The gambling industry is one of the most powerful and successful markets in the world. The market’s size was 58.2 billion US Dollars in 2021, and financial experts think it will double by 2030.
Undoubtedly, this great industry could significantly change millions of lives in Nigeria.
Each African country has its own legislation regarding gambling activities. Nigeria’s regulatory body is the National Lottery Regulatory Commission.
The NLRC allows Nigerians to engage in sports betting, lottery, and some land-based casino games. Games of luck, such as Blackjack or Roulette, are illegal.
The NLRC also regulates online gambling and betting. Online gambling entities need a license to function legally.
There are no laws explaining whether it is legal or not to gamble on offshore or foreign online casinos.
This grey area can harm gamblers, but the most reputable online operators won’t offer illegal games under any circumstances.
The economic impact
Nigerians love football. It’s a pleasant game that keeps you on your toes every second of the match.
Given the sport’s popularity and the large and numerous worldwide championships, it’s also a good start for sports betting.
An audit from 2018 showed that Nigeria was the second-largest online betting and gambling market in Africa. The country’s gross gambling revenue consisted of 58 million US Dollars for that year.
Statistics show that in 2020, over 60 million Nigerians wagered on sports, mostly by following football odds.
They spent over 730 billion Naira each year on betting. That means that Nigerian punters place bets of a minimum of two billion Nairas daily.
A young adult is believed to spend around 6000 Nairas each day for betting and games of skill.
In Nigeria, if you win a bet, you must pay taxes on that winning. Winnings are generally taxed as basic income at the Federal and State bodies.
This means that 5% of what you win goes to the State. Operators also pay numerous taxes to the Nigerian government.
Nigeria faces many challenges in the employment sector. The lack of job opportunities makes life hard for Nigerians.
Land-based gambling facilities create good opportunities for people who are looking for jobs. The great part is that these jobs are diverse, and most don’t require high education knowledge.
Online gambling establishments also offer fair chances for Nigerians.
The websites need IT gurus, Marketing and SEO specialists, and customer support to ensure the best quality services.
They also need talented graphicians, computer networking skilled people, and programmers. Thanks to the gambling industry, the younger generations can have better job opportunities in their hometown and remain motivated not to move to other continents.
Nigeria is only at the beginning of its emerging gambling industry, so people might not see these chances immediately.
However, the demand for betting opportunities is continuously growing, so Nigerians should keep welcoming land-based casinos with more available jobs.
Development of banking
Any online sportsbook will offer you multiple payment options. Some casinos started accepting cryptocurrencies, eWallets, and QR vouchers. Thereafter the country is changing and marking its entrance into the future.
Not only that, but if the national banks grow more substantial, the country’s economic status gains stability.
Around 21.7 million Nigerians didn’t have a job in 2020. Placing bets was a simple popular habit that Nigerians constantly practiced to sustain their daily income and maintain their dignity.
As mentioned above, football wagering is very common, and punters share their betting experiences.
How to choose the best casino operator
A negative impact that the industry brought over is the various choices every gambler has to consider.
Additionally, some unlicensed online and offline sportsbooks will try to scam customers by not allowing them to withdraw their winnings or share their private information.
Make sure you choose one of the leading gambling establishments that shows you a clear T&C page and a complete FAQ section before opting for a casino operator.
Moreover, keep in mind that at the bottom of the homepage, you can find the registration number for their betting license, so you can verify if the platform is still regulated by a reliable authority.
The bright side is that in the industry there are websites that offer guidance, casinobonusca.com being one of them, in choosing the right casino.
These websites are free to use and show the latest bonuses and offers. Not only that, but the creators also research and write casino reviews, guides, and legal studies regarding gambling activities.
Has the Gambling Industry Benefited Nigerians?
That’s a question with a complicated answer. The answer depends on which part you want to see. If you can understand and accept the positive and negative aspects of this industry, then the answer is easy.
Since Nigeria started to accept foreign operators, everything has grown exponentially. Some embraced the changes and welcomed the development. Others feared the changes and the potential harm the market would bring to the consumers.
Critics acknowledge the adverse effects of gambling activities, such as addictions to gambling, that can lead people to financial problems. They also highlight the fact that illegal sites without working permits scam people.
Despite opinions, critics, and people’s takes, sports betting brought millions of Nairas to the government from taxes.
Not only that, but gambling facilities created more working opportunities for Nigerians and more tax revenue for the State.
Hence, we can expect the gambling sector to keep growing in Nigeria, registering even more surprising revenues.