Data from the National Lottery Trust Fund (NLTF) has revealed that over 65 million Nigerians are actively engaging in betting, spending an average of $15 every day.
This is just as it was disclosed that every day, 14 million bet takes and payments are made online in the country.
Executive secretary of NLTF, Bello Maigari, disclosed this at the 2nd edition of the biennial national gaming conference held on Tuesday in Lagos.
He said Nigerians spend billions of dollars on betting each year, despite economic hardship.
“Currently, there are over 65 million Nigerians actively engaging in this activity, spending 15 USD on average every day. It is on record, each day, 14 million bet takes and payments are made online in our country.”
“It is expected to experience an annual growth rate of nearly 10% to reach more than 366 million USD by 2027,” he said.
Maigari said the online betting sector has seen exponential growth.
“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,” he said.
“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 citizens engaging in various forms of online gaming and betting.
“With a population of over 200 million people and the largest betting market in Africa, our country is making giant strides in the world of online sports betting,” he stated.
The executive secretary called on the federal government to create a framework that can encourage the betting industry to contribute taxes in the country.
“Moreover, leveraging the gaming and betting industry as a tax contributor can help create a level playing field for both local and international operators,” he said.