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Sports Betting: A Multi Billion Dollar Industry

Wednesday 8 June 2022

It is no longer news how huge the gambling industry has grown to become. A decade ago, 2012, the Gross Gaming Revenue (GGR) of the regulated sports betting market was estimated at $58 billion, and there is an anticipated value of $93 billion by 2023.

These figures are incredible and they are due, in large part, to the millions, maybe billions, of people who engage in sports betting all year round.

The massive increase in the success that the online gambling industry has recorded is evident in the vast number of bookmakers that have set up shop in the past two decades, with the most popular sports betting company in the world currently being Bet365.

The online gambling industry in Nigeria is one of the most competitive gambling markets in Africa, and hence, the world at large. The size of the population and the availability of internet resources are great contributing factors to why the industry in Nigeria is thriving so well. Online gambling in Nigeria is regulated by the Nigerian Lottery Commission. All bookmakers are required, by law, to obtain a license from the gaming commission before operating in Nigeria and a failure to do this attracts a very steep price and legal consequences.

Amongst the industry giants operating out of Nigeria include Bet9ja, Betking, ILOT, Sportybet and a host of others.

With the growing popularity of sports betting in Nigeria and worldwide, it is important to know where you can go to bet on sports without getting into trouble. In Nigeria, many sites offer services like this. The government regulates some while some are not regulated, and of course, the latter is a bad idea. The best way to find out which ones are legal and safe for you to use is by examining their reputation. If they have a good reputation among other players, then chances are they will provide quality service too! These include: Safety & security measures; Legal license ; Regulation ; Bonuses ; Registration process ; Payment methods (e.g., credit card/bank transfer) etc. The answer is YES. ILOT NG is government regulated, hence, ILOT NG as a sports betting platform is very legal and safe for users.

As is expected, payment gateways are made available to the interested bettor and deposits can be made through a variety of ways, such as bank cards, e-wallets and most recently, USSD code.

The online gambling industry has also become a major employer of labor across the globe as there are numerous positions that can be occupied by professionals in the industry. In Nigeria, at least 8 million people work in the industry for a variety of bookmakers. This is a huge relief and a blessing to the populace as employment is a major problem in the region.

Sports’ betting in Nigeria has become a safe haven for the youth of the country, and even amongst members of the older generation because of the value and hope of added resources that it promises.

For a premium betting experience in Nigeria, ILOT NG is the answer.

Interested or curious minds can log on to and see for themselves…

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via: Information Nigeria

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