Dr Emomotimi Agama<\/strong>, Director-General of Nigeria\u2019s Securities and Exchange Commission,<\/strong> gave these figures at the Chartered Institute of Stockbrokers conference<\/strong>, comparing the rapid growth of the gambling industry to the slow adoption of traditional investment instruments in Nigeria.\u00a0<\/p>\n\n\n\n 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.<\/p>\n\n\n\n According to a recent report, Nigeria\u2019s gambling market is expected to reach $3.63bn by 2025<\/strong>, up from $3.1bn in 2023<\/strong>. This growth is fuelled by online gambling, which is expected to increase from $400m to $500m by 2025<\/strong>, at a 16 per cent<\/strong> annual growth rate. <\/p>\n\n\n\n Sports betting dominates the scene, making up 75 to 80 per cent<\/strong> of wagers, with popular football leagues like the English Premier League<\/strong> and Nigeria\u2019s local leagues attracting the most bets. Online sports betting revenue reached $294.2m in 2024<\/strong> and is expected to grow 6.45 per cent<\/strong> per year through 2029.<\/p>\n\n\n\n Several factors contribute to this growth, including a significant youth demographic and increasing smartphone adoption. Nearly 41 per cent<\/strong> of Nigeria\u2019s population is under 25 years old, and smartphone use is expected to reach 187 million users<\/strong> by the end of the year. <\/p>\n\n\n\n Mobile apps handle almost 90 per cent<\/strong> of bets, led by popular operators Bet9ja and SportyBet<\/strong>. High youth unemployment, especially in cities, where it affects about 40 per cent<\/strong> of people, also pushes many young Nigerians to betting as a way to make quick money.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n Dr Agama warned that betting takes money away from investment in the broader capital markets, where fewer than three million Nigerians<\/strong> currently participate.<\/p>\n\n\n![\"\"](\"https:\/\/focusgn.com\/africa\/wp-content\/uploads\/sites\/7\/2025\/10\/photo-1571867424488-4565932edb41-300x200.jpg\")
<\/p>\n