Is sport betting solely about losing money? By adopting a well-defined strategy and upholding disciplined play, individuals can achieve consistent profits over the long term.
How?
While many adhere to fallacy surrounding the betting industry, a noteworthy number have experienced transformative wins that liberated them from the constraints of poverty, says Mr Adeola Olaniyan, is a senior product operations manager at BetKing Nigeria.
In this interview with Tobi Adetunji, he speaks on common misconceptions surrounding sports betting and generally, gaming industry, whilst advising the government to sanitize the industry through effective regulations.
He also harped on the economic and corporate social responsibility Betkings has embarked on in Lagos and across the nation in it six years of doing business in Nigeria.
Can we meet you sir?
Adeola Olaniyan is my name. I work as a senior product operations manager at BetKing Nigeria.
How long Betking has been in Nigeria?
Betking has been in Nigeria for six year. It entered the market in February 2018.
What has been the contributions of Betking to Nigeria’s Economy?
BetKing has significantly contributed to the Nigerian economy in various ways. During the peak of the 2020 lockdown, the company collaborated with the Lagos State Employment Trust Funds (LSETF) to provide financial support to over 200 market women.
In terms of foreign direct investment and job creation, betting has contributed to economic growth by generating revenue for various stakeholders, including betting operators, their employees and governments through taxes and licensing fees, and supporting industries such as advertising, hospitality, and media.
BetKing has also created over 100,000 jobs through our agency network with approximately 40,000 shops over the years. Through our CSR initiative tagged “BetKing Cares” which was launched in 2022, we have also been able to touch over 7500 lives across 8 key States in delivering impactful medical and food provision services in Nigerian communities.
In 2022, BetKing launched the “BetKing Cares” Corporate Social Responsibility (CSR) initiative, impacting over 7500 lives across eight key states in Nigeria. This initiative focuses on delivering essential medical and food services to communities in need.
Additionally, BetKing has shown commitment to grassroots sports development by sponsoring Kidsport Charity Initiative and Ikorodu City Football Club, thereby strengthening the skills and potential of young individuals, contributing to the overall growth of the community and the nation.
What are the common misconceptions about your industry?
In shedding light on the gaming and betting industry, it’s essential to dispel prevalent misconceptions that often misrepresent the nature of this sector. Here, we address and clarify common misunderstandings to provide a more accurate perspective on our industry.
Online Sports betting companies will block or disable user accounts in the event of significant winnings?
There’s a common misconception that sports betting companies favour losers and disdain winners, often resorting to limiting or closing accounts of consistent winners.
However, this notion is inaccurate. While a sports betting company cannot shut down an account solely for continuous winning, they do monitor closely and analyze betting patterns. If your betting practices are legitimate, there’s no concern.
However, engaging in arbitrage or cheating may lead to the closure of your account. It’s a matter of fair play and adherence to the rules rather than a bias against winners.
But players don’t win in the long haul?
Perhaps the most enduring misconception revolves around the belief that betting inevitably leads to financial losses. While many adhere to this fallacy, a noteworthy number have experienced transformative wins that liberated them from the constraints of poverty. It is crucial to debunk the notion that betting is solely about losing money. By adopting a well-defined strategy and upholding disciplined play, individuals can achieve consistent profits over the long term.
Is following a professional tipster/Influencers the surest way to win?
It’s logical to trust or rely on professional tipsters or influencers to share their games with the belief that they must have done good analysis of the games selected.
However, the truth is that these expert tipsters or influencers are bound to make the wrong prediction at one point in time.
They only have the upper hand as they can spend more time selecting matches. You need to spare your own actual time to research the right matches and with time, you can also become an expert tipster.
Sports Betting Companies fix matches?
There’s a universal conspiracy that sports betting companies can manipulate every sport to be in their favour which is never the truth. Sports betting companies don’t have a way to fix matches. They often generate profits via an over-round.
Sports betting companies only care about the cumulative stake amount used by players to place a bet. Bookies as they are sometimes called also hate fixed matches because they can also end up being on the losing end to the match-fixers. In a nutshell, if you are an online player, you must debunk all misconceptions. Enjoy your game freely as you have fun with what you love most.
How can the government support local Betting companies in building competitive betting platforms?
Government support for local Betting companies can be maximized through the establishment of a comprehensive regulatory framework, financial incentives, and strategic collaborations. This multi-faceted approach not only empowers innovation but also ensures the robust development of competitive betting platforms, contributing to the growth and resilience of the local technology ecosystem.
Statistics about Sports Betting in Nigeria
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51,7% people in Nigeria bet on sports in the past 12 months
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36,8% people in Nigeria attend sporting event bets placed online/through apps (e.g. football, horse racing)
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14,4% people in Nigeria participate in lottery/games of chance (e.g. Powerball, bingo)
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26,9% people in Nigeria join sporting event bets placed among friends (e.g. football, horse racing)
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Source: TGM Research 2022)
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