The Alexa ranking of websites is the most known way of ranking websites by popularity. The latest list has a lot of surprises concerning online betting site in Nigeria. The most commonly visited websites is Google’s search and sports betting sites take the top 5 of the most visited addressed in Nigeria.
The Growth of the Industry
The sports betting industry is rapidly growing in Nigeria and it owes much of its success to the availability of the internet and the increase in smartphone use. Smartphones and the internet are not expensive and are widely available to all people. Alexa ranking clearly points to the fact that the sports betting industry is growing in Nigeria with four websites among the top 50 as well as two sports-related websites accounting for a total of 6 websites related to sports among the top 50.
Nigeria has the largest population in Africa and high unemployment which is causing Nigerians to opt for sports betting. Approximately 60 million Nigerians 18-40 are involved in sports betting on a regular basis with the sports betting market estimated at $2 billion. The market is projected to further increase through the use of smartphones.
New Regulations – Taxation
The Nigerian government has recognized this growth and the potential of the industry and has introduced the plan of charging Value Added Tax known as VAT on lottery and gambling
activities. The plan is still not final but everything points out to its execution. The government will be able to get significant incomes from the gambling sector whilst the sector
could experience some issues. Some believe that the reduction in potential winnings will most likely lead the players into the illegal sports betting market. Currently, Nigeria has around 100 million internet users and 169 different mobile phone providers. Out of the 100 million, approximately 80 million have access to the internet via their smartphones. The Nigerian sports betting industry is growing and the new moves by the government might manage to slow it down but it will most likely continue to grow in the future decade.