Sports betting has enjoyed a steady and prolific rise in Nigeria over the last decade, and it still continues to grow unabated in the country. With a large youthful population, incredible level of passion for sports especially, football plus other factors, the sports betting industry has all that is required to keep growing. Many sports betting platforms in Nigeria are offering a get free deposit bonus to attract new users and increase participation in online betting.
The readiness of the Nigerian population to key into sports betting is not a surprise. A football mad country with access to internet, mobile phone technology and a chance to beat the biting economic hardship have made it easy for Nigerians to key into it, providing a large customer base for betting companies.
Recognizing the immense potential inherent in the Nigerian market many years ago, a few betting companies took the plunge and many more followed over the years. Today, there is a long list of Betting sites in Nigeria and more are still projected to join the fray.
However, the tremendous growth the industry is enjoying has come under some scrutiny. The successes of the industry have set tongues wagging about the inherent danger of the entire industry if it continues to grow unchecked.
Recently, the controversial nature of the industry got the attention of the National Assembly where the future, stricter regulations were discussed.
A Federal Lawmaker, Honourable Kelechi Nwogu sponsored a bill which was widely misunderstood as a bill seeking to put an end to sports betting in Nigeria by hardline supporters of the igaming industry in the country. And as expected, given the outcry that followed the introduction of the bill on the floor of the House of Representatives, it was quashed to the relief of those in support of the industry.
However, the quashing of the bill has not ended the discussion around the hugely controversial industry with arguments for and against.
The proponents of Sports betting have anchored their support of the industry on the economic benefits accruable to the country. The industry is one of the highest employers of labour in the country. The gambling industry is one that relies on technology, advertising and other sectors and it provides plenty employment opportunities.
More so, the industry is one of the major revenue sources for the government at both state and federal levels. The government get licensing fee and taxes from the betting companies
With the increased need for funds to put infrastructure in place, attain a stable economy and increase government spending capacity, revenue from the sport betting industry has come in handy.
Besides job and economic reasons, other reasons have been put forward to support the continued operation of sports betting companies in Nigeria.
The Entertainment associated with placing bets on sports is exciting. The thrill of calling games and backing one’s self to win an actual bet increases the entertainment value of sports betting.
Betting enthusiasts themselves see sports betting as a potential route out of economic quagmire and there have been many stories of bettors who have made a fortune from placing bets.
The proponents have also argued that sports betting is not a game of chance compared to other forms of gambling. With adequate research and the knowledge of sports players stand a better chance of winning their bets.
Despite the lofty advantages of sports betting, a section of the country are vehemently against the sports betting industry, with various reasons cited.
The biggest negative impact of betting is addiction to sports betting. Like any other form of gambling, people who engage in sports betting have a high risk of addiction.
People tend to bet more than necessary or more than they can afford and this leads to the path of addiction. Accessibility to sports betting via mobile phone connected to the internet can also contribute to the problem of addiction. The side effects of betting addiction which include depression, anxiety and others are well documented.
Another downside of sports betting is the financial impact on people. With sports betting there is always the danger of players going beyond their means to place a bet in the hope that their next bet will win. Problem gambling could be a precursor to debt and financial recklessness. There have also been arguments that it can lead to family problems.
There is also the aspect of the well being of the society at large. With a majority of the country’s population classified as youth, there are fears in several quarters that it may snowball into a scourge that impacts the society negatively.
Currently, the country is grappling with underage gambling as a result of the pervasive nature of sports betting. Betting companies have mobile apps accessible by an internet enabled device and some are investing heavily in retail betting which makes it even easier for minors to place bets in betting shops.
To achieve a virile and yet regulated market, the National Lottery Regulatory Commission must intensify efforts to see that all the parties involved play by the dictates of the law governing sports betting in Nigeria.
Irrespective of the divide one is in, there is a need to come together and fashion the best blueprint going on sports betting in Nigeria going forward.
There has to be an encompassing approach to evaluate the merit and the demerits of sports betting. Issues like underage gambling, problem gambling, companies flouting regulations are all addressed.
If these issues are adequately addressed, Nigeria will have a healthy betting industry where the benefits outweigh the disadvantages.