Nigeria’s betting industry has reached a valuation of N600 billion, with around 60 million Nigerians—mostly youth—participating in sports betting on a daily basis despite the prevailing economic difficulties.
This growth is largely attributed to increased internet accessibility and mobile technology, which have shifted betting from traditional venues to predominantly online platforms.
Innovations in mobile and financial technology, such as Flutterwave, have made secure payments easier, further broadening the industry’s scope.
Experts predict the market will grow to N800 billion by 2025, although it faces challenges such as illegal operators and issues related to gambling addiction.
According to Online-casinos.com Nigeria, a reputable source for global online gambling trends, “With 60 million Nigerians actively engaged in daily gambling, the betting industry has emerged as a significant contributor to the economy, amounting to an impressive N600 billion.
Gists9ja reports that this rapid expansion highlights the immense popularity of sports betting and various forms of online gambling in Nigeria, solidifying the country’s status as a key player in Africa’s gaming sector.”