64% of them were smartphone users, while 36% weren’t smartphone users.

The report covered respondents from 12 cities nationwide, with over 1,000 respondents per city. But the report from ORBIT shows that reality might differ from expectations. However, several reports like this have hinged the industry’s growth on increased mobile and internet penetration in Nigeria. According to reports, the National Lottery Regulatory Commission (NLRC) and the Lagos State Lotteries Board (LSLB) have also issued over 100 betting licenses. The industry is also one of the fastest-growing in the country, driven mainly by the football culture. A National Sports Industry Policy from the same year estimated that the industry could generate up to $4.7 billion in annual revenue (AAR), create up to 10 million jobs, and generate between 1.5-3% of GDP over ten years. In 2020, Nigeria’s betting industry crossed the $2 billion mark, with over 60 million Nigerians between 18 and 40 spending $5.5 million daily. According to the report, the prominence of betting apps was relatively low compared to the widespread presence of physical betting outlets across most of Nigeria’s major cities. A March 2023 report by Orange Business Intelligence Technology ( ORBIT), a unit of Orange Group Nigeria, reveals an interesting insight into Nigeria’s betting industry.

Sports betting industry companies