Top 3 Nigerian online casinos with the best payouts
Online casinos have grown immensely in popularity in Nigeria and other African countries in recent years. Easy access to casino games through these platforms has brought in thousands of new young players who are eager to play games that could give them life-changing jackpots, as well as keep them entertained for hours on end.
Dozens of online casinos targeting the Nigerian market have emerged, all offering enticing bonuses, promotions, and other perks. However, one thing to keep in mind is that all online casinos are designed to beat the players in the long run, and the inherent house edge that every casino game has, gives the casinos an advantage over you
This is why picking the online casinos with the highest returns and best payouts is of paramount importance, with such sites offering more money back for every dollar you wager at the slots or tables.
A great example to explain how casino payouts work is the game of roulette. In this game, players are offered a choice between 37 numbers in total. At the end of each spin, only one number is the winner, and players who placed a bet on it are paid at a rate of 35:1. The remaining 37th number is reserved for the house, and it is this discrepancy in payouts that gives the casino its inherent edge.
In the example of roulette, it is clear that the house edge is just 2.70%, but games like slots and others have different payout rates and RTP (return to player) percentages. If you want to give yourself the best chance of winning, you should play at sites whose combined games give you the best possible payout rate.
You can find a full list of the best online casinos in Nigeria provided by scams.info, a site dedicated to helping you get the best deal and playing in the best possible place. If you want to avoid playing with sub-par conditions, keep reading and find out which online casinos offer the best payouts in Nigeria.
Nigerian Online Casinos with the Highest Return to Player Rates
By looking into their payout percentage rates, you get to examine the proportion of funds wagered by their customers they are willing to give back to players. For instance, if an online casino has a payout percentage rate of 96%, this means it will pay out 96% for every 100 credits you invested.
At the same time, Return to Player rates are always calculated over a longer time period. Therefore, to reach the determined Return to Player rate, you need to engage in many real money gaming sessions.
While Return to Player rates always work in the long run, variance can help you over shorter periods. Online casino variance is closely related to payout percentage rates. Variance tells you how far random gaming outcomes are spread based on average Return to Player rates.
In other words, to manage your online casino bankroll in the most effective way, you need to take into account both variance and Return to Player rates. This leads us to amazing Nigerian online casinos that offer the best payout rates, and these are listed below alongside their Return to Player rates:
- 888 Casino: The average Return to Player rate is 96%. 888 Casino offers a no deposit bonus and an excellent first deposit bonus to Nigerians. The casino’s gaming library has hundreds of premium games.
- BetVictor: The average Return to Player rate is 95.39%. New BetVictor customers can scoop 100 free spins on selected games. BetVictor is an excellent choice for all Nigerian online slot and classic table games fans.
- NetBet: The Average Return to Player rate is 96.78%. NetBet offers Nigerian newcomers an amazing 100% match deposit bonus up to 100,000₦ and 100 bonus spins. NetBet caters to all Nigerian mobile casino players.
Nigerian Online Casinos with the Best Payouts
RTP Rate Welcome Bonus Other Bonuses
888 Casino 96% 100% up to 82,7000₦ Free play no deposit bonus
BetVictor 95.39% 100 bonus spins valid on selected slots Reload bonuses
NetBet 96.78% 100% up to 100,000₦ and 100 bonus spins Loyalty bonuses
How Casino Payouts Work for Nigerian Players?
While Nigerian gambling laws and regulations regarding online casinos are very confusing, iGaming has been thriving in the country for quite a while. Thanks to the rise of mobile gambling, the entire Nigerian iGaming scene got that much-needed boost.
Today, Nigeria has many amazing legalized online casinos, and most of these offer quite a few mobile payment options. When compared to other African iGaming markets, online casinos in Nigeria have the biggest growth potential as explained in detail here.
The vast majority of Nigerian online casino sites are owned and operated by well-established international companies. While the country’s current iGaming legislation does not allow local online casinos, it is perfectly legal for a Nigerian player to join foreign or offshore gambling venues.
The latest statistics show that Nigerian gross gambling revenues doubled between 2014 and 2019. More specifically, gross online gambling revenues in Nigeria exceeded £55.8 million by the end of 2019.
This leads us to casino payouts and how they work for Nigerian players. When it comes to casino payouts, winnings at Nigerian online casinos are usually placed in a special settlement, so that consistent payments can be made as players request withdrawals of their winnings.
While you can wait with your withdrawal request, you can also get your winnings whenever you want. When it comes to withdrawing your online casino winnings, with every withdrawal request you make, you actually sell a small portion of your casino settlement to receive cash winnings.
You can also sell your entire casino settlement if you request a withdrawal of your entire bankroll. Nigerian players do not pay taxes on their online casino winnings. In other words, regardless of the amount you request to withdraw, everything you receive is yours to use for whatever purpose.
In many other countries, online casino winnings are taxed at different tax rates. So, when players request a withdrawal of their winnings, a portion goes to their local governments according to specific tax rates, usually between 2% and 30%.
Nigerian players who get their online casino winnings as structured payment settlements have a controlled income stream. While this option limits the amount of funds you get at one time, it is a great option if you want to save money for any kind of financial emergency the future may bring. When it comes to online casino payouts, we have to mention payout percentage rates.
An online casino’s payout percentage suggests to you how much funds on average you can expect to win. Every licensed Nigerian online casino is very transparent with its payout percentage rate.
Nigerian Online Casino Laws and Regulatory Framework
Thanks to more lenient, friendlier gambling laws and regulations, Nigeria has become one of the key African iGaming markets, alongside South Africa and Kenya. The best Nigerian online casinos are one hundred percent safe and reliable iGaming platforms that follow the country’s strict laws and regulations. Speaking of Nigerian casino laws and regulations, we have to mention its current regulatory framework.
More specifically, there are several gambling laws and regulations active in Nigeria that regulated the entire industry at both state and federal levels. The major gambling laws are the National Lottery Act enforced in 2005, the Lagos State Lottery Law enforced in 2004, and the National Lottery Regulations enforced in 2007.
Companies and businesses looking to provide such services to Nigerians must operate under the CAC (Corporate Affairs Commission) and gambling laws and regulations enforced nationwide.
The National Lottery Regulations introduced quite a few strict conditions and requirements for registering companies that want to offer lottery services and products in Nigeria. According to the main gambling regulatory framework, once companies register in the country, they must obtain their licenses, and these are issued by the National Lottery Regulatory Commission.
Gambling companies that want to operate within the borders of Lagos State apply for licenses and are authorized by the main gambling authority, the Lagos State Lottery Board.
The same registration scheme must be followed by companies and businesses that want to offer other gambling services and products in other Nigerian states. Most Nigerian states have their own authorities that are responsible for overseeing gambling in their respective states.
Moreover, Nigerian gambling authorities in different states are responsible for using licenses to land-based and online operators. Nigerian states that do not have their own regulatory bodies monitor gambling activities through their internal revenue state boards.
The Legality of Online Casinos in Nigeria?
When it comes to online sports betting activities, licenses operators legally offer their services and products to Nigerians.
In other words, online sports betting is perfectly legal, and Nigerian sports bettors face no legal consequences for engaging in online sports betting activities. When it comes to other online gambling types, Nigeria is considered a grey area.
At the moment, there are no specific gambling laws and regulations in place for online casinos or other online gambling, and this is what makes Nigeria a grey iGaming scene. At the same time, Nigerians who join licensed online casinos can rest assured that they will face no legal or financial consequences.
In fact, many online casinos operating in Nigeria, are licensed by local gambling authorities. This makes them one hundred percent safe, trustworthy, and reliable.
Even though the Nigerian gambling legislation does not mention online gambling as such, companies offering iGaming services and products must follow all gambling laws and regulations that land-based casinos operate according to.
Since all land-based casinos must be licensed by local authorities to offer their services and products, online casinos must be licensed as well. Without specific online gambling laws and regulations, the legality of online gambling in Nigeria is rather complex and can be confusing.
At the same time, Nigeria is home to one of the most profitable iGaming markets in Africa despite lacking iGaming regulatory framework. Statistics, as shown in this report, suggest that over sixty million Nigerians engage in gambling. The same report suggests that most Nigerian gamblers reside in the South-West region.
Online casinos have been gaining traction in Nigeria in recent years, in big part thanks to the improving internet penetration and the growing number of mobile devices used to access the internet. The bottom line, the Nigerian iGaming market is quite lucrative for international operators despite lacking nationwide online regulations for gambling.