The future of betting in Nigeria: Expert predicts more ground to cover

Nigeria's betting market is experiencing significant growth, with new companies emerging and existing ones expanding their operations. 

The presence of different companies indicates big markets for most betting brands and ground to compete with enticing innovations and offers.  

Moreso, this also speaks volumes about how significant the Nigerian market is to betting brands across the world.

Recall that Sportboom reported in May an exclusive interview with Betcorrect MD Adriano Amadei, whose company, in less than one year, has generated a larger customer base coupled with sales of products.

Despite this growth, Tomiwa Aghedo, a betting industry expert, believes there's still untapped potential.

In an interview with Sportsboom, Agbedo noted that betting hasn't yet made a significant impact on Nigeria's economic growth.

Aghedo, a business expert, who has over 10 years of experience in brand development and has worked with top betting companies in Nigeria and Africa, emphasised the need for betting companies to navigate the country's vast resources, especially the large youth population.

He highlighted the passion for football among Nigerians, stating that betting companies can tap into this passion to generate revenue.

“With the population of the country and the way people have passion for football, watching football, and being a football fan, what people can get is making something out of their passion. Because we have a very large population, a large youth population, the sports betting thrives on aspirational psychology. Sports bettors can even make millions with 100 naira.”

A former digital content specialist with BetKing also recalled that betting brands have helped in several community projects to address societal problems.

“Betting companies also thrive in cases of inflation and unemployment, people thus look into online sports betting as a means of livelihood as sports betting is into community services, contributing to their host communities.”

Betting becoming a source of income

Tomiwa also added that many are using betting to solve financial problems due to the high cost of living in Nigeria due to the high rise in inflation.

“With the high cost of living in Nigeria, Nigerians have looked into the direction of betting as a source to augment their austerity.”

“People want to, regardless of whatever state they are, win as much as they can and thus they keep on increasing their exposure, take more chances, accumulating more event and that makes them more active.”

What’s needed to achieve more sales? 

To achieve more sales in the Nigerian market, Aghedo advised betting companies to focus on consistent marketing campaigns, improve platform usability, and ensure effective verification processes.

"The first thing I would advise is consistently enhancing the platform, improving the usability and functionality of the platform, and having a good user-friendly interface. They should always ensure targeted marketing campaigns, which must be effective while ensuring they reach not just a wider audience but a specialised audience."

Aghedo, while sharing his experience working with Bigibet, where he generated a billion-naira revenue growth in less than a year, emphasised the importance of building a positive brand image and fostering long-term customer relationships.