Money Sports Betting in Nigeria: Is it a Worthy Investment?

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Nigeria is one of the most prominent among the countries that made their places on the online betting map. The fact that it’s the fastest-growing economy in Africa is proof enough. But is it a good thing to do? Are Nigerian bookies offering what international bookies are offering?

In this post from Nigeria Bulletin, we will learn pretty much everything there is regarding betting in Nigeria. No, we’re not qualified to educate you. But the betting expert we have from BetZillion is. From here on, what you read is her opinion.

A Short Overview of the Nigerian Betting Industry​

If you think of Nigeria and a poverty-ridden country comes to your mind, you’re living in the past. As we already said, Nigeria is the fastest growing economy in Africa! Over 60 million people under the age of 40 are actively involved with betting.

It’s not even a new paradigm. When the economy was not booming this hard, people were involved in betting. Since the industry became regulated, physical bookmakers have popped up at pretty much every corner of the streets. It’s equally true for urban areas as well as rural areas.

Speaking of regulation, it’s the National Lottery Regulatory Commission that oversees the entire betting industry in the country. It includes both online and offline bookmakers. The legislation is based on the National Lottery Act 2005 where all kinds of wagering for real money have been criminalized for people under the age of 18.

But the rest of the demographic is free to participate in regulated betting activities and make profits. The biggest city in the country, Lagos, has its own body for regulation. We’re talking about, of course, the Lagos State Lotteries Board.

It became easier for international bookmakers to penetrate the market with proper regulation. It has facilitated the country’s economy a lot. So much so that there are quite a few Nigerian online bookmakers too!

Is Sports Betting Profitable in Nigeria?​

On paper, not really. The entire gambling industry is based on RTP and house edge. They’re 2 sides of the same coin. One side shows you much you can expect to win back, while the other shows how much you’ll lose with each bet.

In comparison, online betting sites in Nigeria or any other country have relatively lower house edges when compared to online casinos. It’s primarily because most gamblers focus on the RTP. But the RTP is never achieved as it’s calculated over millions of rounds.

Moreover, the casino games are completely based on luck, except for a few titles like Roulette, Blackjack, and poker.

In retrospect, sports betting gives you more control over the bets you want to play. So, it brings the house edge down by eliminating unpredictable variables. However, as it’s the mathematical advantage Nigerian bookies have over you, there’s no way to beat it.

So, technically, sports betting in Nigeria or any other country will not be profitable in the long run.

The question is, why is sports betting so popular in Nigeria?

One of the primary driving forces behind the popularity is Nigerian punters’ love for sports. Especially football. As it’s the country’s national sport, people are crazy about all the tournaments. It has also given birth to superstars like Asisat Oshoala. The bookmakers have utilized the craze by offering both domestic and international leagues.

Also, the house edge doesn’t kick in in the short term, so it believes that it’s profitable.

Now, we’re not saying that you can’t make a profit from sports betting. It’s very much possible. It’s easier to make money at sports betting sites in Nigeria when compared to online casinos.

But you need to put in the hours to learn the trait first-hand. You must learn to read the odds like the back of your hand. The odds drive the sports betting industry as a whole, after all. If you misinterpret the odds, you’re more likely to incur losses in the long run.

Also, you need to research the sport as you’ve never done before. You must analyze the previous match results, the weather conditions, the players’ performance metrics, team management, injuries, and whatnot.

Because the profits in sports betting depend on how accurately you can predict the outcome of an event. If you don’t know the background of the event in the first place, how can you expect to make a profit?

The bottom line is that sports betting in Nigeria can be profitable if you’re ready to commit. But if you’re only going in to make profits because everyone else is doing it, you’re more likely to lose money than to make money.

Best Betting Sites in Nigeria​

One of the prerequisites of making profits from sports betting in Nigeria is choosing the right bookmakers. To help you out, the BetZillion expert has a list of Nigerian bookies you can check out.

Having access to the list of betting sites in Nigeria improves your betting experience and helps you find the best odds for the offered markets.

If you want to go out on an adventure of your own and find online betting sites in Nigeria, we can help you in that regard too. The betting expert has agreed to share some pointers on finding the best Nigerian bookies.

  • A Local License
You already know that the National Lottery Regulatory Commission and the Lagos State Lotteries Board are the designated regulators in Nigeria. So, you should try and bet at bookmakers that have a license from either of these organizations.

But if they don’t, it’s not the end of the world's end. The country allows betting at offshore sites too. In that case, look for UKGC, Malta, Curacao, etc., licenses.

  • Sports and Markets
It’s safe to assume that you want to bet on football more than anything else in the country. So, your chosen online bookmaker must offer good markets for football. It should cover all the major tournaments from all over the world. When that happens, you can expect to find opportunities to make profits throughout the year.

  • Odds
Last but not least, the odds play a critical role in the bookmaker selection process. The best way to find the best betting sites in Nigeria is to compare odds for different brands. The longer the odds you can find for the same markets, the better the experience you can expect.

Conclusion​

Sports betting in Nigeria is as profitable as you can make it. The house edge won’t let you win in the long term on paper. Yet, millions of Nigerians are actively betting on the sport. Some of them are making profits while others are incurring losses.

What do you think draws the line between the two groups?

You can be on either side of the line based on how you approach sports betting sites in Nigeria. If you truly want to profit in the long run, you must take the time to sharpen your betting skills. Take the guide from BetZillion expert as a guide in the right direction.
 
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