The iGaming industry in Nigeria remains ripe for growth, with the nation still navigating its way through several long-standing challenges.
Sports betting has traditionally dominated consumer interest in gambling in Nigeria, but the landscape has slowly evolved in recent years.
With that in mind, we look at some of the elements which will shape future development in Nigerian online casinos over the next few years.
It is estimated that over half of the African population are young people under 25 – most of whom are eager to engage with modern technology.
They have grown up with greater access to games consoles, computers and smartphones, making them far more tech-savvy than previous generations.
This youthful demographic is fuelled by innovative ideas and a thirst to explore, which makes them ideal candidates to become immersed in iGaming.
With the internet becoming more accessible to Nigerians, the allure of online gaming and the associated iGaming sector is an intoxicating combination.
Numerous iGaming operators have recognised Nigeria’s potential, launching casino sites that have already garnered sizeable customer databases.
By offering free-to-play versions of popular games such as blackjack and roulette, casino operators have been able to attract new players to their sites.
A similar marketing strategy has been used to boost the profile of slots games, further enticing Nigerians into signing up for iGaming accounts.
As citizens learn how to play Fortune Tiger game and other titles, it will naturally follow that the iGaming sector in Nigeria will boom.
Growth in smartphone usage will also contribute to iGaming growth, with their convenience and accessibility opening the door to playing casino games on a 24/7/365 basis.
Given that iGaming is still in its infancy in Nigeria compared to other major gambling jurisdictions worldwide, the sector inevitable still has areas in need of improvement.
One of the biggest issues relates to advertising and its link responsible gambling practices. Some experts argue regulators in Nigeria are yet to fully get to grips with this.
They include Olabimpe Akingba, who is currently the Executive Secretary of the Association of Nigerian Bookmakers (ANB).
At the recent ‘Accessing Africa’ panel event at the SBC Summit Barcelona, Akingba urged regulators to deal with unlicensed operators and enforce safer gambling.
“From my observation, Nigeria and other African countries definitely focus more on revenue generation than responsible gaming,” she said. “At the moment regulators are not doing much on that part.
“If I speak for Nigeria, it is really low, beyond what is written in the books enforcement and what is in law are at the barest minimum.
“We have seen addiction – there is nothing in place for treatment and I know that the regulators are not that focused at the moment and it is important for them to look at it. I am of the opinion that the regulators need to step up and can’t leave it to the operators.”
One of the primary hurdles Nigeria must overcome is determining whether licensing and regulatory matters are handled by national or state-level administrators.
The current framework is extremely cloudy – a factor Akingba says must be addressed to ensure legitimate iGaming operators are able to flourish in Nigeria.
The evolution of digital payment options in recent years has played an integral role in the growth of the iGaming sector across the world.
While debit cards remain the payment method of choice for millions of players, the emergence of e-Wallets such as PayPal had a transformative impact on the industry.
Cryptocurrencies are now being tipped to be the ‘next big thing’ in iGaming, particularly in jurisdictions where the infrastructure is still evolving.
That point undoubtedly applies to Nigeria, with the tech-savvy younger demographic keen to consider alternatives to the nation’s turbulent currency.
Nigeria’s cryptocurrency transactions were $56.7 billion between July 2022 and June 2023, highlighting how popular they have become.
Stablecoins have proved to be particularly attractive, as they offer greater financial stability when compared to the Nigerian naira.
With PayPal recently confirming it is launching its own stablecoin, cryptocurrencies now have much greater legitimacy than was previously the case.
This development likely holds the key to mass adoption in Nigeria, further transforming how people pay for goods and services there.
PayPal’s previous track record of success as an innovator in the digital payments sector will unquestionably make their stablecoin attractive to Nigerian citizens.
Against this backdrop, iGaming operators who incorporate stablecoin into their payment options will likely see a significant spike in player numbers.
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