Topic: Nigerians spend $975m daily on online betting (Read 838 times)

Actually, now I think about it, it would be relatively difficult to know how much a casino industry within a specific country like Nigeria profit, because I assume that casinos (like any other business) are discreet about whom they disclose their net earnings.
Casinos in countries where gambling is legal are not supposed to lie to the government, so I assume those in charge of managing the taxes are the only ones out the casino who know exactly how much money they won in a year.
There is also another possibly, if the casino is owned by private investors, then it would make sense they gather once a year at minimum to disclose among them the total profits of their business, the same way major share holders gather to discuss the future of publicly traded companies.
Since we do not have access to privileged information whatsoever, we can only guess on those figures.

Should we channel blames to the Government for failing to provide jobs for the youths who are frustrated and scouting out other means to survive in the country. There should be awareness about the system, we are humans and do make mistakes, so there are rooms for us to correct them and fall back to track on earning legitimately from the system. I'm not saying we shouldn't gambling but reduced it to one of the minimum points in gambling. Depending on gambling as the stable streams of generating income is an unwise decision because there will be time when one will struggle to reap profits and he or she will face losses as fate.

Doesnt matter on what GDP does a country have in relation into their citizens spending because we do know that it has nothing to do on someones capacity on playing up gambling which we know that it is really varying on someones capacity on doing gambling. Not all the time on which we do only see or check about counties condition about economical aspects on trying out to connect it out on someones
financial capacity but its not really that bad to assume out that most people arent really that financially stabled for us to tell that why they are really that a fan on spending out tons on gambling
if their earning is really just that enough on day to day survival? Trying out to make those amounts bigger and hoping for some huge wins? thats really a huge mistake to be done by someone.

Well, this is a pretty strong statistic regarding what Nigerians can do, I didn't know they spent so much, but that means that they like to have fun, I just hope that they do this type of fun in a healthy way so as not to fall in addiction, because to be clear about everything it would be regrettable that there are assholes going through that bad moment and I hope that is not the case, but based on the main statistics, it seems to me that it is quite strong and a high number, I believe These types of things are what we should see, now if all the statistical statistics are present, those of the casinos in general, even those that are not very legal but something like the black market, well, it is something that can be quite strong I would say that a lot is spent, and although Nigeria is a country that one day I would like to visit, especially for its people, since they are very happy, I like their football and their culture because I see that they know how to have fun.

Now when we take a short break and zoom in on this, we can see that people can have a high degree so that they can enjoy the best things in the casinos, the casino will always be a house full of fun and many things where Money is what makes the difference, in my case I would say that when it comes to doing something more like a static thing, what if people are happy , or what is their level of happiness in the country, at least in the part who are adults , can Consider themselves well served, because a casino does give happiness as long as it is played with great caution and taking care of the money you are going to spend , this is normal and it is something that we are always taking into consideration, to My it is the best that can happen, I believe that many good things can be done with the industry, as long as money is generated legally and taking the best of all the Conditions so that they do not fall into Addiction.

Yeah, that's because you don't know, even the gamblers in the country have no idea, many could stop if they found out how much Nigerians are wasting on gambling everyday, and I don't want to blame anyone, the situations of things in the country is very bad, I remember the MMM Ponzi scheme days, do you have an idea how much was lost to this scheme in Nigeria alone? It's very massive, even people that I though are very smart end up participating in the scheme, but they hide like they have nothing to do with such nonsense until the Ponzi exit with peoples money.

Someone in my area said that Nigeria is filled with the fools becauSE they are easily scammed, he said he though the country is full of smart people and I told him that the struggle in the country is why people are falling into scams, when difficulty strikes too hard you will start hoping for better even from the wrong sources, that's when he calmed and said it's true, he is a indian guy who always believe that they are smarter than Nigerians.

I believe that the data OP provided is not accurate enough because gambling in the country is a must for the citizens, there is no job and things are very costly, believing in fantasy is the only option left, as those who have money are capable of living outside the country like most of my black friends who are now in Ghana.

Wow that is a lot of money for one country alone. With a GDP of 440bn USD, I can't believe that they would bet so much money every single day on betting. Interesting would be also how much tax revenues the gambling industry generates for the country. Now I am wondering where all this money is coming from that people use for gambling. Maybe they people in Nigeria are more lucky and win higher amounts than in other countries? I would expect that a majority fo the 65m gamblers are regular customers and they must be funding their bets from somewhere. With such a large betting market there is probably a high level of competition among the bookmakers and casinos to attract new capital. Also shouldn't this attract international companies to invest in the Nigerian gambling market? It seems very lucrative and as long as the government doesn't want to limit the gambling exposure of the people I would expect that the share of people gambling even rises over time. I am not sure if people will actually rely on gambling to survive, or if they use as a form of entertainment to spend their money earned from their full time job.

That's a very huge amount, I was even expecting it to be more than what they're giving us. But before they start dropping figures of money spent on betting, have they made any calculations of winnings customers are having in year, month, weeks and days? Have they try to know how much customers get in terms of winning?
To me the spending on gambling isn't close to the winnings because we have customers who stake high to win a larger sum of money and they're ready to do that every week and their winning percentage is, let's say 85-90%.
To me many people win more than some lose, and some people use betting or should I say gambling as a means of survival in Nigeria (not only in Nigeria but other countries) and is going well for them no matter how hard the economy is.

Surely, they want big wins from gambling so they still gamble today. They may not think about losing but how they can win from gambling. However, they should be aware that relying on gambling to make money will not give them a big chance of getting it, but they will experience bigger losses. And if the government does not provide education about the dangers of gambling, people will not want to understand and will continue their gambling activities.

Of course that will be far below what citizens spend on gambling because gambling sites are businesses and they will target profits and if gambling is legal in your country and the government has clear regulations then online or offline casinos will pay taxes so the government will know clearly how much the casino profits from the activeness of its citizens playing there, Countries that legalize gambling will find it difficult to restrain their citizens from gambling usually what will be done is to make rules to protect citizens from the impacts that can be caused by gambling.

and also the main concern is who are those gamblers? we knew how hard living in Nigeria so if we are talking about
poor people here(in which I am not degrading or anything bad about Poor people but instead my concerns for them) and majority of that
gamblers are in their live so this is truly alarming , hoping that the government will act accordingly here or also the government is one of
those who are pushing players to gamble for their own benefits.
How can be politician to be trusted in this issue when like what you mentioned they are one of the most corrupt country
in the world so how can we rely them to act for the betterment of the people when we are talking about gambling?

This was seems to be huge to my calculation,but some of my Nigerian friend had states me that.They had won the bigger winning in the recent days,So by considering that words.This may be considered to be the real one to me now,If I had heard like the news.I won’t accept this fact,but now their was possibility for the big money involvement.The sports betting alone mentioned by my friends on a call.Because the sports bet will give the maximum benefit,if you had choose the best player to your team.So based on the player performance,it was credited to your wallet as the winning dollars and you can enjoy using that dollar.

Just let them be on what are the things that they do really like to do, even if they would be spending some part of their salary then so be it, its impossible that they weren't aware about the potential risks of too much spending with gambling. Considering that Nigeria to be a 3rd world then you would really be asking some questions on how the heck did generate out much gambling revenue?
If they are really that having that kind spending then it is really showing that majority if its citizens are really into gambling on which despite of the earning capability or simply on how to get some income or having non big paying kind of job but still they are really that eager on playing gambling.

Well it isnt bad as long you are really that making yourself in moderation and wont really be that so impulsive or getting yourself that addicted because if you do then you would really be having that huge problem on this case. Imagine on how big they are really that spending on daily basis on online betting which excluded crypto gambling too.
So numbers wont really be that precise.

In a country where betting isn't regulated anyone can say anything. I do not believe the figures. How was the compilation done. I checked the link provided and there was no methodology provided. There are many sports betting websites many are indigenous and many are not. Did these websites give out this data for free or how? It's not just adding up. I know that the incidence of betting has increased but the figure seems to good to be true.

Great catch. I agree, it's hard to believe in this data. Stranegly, it's published by The Guardian, which has a decent reputation.

The only thing that comes to my mind which could be used to explain this is that there's a large wealth difference in Nigeria and while a lot of people work for minimum wage, there's also a large number of rich people and these are the ones who gamble. If you put together 1 rich guy and 100 poor people, the rich will be able to gamble away $1k and all the other 99 people will together gamble 0 dollars, but statistically all of them gambled away $10.

Anyway, they have a lot of problems on that continent. I've read that a lot of people in Uganda are alcoholics and now they say that a large population of Nigeria is gamblers. Then there's Somali pirates, poachers and thieves in South Africa and a person starts to think they're ever going to visit Africa.
For the record, I'm joking.

I keep hearing a lot about Nigerian betting in this board for a while now. It makes sense since Nigeria has such a large population of gamblers. Or at least larger than many other countries.

There are other cultures and countries with huge betting cultures. Take Hong Kong for example, they have such an active gambling community that they even developed strict superstitious guidelines for gambling. Even the casinos try their best to make themselves seem lucky (grow certain kinds of plants outside the casino, have a certain number of pillars and so on).

But almost $1 Billion USD daily just for gambling? Damn. Thats $365 billion USD Nigerians could have used to develop higher living standards instead....

This is an official data , the data from the national lottery program of Nigeria and we find so many people are involved in it.

I was wondering If we combine all the private gamblings, the private bookies  and the online sites where the nigerians play, then this data and numbers will be huge. This also shows that gambling is a big business in Nigeria and anyone if open a casino can get a lot of revenue through this business.

It is okay to improvise since the economic situation of the country is hard, but will you resort to settling on an income that is risky and not sure of the outcome, it certainly an outrageous number that needs to be controlled in the country. The young ones now depend much on gambling, mostly are men and women are now also engaging in gambling which is not a good one if they can’t control it. Checking from the statistics, one can conclude that at least a Nigerian is participating in gambling everyday which is not the case when looked into on a broader scale. I can’t say but I don’t think about 70% of Nigerians are involved in gambling, now in comparison with the total population of the country. Those that engage in it spend averagely a large amount of money in gambling and that’s what made the total money spent daily on gambling to be on a very big rise.

Trust me, I never thought that Nigeria has that much population and they also have a big percentage of people betting. If all these people engaged in online betting surely there are more people not counted, crypto casino player are hard to track so probably they weren't counted in these statistics.
Now, in gambling industry people that were gambling with regular payment systems and banks are now going to crypto casinlos, I don't know if the users of crypto gamblers can be tracked and share their details for stats.

In our country, I never saw any statistics yet for the amount of people gambling or even how much money spent.

In this country, strange things really do happen. Some people will always say that it's just 100 naira, and if they calculate the money they waste on gambling, it might get them something better in life. Still, most people really see gambling as their hustle way of making money in life. They will still have other hardworking to be doing that can pay them, so they can come and use 100 naira and win 1 million.   Many people depend more on gambling than anything else in life because they believe that they most win big money one day, their life continue spoiling. Not everyone who gamble depend on it; some people only gamble for short-term funs, and I don't think they will continue with it long. For some, it truly is their hustle. You will just hear, hustle is hustle and their money always waste. We usually complain that there's no money in the country's and see the large numbers of people who gamble every day.

65 million people are engaged in gambling. so many if that's true. Is this number of people just focused on or dependent on gambling to have another source of income?

I know that the normal salary of an employee in the country we are talking about is very low. So, that means, I doubt that the 65 million people who are said to be engaged in gambling are really focused on just playing gambling. I am pretty sure that the majority of those 65 million are still finding other ways to get another source of income, as far as I know.