Nigerians are avid gamblers. In 2020, about 60 million Nigerians from the age of 18 to 40 years participated in sports betting, according to the News Agency of Nigeria. It is widely known that even teenagers are placing bets since gambling has become more accessible to a lot of people because of the internet and online services. But are there laws regulating gambling in Nigeria? And how do Nigerians prefer to gamble?

Gambling legislation

Even though online sports betting is legal, not all types of gambling are allowed. According to the National Lottery Act of 2005, lottery and land-based casino gaming are allowed. This does not mean, Nigerians can’t gamble online, because there is a Lottery Commission that regulates online gambling, and they require gambling sites to obtain a license to operate.

Online gambling

Online gambling is on the rise in Nigeria, and more people are patronizing it because of easy access to the Internet and mobile devices. Also, more and more Nigerians are finding ways to bet at crypto casinos like those featured at CryptoCasinos.com, as the use of cryptocurrencies like Bitcoin is gaining traction among bettors in the country.

Sports betting

As mentioned in the beginning, more and more Nigerians are taking to sports betting these days. In general, football and basketball are very popular and well-loved in the country since footballers like Jay Jay Okacha have gained worldwide fame. In 2019, the sports betting market was worth $2 billion, and with the surge of new online betting possibilities, the market is expected to see more growth.

In the most populous country in Africa, it is expected that there will be 143 million smartphone users by 2025 according to statistics. With more mobile apps, more Nigerians will have more access to sports betting.

The future of the gambling industry

Many Nigerians are already gambling, and are open to new ways that will offer them a more exciting gambling experience. There is also the expectation that cryptocurrency could be legalized in Nigeria soon, and this will bring growth to the industry. It will be interesting to see how the industry go in the future, but some expect that if the industry can be fully controlled and legalized, Nigeria will reap significant benefits, as gambling markets in other countries have shown to be very profitable with legalization.

Conclusion

In a populous country like Nigeria, where more people are getting access to smartphones and online gambling, there is much hope for a more regulated market. This can be beneficial for both Nigerians and the government.