It’s a commonly accepted fact that Nigeria is one of Africa’s leading countries in terms of economics and the whole economy of the continent greatly depends on Nigeria. In fact, the Nigerian economy has been growing rapidly, at an impressive average of 7% per annum over the last several years. Nigeria has always been a large market but now as SBC News reports, the country advanced even more and has become the African market with the biggest potential in online betting and gaming operators.
Being at the top of the African Market is not just a subjective opinion, but it is supported by the survey results of the SBC digital summit Africa which is the most famous virtual event about the gaming industry on the African continent for every investor, operator, or supplier interested in the African betting market. The virtual event will take place on 6-7 October and reasons for increased opportunities in African markets as well as the future of the African market will be reviewed by industry experts.
Sports betting is a growing field in the African market which now consists mainly of Nigeria, Kenya, and South Africa. Several years ago, South Africa was considered as the largest component of the African market but the situation changed yet in 2014 when Deloitte declared that Nigeria was the largest economy in Africa and its GDP replaced South Africa’s that was a former leader in the economy. Now Nigeria is still at the top with 31% of the votes from experts, followed by South Africa with 28%, meaning that there is still an opportunity for growth in two of Africa’s most advanced regulated markets.
Nigerian gambling market
The Nigerian gaming industry and online and offline sports betting have rapidly grown in the past few years. The main reasons for this are the growth in the country’s population and increased access to the internet and devices such as mobile phones, tablets, laptops, etc. Most of the Nigerian population is actively involved in sports betting. About 60 million Nigerians between the ages of 18-40 take part in the gambling industry which is an enormous number. In many ways, the Nigerian gambling market is a lot more liberal compared to many Western countries. For example, in Norway, it's nothing but a state-run monopoly. As the local casino and betting resource https://nyecasino.ninja/ explains, Norway has a lot to learn from international partners on how to operate a lucrative economic sector. And Nigeria is one of these international partners.
The Nigerian economy has been growing with impressive speed throughout the last few years and the gambling market played a major role in this success. Gambling in Nigeria is regulated by the National Lottery Regulatory Commission. According to its laws, legal games in the country are a lottery, land-based casino, and sports betting which is the most popular among other activities. Also, the commission regulates slot machine activities and it’s allowed to provide slot machine gambling only for licensed operators. These policies paved the way for the privatization of certain gambling sectors in Nigeria. Online mobile gaming has become a rising star in the nation recently and as a result, 5 main categories represent the gambling industry in Nigeria: betting, lottery, promotions, slots, and pools.
First of all, Nigerians adore lottery and the nation has some licensed and regulated lottery operators including Gab lotto, Superior Games Ltd, and Anambra State Gaming Company. Also, land-based casinos are so popular in the country and there are three major ones there, making a huge part of the funds in the gambling sector. And sports betting is the most popular entertainment for Nigerian people involved in the gambling industry. There people can wager on sports in betting shops or by using phones. As Nigerians have many local international sports events, football betting is especially popular among them. Firms like Betland and Winasbet are popular domestic bookmakers and they allow a host of betting lines in football and other sports. Online sports betting is also regulated there by the Lagos State Lotteries Board and you can make deposits there via its website or its outlets in Lagos.
The potential of the African Market
At the conference, the experts discussed several controversial issues, including the future of gambling markets of different African countries. A few speakers were excited about Ghana’s and Kenya’s online gambling potential, pointing out that with 12% each they can expand their markets. Also, there were votes for investing in Côte d’Ivoire, Mozambique, Tanzania, Zambia, and the Democratic Republic of the Congo.
Other than this, there will be sessions on the conference about the future of the lottery and online casino in Africa, experts will discuss the most effective marketing strategies in African markets and review problems of gambling and challenges around payments. Despite its success, security and avoiding scams in gambling is still a problem in Nigeria and most parts of the African market. Further regulations are needed for unlicensed slot machines or underground casinos, which is also a matter of discussion at the upcoming conference.