It has been revealed that up to 65m Nigerians spend an average of $15 daily to place bets.
This revelation was made by Bello Maigari, executive secretary of the National Lottery Trust Fund (NLTF), at the 2nd edition of the biennial national gaming conference held on Tuesday in Lagos.
At the event, Maigari said the online betting sector has seen exponential growth.
“It is not out of place to look at some statistics that underscore the significance of this industry and situate its centrality in promoting the renewed hope agenda of this
Administration,” he said.
“As of my last knowledge update in September 2021, the global online betting market was estimated to be worth over $50 billion, and it has continued to grow significantly since
“In Nigeria, the online betting sector has seen exponential growth, with millions of citizens engaging in various forms of online gaming and betting.
“With a population of over 200 million people and the largest betting market in Africa, our country is making giant strides in the world of online sports betting.
“Currently, there are over 65 million Nigerians actively engaging in this activity, spending
15 USD on average every day. It is on record, each day, 14 million bet takes and payments are made online in our country.”
Maigari said revenue from the online betting sector alone is projected to reach over $256
million this year.
“It is expected to experience an annual growth rate of nearly 10% to reach more than 366 million USD by 2027,” he said.