Despite hardship Nigerians spend $975m everyday on sports betting

In spite of the economic hardship being experienced by Nigerians, it has been revealed that they spend an average of $975 million every day on sports betting.

This conservative figure was deduced from the Executive Secretary of the National Lottery Trust Fund (NLTF), Bello Maigari on Tuesday, who said at least 65m Nigerians spend about $15 each day on sports betting.

This amounts to about $975 million each day.

Maigari who noted that Nigerians spend billions of dollars on betting each year, called on the Federal Government to evolve a framework that would lead to taxing sports betting.

He disclosed this at the 2nd edition of the biennial national gaming conference held on Tuesday in Lagos. The conference was organised by the National Lottery Regulatory Commission (NLRC).

Speaking at the event, 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.”

“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.

“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.”

According to Maigari, revenue from the online betting sector alone is projected to reach over $256 million this year.

“It is expected to experience an annual growth rate of nearly 10% to reach more than 366 million USD by 2027,” he said.

Speaking further, Maigari suggested that the federal government should 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.

“By establishing clear and equitable tax regulations, we can encourage foreign players to operate within our regulatory framework, ensuring that we benefit from their presence whilst safeguarding our citizens.

“The importance for taxation of this sector cannot be over-emphasized.”

Maigari added that the NLTF has used its proceeds to contribute to important projects for the development of the country and the wellbeing of the population, particularly in health, education, water and sanitation, humanitarian aid and natural disaster mitigation and management.

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