Beyond a game or entertainment, betting has turned into survival for many. It has become a shadow economy; unregulated, growing, and dangerously desirable. 

While inflation has eased to 22.97% in May 2025, the cost of living is still painfully high. Food inflation stands at 21.14% in some regions, with over 11 million youth currently unemployed. The formal job market is weak and the naira’s value is still volatile. So, in this situation, sports betting has surged, offering supposed instant relief.

Betting Grew with Digitalisation

Once confined to corners and street kiosks, betting has evolved into an app-powered business. With platforms like Bet9ja, SportyBet, and 1xBet just a tap away, the gambling industry has embedded itself into Nigeria’s digital space.

What changed? Fast mobile internet, zero-data apps, and fintech services have made online betting frictionless. These platforms create full digital systems where engagement is constant and money moves in microseconds.

Nigeria’s gambling market is now projected to reach ₦5.4 trillion ($3.63 billion) in revenue by the end of 2025 and it goes beyond niche interest; more than 60 million Nigerians place bets regularly, and 51.7% of adults have participated in sports betting in the past year. Of those, 92.8% use mobile apps or online platforms, showing the influence of smartphones and digital wallets in everyday life.

Desperation in Disguise

To be honest, most people aren’t betting for fun but because life offers few alternatives. With few stable jobs, unaffordable essentials, and a currency unable to hold value, betting has become a tool of survival for millions.

They are not just chasing money, they are chasing control in a system that feels broken. The psychology is that even a low-probability win can feel like a plan. It gives people something to believe in, even if only for a weekend.

Over time, the lines between entertainment and necessity blur. I’ve seen friends who were once risk-averse now talking fluently in betting codes, obsessing over odds and results. Some bet daily, others borrow to place “just one more” slip. Hope is addictive, especially when nothing else feels within reach.

Influencers, Fintechs, and the Normalisation of Risk

There’s now a new breed of influencers; betting tipsters, odds peddlers, and prediction gurus. Dressed in designer labels and framed by luxury cars, they turn betting into a lifestyle brand. On TikTok and Telegram, they promise “sure odds,” flaunt “big wins,” and sell paid subscriptions for “insider tips.” The reality they promote is rarely about risk but all reward.

Fintech platforms, meanwhile, have enabled seamless payment flows. Digital wallets make it easy to deposit and bet without friction. These wallets, usually used for remittances, bill payments, and savings, are now primary gateways to betting platforms. This convergence of fintech and gambling is largely unregulated, and it leads to concerns about responsibility and ethics.

Are we witnessing a silent partnership between digital finance and digital gambling?

The Human and Economic Cost

The fallout is not always visible, but it is real. Gambling addiction is increasing, especially among the youth. Families are breaking under the weight of debt, rent money is disappearing into betting apps, students are skipping meals to place multi-slip bets and many of these stories never make headlines, because failure in betting is quietly endured.

Even more alarming is the number of underage users involved. Despite legal restrictions, many teenagers are actively betting, aided by lax digital checks and loopholes in mobile registrations. Age barriers exist, but in practice, enforcement is nearly non-existent.

What we’re seeing is beyond a financial issue, it’s a public health problem in slow motion.

The Silence of the Regulator

The National Lottery Regulatory Commission exists, but its voice is barely heard. There is no serious public campaign against betting addiction, no framework to hold platforms accountable for unethical practices and no formal obligation on fintechs to flag or limit excessive gambling behaviour.

This is both a policy gap and a leadership void. Betting companies are flourishing, yet there’s almost no investment in user education, digital well-being, or transparency.

Gambling isn’t illegal but unregulated gambling in a weak economy creates a recipe for personal and collective harm.

What Are We Really Betting On?

When millions of people, many of them educated, spend their days chasing odds, what does that say about our economy? What does it say about the level of trust in formal employment, fair wages, and long-term planning?

We can’t build a future by turning hope into a business model. The growth of betting isn’t just a statistic but a warning that when systems fail, people will create their own logic, their own economy, their own faith in chance.

With wages delayed in our country, pensions corrupted, and job offers being like lottery, betting has become the new currency of hope. But it is a fragile, dangerous hope that can easily flip into despair.

Nigeria needs better choices, better opportunities and leadership that understands that surviving should never have to come down to a single bet.

Have you felt the pressure to bet just to get by? Join the conversation using #MacroMonday or share your story with us at Techeconomy.

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

• 51,7% people in Nigeria bet on sports in the past 12 months

• 36,8% people in Nigeria attend sporting event bets placed online/through apps (e.g. football, horse racing)

• 14,4% people in Nigeria participate in lottery/games of chance (e.g. Powerball, bingo)

• 26,9% people in Nigeria join sporting event bets placed among friends (e.g. football, horse racing)

• Source: TGM Research 2022)

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Almost everyone has stories of someone who has made or lost tons of money from sports betting. A simple internet search will throw up tons of examples.

There is the story of a popular Senior GP in the UK who was jailed three years for stealing £1.1m within a space of 3 weeks due to online gambling addiction.

There is a block of four flats, off Ikotun Igando Road, that the rumours indicate was built from the proceed of sports betting success. The stories, whether of gain or pain, are endless.

Experts point to the increase in penetration of mobile telephony, widespread availability of broadband internet and growing global attraction of football leagues in Europe as the principal drivers of the ubiquity and adoption of sports betting across Nigeria.

The engagement of popular influencers in sports betting marketing is also a factor here. Despite the deeply religious orientation of the citizens, sports betting has continued to gain ground across the length and breadth of the country.

ALSO READ: Is Crypto Sports Betting a Must-Have or A Burst?

Sports betting can be a fun and exciting form of entertainment, but it can also be addictive and potentially harmful if not approached with caution.

In Nigeria, as in many other countries, sports betting has become increasingly popular in recent years, with an increasing number of online and offline betting companies offering a wide range of options for placing bets on various sports events.

The concern is that there are risks associated with sports betting, including the potential for financial losses, addiction, and other negative consequences.

In Nigeria, the young and women are particularly vulnerable as the operators invade every nook and cranny without thinking about the social impact of their endeavours.

One of the main dangers of sports betting in Nigeria is the potential for financial losses. Betting in sports involves risking money on the outcome of a game or event, and it is not uncommon for people to lose more money than they can afford.

Families have starved, children have had to stop schooling with many homes broken apart because of the financial losses occasioned by sports betting.

Another risk is the potential for addiction. Some people may become so engrossed in sports betting that they neglect their personal and professional responsibilities.

It can lead to problems such as neglect of family and work and even criminal activity in some cases. Experts concede that gambling is addictive. Sports betting, in all its forms, is gambling. It follows that sports betting is addictive, contrary to what operators may try to portray.

In addition, the issue of underage gambling through sports betting deserves special attention due to the potential harm it can cause to minors, including addiction. Sadly, today minors can access sports betting facilities without any encumbrance.

It is clear that to truly minimize the risks associated with sports betting in Nigeria, it is important to adopt a holistic approach. Yes, individuals engaging in sports betting must take responsibility for themselves and their families and know to proceed with caution and set limits for themselves.

People must set a budget for how much money they are willing to risk, only betting with money that they can afford to lose, and be willing to seek help if they feel that their betting habits are becoming a problem.

But the government must also take a more hands-on role in regulation, granting permits and protecting the citizens from unscrupulous sports betting operators.

Operators, naturally, are quick to point out that sports betting creates jobs. They point to the myriad of betting shop outlets across the country in addition to in-house staff members to prove that they are a viable economic activity. In addition, they pay taxes. Their operations in many instances however may leave much to be desired.

At over $2 billion, the nation’s sports betting industry is today a behemoth. It must however be tamed if the country wishes to harness the benefits. Again, the onus is on the government and the regulator to rein it in before it wrecks the future of the youth.

Consider this, while sports betting is getting more and more popular, the impact on sports development is still largely negligible. We must ask questions. Over the last decade of tremendous growth, how many new sports grounds have been built with funds from sports betting?

Can the sports betting industry point to athletes that its sponsorship has been supported and promoted? How much is paid in taxes and levies and which agency?

What it is doing to curtail the increase in underage participation in sports betting?

These are the issues. If sports betting exists only to make money for a few, fuel the gambling addiction and drive-up underage participation, it is not a business but a parasite. They, therefore, need to be tamed, their activities curtail and their modus operandi scrutinized more closely.

The sports betting industry must demonstrate a clear commitment to sports development. It equally has to invest in measures to curb underage participation. In addition, it must pay commensurate taxes.

The National Lottery Regulatory Commission, the regulator of the sector, urgently needs to rise to its responsibility to protect society.

At the very least, the commission must insist that operators implement strict age verification processes to ensure minors cannot access sports betting sites or shops and push to educate the public, especially minors, on the dangers of underage gambling through school programs, media campaigns and community outreach.

The National Assembly may also need to look at strengthening the laws prohibiting minors from engaging in gambling activities and include a provision to prosecute those who violate these laws. Security agencies must be willing to enforce the law to its full extent.

Parents equally have a responsibility to care for their wards. They need to closely monitor their children’s online activities and have open communication with them about the risks of underage gambling.

Overall, it is important to approach sports betting responsibly and to be aware of the potential pitfalls, risks and dangers and opportunities.

If the country takes the necessary precautions, sports betting can make tremendous contributions to the nation’s economy.

And it may be possible that individuals can enjoy sports betting as a form of entertainment without exposing themselves to unnecessary risk. This is the future.

Eromosele, a Corporate Communication professional and public affairs analyst, lives in Lagos.