According to Nigeria Sports Betting Sector Report 2019/2020, up to 60,000,000 Nigerians aged 18 to 40 are actively betting on sports events. Spending on sports betting reaches 2 billion GBP every day and 730 billion a year, which is a massive part of the country’s economy.
This volume of sports betting is driven by the growth of the online industry and the use of the internet and smartphones in Nigeria, young people’s desire to make money, and a high interest in sports events, including the resumption of football tournaments, so popular in Nigeria.
The Nigerian Lottery Commission regulates the activities of online and offline bookmakers. It issues licenses to companies developing betting in the country. In parallel with the Commission-licensed bookmakers, there are companies with a European license. It also expands the gambling market and attracts new customers.