The betting industry is rapidly growing all over the world. In many nations, it’s now legalized considering the huge revenue it’s generating. Whether it is a lottery, sports betting, or casino gambling all sorts of betting are equally popular. With the online betting facility, the betting industry is holding a grasp on almost every corner of the world.
If we take the example of Nigeria, betting is a significant and growing industry there. Various factors, like regulatory framework, technological advancements, and cultural sector influence it in different ways. In this article, we explore the betting landscape in Nigeria in detail.
What Research and Studies Have to Say?
The most popular game in Nigeria is football and its huge fan following there has contributed to the rise in its betting market. According to a study, Nigeria ranks second to South Africa in the number of people engaged in any betting activities. Reportedly in 2021, more than 60 million youths were sports bettors and this number is expected to grow to around 100 million in the next few years. In fact, the Nigerian betting industry has largely contributed to its economy.
If we talk about online sports betting, the market will reach up to around U.S.$294.20 million in 2024. The emergence of the online betting market in Nigeria is related to various other factors.
Let’s have a look:
- Internet availability and the latest mobile technology resulted in the growth of the online betting industry, In Nigeria, too, most youth prefer online betting because of its easy accessibility. Moreover, social media, influencers, and advertising have also contributed to its immense growth.
- The Nigerian betting market is not just limited to international platforms providing a wide range of betting options. It also promotes local sports, events, and teams developing a competitive betting landscape.
- The new trend of live betting is also one of the main reasons behind the increasing popularity of betting in Nigeria. Advanced technology and high internet speed allow easy live streaming and attract more users to the betting world.
- Nigeria is a developing nation. Its steadily growing economy has raised the disposable income of its citizens. This allows them to actively participate in betting.
- The availability of more online betting markets, sites, and apps gives customers more alternatives to select their favorite betting market.
Earlier in the 1990s, all form of gambling was legalized in Nigeria under Chapter 22, section 236 of the Criminal Code Act. Now, the National Lottery Regulatory Commission regulates gambling in Nigeria. Yes, it was legalized in Nigeria in 2005. The law suggests a lottery, sports betting, and land-based casinos as games of skill and thus considers these as legal. While the non-skilled games and all the games of chance are illegal in Nigeria. The Nigerian government states the minimum age for gambling is 18 years.
However, there are no formulated regulatory provisions regarding online gambling which is most popular there. Debates and discussions are going on to take the required steps to control problem gambling in Nigeria that might happen in the future.
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