The online betting market, also known as iGaming, is growing worldwide at a compound annual growth rate of more than six percent. In Nigeria, that growth rate is more than 10 percent – only the US and Indian markets are growing faster. While the US has the fastest growth rate, it also has a problem. More than 70 percent of overall gambling revenue comes from over 55s, and the most popular form of gambling is land-based slot games.
In Nigeria, we see an almost diametrically opposing situation. The handful of physical casinos in Nigeria are mostly used by foreign visitors. iGamers are finding online betting as just one component of the technological revolution spreading across the nation. Let’s look a little more closely at what they are spending their money on and how that compares with the iGaming gold rush taking place in the US.
Casino gaming – keeping it social
We have already mentioned the love that Americans have for casino slot games in the US. Betbright online casino review tend to have similar priorities, and casino slot games are manifold – in fact, it sometimes takes some effort to find your way past them at an online casino in the USA to play anything else.
Nigerians also play casino games, but have different objectives and motivations driving them. The average Nigerian iGamer is male and 37. Born in 1985, he was seven when the first smartphone launched and 12 when the first social media platform went live. In short, he is as blasé about mobile apps and online gaming as older generations might be about TV or radio. US casino gamers like the familiarity of slots that they have seen in the casino, titles like Starburst and Lucky Lady’s Charms Deluxe. Nigerians, on the other hand, favour games that have a degree of social interaction about them, such as poker or live dealer table games like blackjack.
Sports betting for the win
An area in which both Nigeria’s and the US online betting habits intersect is in the sports betting segment. In the US, this is partly regulatory – more US states have their own online sports betting networks than have online casinos. What’s more, the sports books in the US are immensely powerful and spend millions on promotion so it is hard for anyone to miss them.
In Nigeria, online casinos are as accessible as online sports books. However, Nigeria’s younger generation of iGamers is simply more interested in sport than in any other form of betting. Unsurprisingly, football betting is the most popular by a significant margin. Fans love to bet on local Nigerian leagues, but even more popular is betting on the major European leagues such as the EPL and Bundesliga.
In fact, if asked to name the top three sports to bet on in Nigeria, most bookmakers would answer football, football and football. If pressed, they would acknowledge basketball and tennis, but in fourth and fifth positions.
Nigeria’s iGaming sector is going from strength to strength. And thanks to the young and affluent demographics leading the way, that growth shows great signs of long-term sustainability.
