Business Post Contributor
The iGaming industry has been thriving in the 21st century. External events that hinder players from visiting brick-and-mortar casinos cause considerable surges in the number of online gamblers.
Aside from the conveniences associated with gambling from home, they also have the opportunity to explore many games they had refrained from playing before.
Nigeria has undoubtedly been affected by the iGaming industry. It is currently the most populated country in Africa and is expected to become the third most populated country in the world in the next few decades. What does this mean for the iGaming industry? They have a massive population of young players who would happily take part in online gambling activities.
Since there are only three land-based casinos in Nigeria, iGaming businesses have an excellent opportunity to expand their services in the country. Since the number of online casinos in the market has risen, they have to fight better to retain customers and earn their loyalty. Customers today have easy access to massive amounts of information and alternative choices, so online casinos must up their game regarding the services they provide for their existing customers. These companies have also realised how difficult it is to acquire new customers and have integrated various promotions with services that help with customer retention.
Gambling in Nigeria
The Nigerian law prohibits gambling of most kinds, with the exception of several skill-based games and the national lottery.
Still, there are three casinos in the country that gamblers can use. But when it comes to online gambling, the legal waters get a bit murky. The law does not mention this big industry and, therefore, does not regulate it.
Since there is no legal regulation of iGaming businesses from Nigeria, it is recommended that players choose offshore gambling sites.
Since these foreign online casinos are registered with reputed licensing commissions, players can raise complaints and issues.
A large percentage of the Nigerian population today owns smartphones. Mobile game developers discovered this to be a wonderful market to introduce their video games. Several developers even came up with localised versions of popular mobile games. This also paved the way for many online casinos and sportsbooks to establish themselves in the Nigerian iGaming space.
Since online slot games such as https://www.slotsformoney.com do not face any regulatory policies from the Government’s side, these have been expanding significantly. Creators of online slots are coming up with better ways to attract and retain customers. They are constantly upgrading the graphics, audio and other features of the games. The Return to Player percentage or RTP determines the amount the person could win from the slot machine, and since these games have been growing in popularity throughout the country, some of the latest online slots present players with an RTP of 99.
Online sports betting in Nigeria
Nigerians love their football leagues, and the massive number of football fans helped with the rise of online sports betting in the country. Reports show that Nigerians are extremely involved in sports betting, with over $2 billion wagered annually in this field.
While land-based sports betting in the country is rather heavily regulated, online sports bookmakers face no restrictions. The National Lottery Act, which was passed in 2005, introduced official regulations on legal sports betting in the country. In the city of Lagos, the Lagos State Lottery Board was set up to regulate numerous gambling activities, including sports betting, lotteries, casinos, etc.
International online sportsbooks can easily access this large population filled with potential online sports bettors. The Government has not done anything to interfere with the functions of any international bookmakers, and numerous sportsbooks licensed in Europe accept Nigerian bettors.
These offshore online bookies provide Nigerian players with bonuses and many types of sports wagers. Though Nigeria has hundreds of languages, the official one is English, and the apps, therefore, use English as the medium. Not every online sportsbook permits deposits and withdrawals made using the official currency, Naira. So, players utilise foreign currencies such as Pounds and Euros alongside various cryptocurrencies.
Summing up
Nigerian laws strictly prohibit unlawful acts of gambling, and they fine or imprison those who are found guilty. But the country also has many exceptions when it comes to what is considered legal. Many skill-based gambling games, sports betting, and lotteries are perfectly legal in the country. With only three brick-and-mortar casinos, this country with a large young population is very much into online gambling. Though regular gambling is heavily regulated, there are no specific rules when it comes to online casinos. So, many offshore gambling sites have found a well-sized audience base in the country. Nigerians also enjoy football, as is evident by the huge number of fans in the country. This has contributed to the rise in the number of offshore online sportsbooks that cater to Nigerian bettors.
