Nigerians Spend Close To N1.8bn On Sports Betting Daily- Reports

About 60 million Nigerians between 18 and 40
years of age may be spending up to N1.8 billion
on sports betting daily,
investigation by the
News Agency of Nigeria (NAN) reveals.
The investigation showed that they commit on
the average N3,000 on sports betting daily.
Dotun Ajekigbe, a sport betting analyst, said
that sport betting though risky was also
rewarding.
Ajekigbe said that about 60 million Nigerians
placed bets on different matches daily across
the country. He said that most unemployed
youths have taken to online and other forms of
sports betting to make a living.
According to him, from findings this group of
people stake an average of N3,000 daily.
“Sport betting is gambling, not investing in bank
shares.
“But almost everything in life is a gamble, more
so with money matters. With gambling comes
risks because it not 100 per cent guaranteed.
“However, you can dramatically reduce your
risks by taking calculated risks only.
“When you take calculated risks, you base your
decisions on sound research and evidence, not
intuition.
“Sport betting is by chance. The better informed
the player is, the better the chance he/she has
of making money,” he said.
Mr Ambrose Obialor, who runs Yobo Viewing
Centre, Lagos, says that some people bet
between N2, 000, N10, 000 and above,
depending on the individual.
He said that some people denied themselves of
food after spending all they had on a bet.
Mr Afeez Adigun, an agent for 1960 Bet
Company, Lagos, said that between 200 and 300
people visit his office to place bets on match
days during football seasons. while about 150
people bet at off-seasons.
According to him, a betting company can
generate up to N20 million monthly and use
between N5 million and N7 million to meet
winners obligations in terms of payment.
He also described sports’ betting as very risky
but highly rewarding business.
A representative of another betting company,
Betting World, who did not want his name
mentioned, said that sport betting companies
have employed about 50 youths in Lagos.
He also said that betting outlets were always
filled with countless young people between ages
18 and 40 who come to place their bets.
The representative said that most people
borrow as much as 10,000 for their daily stakes,
stressing that some of them win, while others
lose but returned for the next day’s betting.
He said that most people did not like to place
bets on Nigerian matches because they were
highly predictable.
Mr Lanre Gbajabiamila, Chief Executive Officer,
Lagos State Lottery Board, said the lottery
industry was very risky but also lucrative.