Sports betting via online websites is now the latest trend in Nigeria, a major African country. This includes sports betting, online poker, and casino games. The Nigerian gaming and sports betting industry has seen astronomical growth take place in the recent few years, a phenomenon caused by the country’s large population and enhanced Internet access facilities across the country.
The 1st major Nigerian sports betting online website was Nairabet. Since its inception, several other gambling sites have also been launched including SureBet, MerryBet, BetKing, Bet9ja, and many more.
Is sport betting legal in Nigeria?
All kinds of gambling are regulated by NLRC authorities in Nigeria. Lotteries were legalized, thanks to the NLA Act in 2005. Gambling has been officially defined by the country’s Criminal Code’s Chapter 22, which was drafted back in 1990. However, it’s vital to understand that every form of gambling in Nigeria happens to be forbidden for Nigerian citizens under the age of 18.
Lagos State established a body called LSLB at the Nigerian state level. It was created under the LSLLC L89 2004 Lagos State Laws. This body holds the responsibility for the regulation of promotional competitions, pools betting, gaming machine operations, casinos, interactive games & scratch card, sports betting and lotteries, within the state of Lagos.
How profitable are sports betting business in Nigeria?
In Nigerian, sports betting happens to be a highly profitable venture. Over 60M Nigerians aged between 18-40 are actively involved in sports betting. Punters spend over 3000 Naira on bets on a daily basis, when taken on an average. Sports betting allows Nigerian football fans the chance to make money doing something they love. Now in 2019, sports betting centers can be seen almost everywhere in Lagos, with new ones popping up on a daily basis.
A KPMG report about gambling conditions in Africa, which was released back in 2016, revealed some astounding numbers regarding the Nigerian sports betting sector. In 2016, Bet9ja, a major sports betting firm in Nigeria, raked in over $10M in average turnover on a monthly basis. The 2nd largest player, NairaBet made over $3M – $5M in average turnover on a monthly basis, while retaining profit margins as high as 20% – 30%.