Recent reports revealed that gaming in Nigeria has reached a value of $180 million. This is placing Nigeria as the second-largest nation in Africa based on gaming generated revenue. Egypt holds a strong position as number one with a dazzling revenue of $286 million. South Africa with its many casino resorts is often talked of as being THE casino nation in the African region but in terms of the revenue made from gambling, South Africa falls behind, landing on $129 million.
So what does this tell us about the future of the gaming industry in Nigeria? Well, to start with, GamblersBet share the common belief that the gambling market in Nigeria has a lot more to give before it will reach its full potential.
Nigeria with its large population (191 million in 2017) is in many ways is still considered as being in its infancy when it comes to modernization and development. With recent years focus on infrastructure, the number of internet users in Nigeria is expected to increase from 47% in 2018 to 84.5% by the end of 2023.
With almost 55% of the population within the agee of 15-65, improved internet and mobile accessibility and a nation that loves football, it may not come as a surprise that sports betting is big in Nigeria. Studies done in 2015 showed that most bets where placed at small local bet shops but with a strong development for more Nigerians going online for betting services.
Foreign interest to invest in the Nigerian gaming industry has slowly started to increase, perhaps out of a need to search for new markets as the European market is becoming more difficult to compete on. or, because investors today have realized the potential of the African region.
As the industry grows so does the partnerships. A recent example is Bet9ja joining an NGN200 million partnership with the Nigerian National League and the last year has witnessed several partnerships between operators within the gaming industry and companies of payment platforms to make online payments easier, and safer, for all parties. Safety is often raised as a concerned related to the increased gambling rate in Nigeria and international investors are hoping to see the Nigerian government taking a firmer stand on incorporating rules to minimize the risks of money laundering.
The gaming industry in Nigeria has grown significantly during recent years despite the fact that gambling at large still is illegal in Nigeria. The pressure is on the government to urgently review the gambling legislation and to take necessary actions to encourage the establishment of foreign gaming operators with good and safe management. With a passive government and insufficient legislation, this fast-growing gaming industry is at risk of from falling into the hands of illegal, criminal operators.
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