Africans have always been passionate about gambling, but there are some countries on the continent where the wagering market is simply thriving, and Nigeria is one of them. Thanks to its population of more than 200 million people, and other relevant factors, Nigeria is among the top three gambling nations in Africa, together with South Africa and Kenya.
The Legal Landscape
Even though gambling is one of the most lucrative industries in the area, the laws aren’t really created to support its growth. To be more precise, they are actually quite confusing. At the moment, gambling in Nigeria is both legal and illegal, depending on the game you’re looking to play and how you wish to play it. At the moment, punters are only allowed to enjoy casino games, sports betting, and lotteries, but even those categories come with certain limitations.
For example, the country is home to nine licensed land-based casinos, and most of them are located in Lagos. But if you pay them a visit, you will learn that you can only engage in skill-based games like blackjack and poker. On the contrary, luck-based categories like dice games and roulette are considered illegal. However, many local players access such games by registering at international online operators, since there is no specific regulation that controls the use of such websites.
The Role of Sports Betting
As a nation, Nigerians are crazy about sports, and they are particularly passionate about football. Therefore, it is no wonder that the locals love engaging in sports betting as well. And thanks to the popularity of sports wagering, online gambling services are now reaching more people than ever. The locals are now faced with a large number of web-based operators, and bet365’s presence in Nigeria has really made it easy for sports enthusiasts to wager on their favourite football teams from the comfort of their homes. Nigerians see sports betting as a way of showing support for the teams they love, and currently, they are spending millions of naira on sports wagers every single day. In fact, 53% of punters claim to bet on a daily basis, so it is no surprise that Nigeria is now the second largest sports betting market on the continent, right after South Africa.
Nigeria and Other Industry Leaders in the Area
As mentioned above, Nigeria is one of the market leaders on the continent, together with Kenya and South Africa, and the situation in these three countries can be compared in different ways. All three are pretty much focused on sports wagering, and when it comes to the number of bettors, Nigeria simply has no competition. Its population is twice as large as the ones of South Africa and Kenya, so the number of punters is incomparable. At the moment, there are more than 60 million adults in the country who are regularly involved in sports betting, which is approximately equal to the entire population of South Africa, and significantly more than the total of 54 million people who live in Kenya.
On the other hand, Nigeria still falls short when it comes to the amount of money that circulates in the industry. If we look at the Gross Gaming Revenue in the area, we can see that South Africa is the leader on the continent, controlling 40% of the local market. Moreover, the country’s gaming revenue is expected to exceed $5 million by the end of this year. However, the economy in Nigeria has been on a steady rise for a while now, so it is fair to expect that the staking power of the locals is going to improve significantly in the near future.
Finally, if we look at the number of operators in the area, it is clear that Kenya is the one that takes the lead here with more than 80 licensed betting providers, while Nigeria can boast only 50.
The Nigerian wagering industry has experienced a huge rise, and according to recent stats, its growth is unlikely to cease. The country is now among the top three markets on the continent, and if government officials make an effort to improve the current laws and regulations, it might even jump to the top of the ladder.
