Leading up to the new millennium, betting pools, lotteries and slots were the most popular form of gambling in Nigeria. Although various gambling authorities, laws and policies were already in place (including the Casino Taxation Act of 1965, the Lagos State Lotto Authority, a Lotteries and Pools Betting Law), gambling across the nation was largely unregulated. In fact, Nigeria’s overall gambling market is expected to exceed US$60 million by 2018. Although this figure pales in comparison with fellow African gambling-loving nation South Africa (which generates in excess of US$1.5 billion in gambling revenues per year), it is still notable considering that Nigeria currently only has a total of 3 We are looking at the state of Nigeria’s gambling market, and what can be improved to enhance the experience for both players and operators. To fill its huge potential, clearer laws are most likely required. by Peter H. 8 months ago 0 143. Source: NESA by Makers on Unsplash. A 2018 market research estimates that Nigeria, Kenya, and South Africa, have a combined sports betting market worth close to $40 billion. Naija has more than a few local betting companies. In fact, Nigeria’s overall gambling market is expected to exceed US$60 million by 2018. Although this figure pales in comparison with fellow African gambling-loving nation South Africa (which generates in excess of US$1.5 billion in gambling revenues per year), it is still notable considering that Nigeria currently only has a total of 3 A 2018 market research estimates that Nigeria, Kenya, and South Africa, have a combined sports betting market worth close to $40 billion. Naija has more than a few local betting companies. Revenue-wise, Nigeria holds the second spot as its market shows enormous potential for sports betting vendors. According to 2014 estimates, more than 30% of the country’s population wagers on Nigeria iGaming Market Overview and Infographic. Nigerian law has online gambling banned. A loophole is that one can always participate in offshore gambling. Another oddity is that there is mostly unregulated gambling going on despite various rules and regulation in place. Projections say that the US online gambling market will grow by a compound annual rate of 15.41% from 2020 to 2025. PricewaterhouseCoopers predicts that Nigeria’s gross gambling revenues should Betting makes up about 35% of the global gambling market. The other gambling market components include lottery, casino, and poker. In 2016, the gambling industry made a total gross profit of 450 billion US dollars which was higher than Nigeria's GDP in the same period. In summary, gambling is a big deal worldwide, and betting makes a
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