6 factors contributing to Nigeria’s booming gambling industry

Online gambling
FILE PHOTO: Online gambling Photo credit: World Finance
Online gambling
FILE PHOTO: Online gambling
Photo credit: World Finance

Nigeria is the most populous country in Africa with 206 million citizens. Its sports betting industry has undergone many transformations in recent years.

Betway and other reputable bookies offer Nigerians a broad range of gambling options.

In this article, we will discuss six factors that have greatly contributed to the growth of gambling in Nigeria.

1. Brand Influencing and Advertisements

Two decades ago, many Nigerians believed that gambling was an activity for idle old men who spent many hours on wooden benches analyzing odds.

Now, the popularity of gambling has increased among youths. Some enterprises like Betway casino hire top celebrities to market their betting products.

Also, a big gambling firm can decide to sponsor big television shows. Brand advertising and targeted advertising helps bookmakers and casino operators to improve inclusivity.

2. Accessibility to Clients

The Federal Government of Nigeria has improved internet connectivity in many parts of the country. The number of smartphone users has also increased.

Today, Nigerian gamblers can top up betting accounts on their phones.

3. Nigerians Love Sports

A large number of Nigerians are football die-hards.

Some of them play for local teams while others watch foreign matches.

They believe that football is their heritage, pride, and identity.

New betting firms in the country create catchy slogans that inspire pundits to evaluate their sport’s knowledge.

4. A Sturdy Support System

In some countries, people view bookies as being a common enemy. But, it unifies gamblers who meet in forms like social media to support themselves and have a sense of belonging. But, loses are common in gambling.

It is tricky to find a betting firm that educates people on the adverse mental health effects of gambling. Some young adults are battling loneliness and depression.

Nigeria’s gambling industry has long-lasting strong ties among gamblers. It is trying to address losses and mental health conditions that arise from gambling.

Different communities solve complaints and enlighten pundits about promos, services, and products.

5. Strategic Alliance

Nigerian banks maligned the gambling industry for a long time because of terrorist finance and money laundering risks. But, they have created new operating policies that allow bookmakers to form alliances with them.

Such mutual relationships have increased the market share, profitability, and visibility of various gambling products.

6. Profitable Value Chains

Most businesses have a value chain that comprises retailers and distributors who help them deliver goods to consumers. The value chains help investors get feedback from clients.

They need to adequately reward retailers and distributors for businesses to have continuous value chains. Gamblers and betting shops are the retailers in the gambling industry.

Nigerian bet shops earn a commission while pundits get direct payments after they convince friends and family to join certain gambling channels to get VIP access.

Nigeria has the second-largest gambling industry in Africa with a net worth of $443 billion.

High unemployment rates, outdated legislation, and technology advancements have promoted the growth of sports betting in the West African nation.

Nigeria has about 60 million regular gamblers who attract foreign sportsbooks like Betway to venture into the local betting market.

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