About 60 million Nigerians between 18 and 40 years of age may be spending up to N1.8 billion on sports betting daily, investigation by the News Agency of Nigeria (NAN) reveals.
1000-naira-notes
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.

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