According to a report credited to the News Agency of Nigeria, about 60 million Nigerians between the ages of 18 and 40 are active visitors and customers of betting sites in the country.
The betting market in Nigeria itself is valued at an estimated $2 billion, thereby making it an attractive venture for Nigerian youths seeking new avenues of amassing wealth.
The scope of sports betting in Nigeria has grown significantly over the past few years, with several betting companies entering the fray.
Some of the popular sports bookies in Nigeria include Nairabet and Bet9ja, but the local betting industry is made up of more than just Nigerian-owned betting companies.
Some of the world’s largest operators, such as MG Sports Betting, have received positive reviews for their African platform in recent years.
Foreign-owned bookmakers are constantly looking for new growth markets, and the African gambling market is expected to grow dramatically in the coming years, owing primarily to improved infrastructure.
The rise of sports betting in Africa since 2018 is primarily attributed to Nigeria, Kenya, and South Africa, where betting accounted for nearly $40 billion in 2018 and has continued to grow ever since.
As a result, Nigerian sports fans no longer have a shortage of local or international betting options. However, as the number of operators has increased, it has become more difficult to identify the best options.
It can be difficult to understand who has the best odds and what conditions to look out for, especially for a newbie looking to sign up with the first bookie. But don’t worry, we’re here to help!
Aside from the obvious of only gambling at regulated sites, here’s a quick rundown of the most important factors to consider when selecting a betting site.
Key Factors for Identifying Best Betting Sites in Nigeria
1. Payment Methods
Most indigenous betting sites can be funded in the local currency. However, because some have global operators, they can also accept deposits in foreign currency.
The most common payment methods for funding betting accounts in Nigeria include; Flutterwave, Paystack, banking deposit, QTELLER, OPay Deposit, MasterCard, Visa Card, ATM Deposit, and a host of banking apps. Funding opportunities may also be available via third-party apps like PalmPay.
Basically, the funding options available for each platform may vary, but the options itemized above are some of the most common funding platforms available and should be considered in choosing an eventual site to operate with.
2. Minimum Deposits
This is another distinguishing factor among the top sports bookies in the country. In some cases, the minimum deposit amount is also the minimum stake allowed. The minimum deposit amount at the top betting sites in Nigeria starts from N700 at Betway but can be as high as up to N3,000 at other sites.
3. Free Bets & Sign-up Bonuses
This is a kind of bonus that is mostly affiliated with casinos as a “no deposit bonus”. We mention it here because many online casinos with a combined betting platform often promote all free bonuses under this name. Bookies with no casino platform, however, will mostly promote them as “free bets”, but they are not as common as the casino freebies.
Betting sites in Nigeria, or Africa in general, aren’t as generous as many of the bookies we see in the UK, but it’s simple to compare what’s available by looking at the daily bonus tables at sites like Africa-Bet. We know they update their bonuses on a daily basis, which is important because betting sites are known to change their offers on a regular basis.
Today, you can expect to receive between N700 and N1,500 in completely free bets from various betting sites, and if you go for the sign-up offer, you can receive up to N6000 in bonuses if you make a large deposit.
The sign-up bonus, also called a welcome bonus or new-player bonus is a percentage of the first deposit made into the account by the account owner. The deposit bonus then can be expended on staking a match without affecting the exact deposit made by the client.
Hence it is more or less a type of free bet. These bonuses are typically awarded based on the terms and conditions of the specific bookie, and the specific percentage awarded as a bonus may also vary from one bookie to the next.
It’s not always easy to understand these terms, which is why we recommend using a local betting affiliate site like above mentioned Africa-Bet, which not only displays the bonus amount but also explains the betting site’s terms.
Aside from new deposits, a bookmaker may occasionally award bonuses to account holders as a way of rewarding them for their continued patronage.
4. Fast Payout Speed
An average Nigerian betting site payout the winnings of their customers within a spate of few hours to 1 working day. Hence, once the requested amount is up to the minimum withdrawal rate, the money can be transferred within a day or even a few hours of instituting the withdrawal.
5. Betting Mobile App
Since the use of smartphones is one of the key factors responsible for the widespread usage of betting sites in the country, lots of sport betting operators also have mobile applications which can be downloaded by their subscribers. Some of these applications can be directly downloaded from the website of the bookie.
The apps tend to have the same functionalities as the websites and possess the ability to place bets. Perhaps the appeal of mobile apps is that they may not possess the complexities in navigation that could come with websites. Also, since they are mobile apps, they also may be more mobile-friendly than accessing the sites through a browser on a mobile phone.
6. What’s Best For You
The choice of best sports bookie is relative to the specific individual. The factors indicated above are the major premises upon which the choice of best bookie can be decided.
However, it is apt to say that sports betting is a flourishing industry in Nigeria, and the number of betting service providers is bound to increase in the coming years. It is also not impossible that the government may want to introduce different measures to govern their operations as the years go by, and this could influence some of the factors discussed above.