Sports Betting is on the Rise in Nigeria: Some Exciting Takeaways
Sports betting has taken Nigeria by storm! And it’s hard to ignore its incredible growth in recent years. Betting was only legalised in Nigeria in 2005 under the National Lottery Act 2005. The late 2000s witnessed a game-changing rise of online sports betting in African countries. Now, you can find countless Nigerian betting sites operating nationwide, and guess what? Around 60 million Nigerians are actively placing their bets. That is an incredible one-third of the population getting in on the action!
Despite being Africa’s second-largest online gambling market, some experts believe it won’t take long before Nigeria surpasses South Africa. What’s driving this sports betting frenzy? These include a significant and vibrant population, technological advancements, economic challenges, and a more liberal mindset among Nigerians. The Nigerian betting companies are just getting started, constantly coming up with exciting new ideas to keep up with the skyrocketing demand. I think it’s, therefore, safe to say that sports betting is on a winning streak in Nigeria and will continue to expand.
The size of the sports betting market in Nigeria
The sports betting market in Nigeria is undeniably vast and robust. Research reveals that an astounding 60 million individuals aged between 18 and 40 actively participate in sports betting in the country. These Nigerian bettors collectively spend approximately $15 daily on wagering activities. In 2020 alone, the country’s betting industry surpassed the $2 billion milestone. The young Nigerian betting market is estimated to contribute a staggering $5.5 million to the sector daily.
The impact of the sports betting industry in Nigeria is genuinely remarkable. Realising the incredible possibilities, a National Sports Industry Policy has predicted that Nigeria’s sports online betting sector could bring in a whopping $4.7 billion yearly revenue. The forecasts for the future of Nigerian betting are that it could also create an impressive 10 million job opportunities. It is also expected to contribute 1.5-3% to Nigeria’s GDP over the next ten years.
The industry’s expansion can be primarily attributed to Nigeria’s profound love for football, which is also deeply ingrained in its culture. An example of this remarkable growth is issuing over 100 betting licenses to Nigerian betting sites. These are issued by regulatory authorities like the National Lottery Regulatory Commission (NLRC) and the Lagos State Lotteries Board (LSLB).
What sports do Nigerians like to bet on?
Sports hold a special place in the hearts of Nigerians, and their passion extends to placing bets on their favourite team or player. Unsurprisingly, football sits proudly at the top of the list. Football has a massive presence in the world of sports and is also one of the most bet-on sports globally and in Nigeria. The Nigerian national team has a storied history of competing in international tournaments. Many exceptionally talented Nigerian players proudly showcase their skills in some of the top European clubs. Soccer’s immense success and popularity in Nigeria have paved the way for many betting markets. Nigerian bettors can bet on many markets besides the winner. There are markets for top goalscorers, first goal time, how many goals, and so much more.
However, sports betting in Nigeria isn’t limited to football alone. Nigerians also enjoy and bet on various sports, including basketball, beach volleyball, boxing, tennis, and athletics. These sports have their own dedicated fan bases in the country. Although less popular than soccer, they still attract substantial betting activity.
Rise in betting on international soccer
Soccer holds a special place in the hearts of Nigerians. And they have wholeheartedly embraced the opportunity to watch soccer matches and bet on their favourite teams and tournaments.
One of the key factors contributing to the popularity of betting on international soccer is the deep-rooted love Nigerians have for the sport. Soccer is more than just a game; it’s a passion that brings people together and ignites a sense of unity and excitement. With the rise and ease of use of African online betting platforms, Nigerians can now easily place bets online.
International soccer tournaments like the FIFA World Cup, UEFA Champions League, and English Premier League captivate and delight the attention of Nigerian fans. These tournaments showcase the skills and talents of the world’s best players. Nigerian bettors eagerly analyse the matches, team performances, and player form to make predictions. The emergence of online sportsbooks has expanded the betting options available to Nigerians.
As Nigeria’s passion for international soccer continues to grow, so does the presence of the betting industry. Sportsbooks are continuously evolving to meet the needs of Nigerian bettors, offering promotions, competitive odds, and user-friendly platforms. This puts Nigerian players in a favourable position. As the various bookmakers are vying for new customers, Nigerian players can carefully select bookmakers with the best odds or even the welcome bonus offered.
The prospect for job creation
Sports betting’s expansion in Nigeria is transforming the gambling landscape and creating numerous job opportunities across various sectors. Betting companies hire staff for customer service, marketing, software development, and accounting roles. The demand for services from businesses that support the industry, such as sports media outlets, payment processors, and IT service providers, is also increasing.
For those with sports and betting knowledge, self-employment options like starting betting blogs, websites, or consultancy businesses are also great opportunities to get in on the action. By 2025, a report by the Lagos Chamber of Commerce and Industry predicted the sports betting industry could create up to 1.5 million jobs in Nigeria. It will get driven by its growing popularity and the availability of online platforms, alongside supportive Nigerian government regulations.
This expansion of sports betting benefits the economy. It brings new opportunities for individuals seeking various roles, from customer service reps to software developers. As the industry grows, it’s likely to unlock even more job opportunities, contributing to positive Nigerian economic progress.