Before we get into the preferences of Nigerians when it comes to gambling vs. betting, it is important that we make a clear difference with both terms. We put together a simple table that gives you a breakdown into the differences between gambling and betting.
| Gambling | Betting |
| Bets are placed on online casino games | Bets are made on different sports |
| Slots, poker, craps, baccarat and jackpots are some examples of casino games | NFL, NBA, NHL, MLB and MMA are some examples of sports betting options |
| Live bets are made on live dealer casino games | Live bets or in-play bets are made on live games or games that are in progress |
| Online casinos give different bonuses for casino games | Sportsbooks offer different bonuses for sports betting |
| Not all online casinos have a sportsbook | Almost all sportsbooks have an online casino |
Nigerian iGaming Market
When we look at the iGaming market in Nigeria, we are taking into consideration both the online casino and sports betting markets. Nigeria continues to be one of the fastest growing iGaming markets in the African continent.
The Lagos State Lotteries Board (LSLB) is the official gaming regulator in Nigeria and there are more than 40 licensed gaming operators in the country. Based on a report from Statista, the online gambling market in Nigeria was estimated to be around US$0.54m in 2022.
The iGaming market is expected to grow at a steady pace during the coming years, with the same Statista report showcasing that the iGaming market will experience a compound annual growth rate yearly of over 9 percent and will reach US$0.86m by 2027.
Nigerian Sports Betting Market
It’s not surprising to see that the Nigerian sports betting market continues to grow rapidly, especially when global sporting events like the 2022 FIFA World Cup take place. Nigerians love their sports, especially football and love to bet on football games whether it be the English Premier League, Mixed Martial Arts or global tournaments like the FIFA World Cup.
The Draft 2020 National Sports Industry Policy in Nigeria estimated that the sports betting market would generate around $4.7 billion in annual revenue which does appear a lot but is still less than 1 percent of the country’s gross domestic product (GDP).
The good news about the sports betting market in Nigeria is that it is attracting a lot of attention from offshore operators who want to target a country which is home to over 200 million people where the average age of the sports bettor is just over 18 years of age. The sports betting market is estimated to create around 10 million indirect and direct jobs and also contribute between 1.5 to 3 percent in GDP till 2030.
The most popular online casino games continue to be online slots because they are based purely on luck and don’t involve any amount of skill. According to KingCasinoBonus, slots remain among the leading casino games highly popular among online players and casino visitors. Some of the other popular online casino games include table and card games like poker, baccarat, craps and roulette. Live dealer casino games are also slowly gaining popularity.
Sports Betting Has Edge Over Online Casino Games
The way things stand in Nigeria currently is that the sports betting market does have an edge over the iGaming market. This does not come as a surprise as the Nigerian betting market has continued to experience a strong surge in sports betting numbers thanks to the influx of offshore sports betting operators, the increase of smartphones and internet usage throughout the country.
Based on a report from TMG research, the sports betting market in Nigeria resulted in over 51 percent of the population placing sports bets during Oct 2021 – 2022. The reason sports betting is so popular is because the TMG survey found that over 70 percent of bettors in Nigeria place bets based on the motivation that they can win money.
Over 44 percent of bettors stated that they indulge in sports betting due to the excitement attached to betting on their favorite sports and teams; while 49 percent said that it is an added incentive for them to watch and follow a game, knowing that they have placed a wager on the game.
The vast majority of sports bets are placed via online betting sites and online betting apps. The survey results show that more than 92 percent of all sports bets are made online and only 8 percent are made at offline betting shops.
Over 32 percent of Nigerians who did the survey admit to betting on sports every week, while over 5 percent confirmed betting on sports every month. More than 22 percent admitted to placing a bet a few times each year.
iGaming Will Draw Closer to Sports Betting
The online casino market in Nigeria will continue to grow in the coming years and draw closer to the sports betting market as more offshore gaming operators enter the market and offer multi-vendor casino games, lucrative bonuses and easy to use banking options for Nigerian players.
