Today in Nigeria like most parts of the world, sports betting is getting increasingly popular. The industry is estimated to rake in xxx annually and those figures are expected to grow according to industry experts.
Many Nigerians are now drawn to online sports betting due to several reasons. However, chief of the reasons is economic hardship being experienced by many people.
Nigeria has some of the highest rate of unemployment in the world, with many people struggling to make ends meet. According to projections from the Nigerian Economic Summit Group (NESG) the unemployment rate is expected to hit 37% in 2023.
With the mounting rate of unemployment, economic hardship in addition to rising inflation, it is not difficult to understand why more Nigerians are turning to sports betting.
For many, sports betting is seen as a means of escaping the biting economic hardship. The prospects of making a fortune in one fell swoop just by predicting the outcomes of sports events is too good to turn down.
Nevertheless, the question of margins and profitability are rarely considered by betting enthusiasts before taking up online gambling.
Questions have been raised about the profitability of sports betting by experts, but many bettors do not seem to bother about the possibility of profits. Instead they place endless amounts of bets and just hope for a big pay day.
To the average bettor in Nigeria, staking on sports events on a betting site is an investment which could bring dividends soon.
However, more often than not the optimism is purely hinged on hope rather than any established pattern to ensure success and it has been reported that players lose more than they win.
But why is sports betting getting even more popular even with losses to the players?
To get a better understanding of the profitability of sports betting, we reached out to a renowned online betting expert, Ayo Adesanya, the Editor in chief of Betting bonus Nigeria, an online resource for betting bonuses and comparison for more insight.
Adesanya explained that more people are embracing online betting more than ever before for three main reasons. The first is the advancement in technology, second the development of the igaming industry in Nigeria, and more importantly the chance to escape the harsh economic realities of today.
He said: ‘ No doubt, mobile phone technology has contributed in no small part to the development of online betting in Nigeria. People can now place bets on their phone within the confines of their personal space, let’s also not forget that there are more than 30 betting companies in Nigeria offering various betting offers.There is also the potential of winning a life changing fortune via sports betting.So all of these factors have contributed in no small measure to the spread of online betting.’
On the question of profitability, Adesanya opined that with the right strategy, sports betting can be very profitable. Players have to dedicate time for research to be successful.
‘You can’t just wake up, make random selections and expect to win. You have to be intentional with your research and logical reasoning. There is also a place for luck. With all these elements,combined you stand a good chance of making profits from sports betting.’
A Bettor, Ola Taiwo says he has made his fair share of profit from online betting and he sees it as a viable means to make money if done right.
He stated: ‘I have been into online betting for about five years now. In the first two years, I lost a lot of money because I really did not understand how it worked. But, the last three years have been good. My profit margin has increased because I understand sports betting better. However, that is not to say I don’t lose money at times.’
As things stand, there are indications that more people will take to online betting in the coming years, but the question of profitability will continue to linger.
