COVID-19 has impacted nations across the globe and Africa has been no exception to it.
Nigeria has been affected by the coronavirus pandemic too. The nation has seen a massive rise in popularity for sports betting and it comes as no surprise.
Internet access has become widespread and mobile phones have become tremendously popular among most Nigerians. With the advent of online payment channels and ease of advertising regulations, the sports betting industry has experienced a huge boom.
Due to COVID-19, online sports betting has started growing a lot at the expense of traditional forms. Casinos have taken a huge hit and have had to find ways to break into the online market. This will increase the competition to a greater extent in the highly competitive betting industry. 36% of Nigerians participate in betting, of which, over 50% are involved in daily betting. Over 70% of Nigeria’s youth are frequent bettors.
Betting has truly become an integral part of Nigeria. It is a major source of financing sports in many countries. Nigeria is currently facing a shortage of public financing for its Universal Health Coverage and the sports betting industry can bring in a lot of revenue through taxes that can be utilized for this. The massive growth in revenue for the sports betting industry reflects the increase in participation in Nigeria.
The youth of Nigeria (between years 18 to 40) are spending an estimated 1.8 billion Nigerian Naira daily, which works out to approximately 653 billion Nigerian Naira for the year! It is the second-largest online gambling market in Africa and has become a source of viable income for lots of people.
SportyBet is one such platform that is used a lot by Nigerians. It is Africa’s leading football betting and live streaming platform, which is licensed under the Lagos State Lotteries Board (LSLB) and National Lottery Regulatory Commission (NLRC). SportyBet is proud to have Nigerian football legend, Nwankwo Kanu as its brand ambassador.
Nigeria has become a thriving market and sports betting is going through a golden period in the country. With innovation and technology growth, it is important to have an easy to access and presentable interface for sports betting platforms. Given the country’s high unemployment rate, the sports betting market has created thousands of jobs in the private sector. Sports betting platforms like SportyBet do not only hire directly but also help create jobs indirectly through agents, affiliate partnerships and associate networks. This has provided an impetus to livelihoods of many in the country.
With employment problems leading to poverty, sports betting has provided a chance for many to earn a living by using small amounts in betting for high returns that one can only dream of. Nigerians have always been huge sports fans, especially, football. However, it is more than just being passionate to watch the beautiful game for many. It could be a direct result for them being able to earn enough to feed themselves and their family.