Youth Unemployment: A Driver of the Igaming Industry in Nigeria

Across Africa, online gambling has become a big deal with many igaming companies rolling out operations in different parts of the continent.

In countries like Nigeria, South Africa, Ghana, Kenya and more recently Uganda and Zambia, more betting companies are springing up to tap into what is considered an untapped market for igaming.

While all these countries have made some varying degree of advancement in establishing a virile gambling industry, some have enjoyed more success when compared to other countries.

For example, Nigeria boasts one of the biggest markets in Africa for a number of reasons. The demography, vast population and an unparalleled love for sports make the country a fertile ground for igaming investments.

Currently, it is estimated that one in three individuals that fall within the youth bracket are actively involved in sports betting and they see it as a means of escaping poverty.

Nigeria has a unique population. Around 70% of her 217 million people are youths.. To put it in perspective, that percentage translates to about 151 million people.

However, the sad reality is that a large chunk of Nigeria’s youth population is affected by worsening unemployment.

It has been reported that youth unemployment in Nigeria stands at about 40%. Worse still it is projected to get worse, with the global economic crises.

With all the economic challenges, growing unemployment, gloomy forecast and a lack of social safety measures, it is not hard to see why many young people are resorting to sports betting.

As it stands, there are millions of youths in Nigeria who view online betting as the last hope of getting by and meeting their daily expenses.

The venture is now so popular that there is a strong community of punters and bettors on the different social media platforms like Twitter and Facebook, where betting codes and tips are shared.

A regular bettor, Friday John who resides in Lagos claims he uses his winnings from sports betting to offset bills.

‘Na betting I take dey hold my sef. I Dey take codes for Twitter and play. Sometimes, I win, and sometimes I lose. If not for betting, things for really bad for us.’ He stated in the Pidgin language.

He continued: ‘For example, me I be Bricklayer, but we no dey see job because people no get money to build anything again’

No doubt, unemployment  is a major factor that has contributed to the growth of online sports betting which currently divides opinions in Nigeria.

Even more people are projected to turn to sports betting with the biting economic hardship.

The penchant of young Nigerians to try their hands at online gambling for a life changing win is not lost on the betting companies, and they are making their offers more attractive.

The list of betting bonuses available to players in Nigeria is growing everyday and they are at liberty to choose any of the mouthwatering that gets them hooked more often than not.

One wonders if there will be a sharp decline in the number of persons who actively partake in online gambling if the Nigerian economy makes a turn for good.

Or could unemployment be just a screen smoke to a much deep -seated problem that has eaten deep into the fabric of Nigerian society.