Shock as Nigeria’s gambling market hits ₦5.6trn

The gambling market in Nigeria has jumped to an estimated ₦5.6 trillion, intensifying public concern over the fast-cash obsession spreading among millions of citizens, especially young people.

The gambling market in Nigeria has jumped to an estimated ₦5.6 trillion, intensifying public concern over the fast-cash obsession spreading among millions of citizens, especially young people.

The sudden growth of digital betting, driven by sports wagering apps, virtual gaming platforms and round-the-clock online casinos has reshaped the country’s entertainment and financial landscape, but also exposed deep social vulnerabilities.

According to the Guardian, industry data revealed that nearly 60 million Nigerians place bets daily, a figure that underscores how accessible smartphones and mobile payment systems have fuelled a nationwide appetite for quick winnings.

It is assumed that betting gives those who engage in it an escape from some realities in Nigeria, such as the massive unemployment, continuous inflation and shrinking purchasing power. However, the crave from many to for instant income has pushed thousands into debt, addiction and high-risk behaviour.

The sector’s expansion follows a regulatory vacuum created after the Supreme Court, in November 2024, nullified the National Lottery Act, ruling that gaming falls under state rather than federal jurisdiction.

It was learnt that the judgment stripped the National Lottery Regulatory Commission of nationwide authority, confining its powers to the Federal Capital Territory.

This change now requires operators to secure licences separately from each state, creating fragmented regulation and adding significant operational complexity. Amid the confusion, a proposed Central Gaming Bill—designed to unify licensing, taxation, and regulatory standards—has progressed through the National Assembly.

The Guardian reported that constitutional questions remain unresolved after the Lagos State government approached the Supreme Court, insisting that gaming remains a state matter regardless of technological evolution.

As a result of the dispute, efforts to establish a single regulatory framework have slowed down for a market whose transactions now span both physical and digital borders.

Although the legal battles continue, the increase in gambling in Nigeria has continued to rise.

Counsellors and community workers report rising cases of youth dependency on betting apps, with some students diverting school fees and savings into wagers. Some parents have also lend their voice to the ease with which underage users access betting platforms despite age-restriction policies.

Some of those who engage in betting have relayed stories of their losses and their inability to stop it. Some have lost jobs, family support and mental stability. Some university students also recounted academic setbacks after becoming fixated on sports odds and virtual games, often spending nights on betting apps instead of studying.

Let hear you from the comments.