In 2016, PwC Nigeria, a leading professional service and advisory firm, released a publication. Called “The Gaming Industry In Nigeria”, it examined the growth of the betting and online casino industry at the time.
Since then, technology has progressed. The world has also gone through some major changes. Betting has now become something of a national pastime in Nigeria, especially when it comes to sports.
The Impact of Football on Sports Betting
Like most of Africa, football in Nigeria is huge. There’s also an equally huge football sports betting scene.
For the past decade, Nigeria has by far had the highest GDP in Africa. This is mostly thanks to its growing IT and e-commerce industry. In particular, the huge amounts of revenue generated from sports betting. The Spanish La Liga, and English League Premier, are particular favourites for bettors in Nigeria.
The Expansion of Betting Operators
More than ever before, smartphones have become the most prevalent form of technology in Nigeria. It’s estimated that, over the past three years, the use of smartphones for sports betting has increased by 50%.
With an increasing amount of the population getting involved, betting operators have been rushing to meet the demand. This includes foreign operators and investors who have added much-needed stimulus to the market.
Operators have begun enlisting the help of celebrities to aid in marketing on a more regular basis. Mergers and partnerships have also helped to boost and strengthen the market.
With a far greater supply of products, Nigerian bettors can now enjoy a wider variety of betting options than ever before. These include options that are local and international.
Changing Views on Sports Betting
Before the boom, sports betting in Nigeria was generally looked down on as a somewhat pointless past-time. Over the past decade though, perceptions have changed. Now, people of every class and level of income, that can afford it, are flocking in to get their slice of the pie.
Predictions for 2022 & the Foreseeable Future
At its increasing rate of success, the future looks good for the betting industry in Nigeria. To keep it up, and avoid stagnation though, there will need to be a continuous push. This is required to be driven to the expansion of content as well as the betting options available to players. Investment, mergers, and acquisitions will likely become ever-more-frequent and necessary.
Meanwhile, marketing strategies will likely focus on drawing in the masses. With the biggest market, being the youth, taking center-stage. Keeping up with technology will become more necessary to stay on par with international standards and trends.
Like elsewhere in the world, new devices such as VR headsets may prove useful in attracting the larger, younger, generation. Along with better mobile devices like smartwatches and smartglasses.
If all goes smoothly, Nigeria could very well be on the verge of an economic golden era. Furthermore, such a staunch role model could do wonders for the continent of Africa.
