Nigeria

Features of betting and players

When we talk about Betting, more than 76% of all bets are on Football, where the most recognizable and popular league is the APL.

Despite the largest number of young bettors under 30 and increasing digitalization, more than 60% of all bets in the African region still come from offline outlets.

This says one thing: the African market, is about diversification and playing for the long haul, not quick profits.

If you're planning to enter the African market, here's what you should be prepared for:

• The focus needs to be on legacy technologies and devices.
• High risk of disruptions in the operation of websites and payments.
• The average spend of bettors is 5$ per month. Low stakes, but in huge volumes
• The average age of an African is 20 years old. This must be taken into account in all aspects of operation.

mentality

The republic is home to about 400 African tribes. 80% Nigerians are represented by the ten most influential tribes. The official language is English, with Hausa, Ibo (Igbo), and Yoruba being the most common local languages.

Here they believe in the cult of ancestors, witchcraft, black and white magic. Respect for elders is a fundamental principle in the country. Not only those who are older, but also those who, for example, have an education, are considered elders.

Most Nigerians are prone to idleness. Therefore, their free time is spent on sports (both playing and watching various sporting events in the country's widespread sports bars) and gambling.

Predictions

1. At the moment, there is a clear dominance of online betting compared to online casinos. However, the slots side is gaining momentum every year and the IGB predicts that Nigeria could become the largest slots market in Africa
2. GGR online casino forecast for 2025: about 300-350 mln USD
3. Meanwhile, according to iGaming Research, revenue from the entire gambling market is projected to be around 700 million USD in 2025.

Risks

• In Nigeria, far away bad internet. Yes, the coverage is getting better every year, but the level of the top countries in the field of iGaming is still very far away. This may negatively affect the duration of the players' session and, as a consequence, ARPU.
• Focus on mobile devices. The majority (about 85%) of players bet from mobile devices.
• Low ARPU. On a daily basis, Nigerians place about 18 million bets. However, the bet size is usually minimal, as is the deposit size of about $2.
• Local license. Nigeria is far from the strictest regulation, but having a local license gives players more confidence in the project.

The iGaming market environment

In October 2024, the Nigerian government proposed a 5% excise tax on any transactions related to telecommunications and gambling. The bill is expected to come into effect in 2025 if approved by the National Assembly.

The initiative is caused by the economic difficulties and high unemployment rate the country is facing. By the way, against this background, Nigerians are actively participating in iGaming, expecting to win a large sum of money quickly.

In addition, gambling operators have been instructed to create separate wallets for customer winnings to provide players with immediate access to their funds. New fees for obtaining gambling licenses are also introduced: the cost of a license for casinos - $59 thousand, for bookmakers - $44 thousand.

It is known that over 60 million people in Nigeria are involved in betting (population is over 230 million), with 9% of them betting every day. The industry currently generates between $308 million and $370 million annually.

Lagos State (the largest city in Nigeria) accounts for a significant portion of this revenue, with $243 million in 2023 alone. The GGR of the iGaming market in Nigeria is projected to reach $717.2 million by 2025.