60 million Nigerians bet daily, SEC warns of capital market impact
Dr Agama pointed out that while Nigerians show a strong willingness to take risks through betting, they lack the trust or access needed to invest in long-term opportunities like shares.
Nigeria.- Nigeria’s gambling sector is growing rapidly, with more than 60 million people, more than a quarter of the population, placing bets worth $5.5m every day.
Dr Emomotimi Agama, Director-General of Nigeria’s Securities and Exchange Commission, gave these figures at the Chartered Institute of Stockbrokers conference, comparing the rapid growth of the gambling industry to the slow adoption of traditional investment instruments in Nigeria.
Dr Agama pointed out that while Nigerians show a strong willingness to take risks through betting, they lack the trust or access needed to invest in long-term opportunities like shares.
According to a recent report, Nigeria’s gambling market is expected to reach $3.63bn by 2025, up from $3.1bn in 2023. This growth is fuelled by online gambling, which is expected to increase from $400m to $500m by 2025, at a 16 per cent annual growth rate.
Sports betting dominates the scene, making up 75 to 80 per cent of wagers, with popular football leagues like the English Premier League and Nigeria’s local leagues attracting the most bets. Online sports betting revenue reached $294.2m in 2024 and is expected to grow 6.45 per cent per year through 2029.
Several factors contribute to this growth, including a significant youth demographic and increasing smartphone adoption. Nearly 41 per cent of Nigeria’s population is under 25 years old, and smartphone use is expected to reach 187 million users by the end of the year.
Mobile apps handle almost 90 per cent of bets, led by popular operators Bet9ja and SportyBet. High youth unemployment, especially in cities, where it affects about 40 per cent of people, also pushes many young Nigerians to betting as a way to make quick money.
While the gambling industry helps generate tax revenue and provides jobs in technology and customer service, concerns about addiction are increasing. A 2024 GeoPoll survey found that 65 per cent of respondents had gambled in the previous year, sparking calls for stronger protections to prevent problem gambling and ensure a fair gaming environment.
Dr Agama warned that betting takes money away from investment in the broader capital markets, where fewer than three million Nigerians currently participate.
