Online Crypto Gambling Is Booming In Nigeria
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Online gambling within Nigeria is a highly popular pastime for much of the nation’s people, especially as the current legal system allows bettors to be able to enjoy a number of options. Indeed, many have been able to use a number of offshore operators in order to participate in wagering activities, although there are some that have continued to seek alternative options in more recent memory.
There has been a relatively huge boom in regard to cryptocurrency within the country, which has ultimately had an impact on the gambling industry within the African country, too. Recent studies towards the end of 2021 highlighted that Nigeria had a 24.2% adoption rate, thus making them have the highest rate of cryptocurrency ownership globally. In terms of figures, it was found that between July 2020 and July 2021, African countries alone received close to $105.6 billion worth of crypto, representing a 1,200% increase in value within that period only.
But, why has crypto gambling been able to explode and become a significant market in Nigeria?
Gambling has always been incredibly popular in Nigeria
Casino gambling and sports betting on events such as football (soccer), rugby, and basketball have always been incredibly popular with citizens, as many have a passion for certain teams around the globe, and this will have only have been enhanced by the infrastructures that the country has started to experience.
Despite being labeled a developing country, there is some wealth within the nation that allows for online wagering to be participated in. Additionally, Nigeria has managed to invest a significant amount into services such as internet connectivity, which is perhaps why the cryptocurrency industry as a whole has also managed to boom.
Many have looked to invest their wealth within digital assets for a variety of different reasons, whilst some have looked to continue enjoying one of their favorite pastimes: gambling. Many are playing BTC slot games now because they are able to increase their crypto holding further whilst also enjoying a number of benefits that gambling with fiat currency simply can not offer them. This includes a value that is not linked to a commodity, especially as inflation rates can typically be rather high, as well as being able to enjoy fairer games, as well as a level of anonymity.
Perhaps significantly, wagering with crypto for Nigerians also provides them with the opportunity to enjoy faster transactions. Bettors are able to make quicker deposits whilst also being able to withdraw any potential winnings that they may have at a faster rate too, which is something that can be rather valuable to an individual at any given moment.
A rich history of gambling in Nigeria
It is hardly a surprise or shock that so many Nigerians currently enjoy gambling activities, though, given the country’s rich history with the industry. According to data, the country represents the largest gambling market by GGR in the sub-Saharan African region, with around 7% of the continent’s total.
Online sports betting, as mentioned already, contributes to a lot of the total as many continue to follow and back their favorite sports teams, players, and leagues. It has been reported that Nigerians spend around $2 billion a year on placing sports bets, with around 30% of the country’s population said to have been placing wagers every single day in 2014; a market figure of over 65 million bettors.
Given the popularity of the gambling industry within Nigeria, as well as the huge adoption rate in regard to cryptocurrency within the country, it is hardly a surprise to learn that there has been a huge boom that has seen the two industries become intertwined together, and it would not be a shock if we were to experience an even bigger amount of growth in the very near future.
