Sports betting isn’t exactly new for Nigerian sports fans as the Nigerian National Lottery Regulation Commission (NLRC) has allowed it since 2005. The NLRC is the body that mandates all gambling activities in the country and issues licenses to gambling operators.
There are three licenses that the NLRC issue which are Promotional Permit, Lottery Licenses, and Sports Betting licenses for online and offline operators. These cover gambling activities like sports betting, online casino gaming, lotteries, fantasy sports, and online poker.
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Since Nigeria’s gambling law welcomes gambling activities, especially sports betting, the locals are free to place their wagers on sites listed on bettingsites24.ng. Based on recent reports, around 60 million people would place wagers in Nigeria. This makes the country one of the most active betting markets worldwide.
Why Do Nigerians Bet on Sports?
Well, Nigerians are simply passionate about sports, especially football. For them, it’s a great way to show support to their favorite athletes and teams. But, of course, there are also many sports punters here who are all about making profits.
In general, it is estimated that Nigerians would spend millions of naira daily on sports betting and 53% of punters here would place bets daily. It’s no wonder why the industry is growing so fast here. It’s estimated that the market is worth over 2 billion USD each year.
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Other factors that affect the interest of Nigerians in gambling activity is how the locals have more access to mobile phones and affordable internet connections. The unemployment rate is also still quite high in the country, and it’s typical that many would rely on gambling activities for this.
However, that is one of the reasons why there are people opposing gambling activities in the country. Some punters would spend money on betting and they end they often end up getting into large debts. These are the players trying to chase their losses. They would end up turning to lenders which eventually gets them into trouble.
It does help that betting operators are trying to stick to responsible gambling measures that could help people dealing with gambling problems. There’s the Responsible Gambling Council and other groups and organizations that help reduce gambling risks by raising awareness concerning such problems.
Nigeria also still has conservatives and people who are very religious. They are usually the ones who still think of gambling activities as taboo. They think of sports betting or casino gaming as sinful acts, so they are also the ones who are pushing for banning the activity.
However, with how the industry has been performing over the last few years, especially since the pandemic, it does seem like there’s no ending to the industry. What’s more likely to happen is that the NLRC will implement stricter regulations instead.
Sports Betting West Africa Event
Recently, the Sports Betting West Africa event took place at the Federal Palace Hotel, Victoria Island in Lagos. The operators, regulators, and stakeholders in the iGaming industry of West Africa came here to talk about the latest in the business and what everyone can look forward to.
It was discussed here that Nigeria seems to not have an overbearing regime of regulation compared to other countries like Ghana, Senegal, and Kenya. Some pointed out that the industry is under-regulated in Nigeria.
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However, the NLRC was a no-show during this event and the Lagos State Lotteries and Gaming Authority (LSLGA) was the one that was questioned by the operators and stakeholders in the industry instead. Bashir Are, LSLGA’s CEO spoke about the Nigerian Constitution and noted that the country is simply a federation of states with people for and against gambling.
Olajide Boladuro of the Oyo State Gaming and Lottery Board also complained about the country’s high level of impunity. According to him, he thinks it’s not right for the NLRC to sit in Abuja and decide on the gambling practices in his state.
With all those comments, it’s safe to say that Nigeria still has a lot to work on when it comes to regulating the industry. The regulations in place still have plenty of loopholes that some online gambling operators have been exploiting.
That said, Nigerian players and punters are still not getting the safest and fairest betting options. This mainly has something to do with what the government has in place in terms of how they’re taxing the operators. And so, for the country to fully get the benefits of this rising industry, Nigeria has to review the laws in place. Whether this will happen soon is hard to say at the moment.
