Nigeria Rakes in $2bn from Gambling Yearly, Say Ubani

*Says market to hit $5bn in next 3 years  

*House to enact laws to strengthen sector

Juliet Akoje in Abuja.

Chief Executive Officer of T2Bet, Theo Ubani, yesterday, revealed that Nigeria generated about $2 billion from gambling yearly.
During his remarks at the launch/dinner of the platform over the weekend in Abuja, Ubani projected that the gambling sector would hit $5 billion in the next three years.

He stated that the business of gambling had shifted from the conventional norm, where people clustered in studio apartments to stake games, to people now betting online in the comfort of their homes.
Ubani estimated that gamblers played more than 4,000 games daily all over the world, aside football premiership.
He stated, “For the first time, people are not just in football, premiership and the rest of them. You are going to be betting on minimum of 4,000 games daily all over the world. Nigeria’s betting market is worth more than $2 billion.

“It is hoped that it will hit $3 billion to $5 billion in the next two to three years because people are now doing it online. It is sometime like fun these days, unlike the traditional pattern where people queue up in gambling stations to bet.
“The minds of people, who perceive gambling as a negative adventure, should know that gamblers have become rich through betting. T2Bet has just been birthed and we are very pleased and excited at the opportunities that our online gaming platform is going to offer.

“The reason that I said earlier, the differentiating factor between us and other gaming platforms is the variety of offerings that we are making.
“For the first time, we are now presenting the betting business more like a game, more like something of form and more like something you can also now earn revenue for some people that understand how this is done.
“So rather than deducting value, it’s actually adding value. By making available opportunities all over the world that people can join and people can play from any part of the world, we are also going to be attracting some revenue inward to the country by people playing from outside the country.”
A lawmaker, representing Idemili North/Idemili South Federal Constituency of Anambra State in the House of Representatives, Uchenna Okonkwo, said the House would enact laws to strengthen the sector.

Okonkwo said, “I want to encourage T2Bet to follow all due process, to be compliant friendly, to also make sure that all the related authorities and agencies that have to do with mobile betting and online gaming are very much in tune with their objectives.
“If there is anything that we can further do to help the industry in terms of its regulation, we are very much open to suggestions from companies like yours and as well we will do the needful to make sure that that success is attained all around.”

Director-General of Cross River State Lottery Gaming Agency, Michael Eja, revealed that about 60 million Nigerians engaged in betting activities daily.
Eja also said Nigeria’s gaming industry was presently generating around N500-N600 billion yearly.
In his remarks during the unveiling of Woskybet Company yesterday in Abuja, Eja said the federal government was taking steps, with state lottery agencies, to bring the gaming industry operators into the tax net for more revenue.
He stated that the betting industry in Africa was now worth a staggering $1 billion, and added that Lagos State accounted for a significant chunk of the revenue, generating $243 million in 2023 alone.

According to Eja, “People are beginning to understand the essence of gambling, as the gaming industry sells hope and helps in wealth redistribution, creation of jobs and revenue generation.
“The government at various levels are doing their best in upgrading their platforms and working very hard to ensure that all operators are brought to the tax net.
“Overtime, you are going to see improvement in the revenue that the gambling industry will generate towards nations building. In Nigeria presently, we are doing about N500 billion to N600 billion yearly.

“Nigeria has a population of about 150 million people and presently from the statistics we have, we know that about 60 million Nigerians gamble on a daily basis. Do the mathematics. We have not even captured 90 per cent of that market.”
Director of Operations, Interim Woskybet, Nurudeen Idrees, said the gaming industry was contributing towards job creation for youths in the country.
Idrees stated, “We are unique, which makes us stand out in public in terms of completeness with other companies. In times of payment, I want to reassure our customers and general public around the country that they should feel free when they win because their money is guaranteed 100 per cent because their wins are their rights.”

While stressing that gambling was a game of luck, Idrees said, “You either lose or win and everything is about taking risk if you want to move forward as players among others.
“Woskybet offers an unparalleled betting experience, featuring: competitive odds and generous bonuses, extensive coverage of international and local sports events, real-time score updates and live betting, secure payment systems and instant pay-outs and dedicated customer support.

“We are committed to providing a safe, secure, and thrilling betting experience for Nigerian sports enthusiasts.”