The history of betting and why young Nigerians are playing big

If you looked closely and paid attention when taking a stroll on any beautiful day on the busy streets of Nigeria, there is a 90% chance you’d find young Nigerians fiddling with a ticket or checking live sport updates on their smartphones. Everywhere you go, every corner you turn, betting has become a favourite sport in Nigeria.

Betting In Nigeria

The first sign of football betting pools was recorded circa 1920. But it was in 1990 that Nigeria passed its Criminal Code Act, declaring that all forms of sports betting are legal in all parts of the country. At this time, young Nigerians were yet to get exposed to the habit. 

By 2007, the earliest modern sport betting firms had begun to penetrate the market, taking advantage of Nigeria’s access to smartphones and the internet. And by 2013, young Nigerians had found a favourite sport.

Poverty & Unemployment

Sports betting is popular among young Nigerians for a myriad of reasons, but none are as pronounced as poverty and unemployment. In the early 2000s when sports betting platforms began to arrive, the unemployment rate had started to rise at an alarming rate.

As at the last quarter of 2019, the National Bureau of Statistics put the unemployment rate in Nigeria at 23.1 percent, and underemployment at 16.6 per cent.

This is putting it nicely, considering that the country’s minimum wage is less than $100 a month. Almost half the population also live below the international poverty line ($2 per day).

This is why the sports betting business has continued to sell hope of financial breakthrough to millions of Nigerians.

A Twitter user, Uche, recently raised this point of concern, writing “Hope sells in Nigeria Honestly. Just preach to a Nigerian that there is hope in a certain thing and watch him strife to succeed with it. Since we saw through Sport betting that N100 can win you N10M, betting businesses have boomed because they sold hope to make money through it.”

Hope sells in Nigeria Honestly. Just preach to a Nigerian that there is hope in a certain thing and watch him strife to succeed with it. Since we saw through Sport betting that N100 can win you N10M, betting businesses has boomed becus they sold hope to make money through it.

— UCHE (@Urch_Daniel) December 12, 2019

Sports Betting Platforms Raking In Big Bucks

Today, there are at least 50 sports betting platforms in Nigeria, all falling over themselves to grab the youths’ attention and money through a range of mouth-watering offers. And they are cashing out big.

Every other weekend, betting companies announce big winnings from bets placed with amounts as low as N20. But, for every N30,000 paid out to a winner, best believe the top betting companies have raked in a hundred fold.

Akin Alabi, founder of one of Nigeria’s biggest betting platforms, once said: “I saw a prospect for the business in Nigeria considering the fact that Nigerians have penchant for football, particularly, European football, which is the bedrock of the (betting) game generally.”

He wasn’t bluffing. Just last year, stats showed that Nigerians spend over N730 billion annually on sports betting. The data also revealed that over 60 million Nigerians spend over N3,000 daily predicting games on various sports betting platforms. At least two billion Naira is generated daily.

The Gains And Losses

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There have been testimonies of big wins. And there have been lamentations over losses. In fact, many young Nigerians have been able to fund big occasions and education with their loots from sports betting.

One Twitter user, Abdul-Azeez, wrote “Back in 2014 as an undergraduate who came from an average family, sports betting was my best source of getting extra income to buy books and fix one or two things in school.”

Back in 2014 as an undergraduate who came from an average family, sports betting was my best source of getting extra income to buy books and fix one or two things in school. #MyBettingExperience ended on a bitter note. Read along and share ????

— Omope Abdul (@Iam_abdoolaxis) January 28, 2020

Any moral and religious teachings against gambling of any sort have been relegated to the background, with some even becoming dangerously addicted to the phenomenon.

“Sport Betting is on another level. It’s actually a job in Nigeria right now. Major source of income for many. Escape from poverty,” another person wrote.

Sport Betting is on another level… It’s actually a job in Nigeria right now.. Major source of income for many. Escape from poverty… Wawu!!
With only one slip every burst????????

— The Upcoming Man Of God (@lemmySong) January 24, 2020

With the current economic and unemployment situation in Nigeria which has been projected to hit 33.5% in 2020, it is guaranteed that betting is not going away anytime soon.