Population
With an estimated population of around 213 million, Nigeria has the highest population in Africa. The country's population is projected to increase to 263 million in 2030 and 401 million in 2050 when it will become the third most populous country in the world. Nigeria already has the third- largest youth population in the world, after India and China, with more than 90 million of its population under age 18.
Political and Economic Outlook
The government still faces the growing challenge of preventing the country from separating along ethnic and religious lines. The divide between northern Muslims and southern Christians has often led to violence. At least 20,000 people have died over the past few years in attacks led by the Islamic State-aligned Boko Haram - an insurgency in the northeast. Nigeria's annual GDP growth rate averages 1.9 per cent, while its population growth rate is 2.6 per cent per year, resulting in a negative per capita income. According to the IMF real GDP is expected to recover to its pre- pandemic level only in 2022.
Sports Betting Regulation
In Nigeria there is growing tension between the federal government and some state governments over control of sports betting known locally as Sports Lotteries Operators (SLO’s). In January 2020, Governor Godwin Obaseki signed a new law aimed at regulating online sports betting in Edo State as well as other types of betting. Other state governments could follow.
Both land-based and online sports betting operators are licensed by the government by the National Lottery Regulatory Commission (NLRC), but are sometimes already licensed by state governments as well.
Land-based sports betting operators may also apply for additional licences outside the state where they currently operate and apply for an online licence. However, sports betting operators may not offer other types of gambling such as slots or online casino games.
The market continues to grow driven by a long tradition of sports betting (initially conducted via the football pools and local football clubs) and driven by the Premiership League as well as the success of Nigerian players abroad. Sports betting is the dominant form of betting and gambling - in particular online. Today, an estimated 60 million Nigerians between the ages of 18 and 40 are involved in active sports betting.
Online betting has been facilitated by a growing use of the Internet (around 43 per cent of the population in Nigeria actively use the Internet) along with the increasing ease of depositing money into online betting accounts.
Increased government scrutiny over the industry looks likely. The Federal Government will soon acquire a Central Monitoring System (CMS) for the country’s gaming industry for better performance and enhanced revenue generation.
Te market continues to grow driven by a long tradition of sports betting (initially conducted via the football pools and local football clubs), and driven by the Premiership League as well as the success of Nigerian players abroad. Sports betting is still the dominant form of betting and gambling - in particular online. Today an estimated 60 million Nigerians between the ages of 18 and 40 are involved in active sports betting.
P78 NEWSWIRE / INTERACTIVE / MARKET DATA
NIGERIA
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