60 million Nigerians gamble daily as betting industry stands at estimated N500 billion

No fewer than 60 million Nigerians have been revealed to be involved in gambling daily.

The Director General of Cross Rivers State Lottery and Gaming Agency, Michael Eja, revealed this at the launch of a new sports betting platform, Woskybet, in Abuja on Friday, emphasising the booming nature of the gambling industry in Nigeria, which is currently valued between N500 billion and N600 billion.

Eja noted that despite the industry’s rapid growth, 90% of the potential market remains untapped.

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He explained, “The betting industry is worth about $1 billion in Africa. Lagos State alone generated $243 million in revenue last year. Gambling is becoming increasingly popular, and more people are beginning to understand its essence.”

He highlighted the benefits of the gambling industry, including its contributions to wealth redistribution, job creation, and revenue for the government.

“The gaming industry sells hope, aids in wealth redistribution, and creates jobs in Nigeria. Over time, we will see an increase in the revenue that the gambling sector contributes to nation-building,” Eja added.

Nurudeen Idrees, the Director of Operations (Interim) for Woskybet, also spoke at the event, emphasising the positive impact of the gambling industry on job creation, particularly for Nigerian youth.

He described gambling as a game of luck, where players may win or lose, and reassured customers about the security of their winnings.

“In terms of payment, I want to reassure our customers and the public that their money is 100% guaranteed when they win, as their wins are their rights,” Idrees stated.

He further expressed Woskybet’s commitment to providing a safe, secure, and exciting betting experience for sports enthusiasts in Nigeria.

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