Nigerians spend $975m daily on online betting

[rodskee]

That's totally alarming considering the total population of Nigeria 225,600,039 as of November 2, 2023 coming from the source below.

https://www.worldometers.info/world-population/nigeria-population/

So let's do the match, that's 65m/223m = that's 28% of population are into gambling. Well, I tell you, this pecentage is too high considering some of the 225m population are minors or kids, or women, which the rate of gamblers is really high. And here's another interesting numbeer from OP>

spending an average of $15 daily

And as per data below, it's minimum wage is.

39.289 USD/Month

https://take-profit.org/en/statistics/minimum-wages/nigeria/

So they are gambling more than what they earn? That's unbelievable.

and also the main concern is who are those gamblers? we knew how hard living in Nigeria so if we are talking about
poor people here(in which I am not degrading or anything bad about Poor people but instead my concerns for them) and majority of that
gamblers are in their live so this is truly alarming , hoping that the government will act accordingly here or also the government is one of
those who are pushing players to gamble for their own benefits.

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....

It is not just about so true random statistical figures here and there to allow the public the question is what the hell is the government of that country doing about this. After publication of this figure what steps have been taken to curb this fast-rising pandemic because that is how I see it. If this amount of money is spent daily on online betting what is the psychological cost on the nation? What is the psychological cost on the menfolk because they would have more population of gambling men than women.

The economy is not to blame 4 days rise in gambling. Shouldn't we blame the government of a country when they have no concrete measures in place to prevent her citizens from gambling like their lives depend on it? Shouldn't we blame the government of a country when there are no regulations guiding operating and online betting business in the country?

Something definitely needs to be done ASAP.

that would be hard for these politicians because they are known be one of the corrupt countries. their people have been in gambling and we can't rely on these politicians to act on this alarming rate in their gambling sector. maybe, a lot of them are also in gambling. who knows?
am not familiar with how their government programs are addressing this matter. but i guess, they have other pressing matters that they are taking care of.

How can be politician to be trusted in this issue when like what you mentioned they are one of the most corrupt country
in the world so how can we rely them to act for the betterment of the people when we are talking about gambling?

[Strongkored]

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

Of course that will be far below what citizens spend on gambling because gambling sites are businesses and they will target profits and if gambling is legal in your country and the government has clear regulations then online or offline casinos will pay taxes so the government will know clearly how much the casino profits from the activeness of its citizens playing there, Countries that legalize gambling will find it difficult to restrain their citizens from gambling usually what will be done is to make rules to protect citizens from the impacts that can be caused by gambling.

[ethereumhunter]

and also the main concern is who are those gamblers? we knew how hard living in Nigeria so if we are talking about
poor people here(in which I am not degrading or anything bad about Poor people but instead my concerns for them) and majority of that
gamblers are in their live so this is truly alarming , hoping that the government will act accordingly here or also the government is one of
those who are pushing players to gamble for their own benefits.

Surely, they want big wins from gambling so they still gamble today. They may not think about losing but how they can win from gambling. However, they should be aware that relying on gambling to make money will not give them a big chance of getting it, but they will experience bigger losses. And if the government does not provide education about the dangers of gambling, people will not want to understand and will continue their gambling activities.

[Sexylizzy2813]

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. 

That's a very huge amount, I was even expecting it to be more than what they're giving us. But before they start dropping figures of money spent on betting, have they made any calculations of winnings customers are having in year, month, weeks and days? Have they try to know how much customers get in terms of winning?
To me the spending on gambling isn't close to the winnings because we have customers who stake high to win a larger sum of money and they're ready to do that every week and their winning percentage is, let's say 85-90%.
To me many people win more than some lose, and some people use betting or should I say gambling as a means of survival in Nigeria (not only in Nigeria but other countries) and is going well for them no matter how hard the economy is.

[Mauser]

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?

Wow that is a lot of money for one country alone. With a GDP of 440bn USD, I can't believe that they would bet so much money every single day on betting. Interesting would be also how much tax revenues the gambling industry generates for the country. Now I am wondering where all this money is coming from that people use for gambling. Maybe they people in Nigeria are more lucky and win higher amounts than in other countries? I would expect that a majority fo the 65m gamblers are regular customers and they must be funding their bets from somewhere. With such a large betting market there is probably a high level of competition among the bookmakers and casinos to attract new capital. Also shouldn't this attract international companies to invest in the Nigerian gambling market? It seems very lucrative and as long as the government doesn't want to limit the gambling exposure of the people I would expect that the share of people gambling even rises over time. I am not sure if people will actually rely on gambling to survive, or if they use as a form of entertainment to spend their money earned from their full time job.

[Outhue]

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?

Wow that is a lot of money for one country alone. With a GDP of 440bn USD, I can't believe that they would bet so much money every single day on betting. Interesting would be also how much tax revenues the gambling industry generates for the country. Now I am wondering where all this money is coming from that people use for gambling. Maybe they people in Nigeria are more lucky and win higher amounts than in other countries? I would expect that a majority fo the 65m gamblers are regular customers and they must be funding their bets from somewhere. With such a large betting market there is probably a high level of competition among the bookmakers and casinos to attract new capital. Also shouldn't this attract international companies to invest in the Nigerian gambling market? It seems very lucrative and as long as the government doesn't want to limit the gambling exposure of the people I would expect that the share of people gambling even rises over time. I am not sure if people will actually rely on gambling to survive, or if they use as a form of entertainment to spend their money earned from their full time job.

Yeah, that's because you don't know, even the gamblers in the country have no idea, many could stop if they found out how much Nigerians are wasting on gambling everyday, and I don't want to blame anyone, the situations of things in the country is very bad, I remember the MMM Ponzi scheme days, do you have an idea how much was lost to this scheme in Nigeria alone? It's very massive, even people that I though are very smart end up participating in the scheme, but they hide like they have nothing to do with such nonsense until the Ponzi exit with peoples money.

Someone in my area said that Nigeria is filled with the fools becauSE they are easily scammed, he said he though the country is full of smart people and I told him that the struggle in the country is why people are falling into scams, when difficulty strikes too hard you will start hoping for better even from the wrong sources, that's when he calmed and said it's true, he is a indian guy who always believe that they are smarter than Nigerians.

I believe that the data OP provided is not accurate enough because gambling in the country is a must for the citizens, there is no job and things are very costly, believing in fantasy is the only option left, as those who have money are capable of living outside the country like most of my black friends who are now in Ghana.

[LUCKMCFLY]

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. 

That's a very huge amount, I was even expecting it to be more than what they're giving us. But before they start dropping figures of money spent on betting, have they made any calculations of winnings customers are having in year, month, weeks and days? Have they try to know how much customers get in terms of winning?
To me the spending on gambling isn't close to the winnings because we have customers who stake high to win a larger sum of money and they're ready to do that every week and their winning percentage is, let's say 85-90%.
To me many people win more than some lose, and some people use betting or should I say gambling as a means of survival in Nigeria (not only in Nigeria but other countries) and is going well for them no matter how hard the economy is.

Well, this is a pretty strong statistic regarding what Nigerians can do, I didn't know they spent so much, but that means that they like to have fun, I just hope that they do this type of fun in a healthy way so as not to fall in addiction, because to be clear about everything it would be regrettable that there are assholes going through that bad moment and I hope that is not the case, but based on the main statistics, it seems to me that it is quite strong and a high number, I believe These types of things are what we should see, now if all the statistical statistics are present, those of the casinos in general, even those that are not very legal but something like the black market, well, it is something that can be quite strong I would say that a lot is spent, and although Nigeria is a country that one day I would like to visit, especially for its people, since they are very happy, I like their football and their culture because I see that they know how to have fun.

Now when we take a short break and zoom in on this, we can see that people can have a high degree so that they can enjoy the best things in the casinos, the casino will always be a house full of fun and many things where Money is what makes the difference, in my case I would say that when it comes to doing something more like a static thing, what if people are happy , or what is their level of happiness in the country, at least in the part who are adults , can Consider themselves well served, because a casino does give happiness as long as it is played with great caution and taking care of the money you are going to spend , this is normal and it is something that we are always taking into consideration, to My it is the best that can happen, I believe that many good things can be done with the industry, as long as money is generated legally and taking the best of all the Conditions so that they do not fall into Addiction.

[Oilacris]

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?

Wow that is a lot of money for one country alone. With a GDP of 440bn USD, I can't believe that they would bet so much money every single day on betting. Interesting would be also how much tax revenues the gambling industry generates for the country. Now I am wondering where all this money is coming from that people use for gambling. Maybe they people in Nigeria are more lucky and win higher amounts than in other countries? I would expect that a majority fo the 65m gamblers are regular customers and they must be funding their bets from somewhere. With such a large betting market there is probably a high level of competition among the bookmakers and casinos to attract new capital. Also shouldn't this attract international companies to invest in the Nigerian gambling market? It seems very lucrative and as long as the government doesn't want to limit the gambling exposure of the people I would expect that the share of people gambling even rises over time. I am not sure if people will actually rely on gambling to survive, or if they use as a form of entertainment to spend their money earned from their full time job.

Doesnt matter on what GDP does a country have in relation into their citizens spending because we do know that it has nothing to do on someones capacity on playing up gambling which we know that it is really varying on someones capacity on doing gambling. Not all the time on which we do only see or check about counties condition about economical aspects on trying out to connect it out on someones
financial capacity but its not really that bad to assume out that most people arent really that financially stabled for us to tell that why they are really that a fan on spending out tons on gambling
if their earning is really just that enough on day to day survival? Trying out to make those amounts bigger and hoping for some huge wins? thats really a huge mistake to be done by someone.

[Josefjix]

Surely, they want big wins from gambling so they still gamble today. They may not think about losing but how they can win from gambling. However, they should be aware that relying on gambling to make money will not give them a big chance of getting it, but they will experience bigger losses. And if the government does not provide education about the dangers of gambling, people will not want to understand and will continue their gambling activities.

Should we channel blames to the Government for failing to provide jobs for the youths who are frustrated and scouting out other means to survive in the country. There should be awareness about the system, we are humans and do make mistakes, so there are rooms for us to correct them and fall back to track on earning legitimately from the system. I'm not saying we shouldn't gambling but reduced it to one of the minimum points in gambling. Depending on gambling as the stable streams of generating income is an unwise decision because there will be time when one will struggle to reap profits and he or she will face losses as fate.

[Hispo]

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

Of course that will be far below what citizens spend on gambling because gambling sites are businesses and they will target profits and if gambling is legal in your country and the government has clear regulations then online or offline casinos will pay taxes so the government will know clearly how much the casino profits from the activeness of its citizens playing there, Countries that legalize gambling will find it difficult to restrain their citizens from gambling usually what will be done is to make rules to protect citizens from the impacts that can be caused by gambling.

Actually, now I think about it, it would be relatively difficult to know how much a casino industry within a specific country like Nigeria profit, because I assume that casinos (like any other business) are discreet about whom they disclose their net earnings.
Casinos in countries where gambling is legal are not supposed to lie to the government, so I assume those in charge of managing the taxes are the only ones out the casino who know exactly how much money they won in a year.
There is also another possibly, if the casino is owned by private investors, then it would make sense they gather once a year at minimum to disclose among them the total profits of their business, the same way major share holders gather to discuss the future of publicly traded companies.
Since we do not have access to privileged information whatsoever, we can only guess on those figures.