Nigerians spend $975m daily on online betting

[Ruttoshi]

Infact this 28% is low excluding old and children. The reason why I said this is that this is the online statistics. People bet offline, on land base casino. People gamble in their compound, in the neighborhood apart from casinos and it is normal in Nigeria. Some gamblers gamble till dawn. Like someone said, I will say that it is like a tradition down here because even before the economy got to the level, people have being gambling and using it as a means to double their funds.

The youths now don't have anything that they do with their money but to gamble and hope to win big, because they have seen people that have won big in gambling. There are sportbet outlets in my neighborhood and all the time it is filled up. They see losing as something normal and they hope that someday, they will win big.

[AmoreJaz]

Infact this 28% is low excluding old and children. The reason why I said this is that this is the online statistics. People bet offline, on land base casino. People gamble in their compound, in the neighborhood apart from casinos and it is normal in Nigeria. Some gamblers gamble till dawn. Like someone said, I will say that it is like a tradition down here because even before the economy got to the level, people have being gambling and using it as a means to double their funds.

The youths now don't have anything that they do with their money but to gamble and hope to win big, because they have seen people that have won big in gambling. There are sportbet outlets in my neighborhood and all the time it is filled up. They see losing as something normal and they hope that someday, they will win big.

so who would have thought that they have money to gamble on a daily basis where this country is known to have a lot of people below poverty level? the gambling business is very profitable then on this area. wonder where people are getting their money to sustain their daily gambling activities.
the figures may not be exact but it goes to show that this country is like a gambling haven in their region. i hope some youths will find their way to better their lives.

[Kelward]

From the way that I see it, two factors are responsible for this trend of increased interest in gambling in Nigeria, one is the economic hardship that is biting hard in the country, the other is the increased adverts of bet companies in the country. Because of the rate of unemployment, increased high cost of living, the naira devaluation, these reasons and more are driving the citizens to look for any alternatives to escape poverty, so people have embraced gambling as a quick and genuine way to get rich quick. From my observation as a Nigerian, most gamblers don't engage in it just for fun, majority of them gamble as a means of survival. When you hear that Mr. A who is known to be poor just suddenly hit the jackpot and becomes a millionaire overnight through gambling, this is the motivation for the increased interest in gambling in the country.

Again the way sports bet and lotto shops are springing up in most corners of the country is very alarming, also the way the bet and lotto companies are advertising gambling is very enticing, as if when you place bets that it's certain that you'll win. Nigerians love football, so anytime that there's a match, you'll see sports bets advertising the match on news sites and will ask you to make bet on who will win.

[Die_empty]

Honestly, I didn't expect that the circulation of money in the online gambling business in Nigeria was so big. With the data above, it further proves that the current target market for gambling is developing countries. Every day gambling players are not decreasing but increasing, so the governments of many countries are obliged to solve the problems that can arise because many gambling addicts are born. Regarding what percentage of online gambling sites pay Nigerians, I'm sure the data we get will never be accurate.

Poverty is driving people to see gambling as another source of income. They are not gambling because of fun but to make money to survive the harsh economic realities. The government doesn't care about the population, they are only interested in looting funds and collecting taxes from these casino companies. In almost all the streets in my region, you will find an in-house betting company. Some of them are even close to secondary schools where we have underaged children. As the economic situation of most of these countries keeps getting worse, the amount people spend on gambling will keep increasing.

[Odusko]

Nigeria is a country that's made up of over 200 million people and the 65 million people who daily engage in gambling are below half of the total population in the country and if carefully examined, over 60% of the gamblers earns more than $1000 monthly. And that's I think it's absolutely possible for them to spend such amount on gambling daily. Because of the very harsh economic situation in the country, a lot of people engages in gambling in search of shortcuts to earn a living but sadly for most of them, they end up losing more than they win from gambling

is totally a suicide attempt to try to take gambling as a means to escaping financial and economic hardship because doing so will only increase the risk of you becoming poorer because as a result of the multiple losses that you will record from gambling, so I think instead of choosing gambling as a means to get in on some of those little challenges even though it is big in some cases, but comparing it the resultant bad effect of gambling in contribution to that hardships it becomes big.
Nigerians are known for always being the best at whatever they have to do, and gambling is one of those things that have gained such high attention from Nigerians, but, the losing ratio is still very high compared to how much gambling may have brought into the domestic economy.

[Accardo]

If Nigerians play such an amount every day, that means the government is generating enough money from the gaming niche. Because the country consists of both the rich and the poor. Not everyone is extremely poor in Nigeria. So, they'll be able to have fun playing games. It's just like checking how much Nigerians also spend on hotels and wines. You'd see that a high amount is also spent everyday. The government generates lots of money in Nigeria. Only people who don't know how big gambling is worldwide would doubt such digits. I won't doubt it, since the population is enough to spend such an amount. Many of them play games with vendors and they get paid. So far the person wins the game. Hence, if the numbers are real, it's still based on estimation. It's not realistic to say that they need gambling to survive in the country. That means the person won't survive. Since gambling has never been made for people to make lots of money. Most of them won't be able to meet up with daily expenses and food as well. Economic crisis doesn't mean markets won't sell and traders making profits. These traders also bet while in the market. You'd see that gambling is quite large in Nigeria with high volume of profits for vendors and bookmakers.

I am not doubting the Nigerian spending power or not degrading them in any manner, I am just thinking logically, and this percentage is too good to be true. Also if you take a look at the article mentioned in the OP it is not talking about people gambling more and getting addicted, it's about making the right frameworks which is nothing but bringing guidelines for gambling activities and enforcing every gambling operator to generate revenue in the form of taxes to the government.

All the wins from gambling is subjected under taxes but I can't really able to find the actual taxation numbers so that is what this is all about.

Betting companies and Industry in Nigeria enjoy reduced tax rate. The National lottery Regulatory commision in charge of gambling activities in Nigeria demands that gambling companies pay atleast 7 percent of the license's net proceed, annually. Where the gambling companies pay lots of money is in obtaining license and permit. Prices differ for sport betting and lottery. But, they all fall at the range of million nairas in tens and unit. As for the players, no value added tax is demanded of them. Gamblers in Nigeria get their complete funds. The VAT would have been introduced in gambling this year, but it seems to be limited to maybe companies that may have not complied with paying their taxes. Not sure about it, but, quite possible. Then for the money generated in gambling or wagered money. The numbers here isn't correct, it's way too bigger than the actual amount spent each day. Nigerians wager, daily, around $5m daily. Forgive me, I didn't see the dollar sign earlier. Thought Naira was the currency. No they can't stake such an amount daily. If you read my last post you'd notice I wrote it believing that it's in Naira. Talking about what is been said in the article. I'd say that the Nigerian government still have strict rules on gambling adverts. Though gambling companies collaborates with telecommunication companies to also provide gambling Ussd code for non smart phone users. Yet the government got that angle covered and still watches over their activities. And it's written on the wall that the increase in the use of mobile phones increased the amount of money people stake everyday. If there were no fixed regulation monitoring the gambling company, the situation would have been hotter than it is, lots of people or more tender age players may/will have filled the gambling niche. In a nutshell, it's impossible to get watch of every gambling activities in Nigeria, to be able to detect underage players. Most of them participate, but to some extent.

[Wexnident]

Data from the National Lottery Trust Fund (NLTF) has revealed that over 65 million Nigerians actively engage in betting, spending an average of $15 daily. This is just as it disclosed that everyday, 14 million bet takes and payments are made online in the country. continue reading here....

Recalled that Nigeria population is estimated to be around 200+million and from the information above, over 65 million people are engaged in gambling on a daily basis amounting to over 32% of the country population. With the recent economic crisis and hardship affecting almost all the nations, if large number of people are spending this much on betting, can we say that they relied on gambling to survive?

But, I think we need to know how much betting sites are paying out daily too, so we can make comparison. 

Idrk if that's big. Do we have any comparison to say, other countries or maybe even other industries instead? But well considering how hard it is to find a constant well-paying job, I don't think it'd be odd that some people would just go fuck it and rely on something like gambling. I reckon a small or close to half might just be your average salary worker that can afford that $15 spending, though most likely every now and then instead of daily.

Plus the number might actually be higher since there may be some local tables of gamblers that gather around to play. Not too out of the window to think about it tbh.

[o48o]

Data from the National Lottery Trust Fund (NLTF) has revealed that over 65 million Nigerians actively engage in betting, spending an average of $15 daily. This is just as it disclosed that everyday, 14 million bet takes and payments are made online in the country. continue reading here....

Recalled that Nigeria population is estimated to be around 200+million and from the information above, over 65 million people are engaged in gambling on a daily basis amounting to over 32% of the country population. With the recent economic crisis and hardship affecting almost all the nations, if large number of people are spending this much on betting, can we say that they relied on gambling to survive?

But, I think we need to know how much betting sites are paying out daily too, so we can make comparison. 

When the regime is not stable, i wouldn't be surprised if citizens would want to use online casinos simply as banks to store their wealth in. And this is probably something that is going on with crypto exchanges as much as with online casinos. If my bank had a gambling option, i might gamble more as well.

When one lives their life under corrupted officials, i assume that even shadiest exchange seem like a trusted ally, not to mention trustworthy established casinos. As additional bonus, those probably don't have to give up their user data of Nigerians to Nigerian officials, as Nigeria has no leverage over them. So it's a no-brainer to use them

[wiss19]

The numbers are alarming but I'm pretty sure that there are miscalculations, if there aren't miscalculations, there surely are mix-ups in those numbers, specifically the $15 per day part which is almost half of most people's monthly salary in Nigeria because their currency has no value at all against USD. Nigeria is a country where there isn't a lot of wealth available for the general public and the country itself is a middle-income country with a HDI of about 0.5 or something.

So, I'm pretty sure that among all those people who are involved in gambling are some that are rich and spending a lot of money on their gambling activities which is why the amount being spent is that high and those making calculations are taking out the average being spent is $15 per day per person which isn't what all of them can afford to lose every day, of course.

[Jawhead999]

Since Nigeria is a third world country there's an inequality of wealth distributions where the richest own a lot of money and most of people are poor, it's true if they're solely depend on gambling as a source of income.

Poor people don't have enough money, how they can have money to gamble? obviously it's for making more money.

Nigeria has an income inequality of 1 to 14 for the top 10% to the bottom 50% of the population and 1 to 37 for the top 1% to the bottom 50%.

Wealth inequality or wealth gap measures wealth distribution in a country. It is the difference between the richest and the poorest in a country or location.

[KTChampions]

When a third of the population is involved in gambling (and if you take away the children and the elderly who no longer need anything, then this is not a third, but rather half) then it looks like an epidemic. I don't know how bad gambling affects most Nigerians, maybe they have fun responsibly and don't have any problems with gambling, but from the outside it looks terrible.

Basing up on the numbers then it is really that quite alarming but if there's nothing that we can see about on some odd actions and doings then there's nothing we can do if they are really that a fan
on making up bets but as said that this is 3rd world country on which it does basically means that people arent really that mostly that being rich but still getting involved with gambling?
This do totally shows that they are really that addicted to gambling which basing up on the population number and the % of those gamblers then we can say that they are really that getting
involved that much with gambling. Gambling industry is really indeed making that huge revenue considering about almost a billion $$ a day? Whatt?
Just like you had mentioned on which this is really that still excluded on online crypto gambling too which means that numbers arent still that precise but
pretty sure it would really be just that more.

I’m not afraid of the amount of money in this industry because if you take the amount of money in the alcohol industry or even the bread industry, there will be billions a day. The percentage of people involved in this scares me, it even looks unreal. I knew several addicted gamblers, but the acute period of their addiction lasted no more than a few years. I don’t think Nigerians are special people who can spend their money on gambling for years and never end up with it. But if you believe these statistics, then this is exactly the case.

[abel1337]

Since Nigeria is a third world country there's an inequality of wealth distributions where the richest own a lot of money and most of people are poor, it's true if they're solely depend on gambling as a source of income.

Poor people don't have enough money, how they can have money to gamble? obviously it's for making more money.

Nigeria has an income inequality of 1 to 14 for the top 10% to the bottom 50% of the population and 1 to 37 for the top 1% to the bottom 50%.

Wealth inequality or wealth gap measures wealth distribution in a country. It is the difference between the richest and the poorest in a country or location.

I don't know if Nigeria has some sort of financial support for the greater poor but one thing is I'm sure, there's not much financial literacy on majority of the poor people in that country, just like other third world country. I think that they see gambling as one of the source of income that's why they actively deal with it even in reality, there's a lot of risk in it. Poor stays poor because of how the wealth gap in majority of the third world country.

I'm from a third world country and I know how hard it is to climb from poor to lower middle class and it's much harder from lower middle class to higher middle class. The opportunities from each wealth brackets are not the same as well as the education that an individual receives. It's just sad that there are poor people who treats gambling as a source of income and get stuck with that idea.

[ethereumhunter]

It seems like gambling is still a hope for people in Nigeria so they use gambling to make money. But I think it's not just people from Nigeria but also people from other countries who still use gambling to make money. They still believe that they can make money from gambling so they still try. But if they realize that it will never be easy and they will experience more and more losses, they should not try so hard and try to win the gambling game. The news about people winning from gambling makes them think that they can also win their gambling games. But we don't know whether they still rely on gambling to survive but they shouldn't because they will only experience defeat and lose their money.

[mirakal]

It seems like gambling is still a hope for people in Nigeria so they use gambling to make money.

Nigeria is one of the top 50 poorest countries in the world, and yet they are spending so much money daily on gambling. It's not a sign of hope anymore; it's a lack of education about the risks involved in gambling. In a country with high poverty rates, gambling shouldn't be the solution to improve lives because it's usually the gambling sites that become rich, not the people. This isn't about blaming gambling sites, but they do make a lot of money when people in desperate situations try their luck in gambling. Eventually, these individuals might become addicted and rely on gambling, which means money keeps flowing to the gambling sites.

[Johnyz]

I've been thinking that Nigeria is one of the developing country and seeing the total number of bettors there, I think most of them have the money saved for gambling purposes and we can assume that they really rely on gambling since they believe that they can win big on betting. Most probably the casinos they are playing are regulated and safe because imagine, almost half of your population are into gambling and yet the government didn't regulate any casinos.

[ethereumhunter]

Nigeria is one of the top 50 poorest countries in the world, and yet they are spending so much money daily on gambling. It's not a sign of hope anymore; it's a lack of education about the risks involved in gambling. In a country with high poverty rates, gambling shouldn't be the solution to improve lives because it's usually the gambling sites that become rich, not the people. This isn't about blaming gambling sites, but they do make a lot of money when people in desperate situations try their luck in gambling. Eventually, these individuals might become addicted and rely on gambling, which means money keeps flowing to the gambling sites.

It may also be due to a lack of education. Still, they may also often see several people succeeding in winning from gambling, so this will indirectly influence their minds to keep trying even if they lose. With a low poverty rate, they will try to make money from anywhere, even from gambling, so it will probably increase the poverty percentage even higher than before. If they realize that what they need to do is work to make money and not gamble, they might have a better chance of making money. But it seems that the available job opportunities are insufficient for the number of people who want to look for work. This requires serious attention from the government so they can find a solution.

[Outhue]

If you want to make insane amount of money in a year all you have to do is build your own gambling company, and make it available for people in Africa and around the world, it won't take a year for you to become a multi billionaire because millions of people are buying their fantasy every hour of every day, it is something I keep seeing whenever I leave my door going to work in the morning and whenever I am coming back home.

I have never seen whereby a gambling house been dried out, it's always full of different people, both men and women and even school boys that are supposed to be in school, this is what happens when poverty have taken over the sense of the living and the only thing left for them is the hope of a miracle one day, and gambling just fit this empty space than anything else.

The Nigeria government don't even care about it's people, either the casinos are regulated or not I have never heard about a court case on any unregulated casino before, all I know is those big casinos operating in the country are spending a lot of money to the government pocket to stay in the business, and since its a corrupt country this is expected.

[Negotiation]

Most of the Nigerians are interested in playing online because they think that everything depends on this gambling and it is under the control of the government that's why everyone spends more money to win big. Nigeria's growing interest in gambling is fueled by insufficient financial providers within the country a factor that is the main reason for the adoption of gambling across Africa. Nigerians spend more than half of their wealth on gambling Nigerians began to use the gambling industry as an effective tool to change the way they grow. The company provides an easy-to-use platform with plenty of options and competitive feedback for Nigerians to bet on. Its comprehensive payment system provides a safe and enjoyable betting experience for all users with secure banking system and excellent customer service.

[piebeyb]

Despite the crisis and economic difficulties everywhere, I am sure that gambling is not the answer to make it a more reasonable source of income, I know that it is really ridiculous to gamble to survive, after all to gamble also requires money, why not buy for living needs but instead of using it for gambling, it looks more ridiculous to prioritize gambling rather than spending on daily living needs.

That is a number that is not small considering that Nigeria is a country full of active gamblers, I think they never gamble, 65 million people are involved in gambling that is the biggest record I have ever seen compared to my country, but I am not really sure if they gamble to survive or just for entertainment and fun, but my belief is that most of the players there are addicted to gambling. 

[Sunderland]

It remind me about this video on youtube, Gamblers Like Me: The Dark Side of Sports Betting from BBC Africa.
I was surprised when the first time seeing this video, bookies are opening their service such as a grocery store or a minimarket there.
Interesting story, here is the link if you want to watch it:

https://youtu.be/JXgLwphEDM0?si=imE6vsGEag-S7wd0