Nigerians spend close to $1 billion daily on online betting

Nigeria is witnessing an unprecedented surge in gambling, with 65 million active participants spending up to a billion dollars daily despite economic hardships, hoping to strike it rich.

The online betting sector, in particular, has taken the country by storm, driving millions of citizens to engage in various forms of online gaming and betting.

Data from the National Lottery Trust Fund (NLTF) reveals a staggering statistic that shows that Nigerians now spend as much as $975 million every day on various forms of gambling, averaging $15 per person. This means as much as 14 million bet takes and payments are made online in the country daily.

This persists despite the current economic hardships in the West African country, as many people remain undeterred and continue to allocate a significant part of their daily budget to betting, emphasizing the allure of this high-risk, high-reward endeavour.

Meanwhile, Nigeria's booming betting industry is part of a larger global trend. The worldwide online betting market, estimated at over $50 billion, is rapidly expanding. With over 200 million people, Nigeria claims a prominent role in this global phenomenon, boasting the largest betting market in Africa.

According to Bello Maigari, NLTF's executive secretary, Nigeria's gambling industry is set to continue an impressive growth trajectory, projected to reach over $366 million annually by 2027.

He also called for the federal government to implement a taxation framework on the gaming and betting industry acting as a tax contributor which will not only bolster the national economy but also create a level playing field for both local and international betting operators.