Rising Participation in Betting Amid Economic Hardship: More than 65 Million Nigerians Involved

The Executive Secretary of the National Lottery Trust Fund (NLTF), Bello Maigari, has raised concerns about the increasing participation in betting among Nigerians, despite the prevailing economic hardships in the country. Speaking at the National Gaming Conference in Lagos, Maigari revealed that more than 65 million Nigerians are actively engaged in various forms of betting, contributing to a rapidly growing industry.

In his address, Maigari pointed out that the global online betting market has experienced exponential growth, now surpassing a staggering $50 billion. This surge in betting activities presents both challenges and opportunities for Nigeria.

According to a report published in March 2023 by Orange Business Intelligence Technology (ORBIT), the betting industry in Nigeria reached over $2 billion in revenue in 2020. The report also highlighted that over 60 million Nigerians aged between 18 and 40 spend approximately $5.5 million daily on betting activities.

The National Sports Industry Policy, introduced in the same year, estimated that the betting industry has the potential to generate up to $4.7 billion in annual revenue, create 10 million jobs, and contribute between 1.5% to 3% of the GDP over the next ten years.

Maigari emphasized the industry’s significant presence in Nigeria, saying, “With a population of over 200 million people and the largest betting market in Africa, our country is making giant strides in online sports betting.” He revealed that there are currently over 65 million Nigerians actively participating in betting, spending an average of $15 daily. A remarkable 14 million bets are recorded daily, with payments being made online.

Furthermore, Maigari predicted that the betting industry is set to experience an annual growth rate of nearly 10%, projecting it to reach more than $366 million by 2027.

In light of the industry’s expansion, Maigari proposed that the federal government should create a regulatory framework to encourage betting operators to contribute to taxes in the country. He argued, “Moreover, leveraging the gaming and betting industry as a tax contributor can help create a level playing field for local and international operators.”

The betting industry’s rapid growth can be attributed to increased mobile and internet penetration, driven predominantly by the nation’s passionate football culture. Reports also indicate that the National Lottery Regulatory Commission (NLRC) and the Lagos State Lotteries Board (LSLB) have collectively issued over 100 betting licenses.

The surge in betting activities in Nigeria, despite economic challenges, raises questions about the social and economic impact of this industry. As the industry continues to expand, it remains to be seen how it will be regulated and how its potential for revenue generation and job creation will be harnessed for the nation’s benefit.