VANGUARD
The Executive Secretary, National Lottery Trust Fund (NLTF), Bello Maigari, has disclosed that more than 65 million Nigerians spend millions on betting despite worsening economic hardship.
Maigari also said the global online betting market has experienced exponential growth making it worth over $50 billion.
The NLTF official said this while speaking at the national gaming conference in Lagos.
he said: “It is not out of place to look at some statistics that underscore the significance of this industry and situate its centrality in promoting the renewed hope agenda of this Administration.”
“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 Nigerians engaging in various forms of online gaming and betting.”
According to a report published in March 2023 by Orange Business Intelligence Technology (ORBIT), Nigeria’s betting industry reached over $2 billion in revenue in 2020, with over 60 million Nigerians between 18 and 40 spending $5.5 million daily.
A National Sports Industry Policy from the same year estimated that the industry could generate up to $4.7 billion in annual revenue, create 10 million jobs, and generate between 1.5-3% of GDP over ten years.
“With a population of over 200 million people and the largest betting market in Africa, our country is making giant strides in online sports betting.
“Currently, there are over 65 million Nigerians actively engaging in this activity, spending $15 on average every day. On record daily, 14 million bets are taken, and payments are made online…
