Over 60 Million Nigerians Place Daily Bets Worth $5.5 Million

Nigeria’s gambling market is expanding rapidly: every day, more than 60 million people — over a quarter of the country’s population — place bets totaling around $5.5 million, according to Focus Gaming News, citing Emomotimi Agama, Director-General of the Securities and Exchange Commission of Nigeria.

Agama noted that gambling is growing much faster than traditional investment instruments. While Nigerians show a strong appetite for risk through betting, he said, they do not display the same level of confidence or interest in long-term investments such as stocks.

Recent estimates show that Nigeria’s overall gambling market has risen from $3.1 billion in 2023 to $3.63 billion in 2025, with the online segment accounting for roughly half a billion dollars.

Sports betting contributes up to 80% of total gambling revenue, with the English Premier League and domestic football competitions attracting the most wagers. Revenue from online sports betting reached $294.2 million in 2024 and is projected to grow by 6.45% annually through 2029.

Several factors are fueling this growth — a young population and the widespread use of smartphones. Nearly 41% of Nigerians are under 25, and the number of smartphone users is expected to reach 187 million by the end of the year. Around 90% of bets are placed via mobile apps, primarily through Bet9ja and SportyBet.

High youth unemployment — reaching up to 40% in urban areas — is also driving interest in betting as a potential source of income.

At the same time, Agama warned that the surge in gambling is diverting capital away from the stock market: fewer than three million Nigerians currently invest in securities.

Earlier, Gambling Park reported that by 2032, the volume of gambling operations across Africa could reach $11.27 billion.