Are Betting Firms swindling Young Nigerians?

 By Achimita Maureen Nyenonor

The unemployment crisis in Nigeria has provided another business opportunity for smart entrepreneurs to make money with easy.

Betting outlets are found in every nook and cranny of Nigeria especially in low-income settlements as well as online targeting young Nigerian between the ages of 18-40yrs.

Signpost of a betting shop ubiquitous across Nigeria (Photo credit: Maureen)


These demographic drive the betting business reported to be worth about two billion dollars ($2bn) about one point five trillion in 2023 (N1.5 trillion Naira)

The betting companies are taking advantage of young jobless Nigerians desperate to make quick money by exploiting their addiction to sport and giving them a false hope of winning a fortune if they can predict the outcome of a football match.

Ever presence of young Nigerian in betting shops (Photo Credit: Maureen)

Peter Yusuf, shared his experience, “I have been spending at least N800 weekly in these betting outlets for the last five years”.

Multiplying Eight Hundred naira (N800) by 52 weeks per year and then multiply it by five years, you get about Two Hundred and Eight thousand naira (N208K).

Yusuf added, “In all these years, the much I have won is about eleven thousand Naira” (N11k).

If you subtract eleven thousand Naira (N11k) from Two Hundred and Eight thousand naira (208K), the balance will be One hundred and Ninety-Seven Naira (N197k)

This is the fate of many young Nigerian, in their millions, who are indulge in betting every week for years with that illusion of winning a fortune someday.

Even though there are news reports that many people do win big from betting. But how many of such persons out of a million population win that big?

So if only a handful of persons out of millions that patronize betting shop wins big, is that not another smart way of swindling young Nigerians?





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