Charting The Growth Of Nigeria's Sports Betting Industry

Times are looking good for the Nigerian service sector, and as would be expected this has also seen a considerable growth in the number of betting shops across the country. While plenty of Nigerians are now choosing to place their wagers via their smartphone app (check out a Bet9ja Promotion Code if that's your style) there's still plenty of space for convivial betting shops which seem to be springing up everywhere. Much of this growth has not just a healthy economy to thank - there's a variety of reasons which have combined to make it never so easy to place a bet in Nigeria. 

Despite gambling having always existed on underground markets, there's no doubt that the 2007 legislation allowing bookies to operate legally (and pay tax) was a landmark factor towards creating what we enjoy today. In just over a decade what was to all intents and purposes, a brand new industry now has an estimated 60 million regular customers spending on average about ₦2bn a day - and much more on major events such as football cup finals and international tournaments featuring the Super Eagles. 

This follows a global trend that suggests over the first two decades of the century worldwide expenditure on gambling has at least doubled - thanks mostly to emerging markets such as Nigeria. Yet surely there must be more to this than just more money and less regulation?

One of the reasons you rarely see small pop-up bookies go bust is because it is incredibly easy for the proprietor to just piggyback on the odds used by online firms. The leading online bookies spend a small fortune in software and human expertise to align their odds to factor in a constant 'house' edge - usually between 5-8% depending on the fixture.

Smartphone technology also allows for small operations to use professionally calculated odds which adjust literally every second depending on market trends. So while a customer could just log into their online bookie and place their bets, truth is that the same odds will likely be available at their local shop. For many people placing their bets this way is seen as investing in their local economy instead of big business, as well as offering a place to watch the game in a social atmosphere. There's no doubt that the expansion of such small operations is intrinsically tied to the expansion of online betting and access to markets.

Despite a steadily growing economy Nigeria continues to suffer from enormous unemployment - especially among young men for whom gambling companies often consider their core clientele. It may sound unseemly but there is no doubt that for many of these people, the opportunity to hit it rich with a smart bet is always going to be tempting. Likewise for others placing small wagers across the day is a way to spend free time. Either way, sooner or later most of that money goes to the bookie.

On a brighter note, the wider availability of access to live match broadcasting has provided a key catalyst to the expansion of betting markets. Many Nigerians follow an EPL, La Liga or another European team with a timezone meaning that enjoying these games is a regular part of daily life. To put it simply, there's a lot of matches worth placing a bet on. Betting shops have also expanded their offerings even beyond sport, with a variety of 'real world' markets often being available depending on everything from electoral results through to the ever more popular world of virtual sports.

As for the future, there's a high probability that many of these small independent operations will eventually end up forming chains and creating an even more competitive market. With luck, this will be good news for the Nigerian sports fan - within limits.

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