The sports betting industry in Nigeria has been experiencing exponential growth in the last few years, with more and more betting companies populating the market, and more people taking to sports betting on a daily basis.
Nigeria has the second largest online gambling market in Africa, behind South Africa, with an estimated 60 million people between the ages of 18 and 40 involved in sports betting activities in the West African nation. The total betting expenditure stands at around a staggering $2 billion per year, and those figures are showing no signs of slowing down.
One thing is for sure, new customers will not be lacking for choice. According to MyBettingSites Nigeria, a website that reviews and ranks bookmakers in the country, there are over 50 betting companies currently operating in Nigeria. There is a good mix of local and international sites, with Bet9ja and NairaBET spearheading the local challenge, while Betway and 1xBet lead the foreign contingent.
The rapid increase in the number of betting sites in Nigeria has naturally led to an extremely competitive market, with bookmakers diversifying their portfolio to gain their share of the large pool of new customers.
Why has Nigeria become very viable for betting companies?
Nigeria provides a very fertile ground for betting companies, with most of these bookies generating millions of dollars in revenue every year. A recent report on international accounting firm, KPMG, showed that Bet9ja has an average monthly turnover of $10 million.
But what has made the Nigerian betting market so attractive and productive for these bookmakers?
Large population
Home to over 200 million people, Nigeria is the most populous country in Africa and the seventh most populous nation in the world. Betting companies are very reliant on numbers, and they get numbers in abundance in Nigeria.
Football-crazy country
Nigeria does not only have a massive population, but the people are also crazy about their sports, especially football. The country is arguably the biggest footballing nation in Africa, and the fans are amongst the most passionate in the world. Nigeria has one of the most followed national teams, and has produced some of the best players to have ever played the game.
Nigerians do not only follow the Super Eagles with gusto, they are also very knowledgeable and fanatical about European football. Top leagues like the English Premier League and the Spanish La Liga are hugely popular, with clubs like Manchester United, Arsenal and Barcelona enjoying huge fan bases in the country. It’s very easy to see why football betting is a huge sell in Nigeria.
Increase in availability of internet and mobile phones
The boom in sports betting in Nigeria has coincided with the sharp technological advancement in the country, with many Nigerians now owning smartphones and having easy access to the internet.
Gone are the days when Nigerians had to visit game houses, leaving with long betting slips in hand. Most of the people can now wager from the convenience of their phones. Betting companies have responded to this by designing more mobile friendly apps and enhancing their mobile features. The ease of sports betting and the entertainment it involves appeals greatly to Nigerians.
Convenient deposit methods
Another great reason for the surge in sports betting in Nigeria is the speed and convenience with which money can be deposited into betting sites online. Once you have a bank account and a bank card, which is very easy in Nigeria, you can easily fund your betting account through card deposits or online banking.
Get ready for more growth!
The betting industry in Nigeria will only continue to grow, so you can expect more companies to flood the country in the coming years, and the financial figures to keep hitting new heights.
