Over 60 Million Nigerians Bet Daily, Spending Over US$5.5 Million,Regulator Reveals

Nigeria’s gaming and financial regulators have disclosed that around 60 million Nigerians engage in daily betting activity, with the value of these wagers totalling approximately US $5.5 million each day.

According to figures cited by the gaming sector, the majority of participants are young Nigerians aged between 18 and 40. A report noted that although fewer than three million Nigerians invest in the capital markets, over 60 million play sports bets daily.

The report did not specify whether the US$5.5 million figure relates to total amount wagered or gross gaming revenue (GGR), nor did it break down the number by platform type (retail vs online). Analysts believe the figure likely reflects low-ticket bets widely accessible on mobile and retail platforms rather than high-roller turnover.

This revelation comes as Nigeria’s betting market continues to expand rapidly, with dozens of licensed and unlicensed operators targeting a youth-driven player base. Regulators warn that the scale of activity poses significant risks for problem gambling, underage participation and related financial crime.

The gaming regulator is now under pressure to accelerate reforms: stronger licensing, tighter compliance, increased taxation and better consumer protection measures. Industry observers note that daily expenditure at the scale of millions of dollars indicates both high engagement but also elevated regulatory vulnerability.