for early access to the latest igaming videos!
and get the latest igaming news first!
With more than 60 million Nigerians placing bets worth $5.5 million each day, the country’s gambling industry is booming, but financial regulators are raising alarms
Dr. Emomotimi Agama, Director-General of Nigeria’s Securities and Exchange Commission, presented these figures at the Chartered Institute of Stockbrokers conference, highlighting the stark contrast between the gambling sector’s swift growth and the slow adoption of traditional investment avenues.
He pointed out that while Nigerians are eager to take risks through betting, there is a significant lack of trust and accessibility when it comes to investing in long-term opportunities like shares.
According to a recent report, Nigeria’s gambling market is projected to expand from $3.1 billion in 2023 to $3.63 billion by 2025. This growth is primarily fueled by online gambling, which is expected to rise from $400 million to $500 million, reflecting a 16% annual growth rate.
Sports betting leads the way
With 75-80% of all wagers, sports betting leads the way in the Nigerian gambling scene. Popular football leagues, including the English Premier League and Nigeria’s local leagues, draw the majority of these bets.
In 2024, online sports betting revenue reached $294.2 million and is projected to grow at an annual rate of 6.45% through 2029.
The rise in sports betting is driven by several factors, including a youthful population and increased smartphone access. Nearly 41% of Nigerians are under 25, making this demographic key in the betting culture. By the end of the year, smartphone users in Nigeria are also expected to reach 187 million.
Mobile applications also play a crucial role in the market, handling almost 90% of bets, with Bet9ja and SportyBet leading the pack. Additionally, high levels of youth employment, especially in urban areas, where it affects around 40% of young people, push many to consider betting as a quick way to earn money.
Calls for better harm protection initiatives
As the gambling industry continues to tax revenue and job creation in areas like technology and customer services, concerns about addiction are on the rise.
A recent GeoPoll survey from 2024 revealed that 65% of participants had engaged in gambling within the past year. This statistic has heightened calls for more robust protections to prevent problem gambling and to build a fair gaming environment.
Dr. Agama emphasized that the money spent on betting could be better invested in the broader capital markets, which currently see participation from fewer than three million Nigerians. This shift could help promote healthier financial habits and encourage investment in long-term opportunities rather than short-term gambling activities.
Source: Focus Gaming News
