Online Betting On the Rise in Nigeria
Over the past few years, Nigeria has seen a massive increase in the number of people participating in online and mobile sports betting. The rapid growth of the online betting industry has meant great things for the country, including the expansion of local employment, additional income opportunities, tax revenue for the government, and an overall increase in economic growth.
The Influence of Online Payment Faculties
Despite having one of the largest populations in Africa and a passion for soccer betting, Nigeria was years behind their African neighbors in adopting Internet-based sports betting services. Lack of infrastructure and slow Internet speeds contributed to the problem, but it was the lack of payment options that sidelined Nigerian sports enthusiasts the most.
Just a few years ago, Nigeria was in desperate need of secure, functional online payment facilities. While sportsbooks like Betway Nigeria were fully operational and offered a great selection of markets, people were not able to fund their accounts as easily as they’d like. Mobile payment facilities were few and far between, and online payments were not trusted for fear of electronic fraud.
In 2016, a tipping point was reached where improved technology and infrastructure created an environment that could facilitate faster, more convenient payments. It seems the industry itself created the solution to its own problem. From 2016 to 2017, the taxes on sports betting increased a full 10%, which contributed to the rise of Internet-based payment facilities. Within a few months, mobile payment options flourished alongside competitive and secure web-based payment platforms, and online sports betting for real money could be safely enjoyed on just about any device, from smartphone to tablet, to a desktop computer.
The Ripple Effect
The numbers give us an indication of how the accessibility and multitude of mobile payment options have influenced the economy. In 2016, a total of 14 million web payments were made in the country, with a value of 132 billion Naira. By 2017, the number of transactions had increased to 29 million and a total value of 185 billion Naira. In the first three months of 2018, there have already been 10 million transactions worth over 61 billion Naira.
The availability of mobile technology and the lowering of mobile data costs have meant that more people can access online betting sites throughout the country. At the same time, secure and convenient mobile payment platforms along with locally developed web payment options have made the funding of betting accounts easier.
Today, the average Nigerian bettor can choose from a wide range of mobile or web-based payment options to suit their pocket and their lifestyle. As such, there has been a cultural shift in the way electronic payments are perceived. The tumbling effect is that more companies are starting to offer betting facilities, creating a larger market for Nigeria’s favorite pastime, and African Betting Guide is proud to be able to tell you all about the brands that welcome bettors from this part of the world.
It has never been easier, safer or more convenient to bet online in Nigeria. Quick payment options coupled with user-friendly mobile betting sites are the perfect mix, and when you add in the comfort factor and consider that anyone in Nigeria can enjoy online sport betting at home, on the go, or from anywhere they choose, it’s easy to see why so many fans have gotten in on the action.
Top Sports Betting Brands in Nigeria
In 2018, two of the biggest sports betting brands to service the Nigerian betting industry are Bet9ja and Betway, both of whom come highly recommended by us here at Africa Betting Guide. Bet9ja is a household name in the country, with years of experience and keen knowledge of the Nigerian market. They have offer an incredible range of soccer bets, as well as markets on international sports, plus they offer a very generous welcome bonus offer worth 100,000 Naira to anyone signing up and making a deposit.
Betway is a promising newcomer to Nigeria but brings with them the full force of a global betting brand. As an international bookmaker, they offer a huge range of sports and plenty of markets for each event. Anyone wanting to sign up with Betway will be happy to know that they offer a free bet welcome bonus offer up to the value of 20,000 Naira, which definitely adds extra value to your mobile betting, right from the get-go.