Predictions for Nigeria’s iGaming market

Hope abounds for the rapid growth of the Nigerian iGaming market. If you believe forecasts from Statista, Nigeria’s online casino industry is set to post a compound annual growth rate (CAGR) of 9.01% from 2022 to 2027. With this segment said to generate revenues of $540,000 in 2022, this means it will be posting revenues of $860,000 within five years.

According to Business Insider Africa, Nigeria already has the biggest iGaming market on the continent. In fact, the Nigerian iGaming sector is said to equate to 7% of Africa’s entire market. Statista stated that the volume of downloads of iGaming apps in Nigeria reached 1.27 million in 2022, which is no surprise given the strength of gaming options at consumers’ fingertips.

It’s fair to say that many of the world’s most reputable iGaming software suppliers have already found their way into the Nigerian market. The likes of Pragmatic Play, Play’n GO and Relax Gaming now showcase their full suite of slots to Nigerian-facing sites. These platforms operate under strict geolocation restrictions, ensuring only those with Nigeria-based IP addresses can log in and play. This is important to preserve the industry’s integrity, given that neighbouring African nations are starting to cast envious glances at Nigeria’s burgeoning sector.

There is a growing demand for iGaming among Nigerians

There’s no surprise that the likes of Statista believe the Nigerian iGaming scene will experience exponential growth in the coming years. Nigeria’s middle class is growing all the time and this, combined with a growing demographic of tech-savvy millennials and Gen Zers, means iGaming is increasingly on the agenda of the next generation of Nigerians. One of the most recent innovations has been the decision for some Nigerian-friendly online casinos to accept cryptocurrency as a legitimate form of deposit into iGaming accounts. This helps to offer greater flexibility to a switched-on cross-section of individuals.

Nigeria is also opening its arms to reputable iGaming operators located offshore. Last October, it was confirmed the country would introduce a brand-new remote operator permit, giving brands the opportunity to serve Nigerian players if they are licensed with other strong iGaming jurisdictions. This would enable sites to offer iGaming services without a localized presence.

Nigeria’s National Lottery Regulatory Commission (NLRC), which oversees the local iGaming market, states that operators fortunate enough to get a remote operator permit can advertise their services online and offline via print media. The permits are awarded for up to five years, with the NLRC charging $100,000 for the first 12 months and then $50,000 per annum for the remainder of the term.

Looking from a macroeconomic perspective, Nigeria seems like a strong strategic area for growing iGaming operators to gravitate towards. It’s said that Nigerians already wager approximately $2 billion per annum on iGaming, including sports wagering. Furthermore, it is the continent’s most populous nation, with over 201 million citizens. This makes it the seventh-biggest country on the planet and positions it in the world’s top 20 economies too.

Speaking of the country’s economy, the International Monetary Fund (IMF) estimated its gross domestic product (GDP) rose by 3.2% in 2022 and, despite ongoing inflationary pressures, it posted an annual growth rate not far off at 3.1%. The IMF has maintained its forecast of 3.2% for Nigeria’s GDP growth in 2023 too.

Cross-platform iGaming in Nigeria is now par for the course

Furthermore, the penetration of mobile usage and connectivity has also been a major boon for the Nigerian iGaming scene. The Nigerian Communications Commission (NCC) recently found that penetration of smartphone and tablet devices had risen from 36% to 50% of the country’s population in the last three years alone.

With the leading iGaming operators and software developers designing and building fully responsive online casino experiences as a matter of course in 2023, it’s clear that this medium offers another revenue source for brands that take the leap of faith into Nigeria.

Predictions for Nigeria’s iGaming market

Hope abounds for the rapid growth of the Nigerian iGaming market. If you believe forecasts from Statista, Nigeria’s online casino industry is set to post a compound annual growth rate (CAGR) of 9.01% from 2022 to 2027. With this segment said to generate revenues of $540,000 in 2022, this means it will be posting revenues of $860,000 within five years.

According to Business Insider Africa, Nigeria already has the biggest iGaming market on the continent. In fact, the Nigerian iGaming sector is said to equate to 7% of Africa’s entire market. Statista stated that the volume of downloads of iGaming apps in Nigeria reached 1.27 million in 2022, which is no surprise given the strength of gaming options at consumers’ fingertips.

It’s fair to say that many of the world’s most reputable iGaming software suppliers have already found their way into the Nigerian market. The likes of Pragmatic Play, Play’n GO and Relax Gaming now showcase their full suite of slots to Nigerian-facing sites. These platforms operate under strict geolocation restrictions, ensuring only those with Nigeria-based IP addresses can log in and play. This is important to preserve the industry’s integrity, given that neighbouring African nations are starting to cast envious glances at Nigeria’s burgeoning sector.

There is a growing demand for iGaming among Nigerians

There’s no surprise that the likes of Statista believe the Nigerian iGaming scene will experience exponential growth in the coming years. Nigeria’s middle class is growing all the time and this, combined with a growing demographic of tech-savvy millennials and Gen Zers, means iGaming is increasingly on the agenda of the next generation of Nigerians. One of the most recent innovations has been the decision for some Nigerian-friendly online casinos to accept cryptocurrency as a legitimate form of deposit into iGaming accounts. This helps to offer greater flexibility to a switched-on cross-section of individuals.

Nigeria is also opening its arms to reputable iGaming operators located offshore. Last October, it was confirmed the country would introduce a brand-new remote operator permit, giving brands the opportunity to serve Nigerian players if they are licensed with other strong iGaming jurisdictions. This would enable sites to offer iGaming services without a localized presence.

Nigeria’s National Lottery Regulatory Commission (NLRC), which oversees the local iGaming market, states that operators fortunate enough to get a remote operator permit can advertise their services online and offline via print media. The permits are awarded for up to five years, with the NLRC charging $100,000 for the first 12 months and then $50,000 per annum for the remainder of the term.

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Looking from a macroeconomic perspective, Nigeria seems like a strong strategic area for growing iGaming operators to gravitate towards. It’s said that Nigerians already wager approximately $2 billion per annum on iGaming, including sports wagering. Furthermore, it is the continent’s most populous nation, with over 201 million citizens. This makes it the seventh-biggest country on the planet and positions it in the world’s top 20 economies too.

Speaking of the country’s economy, the International Monetary Fund (IMF) estimated its gross domestic product (GDP) rose by 3.2% in 2022 and, despite ongoing inflationary pressures, it posted an annual growth rate not far off at 3.1%. The IMF has maintained its forecast of 3.2% for Nigeria’s GDP growth in 2023 too.

Cross-platform iGaming in Nigeria is now par for the course

Furthermore, the penetration of mobile usage and connectivity has also been a major boon for the Nigerian iGaming scene. The Nigerian Communications Commission (NCC) recently found that penetration of smartphone and tablet devices had risen from 36% to 50% of the country’s population in the last three years alone.

With the leading iGaming operators and software developers designing and building fully responsive online casino experiences as a matter of course in 2023, it’s clear that this medium offers another revenue source for brands that take the leap of faith into Nigeria.