Nigeria is the most populated country in Africa. About 60 million Nigerians aged between 18 years and 40 years engage in sports betting, according to a report by ResearchAndMarkets.com. The West African nation generates close to $2billion from gambling each year. Mobile gaming is the leading form of betting in the country. Many punters wager on athletics, football, volleyball, and rugby at Betway. In this article, we discuss the sports betting sector in Nigeria.
Nigeria’s Sports Betting Market
More than half of Nigeria’s gambling customer base consists of the youth. Most of them are between 18 and 28 years old. Also, mobile penetration has expanded the sports betting market in recent years. Mobile penetration has risen from 36 percent to 50 percent since 2017, according to the Nigerian Communications Commission (NCC).
The leading mobile operators have marketed their services in remote areas and improved their technological infrastructure. Gamblers who take part in Betway sports betting use mobile payment services to deposit and withdraw money from their betting accounts.
A large percentage of youth in Nigeria isn’t employed. Some of them gamble for fun while others do it to earn a living. A 2015 report about Football betting in Nigeria reveals that most pundits wager in betting shops. But the number of online punters has steadily increased in the recent past. The Business Monitor International (BMI) predicts that Nigeria will have 182 million mobile users by 2021. The country has 153 million mobile subscribers now.
Some betting firms in Nigeria have partnered with mobile operators to offer a better gaming experience. These partnerships have made sports betting accessible to Nigerians living in remote regions. They can use short codes to access lotteries on their mobile phones. Besides, some bookies have signed deals with the Nigerian National League and different soccer teams to improve the sport.
Deposit and Withdrawal Options
Debit cards, MasterCard credit, and Visa are the most popular transaction methods in Nigeria. But, punters can make deposits through bank transfers, bank wires. Nigerians cannot access online payment platforms like Neteller and Skrill.
Bonuses and Promotions
Pundits in Nigeria can access different deposit bonuses and promotions once they sign up and make their first deposit. Some betting firms offer deposit bonuses of up to 100 percent of the first deposit. Other bookies provide weekly and daily promotions. The most common sports betting odds in the nation include American Odds, Decimal Odds, and Fractional Odds.
The National Lottery Regulatory Commission regulates all types of gambling in the country. It issues local and foreign betting firms with operating licenses. The commission suspends operators who violate gambling laws in Nigeria. But, different states have gambling boards such as the Edo State Internal Revenue Service (EIRS) and the Lagos State Lotteries Board (LSLB) that regulate gambling at the state level.
The sports betting industry in Nigeria has evolved since 2016. Betway is among the most popular sportsbooks in the country. Improved internet connection and mobile money payments have significantly contributed to the growth of sports betting in Nigeria. Many punters in Nigeria are ardent fans of top football leagues such as the Bundesliga, the English Premier League, La Liga, and Serie A.