Nigeria’s online sports betting market to reach US$384.50m by 2028
By Oluwaseyi Lawal
The Online Sports Betting market in Nigeria is expected to reach a compound annual growth rate (CAGR 2024-2028) of 6.92%, resulting in a projected market volume of . This market is expected to reach a revenue of US$294.20m in 2024. This is according to world market research platform, statista market insights.
The market scope in this context includes the online sports betting on various sports such as football, basketball, tennis, cricket, golf, etc, e-sports betting on sports simulation games such as FIFA, NBA 2K, and Madden NFL and Proposition betting on specific events or outcomes in a sports game.
In comparison to other countries, in Australia is expected to generate the highest revenue in the Online Sports Betting market, amounting to US$9,757.00m in 2024. Nigeria’s online sports betting market is experiencing a surge in popularity, driven by the country’s passion for sports and increasing internet penetration.
The Online Sports Betting market in Nigeria has experienced significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. With the increasing accessibility of online platforms, the popularity of live betting, and the passion for football in the country, the market is likely to continue its upward trajectory in the coming years, Nigerian customers have shown a growing interest in online sports betting due to its convenience and accessibility.
With the increasing penetration of smartphones and internet connectivity, more people have access to online platforms, allowing them to easily place bets on their favorite sports teams and events. Additionally, the rise of social media and online influencers has also contributed to the popularity of online sports betting, as customers are exposed to various promotions and offers through these channels.
One of the key trends in the Nigerian online sports betting market is the emergence of local and international betting platforms. Local platforms have gained popularity by offering localized content, such as local sports events and teams, while international platforms provide a wider range of betting options on global sports events. This trend has created a competitive landscape in the market, with platforms vying for customers by offering attractive odds, bonuses, and promotions.
Another trend in the market is the increasing popularity of live betting. Customers are now able to place bets in real-time while watching sports events, adding an element of excitement and engagement to the betting experience. This trend has been facilitated by advancements in technology and improved internet speeds, allowing for seamless live streaming and instant updates on match statistics.