Where Does Nigeria’s iGaming Industry Stand in the Global Market?

In recent years, the iGaming industry in Nigeria has made significant strides forward. With the popularity of online real money gaming activities surging throughout Africa, Nigeria has emerged as a formidable player in the growing acceptance of online casinos, poker and sports betting.

The country’s thriving digital landscape, rapidly expanding population, and increasing internet penetration have paved the way for substantial growth in major iGaming sectors.

The Online Casino Market in Nigeria

Due to its tech-savvy population consisting of almost 200 million citizens, Nigeria has seen its online casino market undergo considerable growth. Improved access to smartphones and mobile internet has driven the uptake of online casino gaming in the country, making it an attractive market not just for domestic operators but a number of global remote casino brands too.

Although the Nigerian Lottery Regulatory Commission (NLRC) and the Financial Intelligence Unit (NFIU) are currently deploying plans to restrict unregulated gaming in the country, offshore brands have nevertheless entered the Nigerian market with localised platforms and payment options to cater to the specific needs of residents.

While total revenues generated in Nigeria’s digital casino gaming sector are a fraction of more established markets like the UK, reaching an estimated $0.54 million at the end of 2022, the figure still represents substantial growth over the past decade. Furthermore, according to predictions from Statista, the total market volume will increase to $0.86 million by 2027, representing a CAGR of 9.01%.

Nigeria’s Digital Poker Scene

Poker may be a centuries-old classic card game, but it’s one of the foundational markets of the global iGaming industry. In 2022, global online poker revenues totalled $86.2 billion and are expected to grow at a CAGR of 13.5% until 2030.

As with the online casino market, Nigeria’s remote poker sector is small but blossoming. Several domestic and global poker sites now operate in the country, while Nigerian players have been able to participate in international online tournaments.

The fact that online poker is, at present, an unregulated market in Nigeria means that leading poker brands have been able to establish platforms with relative ease. As a result, Nigerian gamers can access the same quality of online poker gaming experiences as those looking to play poker in Pennsylvania and other US markets.

Sports Betting Dominance

Easily the most dominant iGaming market in Nigeria, sports betting has been legal in the country since 2005. For decades, it’s been the main form of real money wagering in the country, with most of the bigger towns featuring bookmakers shops on their high streets, and the trend has continued with the emergence of digital sports betting.

In terms of size, Nigeria’s entire sports betting sector is comparable to markets in the US and Europe. Nigerians are noted for their deep devotion to sports like football, basketball and dembe, as well as boxing, athletics and several more, meaning residents have embraced online sports betting as an extension of their support. Moreover, the sheer range of local and international sports events converted by Nigerian betting platforms and apps further fuels the sector’s growth.

Source: pmnewsnigeria.com

About Post Author

Samuel

I am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos.

See author's posts

Samuel

I am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos.