Africa is fast emerging as a favorable and rewarding market for sports betting. New businesses, both local and international are establishing their presence in Africa, with the intention to tap into the emerging pack of sports gamblers.
Recent studies have it that, millions of Africans are strongly/actively involved in gambling, most especially sports betting; in Nigeria, for example, it is estimated that nearly 60 million people between the range of 18 and 45 years of age are actively involved in sports betting.
However in Nigeria, the situation is no different as more than half of the teenage and adult population is reported to be involved in gambling, mainly sports betting, and it is the same story across East, and Central Africa. As a result, this guide has been created to provide readers with a detailed look at the pros and cons involved with sports betting, particularly to Nigerians.
- More About Pros and Cons of Sports Betting in Nigeria
More About Pros and Cons of Sports Betting in Nigeria
Betting on sports is now hugely popular in Nigeria, with bookmakers such as Naira Bet and Bet9ja and other various sports bettings being among the most popular and reputable. However, just what is giving this increase in interest when it comes to wagering in Nigeria? Betting on your favourite player or sports team is certainly not something new, however, the revolution has been sparked by a number of factors, including technology, media and of course, the internet.
Major competitions and events such as the English Premier League, Spanish La Liga and the Italian Seria A from the world of football attract major interest from Nigerian’s, with such interest has only helped to increase the number of betting customers today. Nigerian’s are undoubtedly sports-mad, meaning that attracting them to the chance of winning while taking in their favorite events is not always too difficult.
These sports bettings include:
History of Sports Betting in Nigeria
Over the years, mobile payments failed to take off in Nigeria as that of other countries such as Kenya, where Safaricom’s M-Pesa money transfers have fostered a culture of cashless payments.
The fear of electronic fraud and slow internet speeds have held so many Nigerian online consumers back but betting firms says the new, fast digital payment systems underpinning their websites are having a great change in attitudes towards online transactions.
According to Seun Anibaba, the CEO of Lagos State Lotteries Board, gaming regulator in Nigeria’s commercial capital. He said, “we have seen significant growth in the number of payment solutions that are available. All that is definitely changing the gaming space,”.
According to data from the Nigeria Inter-Bank Settlement System (NIBSS), which is owned by the central bank and licensed banks. They made it known that growth has been matched by a rise in web payments,
As of 2016, there were 14 million web payments worth a total of 132 billion naira ($420 million). As of 2017, the transactions leaped to 29 million worth 185 billion and in the first quarter of 2018, there were nearly 10 million worth 61 billion.
With a young population of nearly 190 million, rising mobile phone use and falling data costs, Nigeria has long been seen as a great opportunity for online businesses once consumers feel comfortable with electronic payments.
According to the online gambling firms, they made it known that reaching the tens of millions of Nigerians without access to banking services remains a challenge for pure online retailers.
However, British online betting firm Betway opened its first African business in Kenya in 2015, followed by Uganda, Ghana and South Africa. Nigeria was not exempted as it was launched in Nigeria in January.
According to the Betway’s Nigeria manager Lere Awokoya, he said. “There is a gradual shift to online now, that is where the industry is going,”
He also added. “The growth in the number of fintechs, and the government as an enabler, has helped the business to thrive. These technological shifts encouraged Betway to start operating in Nigeria,”.
More About History of Sports Betting in Nigeria
Sports betting is becoming more of a national sport as sports themselves. The practice is however legal in all 36 states of the country. As reported in 2014, about 60 million Nigerians were estimated to be placing sports bets per day around the country, that’s around 30% of the population.
According to Ademola Adebajo, head of one of the largest football betting services providers operating in Nigeria. He stated that as a nation, Nigeria is betting up to 5bn Naira over 25 million USD each day. And this figure has been on a continuous increase year by year, at over double the spend as of 2014. However, this is in contrast to the moderate economic growth of the country over the past few years and a slight decline in 2016. This is not reflective of the growing spending on gambling worldwide, which is growing at just 2.5% year on year.
Generally, in a culture where a sport is more popular and betting on said sport is legal, the betting industry revolving around the sport grows and thrives. This is certainly the case in Nigeria and other Sub-Saharan African countries. As the sports flourish, so too do the amounts wagered on games.
With available access to the internet and TVs now widespread, the ability to follow any European, German, Spanish or Italian games as it happens is a reality. Anyone, anywhere, is capable of having the sport beamed across the planet directly to them. This year, 40% of Nigerians are actively using the internet, and around 50% own a mobile phone – and with it comes to the access to resources, content, and yes, football, like never before. This has lead to businesses springing up around football, such as souvenir production, football newspapers, home leagues, and clothing.
Football betting pools are a product of the British influence in Nigeria, brought to the country in the 1920s. Gamblers may have experienced the high life from winning steadily over the years, however, there have been plenty of others that haven’t been so lucky – and losing it all. Traditionally, football betting pools have been confined to gambling houses, places where the punters go to make bets and the house runs the pools. However, this has all been slowly changing over the years, as online and mobile betting has become more prevalent. The ease of being able to place bets with just a device in your pocket makes betting that much easier, and many prefer betting online. Mobile phone usage is continuing to grow and it is expected that with this growth, the trend of mobile sports betting will also continue to grow.
With the growth of traditional sports betting clearly evident, another interesting betting avenue that is fast spreading around the world is fantasy sports betting. Fantasy sports are when fans pick players from different teams for a weekly round to form their own “fantasy team”. At the end of the round, each real player’s statistics from the match that they are played are added together to see whose fantasy team comes out on top. This relatively new form of gambling is becoming a more prevalent avenue in the gaming industry, particularly in the younger generation. It is an interesting concept because you can literally pick your dream team from the whole league of players.
Here is the list of all popular Sports betting site in Nigeria
Here is a list of the 5 Most Popular Sports Betting Sites in Nigeria
They made sure that all computer system and data are protected using Dell servers and Fortinet Firewall, and feature a Thawte SSL encryption certificate.
Bet9ja is also an African bookmaker with a European feel, with their easy to use platform allowing for customers to easily navigate between markets, as well as place bets in just a matter of minutes. The bookmaker also provides customers with vast amounts of useful statistics and information surrounding sports teams and players, while they offer a loyalty scheme for customers, in which free bets can be earned. This made them the top list among others.
It also offers agency opportunities for individuals who will come to be called Kingmakers once they sign up to deliver offline betting services to customers
The Impact and Disadvantages of Sports Betting in Nigeria
As we know there are different strokes for different folks and this applies to the reason of the Pros and Cons of Sports Betting in Nigeria. To get the opinions of people, I took a quick survey with some persons on my contact list and I got various interesting replies from them.
Note: I will be quoting some with their names after getting due permission to do so while some prefer to stay anonymous.
Firstly, Let’s take a quick look below on the suggestions given about the impact of sports betting in Nigeria
Several sports betting fans stages a huge arguement that the business serves as a source of employment for millions of young Africans as well as providing quick money to people who do not have means to earn a stable income.
Abiodun Tobi
Like we know most of the existing sports betting companies are fully licensed, they are obliged to pay tax revenues to their respective governments, making their operations a revenue-generating business that ultimately contributes to overall economic growth in Africa.
Williams Ifeanyi
Many Nigerians and other countries in Africans have become instant millionaires through sports betting.
Anonymous
Though not a legitimate source of income, young people have found it to be a faster means of making money instead of staying idle.
Godswill
Funny enough, many who participate in this kind of gambling says it is quite different from other forms of betting as it is an easier means to overcome the odds by combining sporting facts with accurate betting strategies.
David Johnson
But in an actual sense, one personal reason which I could testify that football betting has been of merit to the society is that it has gradually reduced down the crime to it’s minimal level in the country. I know many of you would not agree with me on this, but let me justify with emphasis.
Prince Obinna
Also, looking at the various responses as stated below about the disadvantages of Sports betting in Nigeria
I know a student who commited suicide after he allegedly lost his tuition fee to a local sports betting company . When you come in contact with those who have lost a bet it is always red with frustration and laced with intense anger. So that’s how bad this betting stuff can be.
Anonymous
The rising sports betting obsession in Africa has turned out to be a real source of pain for many families, with couples divorcing and lots more.
Ogundiran Boluwatife
Some go as far as taking loans from banks to participate in sports betting. Many are those who have lost their assets to banks. How painful.
Okoro Chidinma
It can lead to high level of criminal act in the country… This is by several agents shuting down when at lost , that’s running out of cash and runnig with their customers money to avoid losing thier personal earnings, thereby leaving others in pains.
Ojukwu Queen
It can lead to accumulated debt and greed. Majority of the people who engage in betting are mostly a form of debt or another. They go as far as borrowing or even using monies that were entrusted to them to place a bet with the hope of winning and then paying them back after they must have made some profit.
Kalu Chidinma
It damages one’s relationship with family, and friends as the person will mostly isolate himself from other people especially when they are being rebuked.
The person will also lack vision, and can barely focus or concentrate on work or anything else.
Annonymous
From my own point of view, i must say that thisleads to Frustration, Anger and Suicidal. When you come in contact with those who have lost a bet it is always red with frustration and laced with intense anger.
Isokobo Moses
Conclusion
From the write up above, we can say that the Sports betting companies are Legal. However, comparing the Pros and Cons of sport betting in Nigeria from the various responses listed above, it is advisable to stake a bet with your spare cash and not your capital, to avoid your self the risk as stated above…
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The number of online betting platforms is now huge, with customers always looking for the best deals around when it comes to odds and additional features. However, for football fans looking for the website that offers the biggest range of markets, coverage, and bonuses, we provide all the information needed in our review pages. With both Nigerian and international bookmakers covered, our final conclusions surrounding each platform will help you to decide as to which portal suits your needs the most.
Anyone who is interested in the subject of sports betting should be on the lookout for a reputable and reliable provider. Our suggested providers have licenses and are therefore subject to strict regulations. If these requirements are disregarded, the company threatens to withdraw the full license. For the purpose of consumer protection and also according to the Financial Transaction Guidelines, it is, therefore, a must that betting companies obtain the correct identity of a customer. Anonymous betting on the Internet is for this reason – in a reputable and secure provider – not possible and forbidden.
The majority of bookmakers guarantee that customers have to pay no fees for a bank transfer, however, such transactions can take a few days until the deposited money has arrived on their own sports betting account. For other types of payment, however, it may be possible that between 1 to 4 percent of the deposit amount is charged as a fee. This is not due to the sports betting company, which wants to make profits with the fees, but to the respective payment company.
Anyone who starts wagering online ultimately dreams of making a big profit, with the risks being relatively low. For this reason, the hope for a safe sports betting strategy is also very great. Unfortunately, we have to disappoint you, because there is no guarantee of success in sports betting. In part, however, a large number of strategies are offered on the Internet, which allegedly includes safe sports betting strategies. However, these are only dubious offers, since, purely mathematically speaking, a betting provider always has an advantage over the betting customer.
The profit margin of online bookmakers is not very big, but it is there. Of course, in the long run, it can be possible to beat a bookmaker if time and money are invested accordingly. There should also be the necessary intuition and patience, experience and a certain willingness to take risks. However, there is no sure strategy for success.
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