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disadvantages of sports gambling Ā» Ā» Pros and Cons of Sports Betting in Nigeria Pros and Cons of Sports Betting in Nigeria August 16, 2019 By Africa is fast emerging as a favorable and rewarding market for sports betting.
New businesses, both local and international are establishing their presence in Africa, with the intention to tap into the emerging pack of sports gamblers.
However in Nigeria, the situation is no different as more than half of the teenage and adult population is reported to be involved in gambling, mainly sports betting, and it is the same story across East, and Central Africa.
As a result, this guide has been created to provide readers with a detailed look at the pros and cons involved with sports betting, particularly to Nigerians.
Betting on sports is now hugely popular in Nigeria, with bookmakers such as Naira Bet and Bet9ja and other various sports bettings being among the most popular and reputable.
However, just what is giving this increase in interest when it comes to wagering in Nigeria?
Betting on your favourite player or sports team is certainly not something new, however, the revolution has been sparked by a number of factors, including technology, media and of course, the internet.
The fear of electronic fraud and slow internet speeds have held so many Nigerian online consumers back but betting firms says the new, fast digital payment systems underpinning their websites are having a great change in attitudes towards online transactions.
According to data from the Nigeria Inter-Bank Settlement System NIBSSwhich is owned by the central bank and licensed banks.
As of 2017, the transactions leaped to 29 million worth 185 billion and in the first quarter of 2018, there were nearly 10 million worth 61 billion.
With a young population of nearly 190 million, rising mobile phone use and falling data costs, Nigeria has long been seen as a great opportunity for online businesses once consumers feel comfortable with electronic payments.
According to the online gambling firms, they made it known that reaching the tens of millions of Nigerians without access to banking services remains a challenge for pure online retailers.
However, British online betting firm Betway opened its first African business https://healthcareinsuranceplan.info/gambling/gambling-commission-uk-contact-number.html Kenya in 2015, followed by Uganda, Ghana and South Africa.
Nigeria was not exempted as it was launched in Nigeria in January.
More About History of Sports Betting in Nigeria Sports betting is becoming more of a national sport as sports themselves.
The practice is however legal in all https://healthcareinsuranceplan.info/gambling/gambling-taxable-income.html states of the country.
According to Ademola Adebajo, head of one of the largest football https://healthcareinsuranceplan.info/gambling/list-of-casinos-that-allow-18-year-olds-to-gamble.html services providers operating in Nigeria.
He stated that as a nation, Nigeria is betting up to 5bn Naira over 25 million USD each day.
And this figure has been on a continuous increase disadvantages of sports gambling by year, at over double the spend as of 2014.
However, this is in contrast to the moderate economic growth of the country over the past few years and a slight decline in 2016.
This is not reflective of the growing spending on gambling worldwide, which is growing at just 2.
Generally, in a culture where a sport is more popular and betting on said sport is legal, the betting industry revolving around the sport grows and thrives.
This is certainly the case in Nigeria and other Sub-Saharan African countries.
As the sports flourish, so too do the amounts wagered on games.
With available access to the internet and TVs now widespread, the ability to follow any European, German, Spanish or Italian games as it happens is a reality.
Anyone, anywhere, is capable of having the sport beamed across the planet directly to them.
This year, 40% of Nigerians are actively using the internet, and around 50% own a mobile phone ā€” and with it comes to the access to resources, content, and yes, football, like never before.
This has lead to businesses springing up around football, such as souvenir production, football newspapers, home leagues, and clothing.
Football betting pools are a product of the British influence in Nigeria, brought to the country in the 1920s.
Traditionally, football betting pools have been confined to gambling houses, places where the punters go to make bets and the house runs the pools.
However, this has all been slowly changing over the years, as online and mobile betting has become more prevalent.
The ease of being able to place bets with just a device in your pocket makes betting that much easier, and many prefer betting online.
Mobile phone usage is continuing to grow and it is expected that with this growth, the trend of mobile sports betting will also continue to grow.
With the growth of traditional sports betting clearly evident, another interesting betting avenue that is fast spreading around the world is fantasy sports betting.
This relatively new form of gambling is becoming a more prevalent avenue in the gaming industry, particularly in the younger generation.
It is an interesting concept because you can literally pick your dream team from the whole league of players.
This betting site works with the best operators in the world to guarantee the best betting conditions.
They made sure that all computer system and data are protected using Dell servers and Fortinet Firewall, and feature a Thawte SSL encryption certificate.
The bookmaker also provides customers with vast amounts of useful statistics and information surrounding sports teams and players, while they offer a loyalty scheme for customers, in which free bets can be earned.
This made them the top list check this out others.
This betting site also has a range of promotions and a good number of sports markets particularly appealing to potential punters.
This site is also Regulated by the Lagos State Lotteries Board, the bookmaker is now one of the biggest in Africa.
Merrybet has achieved success as a result of their ongoing promotions and in-play opportunities.
Despite not being one of the most visually pleasing betting platforms, the fact that they cover a vast number of markets means that they are worth considering for any new customer.
This betting site performs well in other areas, these areas include, their range of promotions, as well as their live streaming capabilities, meaning that they are a bookmaker worth considering for anyone, no matter article source your sporting preferences are.
This is a fast-rising betting site that has made its way to the heart of its customers, with the high level of odds and bonuses they give out.
Betking is also a product of SV Gaming Limited and the birth of the brand was initiated by evolution in strategy and the objective to offer more value to customers.
It also offers agency opportunities for individuals who will come to be called Kingmakers once they sign up to deliver offline betting services to customers The Impact and Disadvantages of Sports Betting in Nigeria As we know there are different strokes for different folks and this applies to the reason of the Pros and Cons of Sports Betting in Nigeria.
To get the opinions of people, I took a quick survey with some persons on my contact list and I got various interesting replies from them.
Note: I will be quoting some with their names after getting due permission to do so while some prefer to stay anonymous.
Abiodun Tobi Like we know most of the existing sports betting companies are fully licensed, they are obliged to pay tax revenues to their respective governments, making their operations a revenue-generating business that ultimately contributes to overall economic growth in Africa.
Many Nigerians and other countries in Africans have become instant millionaires through sports betting.
Though not a legitimate source of income, young people have found it to be a faster means of making money instead of staying idle.
Godswill Funny enough, many who participate in this kind of gambling says it is quite different from other forms of betting as it is an easier means to overcome the odds by combining click facts with accurate betting strategies.
I know many of you would not agree with me on this, but let me justify with emphasis.
Also, looking at the various responses as stated below about the disadvantages of Sports betting in Nigeria I know a student who commited suicide after he allegedly lost his tuition fee to a local sports betting company.
When you come in contact with those who have lost a bet it is always red with frustration and laced with intense anger.
The rising sports betting obsession in Africa has turned out to be a real source of pain for many families, with couples divorcing and lots more.
Some go as far as taking loans from banks to participate in sports betting.
Many are those who have lost their assets to banks.
Ojukwu Queen It can lead to accumulated debt and greed.
Majority of the people who engage in betting are mostly a form of debt or another.
They go as far as borrowing or even using monies that were entrusted to them to place a bet with the hope of winning and then paying them back after they must have made some profit.
The person will also lack vision, and can barely focus or concentrate on work or anything else.
From my own point of view, i must say that thisleads to Frustration, Anger and Suicidal.
When you come in contact with those who have lost a bet it is always red with frustration and disadvantages of sports gambling with intense anger.
Isokobo Moses Conclusion From the write up above, we can say that the Sports betting companies are Legal.
However, comparing the Pros and Cons of sport betting in Nigeria from the various responses listed above, it is advisable to stake a bet with your spare cash and not your capital, to avoid your self the risk as stated aboveā€¦ However, does this article meet your immediate needs?
Which are the most popular football betting platforms?
The number of online betting platforms is now huge, with customers always looking for the best deals around when it comes to odds and additional features.
However, for football fans looking for the website that offers the biggest range of markets, coverage, and bonuses, we provide all the information needed in our review pages.
With click here Nigerian and international bookmakers covered, our final conclusions surrounding each platform will help you to decide as to which portal suits your needs the most.
Why is personal information required from the bookmaker during registration?
Anyone who is interested in the subject of sports betting should be on the lookout for a reputable and reliable provider.
Our suggested providers have licenses and are therefore subject to strict regulations.
If these requirements are disregarded, the company threatens to withdraw the full license.
For the purpose of consumer protection and also according to the Financial Transaction Guidelines, it is, therefore, a must that betting companies obtain the correct identity of a customer.
Anonymous betting on the Internet is for this reason ā€” in a reputable and secure provider ā€” not possible and forbidden.
How long do deposits and withdrawals take with online bookmakers?
The majority disadvantages of sports gambling bookmakers guarantee that customers have to pay no fees for a bank transfer, however, such transactions can take a few days until the deposited money has arrived on their own sports betting account.
For other types of payment, however, it may be possible that between 1 to 4 percent of the deposit amount is charged as a fee.
This is not due to the sports betting company, which wants to make profits with the fees, but to the respective link company.
Is there a safe strategy for sports betting?
Anyone who starts wagering online ultimately dreams of making a big profit, with the risks being relatively low.
For this reason, the disadvantages of sports gambling for a safe sports betting strategy is also very disadvantages of sports gambling />Unfortunately, we have to disappoint you, because there is no guarantee of success in sports betting.
In part, however, a large number of strategies are offered on the Internet, which allegedly includes safe sports betting strategies.
However, these are only dubious offers, since, purely mathematically speaking, a betting provider always has an advantage visit web page the betting customer.
The profit margin of online bookmakers is not very big, but click the following article is there.
Of course, in the long run, it can be possible to beat a bookmaker if time and money are invested accordingly.
There should also be the necessary intuition and patience, experience and a certain willingness to take risks.
However, there is no sure strategy for success.
Reference Leave a Reply Your email address will not be published.
Primary Sidebar Copyright Ā© 2019 DISCLAIMER: Information found on this website is based on thorough research and conclusions from the best of our knowledge.
The material provided here is solely for informational purposes.
Visitors are advised to use the information at their own discretion.


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