A new report has shown that over 65 million Nigerians are actively engaged in betting, spending an average of $15 daily in the venture. This translates to Nigerians spending not less than $975million daily in online betting. According to data from the National Lottery Trust Fund (NLTF), 14 million bet takes and payments are made online in the country every day.
The Executive Director of (NLTF), Bello Maigari, who disclosed this at the second edition of the Biennial National Gaming Conference in Lagos, said that Nigerians spend billions of dollars on betting each year, despite the prevailing economic hardship in the country. He also revealed that betting is expected to grow annually by nearly 10 per cent to reach more than $366 million by 2027. As at 2021, the global online betting market was reportedly worth over $50 billion.
Available facts show that sports betting has been popular in the country for several decades. Online sports betting has remained the most attractive for some years now. Nigeria is home to over 40 sports betting sites. Over 60 million Nigerians actively participate in sports betting. This represents about a third of the nation’s population. With the advent of online sports betting, Nigeria is now the second largest online gambling market in Africa. There are projections that it will soon overtake South Africa as the largest gambling market in Africa.
Although betting is a source of revenue to the government and those engaged in the business, the government should worry that over 65 million Nigerians are daily actively engaged in the business that the investor is not sure of any return. While some Nigerians may have made some fortunes out of betting, the majority of those involved in the business have lost so much money.
Unfortunately, some unemployed youths see betting as a means of livelihood, which it is not supposed to be. Some of them have been addicted to betting and can no longer live without betting which can also be regarded as gambling. Although the gambling age is from 18 years and above, many below the age of 18 years participate in sports betting in Nigeria, especially the sports online betting. It is even difficult to check the age of those participating in online sports betting.
With increasing internet connectivity in Nigeria and enhanced internet penetration and affordability of smartphones, many Nigerian youths are daily participating in online sports betting. And with the growing poverty and economic hardship, online betting will witness a boom with dire consequences.
The federal, state and local governments should prioritise the creation of jobs for millions of unemployed Nigerians. Betting is never a substitute for job creation. The betting industry should be adequately regulated so that persons of certain age do not participate in it. Without adequate regulation and sanitization of the industry, it will encourage laziness and easy means of getting wealth without much effort. The economy cannot grow when the youths are seriously engaged in gambling as a means of livelihood.
With rising inflating and growing poverty, many Nigerians see betting as an escape route from misery. Since poverty and unemployment are some of the triggers of betting epidemic, the government must frontally address the rising poverty and unemployment. A recent report indicates that 66 per cent of Nigerians had at one time or the other done gambling at least once. Most betters insist that it insulates them from crime since it supports their economic activities. With over 50 betting sites in Nigeria, according to a recent research by NOI polls, over N730billion is spent annually by Nigerians on sports betting, and at least N2 billion is generated daily. Similarly, over 60 million Nigerians spend over N3,000 daily placing bet stakes.
No matter the contribution of betting to the economy, government must curb the growing betting epidemic among Nigerian youths. If the trend is not quickly checked, betting will breed millions of lazy Nigerians. Those who engage in betting are on the average between the ages of 18 and 40, and this is the bracket hit mostly by unemployment and poverty. It is time the federal lawmakers enact laws that will regulate gambling and check the looming online betting epidemic.