Nigeria’s Daily Betting Handle Reaches $5.5 Million
Nigeria’s gambling sector is experiencing explosive growth, with daily bets now exceeding $5.5 million. This surge highlights a stark contrast with the country’s underdeveloped culture of traditional investment.
A Nation of Bettors, Not Investors
Recent figures reveal that over 60 million Nigerians, more than a quarter of the population, regularly place bets. The market is projected to reach a total value of $3.63 billion by 2025. Dr Emomotimi Agama, Director-General of Nigeria’s Securities and Exchange Commission, presented these findings. He compared the betting industry’s rapid expansion to the slow uptake of traditional investment instruments.
Dr Agama pointed out that while Nigerians show a strong willingness to take risks through betting, they lack the trust or access needed to invest in long-term opportunities like shares. Fewer than three million Nigerians currently participate in the capital markets. The Director-General warned that betting takes money away from investment in the broader capital markets.
Youth and Technology Fuel the Boom
Several key factors are driving this growth. A significant youth demographic is a major contributor, with nearly 41% of the population under 25. High urban unemployment rates, affecting about 40% of city dwellers, also push young people towards betting for quick income.
The expansion is technologically enabled. Smartphone adoption is expected to reach 187 million users in Nigeria by the end of the year. Mobile apps now facilitate almost 90% of all wagers. Online gambling is a specific growth area, projected to reach $500 million by 2025. Sports betting dominates the landscape, accounting for up to 80% of all wagers. Popular football leagues, both international and local, attract the most activity. This growth generates tax revenue and creates jobs. It also raises concerns about addiction and the need for stronger consumer protections.
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