Business
Economic crisis: Nigerians seek solace in sports betting
By Tumininu Ojelabi Hassan
A growing number of desperate Nigerians are flocking betting salons and lottery shops on a daily basis in a bid to win jackpots and tickets. Based on findings, a lot of the respondents said their reason for involving in sports betting and lottery was to gain extra income as their current income was not enough to sustain their needs.
The Executive Secretary of the National Lottery Trust Fund (NLTF), Bello Maigari revealed that the betting sector is growing exponentially, adding that the global online betting market is worth over $50 billion.
He disclosed this at the second edition of biennial national gaming conference, organised by the National Lottery Regulatory Commission (NLRC).
“It is not out of place to look at some statistics that underscore the significance of this industry and situate its centrality in promoting the renewed hope agenda of this Administration. As of my last knowledge update in September 2021, the global online betting market was estimated to be worth over $50 billion, and it has continued to grow significantly since then.
In Nigeria, the online betting sector has seen major growth, with millions of citizens engaging in various forms of online gaming and betting. With a population of over 200 million people and the largest betting market in Africa, our country is making giant strides in the world of online sports betting,” he said.
According to Maigari, over 65 million Nigerians engage in betting, adding that the sector is estimated to grow by 10% annually and projected to reach more than $366 million by 2027.
This number of Nigerians are estimated to spend an average of $15 or N12000 each every week bringing the total to about N780 billion weekly.
Some of the popular sports betting sites are Bet9ja, 1xBet, Betway, BetWGB, 22Bet, SportyBet, BetKing, NairaBet, Premier Lotto (Baba Ijebu), and Luckyoja Lotto etc.
Based on findings, Nigerians aged between 18 to 65 years are activity involved in gambling, especially football betting. The sector is growing rapidly with the influence of celebrities, social media influencers, radio stations, TV stations and some religious leaders, who endorse these betting brands.
A 27-year old painter, Olise Tony said he lost over N500,000 to sport betting within a year, after winning N25,000 on his first attempt of betting.
“I don’t understand if betting is magic. The first time I played on BetKing after seeing the odds on a punter’s twitter page, I won N25,000 with N100 but since then, which is over a year now, I have been playing and I haven’t won a dime. I have lost over N500,000 to betting within one year.
“Some of these punters are agents of betting brands, most of the odds they predict are wrong, most of the winning tickets are fake. The more people lose, the higher their commission. Even if you want to bet, don’t bet based on the predictions of punters, they are planted by betting brands to deceive people into playing more games.
“Most of them post winning tickets of N40 million, N36 million and so on but they are all lies, these tickets are edited to deceive people. Some of them send a direct message to tell me they have sure odds, but I haven’t won since the first time,” he lamented.
Olalekan Saliu said he uninstalled the Sportybet app from his phone after losing over N1 million to football betting.
“I won’t advise anyone to involve in betting. I decided to try it when I saw people winning money, but in reality it is like pouring water into the basket. I have lost over one million Naira to betting, I have friends that have lost over N5 million and they are still playing, At a point, I uninstalled the Sporty Bet app from my phone when I couldn’t cope anymore. I have vowed to never go back to betting, it is a life destroyer,” he noted.
A 34-year old Kingsley Thompson narrated how his business crumbled due to excessive gambling amounting to over N6 million.
“I lost over N6 million to sports betting and lotto (Baba ijebu). I wish I never got involved in gambling at all. My business crumbled because of gambling, I am just trying to get back on my feet. Gambling is a path to financial disaster,” he shared.
For a 47-year old Yusuf Olabode, gambling has become a part of his life as he had been into it for over a decade. While speaking with our correspondent, he disclosed that he tried to stop on several occasions but all his efforts proved abortive.
“I have been into gambling for over 10 years, it has become a part of my life. I know that it is destructive but it is hard to stop and that’s the truth. I have made efforts to stop many times, I stopped going to bet shops but online betting is making it difficult for me to stop, it is even easier.
“I can stake games online on my phone, all I need to do is pay through my bank account. I have made money from gambling but I have lost triple of the money I have won. I can’t even put a figure to the amount I have lost, I have lost counts,” he said.
Ayobami Oladimeji, a cashier at a Bet9ja shop, who spoke with our correspondent, said despite the economic hardship, many Nigerians sre involve in sports betting, adding that it is an avenue to make extra income. However, he said most bet shops have lost their customers to online sport betting platforms like Sporty Bet. He shared the challenges owners of bet shops encountered in the business, citing debt as the major challenge.
“This is not the only bet shop we run but I am the cashier in this shop. We make more sales during English Premier League (EPL) and Champions League. In a week, in this shop I make sales of N700,000 averagely, at the other shop, which is bigger, they generate about N1 million weekly. We make more sales during the weekend.
“On a Saturday, I can make, at least, N300,000. One major challenge we experience in this business is massive debt, I have lost a lot of money to debt. Customers play on credit without showing up, some drop their phones and won’t show up until after a while. It is either I sell the phone or the money is deducted from my salary.
“The commission is based on the sales, the commission can be as high as one million but when sales are extremely low it can be N150,000. However, we make sales daily, there is no day customers don’t bet. The highest amount one can win on bet9ja (Sport) Is N50 million, while on the virtual game it is N1 million. “Since I started this work, no one has won N50 million. The highest so far is N38 million won by a guy after staking with N1500 last year. The least amount you can stake with is N150, but the odds determine the amount you win.
“We have lost most of our customers to Sportybet, which involves betting online, they don’t see the need to visit bet shops when they can just bet online in their comfort zones. A lot people bet because of the hard economy, some people win N10000 with N100, so it is hard for them to stop. Winning a bet is like engaging in daily thrift and collecting your money. “The problem with betting is the addiction, I have a customer, who has been playing lotto and sport betting since he was in his 20s, he’s over 40 now. This man is a vulcanizer, he comes to the shop to play daily and he said he won’t stop until he wins N20 million.
“I have a female customer, who comes to play daily, no day passes by without her coming to the shop to play. Sometimes, when I get to the shop, I will meet her here waiting for me. A lot of old people in their 50s, 60s come here to play, they also go to our other outlets.
“Honestly, the situation of the country is making people get addicted to gambling, nonetheless I always advise customers to bet responsibly to avoid getting addicted to it,” he said.
According to Tomiwa Bello, the chances of winning a high amount of money is based on the odds and the amount staked. Tomiwa, an agent of WGB (Winners Golden Bet) revealed that most customers preferred known betting platforms like Bet9ja, 1xBet, and the likes, therefore persuading customers to play was quite challenging.
“I don’t really have physical customers, most of my customers are online. We have a group, where they send games to me to play for them. These days, people prefer to stake online than to play in bet shops. I make more sales during the weekend, sometimes I make about N400,000.
“The amount a customer wins is based on the odds of the team you are picking and the staking amount, for instance when a customer stakes a 75.00 away odd with N1000, if the team wins the match, the person has won N75,000. The major challenge I’m experiencing in this business is the fact that WGB is not as popular as bet9ja and the likes, so I have to persuade people more to play and come up with strategies to attract customers.
“Talking about the commission, it is based on sales. five percent commission is given for 0 to100,000. 10 percent for N200,000 to N500,000, while the percentage for N1 million upwards is 20 percent,” he stated.
Mosunmola Adewale, an agent of Premier lotto noted that the economy was affecting her business as revenue in the business generated daily decreased by over 50 percent.
“We have about 5 to 6 games daily. For instance, I can make N80,000 during the morning game but it is different now. Before, our daily sales used to be over N100,000, but it is about N40,000 now. As an agent, I am entitled to 15 percent of the revenue, five percent goes to the principal agent while 80 percent goes to Premier lotto. The business expenses is deducted from this 15 percent. The commission is based on sales. When we ask customers why they haven’t been coming around, they complain about the economy,” she decried.
According to experts, people, who have gambling problems become addicted in a bid to recover the money they have lost. This becomes a pattern, which eventually leads to an addiction they can’t control. Most gamblers believe playing frequently increases their chances of winning, which has consequently resulted in destruction of lives, financial crisis, while some of these gamblers resort to fraud, theft, selling off their properties and all sorts.
Prof. Peter Olapegba, a social and health psychology scholar at the University of Ibadan, has warned against gambling, saying it results in family dysfunction, suicide, poses great damage and reduces the quality of life. He made this call at the opening ceremony of Gamble Alert, an organisation focused on fighting against gambling addiction at Oke-Ado Ibadan, Oyo state.
Olapegba advised against underage gambling while calling on the government to sanction gambling companies, who fail to abide with the rules of the game.
“Gambling has caused and is still causing a lot of damage. It affects the quality of life, the money, which is supposed to be spent for feeding might have gone on gambling. It causes family dysfunction. The father may not be living up to the level of a responsible man. “Fighting will break out at home. It will affect health, cause anxiety, depression, which is a precursor to suicide. “Underage gambling must not be done because the underage are the generation of tomorrow. The government as the chief regulator must provide oversight and ensure that gambling companies comply with the rules of the game and sanction those, who refuse to comply and make sure companies involve in CSR and take care of unintended consequences,” he cautioned.
