Betting on sports in Nigeria has been happening for a while, albeit on a smaller scale. But, technological advancements like the internet and smartphone penetration have transformed the sports betting industry in the country. Studies have revealed that the industry has been on an upward trend in the recent past. So, what are the factors behind the continued rise of the sports betting industry in Nigeria? Read this piece for an in-depth analysis.
Nigerians Love Football
Football is certainly the most loved sport in Nigeria. Data from online sports betting operator, show that most Nigerian sports bettors prefer betting on football. Moreover, the betting fans don’t just focus on the local league; they also follow other international leagues. The most loved football leagues to bet on, on Betway, are the English Premier League and La Liga.
You will find many sports fans betting on their favorite teams to win. For example, betting on football has contributed considerably to the growth of the sports betting industry in the country. According to research, Nigerians spend up to 3000 Naira every day on sports betting.
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There is improved infrastructural development in Nigeria, giving more Nigerians access to mobile phone networks and internet connection. The availability of more affordable smartphones has enabled more Nigerians to access smartphones, which according to studies, more than 47% of Nigerians usually access the internet from their mobile devices. The research also projects that this number could increase to over 64% by 2025. This percentage indicates that at least 85 million Nigerians use the internet from their phones.
This high number of mobile internet users has also contributed to the growth of the sports betting industry. Statistics reveal that between 2019 and 2020, up to 60 million Nigerians bet on sports using their mobile phones.
High Rates of Unemployment
According to research findings, the unemployment rate in Nigeria in 2020 stood at 14.2%. In this regard, many youths turn to sports betting as an income-generating activity. Moreover, sports betting does not require a lot of capital to begin. The youth only needs a smartphone, an internet connection, and less than a dollar to get started.
Sports betting among these youths is a serious venture. They go as far as forming groups on social media to discuss the winning bets. Even though some have managed to earn a living from the venture, some have had challenges winning consistently.
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Numerous Betting Options
The untapped betting market in Nigeria has attracted many international operators like Betway to put up the opportunity to bet online in the country. Tough competition among the operators has pushed them to improve their services. For example, most operators offer their new customers a welcome bonus to attract more users to their platforms.
These offers have attracted many sports betting fans to the platforms hence contributing to the growth of the sports betting industry.
As stated earlier in this piece, studies project the number of Nigerian internet users to grow in the coming days. This means that there is still more room for the industry to keep growing. Moreover, other sports are also becoming popular. All these facts reveal that the sports betting industry will continue to grow.