According to a survey conducted by the Nigerian Betting regulatory body, recent research data shows that Nigerians spend over seven hundred and thirty billion naira annually on sports betting and at least a revenue exceeding two billion naira is generated daily in Nigeria.
The statistics further reveal that over 60 million Nigerian punters spend at least N3,000 placing bet stakes daily. This figure is increasing annually, with over 50 active betting sites in Nigeria and at least 1,000 new branches of betting shops opening every year.
Nigeria is the home of football, and passionate fans who wish to turn their passion to cash place bets on sports to generate quick and easy income.
An astonishing 14 million online bet stakes and cash-out payments are made daily as recorded on the internet. If the estimated figure of punters at offline, physical shops are added, Nigeria is third to the United States and United Kingdom alone when it comes to sports betting.
Sports betting also generates a massive revenue for the country, not only through taxes affiliated to each betting company but also the sponsorship deals this betting companies have procured over the years, sponsoring football events, celebrity shows, reality TV shows, branding and other sporting events.