The betting business has expanded dramatically in recent years, with a rising number of gamblers opting for digital platforms to wager on their favorite events and teams.
In this article, we will look at the top gambling statistics and facts in Nigeria. We will also dive into reasons people gamble, the highest gambling area, and more.
Top 10 Nigeria Gambling or Betting Statistics
- There are over 60million Nigeria who have been actively involved in sports betting
- About $2 billion is spent on sports betting daily in Nigeria
- On average, a punter spends around N3,000 daily on sports betting
- 53% of Nigerians engage in betting at least once a day
- Only 3 licensed casino exists in Nigeria. Despite that, casinos estimated revenue is estimated at around $70million yearly
- 14 million bet stakes and payments are made over the internet every day
- Bet9ja is the second most visited website in Nigeria and #1 most visited online betting platform
- Bet9ja rakes in an average monthly turnover of $10m while the number 2 player behind Bet9ja, NairaBet makes an average turnover of $3m-$5m, a 20-30% margin on profit
- About 70% of sports betting trade has been estimated to come from trading on football
- Lagos is the largest gambling city in the country
Gambling in Nigeria
In the late 1990s, in Chapter 22, Section 236 of the Criminal Code Act, the Nigerian government legalized some forms of gambling to generate tax revenues.
The National Lottery was legalized in Nigeria in 2005, under the National Lottery Act 2005. Gambling in Nigeria is regulated by the National Lottery Regulatory Commission.
The legislation distinguishes between skill-based games (which are legal) and chance-based games (which are illegal). Lotteries, land-based casinos, and sports betting are all legal kinds of gambling, while roulette, dice games, and non-skilled card games are not.
This has made gambling more acceptable to the general. The most popular kinds of gambling include online sports betting (e.g., football league promotions and pools), the lottery, and slot machines. There is no explicit provision in the law to govern online gambling. In Nigeria, the legal gambling age is 18 years.
Some of the betting platforms in the country include Bet9ja, Surebet247, Msport, Naijabet, Nairabet, Sportybet, Betway, Lionsbet, Merrybet, Betfarm, Betland, Betking, 9japredict, and 1960bet.
Sports betting is the most popular form of betting due to millions of Nigerians’ passion for football, and a great deal of games are now played online.
According to NOI Polls analytics, Nigerians spend over N730 billion on sports betting each year, with at least N2 billion earned every day.
The research also found that over 60 million Nigerian punters spend more than N3,000 each day on bet stakes and that there are at least 50 betting sites in Nigeria, with the number expanding annually.
Highest Gambling Area
Lagos is the largest gambling city in the country, with the largest casino and several betting sites.
1960Bet has over 5,000 outlets in Nigeria alone, and they reported that up to 300 bettors visit its Lagos locations daily when top European leagues are in action, and 150 individuals gamble every day during the off-season.
Gender Gambling Statistics
Men bet more than women, according to a survey conducted in 2021 by Betensured, since they tend to be more passionate about sports and more willing to take chances when betting on them.
Even though males bet more on sports than women, female gambling has increased over time. Women make up 10.3% of online gamblers in Nigeria, and their percentage is steadily rising.
Gambling Statistics by Age
Ages 25 to 31 made up 33.69% of gamblers in 2021, which was the most active age group. This demonstrated that individuals in their early 20s and 30s are more likely to engage in online betting.
Intriguing data from the NAN (News Agency of Nigeria) showed that approximately 60 million Nigerians, between the ages of 18 and 40, participated in the sports betting market in 2019 and 2020.
Gambling Statistics by Countries
More than 80% of all gambling on the continent was conducted in South Africa in 2020, making it the top betting nation in Africa. Kenya came second, Nigeria third, followed by Uganda, Tanzania, Morocco, Botswana, and Ghana.
Statistics on global gambling show that 26% of people gamble. The amount of persons represented by that 26% is 2,080,000,000 (2,080,000,000). Additionally, 4.2 billion people worldwide bet at least once a year.
Gambling Revenue Statistics
Revenue is estimated to grow at a 9.30% annual rate (CAGR 2023-2027), resulting in a market volume of US$366.70m by 2027. The number of users in the Online Sports Betting market is predicted to reach 1.3 million by 2027.
The market for online sports betting is expected to generate US$256.90m in revenue by 2023.
The casino gaming sector in Nigeria generated about $70 million in revenue in 2020 even though there were only 3 casinos with a license.
The country’s whole sports betting market was estimated to be worth 2 billion US dollars (or around 871 billion Naira) in 2019. As more online and mobile options become available, the market is anticipated to grow even faster.
According to a market study conducted in 2018, the combined sports betting market in Nigeria, Kenya, and South Africa was worth about $40 billion.
The betting sector generates a sizable profit since, on average, people place a bet once every day of the week.
In Nigeria, there are more than 40 betting websites and bookmakers that provide odds on different sports events.
In 2021, 242 bettors ( 34.33%) admitted to using two betting websites for betting on sports when asked how many bookmakers they use.
37.3% of gamblers said they used one bookmaker in 2019.
A report from 2016 showed that NairaBet had an average monthly turnover of $3 million to $5 million and Bet9ja had an average monthly turnover of $10 million, with a profit margin of 20 to 30 %.
People take into consideration the quality of the website and the selection of games when selecting a bookmaker.
Approximately 66% of Nigerians, according to data, have placed bets on a sporting event at least once in their lives. That’s a large sum of gaming. Online gaming is extremely popular and expanding quickly. It is anticipated to grow to a 93 billion USD global industry by 2023.
According to a poll of 487 gamblers conducted in 2021, 66.02% of them claimed that they prefer to bet on the English Premier League.
Since 2005, sports betting has been permitted in Nigeria. It is specifically recognized in the gambling laws alongside casino and lottery gaming.
Nigerians are avid sports fans, and football is their favorite sport. Football matches account for the majority of their gambling among the 70% of Nigerian men who are passionate about this sport.
The vast majority of Nigerians choose betting on games from prestigious European leagues like the English Premiership and the Spanish La Liga.
Online Gambling Statistics
The popularity of online casinos and sports betting has increased by 7% throughout the years, making them two of the most popular forms of gambling pleasure.
Over 47% of Nigerians, or 85 million people, presently access the internet through their mobile phones. By 2025, the figure is projected to increase by 64%. These figures have a major impact on the expansion of online gambling in the nation.
By 2023, it’s anticipated that the global market for online gaming will reach $93 billion.
66.7% of bettors said mobile phones are the most preferred medium of gambling as they are more handy for making bets and are conveniently available.
Bet9ja is the second most visited website in Nigeria and the one most frequented online betting platform.
Nigeria bets more than Kenya, Uganda, and Ghana. The country also has the highest number of online bettors recorded for the years 2019 and 2021.
The increasing popularity of live streaming and the incorporation of sports data analytics into betting platforms is one of the primary drivers of the online sports betting sector. These developments enable bettors to make more informed choices and participate in real-time wagering, resulting in a more engaging and immersive experience.
Online Sports Betting Challenges
Technology developments, the proliferation of smartphones, and greater internet access have all contributed to the growth of online sports betting.
Furthermore, the widespread legalization of sports betting in numerous countries has drawn new players and driven investment in novel goods and services, including in-play betting and cash-out features, which have improved the overall user experience.
However, the industry for online sports betting also faces several difficulties, such as worries about problem gambling, ambiguity surrounding regulations, and the requirement for effective cybersecurity measures to safeguard user data and combat fraud.
Operators must make investments in campaigns to promote responsible gambling, create secure platforms, and keep open lines of communication with regulators to assure compliance with constantly evolving legislative frameworks to address these problems and retain growth.
Reasons People Gamble
Economic conditions in Nigeria are a facilitator. The 2022 Global Hunger Index placed Nigeria at position 103 out of 121 nations.
With a growing population of over 223 million and a youth unemployment rate of 4.1 percent, over 60 million young people between the ages of 18 and 40 actively focus their energies on sports betting, placing bets on a variety of games played every day in Europe and other countries.
30% of gamblers, gamble because they want quick money according to an analysis done by NOI Poll in 2019 done on gamblers revealed that. This reason hasn’t changed.
21% of the same sample indicated unemployment as a drive while 15% indicated greed, 12% indicated economic difficulties, 10% indicated poverty, 5% indicated fun, 5% cited a passion for sports, and 2% indicated peer pressure.
The majority of Nigerians view gambling as a harmless pastime, which accounts for 36% of adults who have gambled and 53% of those who do it daily.
Nigerians have a strong interest in sports, particularly football. Additionally, many perceive betting on their team as a way to support them and to financially back up that support.
Operators now have more opportunities to appeal to a wider spectrum of audiences and broaden their market reach as a result of the increased interest in niche sports and esports. As a result, the betting market is anticipated to increase over the future years, provided that industry participants work together to establish a secure, responsible, and progressive environment for both novice and experienced bettors.