It has been extensively reported elsewhere that Nigeria is becoming an increasingly important part of the global iGaming market. The popularity of casino games like slots and poker and of betting on sport, especially football, in Nigeria is nothing new. What has changed is the availability of gambling facilities through online platforms.
The rise of Nigeria as a key market for iGaming providers is something that PwC saw coming as long ago as 2016. Today, Nigerians spend an estimated $2 billion per year on sports betting alone. That’s a figure that’s rising year on year and outpacing the CAGR of the global industry, which is just over 11 percent. The iGaming industry is one that is evolving as well as growing, and 2023 is set to be an exciting year. Here, we look at some of the trends that are likely to dominate.
Slot games dominate online casinos, just as they do in Las Vegas. But from a business perspective, the traditional casino cash cows need to move with the times. Research has found that almost three quarters of slots revenue comes from players aged 55 and older. Making slots attractive to millennial audiences is vital, and it’s something that the big players like NetEnt and Microgaming are focused on.
Look out for more innovative slot ideas such as cluster slots and crash games, both of which eschew the traditional reels for more interactive gaming, in the year ahead.
A quarter of a century ago, when millennials were still in junior school, online poker was one of the great wonders of the new internet age. Unfortunately, it grew too fast and without proper regulation. That led in 2011 to the inevitable events of Black Friday in the US, the shockwaves of which reverberated around the world.
Today’s online gambling world is a very different place, and after its years in the wilderness, the online poker scene is well and truly back in the US. In fact, there are about 60 million US players clamouring for the best poker positions on table and as many again playing online poker in the rest of the world. Expect the online poker boom to hit Nigeria just as hard in the coming months.
Cryptocurrencies have proved over the past 12 months that they are still volatile. But we also know by now that they bounce back from whatever the market throws at them. Consumers are finally becoming more comfortable with the idea of using Bitcoin for online transactions, and betting platforms are leading the pack.
Again, it is a trend that is already self-evident in the US, where crypto is becoming a commonplace option, not just for casino gamers but also sports betting and online poker. Factors such as transaction speed, security and anonymity will be just as appealing to Nigerian iGamers, so expect to see more platforms offering crypto as a matter of course as we move through 2023.
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