Friday, 18 November 2016 20:21

Why Sport Betting Industry is Experiencing Rapid Growth in Nigeria

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Few years ago, gambling was an act that was generally abhorred. But today, over 60 million Nigerians between the ages of 18 and 40 years spend as much as N1.8 billion Naira daily on gambling  according to an investigation carried out by News Agency of Nigeria. This is a mind blowing amount no matter how you may want to think about it. The question is - what gave rise to this astronomical rise in acceptance of gambling? The simple answer is SPORT BETTING.

Sport betting companies (who generally operate online), otherwise known as bookmakers/sportsbooks, are organizations that take bets on sporting and other events at agreed-upon odds on behalf of sports bettors. Sports betting recorded its first entry into the Nigeria market in 2007 when Nairabet first established its sport betting website and introduced Nigerians into how they can not only enjoy watching European League football matches but also make money out of it.

However, what lured most Nigerians into sport betting giving rise to its astronomical growth was the fact that sports betting appears risk free - at least, at the initial stage. Most sport betting site offer 100% coupon code such as seen in Bet9ja Promotion Code. This simply means that when you register and start betting, the bookmaker funds your account with double the original amount you want to bet with. This increases your chances of winning and earning far more than the amount you deposited. Or it will help cut down your loses in case you lose the game.

Also another important factor that has contributed to the rapid growth of the Sport betting industry is the fanatic love that most Nigerians have for European Football League. This made it possible for the betting companies to take advantage of an already hungry market. This is why, even though most Nigerians go into betting for the monetary rewards, a sizeable number of punters bet just for the fun and excitement that goes with it.

Finally, there is no gainsaying the fact that sport betting is a business that has come to stay. It therefore behooves the government to provide the enabling environment to ensure that illegal bookmakers and some outright fraudsters do not take advantage of those factors (such as discount offering) that are driving the boom of the industry to rob unsuspecting football lovers and sport bettors of their hard earned money.

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