Nigerians spend N1.8bn on sports betting daily – investigation

The investigation showed that they commit on the
average N3,000 on sports betting daily.
Dotun Ajekigbe, a sport betting analyst, said that
sport betting though risky was also rewarding.
Ajekigbe said that about 60 million Nigerians placed
bets on different matches daily across the country.
He said that most unemployed youths have taken to
online and other forms of sports betting to make a
living.
According to him, from findings this group of people
stake an average of N3,000 daily.
"Sport betting is gambling, not investing in bank
shares.
"But almost everything in life is a gamble, more so
with money matters. With gambling comes risks
because it not 100 per cent guaranteed.
"However, you can dramatically reduce your risks by
taking calculated risks only.
"When you take calculated risks, you base your
decisions on sound research and evidence, not
intuition.
"Sport betting is by chance. The better informed the
player is, the better the chance he/she has of making
money," he said.
Mr Ambrose Obialor, who runs Yobo Viewing Centre,
Lagos, says that some people bet between N2, 000,
N10, 000 and above, depending on the individual.
He said that some people denied themselves of food
after spending all they had on a bet.
Mr Afeez Adigun, an agent for 1960 Bet Company,
Lagos, said that between 200 and 300 people visit his
office to place bets on match days during football
seasons. while about 150 people bet at off-seasons.
According to him, a betting company can generate up
to N20 million monthly and use between N5 million
and N7 million to meet winners obligations in terms
of payment.
He also described sports' betting as very risky but
highly rewarding business.
A representative of another betting company, Betting
World, who did not want his name mentioned, said
that sport betting companies have employed about
50 youths in Lagos.
He also said that betting outlets were always filled
with countless young people between ages 18 and 40
who come to place their bets.
The representative said that most people borrow as
much as 10,000 for their daily stakes, stressing that
some of them win, while others lose but returned for
the next day's betting.
He said that most people did not like to place bets on
Nigerian matches because they were highly
predictable.
Mr Lanre Gbajabiamila, Chief Executive Officer, Lagos
State Lottery Board, said the lottery industry was very
risky but also lucrative.
Gbajabiamila said that the board generated about N1
million in 2013 from about 11 sport betting
companies in the state.
He added that more revenue could be generated with
more investment to develop the industry.
"The state government has been making efforts to
provide an enabling environment for the lottery
industry but only 40 per cent of the industry had
been tapped into.
"We urge the Federal Government to create a more
enabling environment for operators in the industry to
increase revenue and create jobs for youths.
"The major needs of the operators are improved
electricity and internet provision to boost the
business," he said.
He restated the commitment of the board to rid the
state of illegal lottery operators. (NAN)

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