There is no question that the world of Nigerian betting is evolving. In April 2016 the entire industry revolved around a single publication, PwC.
PwC is the official publication of the Nigerian gaming industry. Since then, although PwC still exists, the industry as a whole has reached a new level. This is, however, far from the only noticeable change.
Looking at football, it is by far the biggest sport in the country. In 2021, betting on football grew to reach astronomical levels. Though in that market bets still revolve around foreign clubs. Most wagers get made in relation to the Spanish La Liga and English Premier League. The local football scene is growing, but can’t compete with big foreign clubs.
Expansion of Local Betting
The primary reason for the expansion of betting in Nigeria is the youth. The younger generation sees wagers as the top form of responsible entertainment. This statistic takes into account the big population of local young people. Hence gambling, sports betting in general, dominates local entertainment trends.
Technology has also come a long way. Smartphone penetration in particular has increased. In 3 years gambling by smartphone has grown by an incredible 50%. This trend is likely to expand even more in the coming years.
Another important factor is operators taking sports betting to a global market. Many major foreign parties have entered the country’s borders. This has allowed for cross-border payments. Additionally, more foreign betting markets are also now available to locals. This means that there is no shortage of new and engaging online gambling content.
This increase in content has paired with smartphone penetration. The result is a massive spike in local betting.
Perception and Future
The last important factor to look at is perception. Locals once viewed gambling as something only engaged in by low-income individuals. But as perceptions have changed, so has the prestige of the average gambler. More high-income players are engaging than ever before. This is another trend expected to evolve in the coming years.
There is no doubt that gambling has a big future in Nigeria. The chances are that as the industry keeps growing, more operators will enter the scene. This in turn means that more mergers and partnerships are on the cards. This in itself will be a positive development. More competition and activity means an increase in options for locals.
It is also likely associated with gambling technology set to advance. Companies will want to keep attracting the youth to gambling. This means that attractive new technology will get introduced. In particular, virtual fantasy sports betting will likely become a new trend. Virtual technology will also have a future in the country.
Whatever happens, Nigerian gambling is only expected to keep expanding.