Nigerians spend $975m daily on online betting - page 6.

Hispo

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Quote from: Stepstowealth on November 02, 2023, 12:53:38 PM

Because I am observant of the number of gamblers around me and how much of the gambling activity is going on around me I can see that this figures stated as the amount spent by Nigerians daily on online gambling can be correct because I have even witnessed people who have no idea about a game but are willing enough to use their money on another persons prediction just so that they can have an opportunity to win. The economy is hard right now so I think the many Nigerians have taken it as a way to make money, and a way to give themself hope that they're making moves to make money.

But what is what drives people to resort to gambling to make money, because we all know that in the long term all those people will end up losing their wager.
What is going on in Nigeria? Is it lack of employment ? Because as far as I know Nigeria is actually a very diverse and rich country when comes to natural resources like petroleum.

Is it about corruption? Because if it is about corruption, then I would personally not trust any nationally held lotteries and only gamble on casinos with headquarters abroad and probably fair games.
Whatever it is going on, I hope people somehow be able to sort out that national situation and they do not need to depend on luck to continue to have a decent life standard, also they would not need to depend on some military general carrying out a coup...

Stepstowealth

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Because I am observant of the number of gamblers around me and how much of the gambling activity is going on around me I can see that this figures stated as the amount spent by Nigerians daily on online gambling can be correct because I have even witnessed people who have no idea about a game but are willing enough to use their money on another persons prediction just so that they can have an opportunity to win. The economy is hard right now so I think the many Nigerians have taken it as a way to make money, and a way to give themself hope that they're making moves to make money.

Hispo

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I personally believe that hard economical times can make people in developing countries to resort to gambling because it is either a mechanism to escape reality and the challenges of it for a while or also because it may help them to earn some money by pure chance and luck.
However, I have noticed that gambling seems to be somehow embedded with the Nigerian culture or something like it.
I do not have any Nigerian friends myself, so I cannot be sure, but it would seem to be that way, that gambling and betting has turned into such an important part of Nigerian culture to the point of that high percentage of it's population engaging on it.

It would be preferred if those going through difficult times did not gamble at all, but realistically, there is no much casinos or the government can do without a serious and we'll funded program.

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Quote from: knowngunman on November 02, 2023, 11:23:37 AM

Recalled that Nigeria population is estimated to be around 200+million and from the information above, over 65 million people are engaged in gambling on a daily basis amounting to over 32% of the country population. With the recent economic crisis and hardship affecting almost all the nations, if large number of people are spending this much on betting, can we say that they relied on gambling to survive?

This kind of result is normal on a country that has a high poverty since they are using gambling to have an opportunity to become rich quickly by placing small bets which everyone can afford even though the odds of winning is very slim.

This is not only the case to Nigeria but literally to most 3rd world country that has a national lottery. I never bet on a lotto but I won’t blame them on spending money on it since you will never know when luck will comes to you while the betting amount is very affordable.

Quote from: knowngunman on November 02, 2023, 11:23:37 AM

But, I think we need to know how much betting sites are paying out daily too, so we can make comparison. Grin

Regardless of the exact amount, They will always win due to house edge.

coin-investor

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Quote from: knowngunman on November 02, 2023, 11:23:37 AM

if large number of people are spending this much on betting, can we say that they relied on gambling to survive?

But, I think we need to know how much betting sites are paying out daily too, so we can make comparison. Grin

I don't think they are relying on gambling to survive, nobody can survive on gambling alone, they just want something that can pull them out of their poverty and that is betting on the lottery or any form of gambling, Nigeria is not the only country, in our country Lotto is so popular that you can find lotto outlet almost every corner of the city, people just need something to put their hope and in our case its lotto.

Expect that in a country where there's a large number of poor families, they are hoping that winning in gambling or the lotto is their way to financial freedom but of course, they still work to make a living, they still study and do other things until they hit the jackpot that will change their life. this is the hope of many poor families in our country.

KTChampions

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Quote from: knowngunman on November 02, 2023, 11:23:37 AM

Data from the National Lottery Trust Fund (NLTF) has revealed that over 65 million Nigerians actively engage in betting, spending an average of $15 daily. This is just as it disclosed that everyday, 14 million bet takes and payments are made online in the country. continue reading here....

Recalled that Nigeria population is estimated to be around 200+million and from the information above, over 65 million people are engaged in gambling on a daily basis amounting to over 32% of the country population. With the recent economic crisis and hardship affecting almost all the nations, if large number of people are spending this much on betting, can we say that they relied on gambling to survive?

But, I think we need to know how much betting sites are paying out daily too, so we can make comparison. Grin

When a third of the population is involved in gambling (and if you take away the children and the elderly who no longer need anything, then this is not a third, but rather half) then it looks like an epidemic. I don't know how bad gambling affects most Nigerians, maybe they have fun responsibly and don't have any problems with gambling, but from the outside it looks terrible.

Broadanbig

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I strongly believe the figure is far much higher than this if online crypto betting is added because this betting statistics is from the online casino that accepts Naira only and Crypto betting is not included and if I am not mistaken, the online crypto betting statistics might be far higher than this statistics if the data is given. Nigerians are always looking for alternative means to survive the hardship in the country so if they resort to gambling as a source of income,I am not surprised because the economic situation of the country is not encouraging so one would need to improvise just to survive.

Natalim

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That's totally alarming considering the total population of Nigeria 225,600,039 as of November 2, 2023 coming from the source below.

https://www.worldometers.info/world-population/nigeria-population/

So let's do the match, that's 65m/223m = that's 28% of population are into gambling. Well, I tell you, this pecentage is too high considering some of the 225m population are minors or kids, or women, which the rate of gamblers is really high. And here's another interesting numbeer from OP>

Quote

spending an average of $15 daily

And as per data below, it's minimum wage is.

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39.289 USD/Month

https://take-profit.org/en/statistics/minimum-wages/nigeria/

So they are gambling more than what they earn? That's unbelievable.

Oshosondy

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Quote from: knowngunman on November 02, 2023, 11:23:37 AM

if large number of people are spending this much on betting, can we say that they relied on gambling to survive?

It should not be like that. If it is like that and they are relying on gambling, gambling sites that they are using will be very happy because they will make more money from them. I guess that most people that will be gambling among the 32% will be 80 to 95% men.

Gambling should be for fun, not a way of making money.

knowngunman

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Data from the National Lottery Trust Fund (NLTF) has revealed that over 65 million Nigerians actively engage in betting, spending an average of $15 daily. This is just as it disclosed that everyday, 14 million bet takes and payments are made online in the country. continue reading here....

Recalled that Nigeria population is estimated to be around 200+million and from the information above, over 65 million people are engaged in gambling on a daily basis amounting to over 32% of the country population. With the recent economic crisis and hardship affecting almost all the nations, if large number of people are spending this much on betting, can we say that they relied on gambling to survive?

But, I think we need to know how much betting sites are paying out daily too, so we can make comparison. Grin

Topic: Nigerians spend $975m daily on online betting - page 6. (Read 581 times)