Nigeria’s online betting industry has experienced significant growth, with millions of Nigerians participating in various forms of online gaming and betting, according to Bello Maigari, the Executive Secretary of the National Lottery Trust Fund (NLTF).
News About Nigeria reports that Maigari shared these insights during a national gaming conference in Lagos, underlining the industry’s resilience and its impact on the nation’s economic landscape.
The global online betting market, estimated at over $50 billion in September 2021, has continued to grow.
Nigeria, in particular, has witnessed exponential growth in its online betting sector.
“As of my last knowledge update in September 2021, the global online betting market was estimated to be worth over $50 billion, and it has continued to grow significantly since then.
“In Nigeria, the online betting sector has seen exponential growth, with millions of Nigerians engaging in various forms of online gaming and betting,” Maigari said.
Reports from March 2023 by Orange Business Intelligence Technology (ORBIT) indicated that Nigeria’s betting industry generated over $2 billion in revenue in 2020, with more than 60 million Nigerians aged between 18 and 40 spending approximately $5.5 million daily.
Furthermore, the National Sports Industry Policy, also from the same year, estimated that the betting industry had the potential to generate up to $4.7 billion in annual revenue, create ten million jobs, and contribute 1.5-3% of the GDP over the next decade.
“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.
“Currently, there are over 65 million Nigerians actively engaging in this activity, spending $15 on average every day. On record daily, 14 million bets are taken, and payments are made online.
“It is expected to experience an annual growth rate of nearly 10% to reach more than $366 million by 2027,” Maigari said.
