Data from the National Lottery Trust Fund (NLTF) has revealed that over 65 million Nigerians actively engage in betting, spending $975m daily on online betting.
Executive secretary of NLTF, Bello Maigari, made this known yesterday at the second edition of the biennial national gaming conference held in Lagos.
He said Nigerians spend billions of dollars on betting each year, despite economic hardship.
“Currently, there are over 65 million Nigerians actively engaging in this activity, spending $15 on average everyday. It is on record, each day, 14 million bet takes and payments are made online in our country.
“It is expected to experience an annual growth rate of nearly 10 per cent to reach more than $366 million by 2027,” he said.
Noting that the online betting sector has seen exponential growth, Maigari 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 then.
“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,” he stated.
He therefore called on the Federal Government to create a framework that can encourage the betting industry to contribute taxes in the country.
“Moreover, leveraging the gaming and betting industry as a tax contributor can help create a level playing field for both local and international operators,” he said.