Hassan Stadium): Morocco, Algeria, Senegal, Kenya,
Group B (Rabat Al Madina Stadium): South Africa, Ivory Coast, Burkina Faso, Tanzania
Group C (Casablanca): Nigeria, Zambia, Egypt, Malawi
Group D (Fes): Ghana, Cameroon, Mali, Cape Verde.
By Adedapo Adesanya
The Chairman of BUA Group, Mr Abdul Samad Rabiu, has reaffirmed his commitment to reward the Super Eagles with the promised $500,000 despite losing the semi-final match against Morocco in the ongoing Africa Cup of Nations (AFCON) on Wednesday night.
The Nigerian senior national football team lost the tie against Morocco 4-2 on penalties after both sides failed to break the deadlock after 120 minutes.
In a post on his official Instagram on Thursday, the billionaire industrialist commended the football team for their determination and unity throughout the competition.
Mr Rabiu said the players displayed admirable grit and commitment on the field, adding that although the trophy eluded them, their performance inspired pride and admiration among Nigerians at home and abroad.
“To our brave Super Eagles, You fought with your hearts, gave your all, and showed true courage and determination on the pitch. Though it wasn’t meant to be this time, you have made every Nigerian proud.
“Sometimes, even our best efforts don’t bring the outcome we hope for, but the spirit, passion, and unity you displayed are what truly matter. You left everything on the field, and that is worthy of celebration.
“As a token of appreciation for your remarkable journey and effort, I am still going ahead to fulfill the pledge of $500,000. This is in recognition of your hard work, dedication, and the joy you have brought to our nation.
“Keep your heads high, Super Eagles – the experience, lessons, and spirit will fuel even greater success next time. Nigeria will always be proud of you, and we believe in your future victories!” the statement read.
Nigeria failed to advance to the final of the 2025 AFCON yesterday after losing to Morocco’s Atlas Lions in a tense penalty shootout, a result that sent the North African side through to the final.
Moroccan goalkeeper, Yacine Bounou saved kicks from both Samuel Chukwueze and Bruno Onyemaechi, allowing Youssef En-Nesyri to convert the winning kick and spark wild celebrations inside the Prince Moulay Abdellah Stadium in Rabat.
Nigeria will play Egypt in the bronze medal match on Sunday, January 18 while Morocco will face 2021 winners, Senegal for the chance to win the trophy for the first time in 50 years.
Midweek football delivers decisive moments across three competitions as the Carabao Cup reaches the semi-final in England, Serie A’s title contenders play their games in hand, and the Africa Cup of Nations narrows down to its final two. Fans can follow every fixture live on SuperSport across DStv and GOtv.
Carabao Cup: Semi-Final Second Legs Decide Wembley Places
The Carabao Cup semi-finals conclude with two heavyweight fixtures as clubs push for a place in the final at Wembley.
On Tuesday at 9:00 p.m., Newcastle host Man City at St James’ Park. Newcastle enter the second leg as defending Carabao Cup champions and come into the tie in strong domestic form, having recorded three straight league wins and progressed in the FA Cup after a penalty shootout victory over Bournemouth.
City arrive after a heavy FA Cup win against Exeter City but are still searching for consistency in the league following a run of draws. Both sides have navigated the competition efficiently so far, setting up a finely balanced contest.
Wednesday’s second semi-final sees Chelsea host Arsenal at 9:00 p.m. Chelsea begin the second leg under new manager Liam Rosenior after a convincing FA Cup victory over Charlton, though league form has been less consistent following a recent defeat to Fulham.
Arsenal, meanwhile, arrive as Premier League leaders and remain active in all major competitions this season. Their FA Cup win over Portsmouth maintained momentum as they look to secure a return to Wembley.
Both Carabao Cup semi-final matches air live on SS Premier League (GOtv Ch. 65, DStv Ch. 203).
Serie A: Games in Hand Shape the Title Race
Serie A’s midweek programme features three fixtures involving clubs playing their game in hand, with implications at both ends of the table.
On Wednesday at 6:30 p.m., Napoli host Parma. Napoli were held to a draw by Inter Milan in their previous outing and sit fourth, level on points with Juventus. With other contenders also in action, a win could lift them further up the standings. Parma arrive after a narrow victory over Lecce and continue to look upward from mid-table.
Later on Wednesday at 8:45 p.m., leaders Inter Milan face Lecce at the San Siro. Inter saw their winning run halted by Napoli but remain three points clear at the top. Lecce arrive having suffered consecutive defeats and will be aiming to secure a positive result in a difficult away fixture.
Thursday’s action concludes at 8:45 p.m. as AC Milan travel to face Como. Milan sit second but have been held to back-to-back draws and will be seeking a return to winning form. Como, coached by Cesc Fàbregas, have impressed this season and sit sixth, boasting one of the league’s strongest defensive records.
All Serie A fixtures are broadcast live on SS Africa 2 (GOtv Ch. 64, DStv Ch. 208).
AFCON 2025: Semi-Finals Decide Finalists
The Africa Cup of Nations reaches its penultimate stage with two semi-final clashes scheduled for Wednesday.
Senegal face Egypt at 6:00 p.m. in Tangier in a renewal of a recent AFCON rivalry. Senegal, winners of the 2021 edition, have progressed with control and balance, while Egypt have relied on resilience and decisive moments in the knockout rounds. The matchup once again brings together key figures from both sides as a place in the final is at stake.
Later at 9:00 p.m., Nigeria meet hosts Morocco in Rabat. Nigeria advanced after a disciplined quarter-final performance, while Morocco continue to combine defensive organisation with efficiency in attack. With home support behind them, Morocco face a Nigerian side that has shown attacking consistency throughout the tournament.
Both AFCON semi-finals air live on SS AFCON (GOtv Ch. 59, DStv Ch. 202).
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