Recent data from the National Lottery Trust Fund (NLTF) has shed light on the increasing prevalence of betting in Nigeria, with over 65 million Nigerians actively participating in betting activities. Despite economic challenges, individuals in the country are spending an average of $15 daily on betting, resulting in approximately 14 million daily online bet transactions.
Bello Maigari, the Executive Secretary of NLTF, shared these revealing statistics during the second edition of the biennial national gaming conference held in Lagos. He emphasized that Nigerians collectively spend billions of dollars on betting each year, indicating the industry’s substantial economic impact.
The global online betting market, estimated at over $50 billion in September 2021, has continued to snowball. Online betting in Nigeria has witnessed exponential growth, with millions of citizens participating in various forms of online gaming and betting. With Nigeria’s population exceeding 200 million, it boasts the largest betting market in Africa.
The Call for a Regulatory Framework
In light of the betting industry’s expansion, Maigari urged the Federal Government to establish a regulatory framework encouraging the sector to contribute taxes to the country. Such a framework, he argued, would create a level playing field for both local and international operators.
The data from NLTF underscores the surge in betting activities in Nigeria, highlighting the need for regulatory measures to harness the economic potential of this industry. As millions of Nigerians engage in betting, the government’s role in ensuring responsible and regulated betting practices becomes increasingly significant.