N730bn Spelt On Sports Betting Annually

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According to a recent study, Nigerians spend over N730billion annually on sports betting and a whopping sum of two billion naira is generated on a daily basis. The data also revealed that over 60 million Nigerian punters spend over N3,000 daily placing bet stakes. 

From records available, at least there are 50 betting sites in Nigeria with the number growing annually. It was established from some respondents that they placed bets to generate quick and easy income, and turn their passion for football into cash.

Research statistics show that over 14 million bet stakes and payments are made over the internet every day. This, however, does not affect the rate of teeming punters at offline, physical shops.

28-year-old Fashion designer, Segun Mukoro, who bets at least once in a week, it was the fastest way to double his income and although he might lose sometimes, the wins come big.

He added that he bets and do so weekly, especially when there is a league playing. "When you have been betting for long, it’s easier to know what odds to play and what teams to bet on", Mukoro said.

Similarly, 23-year-old Eronini Kolapo explained that he used betting to augment his allowance as a student. He stressed that he started for fun, at first but soon built a network from it.

Kolapo’s almost-perfect predictions made him a leader of his sport betting ring where his peers pay him extra to place ‘sure’ bets for them.His model is not strange as website and online channels where predictions are sold to help punters maximize betting stakes populate social media.

Also, the story of 30-year-old Noble Obioria is kinda different as he noted that he sold his agro-business and combined the proceeds with his savings to purchase predictions from a fraudulent channel that swindled him.He spent almost N1million trying to place a ‘sure’ stake with hope of making over N10million in returns.

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