60 Million Nigerians Bet Daily

Nigeria’s betting industry is growing, with 60 million citizens betting daily and generating up to N600 billion annually. Government initiatives aim to further increase the sector’s contribution to the economy.

The Betting Participation

Recent statistics show 60 million Nigerians bet daily. Michael Eja, Director-General of Cross River State Lottery Gaming Agency, revealed this at the launch of Woskybet in Abuja. With a population of 150 million, almost 40% of Nigerians are betting, that’s a big market.

Nigeria’s gaming industry is a big economic force, generating between N500 billion and N600 billion annually. This is as a result of the growing interest in gambling and federal and state government initiatives to improve the tax regime for operators.

Eja said the government wants all operators to contribute to tax revenue and that will in turn boost the economy. “The governments at various levels are doing their best to upgrade their platforms and working very hard to ensure that all operators are brought to the tax net,” Eja explained.

Lagos State’s Share

Lagos State is a major player in the industry, generated $243 million in 2023 alone. Eja said the African gaming industry is now worth $1 billion and Nigeria is one of the biggest contributors. The sector is seen as a key part of the country’s overall economic plan for job creation, wealth distribution and revenue generation.

Eja also said the federal government is working with state lottery agencies to bring more operators to the tax net and that will increase the sector’s contribution to nation building. “Over time, you will see improvement in the revenue the industry will generate towards nation building,” he added.