Nigeria is one of the largest online sports betting markets in the world. It is the country with the 6th largest population in the world and the most populous in Africa.
The people of Nigeria are extremely passionate about sport, which has led to an increase in the love for sports betting. They love to bet on both daily and weekly jackpots as well.
There are many people who prefer betting using the top betting sites in Nigeria. Using the best betting sites gives people access to online sites that offer jackpots, bonuses, and various sports for betting. It also helps ensure the safety and security of funds.
Over 60 million people in Nigeria whose age is between 18 and 40 years are involved in betting. The sports betting guide of Nigeria gives information about the regulatory agencies that are responsible for enforcing gaming laws and sports betting laws.
Where exactly does the revenue from Nigerian sports betting go?
It is very difficult to understand where exactly the revenue does or the tax money generated from Nigerian sports betting goes.
However, it has been said that betting has benefitted the country majorly as it has provided a means of income for many and also helped with health financing since betting sites have to pay taxes to the Nigerian government for functioning in the country.
The rapid rise of betting sites in Nigeria has led to an increase in jobs being available as well so the nation is prospering with the increase in sports betting.
Consumer Protection in Sports betting
Consumer protection is obligatory for the growth of all types of industries. There is no exception when it comes to the betting industry.
This ensures that the consumers are safe and that their interests are properly safeguarded from unfair practices. When it comes to sports betting, consumer protection is not only important but also necessary for the citizens of Nigeria.
A few regulatory agencies in Nigeria include the Lagos State Lottery Board (LSLB), National Lottery Regulatory Commission (NLRC), and other State Lottery Boards that protect the interests of the consumers in the industry of sports betting.
The Competition and Consumer Protection Tribunal (CCPT) and Federal Competition and Consumer Protection Commission (FCCPC) are the two agencies of the government. These are regulated under the supervision of the Federal Ministry of Trade and Investment, which derives its power from the Federal Competition and Consumer Protection Act, 2018.
These agencies are tasked to protect the rights of the consumers. These agencies are considered the most powerful monitoring agencies for consumer protection in Nigeria.
The first route of consumer protection is private. It helps in attaining a legal remedy to each consumer who has already gone through any kind of breaches of the terms of the contract. When a better approves the terms and conditions of a betting company, he automatically enters into an agreement with that betting company.
The second route of consumer protection is the public that forces certain duties that need to be complied with. If any kind of breach has been detected, it may lead to societal backlash, which in turn may end up leading to loss of revenue.
This approach primarily involves grasping sympathy in order to protect the people who are getting treated in an unfair manner by the various betting companies.
Safety of sports betting in Nigeria
The industry of online sports betting in Nigeria is highly unregulated, but it is still considered safe.
Online sportsbooks are readily available on the internet, and the government of Nigeria is not taking any step to ban online sportsbooks.
Nigeria is responsible for having more than 190 million sports bettors. As such, all the top continental European and UK online sportsbooks accept Nigerian bettors.
Nigeria is full of safe, competitive, and legitimate gaming companies, and so the safety of online sports betting in this region is good.
But in order to ensure security from the companies, the people who are depositing their money in sports betting must always opt for reliable bookmakers. They must research online and select the most reputable and famous online sportsbooks.
Outlook of sports betting in 2021
The problem arises as there are more sports bettors in Nigeria who are interested in live sports rather than the ones who are interested in the virtual kind.
Hence, there is a lack of interest in the virtual betting platforms. However, with the rapid rise of live betting on online betting sites, moreover, during the pandemic, Nigeria’s online betting market has significantly grown.
Nowadays, due to the increase in the use of smartphones and the internet, many mobile applications started offering online betting platforms.
The online sportsbooks are a great help to the people of Nigeria as it provides access to a number of sports markets and tips on placing bets with the help of their phones.
Though the sports betting market witnessed a huge loss in 20210, it is expected that the market will rise as soon as the venues start opening up for fans as Nigerians will love to be in the stadiums to watch the games and use their phones to bet at the same time.
