Page 7 - LionKing

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According to a recent investigation, roughly “60 million Nigerians between
the ages of 18 and 40 are involved in active sports betting. On average, some of these punters spend around N3,000 (c. $8) every day on bets”.
federal and state laws with regard to which games they offer. Only games that comply with Section 57 of the Nigerian National Lottery Act can be offered legally.
Research reveals some mind-boggling numbers on the sports betting industry
in Nigeria. As at 2016, a leading sports betting company in Nigeria was reportedly raking in an average monthly turnover of $10million with another popular company reportedly generating an average turnover of $4million with a mouth-watering 20-30% margin on profit! How many industries can boast of such high returns? The foregoing facts reveal to the discerning mind that the sports betting industry has been able to leverage on Nigeria’s deep football culture. Some of the world’s major leagues such as the English Premier league and
the Spanish La Liga have millions of fans
in the country. Sports betting provides an opportunity for sports lovers to earn from their passion.
A casual stroll down an average Lagos street would reveal multiple betting houses or agents located in bars, lounges and viewing centres with youths milling around waiting for live game broadcasts. According to a recent investigation, roughly “60 million Nigerians between the ages of 18 and 40 are involved in active sports betting. On average, some of these punters spend around N3,000 (c. $8) every day on bets”. Accordingly, almost N2billion is spent on sports betting daily
in Nigeria, which comes to N730billion a year! According to analysts, if the industry can be taxed effectively, it could mean
a significant source of income for the government which is currently battling with weak national growth.
While some see a trend worth latching onto, others see the developments in the sports betting industry as a “socio-cultural deviation”. According to James Surowiecki in his critically acclaimed book “The Wisdom of Crowds”, the many are smarter than the few and collective wisdom shapes business, economies, societies and nations. Should the society be frowning
at this huge force of reckoning, or should it begin to find positives to tap into in terms of revenue, wealth creation, job opportunities and investment? Food for thought.
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