Nigeria – report from sports betting sector
There are roughly 60 million Nigerians between the ages of 18 and 40 who are involved in active sports betting. The sports betting market in Nigeria is estimated at $2 billion and is expected to grow primarily driven by the rapid spread of mobile phones.
The widespread use of mobile phones in Nigeria has been a positive game-changer for the sports betting business. Every day, it gets easier to pay, play and win or lose. The billion-dollar sports betting industry is growing astronomically with Nigerian football culture.
Over the years, many betting companies have emerged in Nigeria. We have Nairabet, Merrybet, Bet9ja, Naijabet, Lovingbet, Surebet247, Supabets, 1960bet, Nairastake, Parknbet, 360bet, Sportybet, Plusbet, Skybetnaija, 9jadollarbet, Visabet, Winnersgoldenbet, and many more. Betting outlets can now be spotted on almost every street in Nigeria’s major cities, with new ones springing up daily.
The first betting events ever to be recorded in history were held in the time of the Greek city states, over 2,000 years ago. The Romans soon adopted it from the Greeks and they turned it into a real business, especially from the famous gladiator games. It soon spread to England, where its most famous branch was horse racing, and subsequently, to the rest of the world.
Nigerians love sports and the industry is no longer just about entertainment; it is also about making (and losing) money. The billion-dollar sports betting industry is growing astronomically as the football culture continues to bloom. Over the years, many betting companies have emerged in Nigeria. Betting outlets can now be spotted on almost every street in Nigeria’s major cities, with new ones springing up daily.
According to a report by News Agency of Nigeria (NAN), roughly 60 million Nigerians between the ages of 18 and 40 are involved in active sports betting. Almost N2 billion is spent on sports betting daily in Nigeria, which translates to nearly N730 billion in a year.
As one of the world’s fastest growing markets for mobile phones, the widespread use of mobile phones in Nigeria has been a positive game-changer for the sports betting business. Every day, it gets easier to pay, play and win or lose. There are about 169 million cell phone subscribers and 100 million internet users in Nigeria, with 80% of this figure being able to access the internet on their phones.
In a country where the majority live below the poverty line, supporters of sports betting in Nigeria claim that their business offers employment and quick money for ordinary people, generates tax revenue for the government and contributes to economic growth.
Why does this industry thrive in Nigeria?
- Large population and high unemployment
- The potential for addiction
- The increasing sports culture
- Lax laws on sports betting
- Growing internet penetration and widespread use of mobile phones
Key Topics Covered
1. About the Sports Betting Industry
2. Sports Betting Industry Snapshot
2.1 Industry Statistics Snapshot
2.2 Industry Structure
2.3 Executive Summary
3. Industry Performance
3.1 Executive Summary
3.2 Key External Drivers
3.3 Current Performance
3.4 Industry Outlook
4. Products & Markets
4.1 Products & Services
4.2 Demand Determinants
4.3 Major Market Concentrations
5. Competitive Landscape
5.1 Market Share Concentration
5.2 Key Success Factors
5.3 Basis of Competition
5.4 Barriers To Entry
6. Major Companies
7. Operating Conditions
7.2 Technology & Systems
7.3 Regulation & Policy
8. Key Statistics & Forecasts
For more information about this report visit https://www.researchandmarkets.com/r/b68q36