Since PwC’s April 2016 publication “The iGaming industry in Nigeria,” a lot has happened in the Nigerian iGaming space. The gaming business has continued to grow, owing to factors such as a big and young population, improved internet penetration, and more access to internet-enabled gadgets.

Sports betting has progressively grown in popularity, owing to Nigeria’s burgeoning football culture. Some of the country’s most popular leagues, such as the La Liga Santander and the EPL (English Premier League), have millions of fans, and betting activities from these sports allows Nigerians to profit from what they enjoy.

Despite a brief slowdown in economic activity in 2016, growth prospects are bright as the economy recovers and income levels normalize.

The Current iGaming Trajectory

The future of online gaming is the topic of this article, which highlights the themes that are pushing change in the Nigerian iGaming scene. The dynamics of players, stronger restrictions, increases in internet accessibility, and the growing relevance of consumer preferences are all behind this trend.

These examples emphasize the necessity for corporations to innovate, develop content, and engage in gaming experiences that will help them acquire a competitive advantage.

Increased Government Regulation

The Lagos State Lotteries Board (LSLB) has given over 40 licenses to operators at the state level (LSLB, 2017). The board has begun to put in place steps to improve the regulatory system through increasing transparency.

This includes delivering and updating data, which includes information on operators whose licenses have been suspended. Other states are noticing the gambling industry’s economic potential and are beginning to regulate it to make the market safe for both operators and punters. The regulation has attracted the best online blackjack casinos, like Betway Casino.

The Edo State Internal Revenue Service (EIRS), which oversees all iGaming operations in the state, has issued instructions to all operators to update their licenses and pay any pending tax bills.

In the near future, the EIRS wants to publish a list of operators with active licenses (EIRS, 2017), with the goal of reducing illegal gambling in the state. The National Lottery Regulatory Commission (NLRC) has also given licenses to lottery operators at the federal level.

Currently, there is a problem with regulatory overlap between the state and federal levels, as operators are sometimes charged twice. This deters new operators from entering the market and future investments.

An Ever-Expanding Customer Base

The expansion of the gaming business’s consumer base to include young middle-class Nigerians has been a significant factor in the sector’s growth, debunking the myth that the industry exclusively attracts low-income earners.

Improved mobile penetration has aided this trend. According to data from the Nigerian Communications Commission (NCC), mobile penetration has increased from 36% to 50% in the last three years, owing to increased awareness due to aggressive expansion and marketing by operators, as well as technological advancements in payment platforms.

To some extent, the necessity for additional money in the face of the recent economic downturn, which has left a number of young people unemployed or underemployed, has boosted the number of people who participate in gaming, particularly sports betting and lotteries.

As a result, gaming has evolved as a result of Nigerians’ love of sports and the ease with which they may bet money on what they enjoy. The majority of bets are placed in bet shops, according to a 2015 publication on football betting in Nigeria. However, an increasing number of customers are placing bets online.

Furthermore, according to a BMI study, there will be 182 million mobile subscribers in 2021, up from 153 million currently. As the number of internet subscribers rises, so will the number of gamers.

Influx of Overseas Entrants

The casino business, particularly sports betting, has begun to draw overseas entrants. Gaming content providers such as Gameloft, Intralot, and Sirplay, according to public sources, have partnered with local gaming enterprises.

These partnerships are aimed at giving technical services to help operators set up profitable businesses in the expanding popularity of the gaming sector.

For example, NaijaBillionaire has collaborated with worldwide platform providers like Lightmaker Lotto, which offers payment solutions, and Indus Net Technologies, which builds and offers technical support. as digital content.

Winning via Collaboration

In order to provide a good gaming experience, partnerships have become increasingly vital. Mobile gaming is becoming more accessible thanks to telecommunications and financial firms.

In the lottery market, for example, the Premier Bet Lotto, often known as “baba Ijebu,” has teamed with MTN to allow users to access the lottery through short codes. Bet9ja and the Nigerian National League have announced a three-year collaboration worth NGN200 million to help the Nigerian League grow in the sports betting market.

Fantasy Sports Betting on the Internet

Operators will have a safer betting alternative with virtual fantasy sports betting, and younger generations will be more interested. This type of sports betting is based on real-time data that generates outcomes based on a computer algorithm that allows customers to place bets.

Virtual games are now available in Nigeria, allowing Nigerians to gamble both locally and globally. Customers could still gamble on virtual matches featuring their favorite clubs and players during off-seasons in football leagues, which has been shown to be effective.

Acquisitions and Mergers

The gaming sector in Nigeria is highly fragmented, with many tiny players. The business has been compelled to consolidate as user behavior shifts and expenditure needs rise, a common trend in the global gaming sector.

The growth of mobile and virtual reality has largely resulted from this great industry consolidation. As there are currently over 100 licenses issued by both the NLRC and the LSLB, we expect to see more consolidations.

Last Thoughts

The truth is that the iGaming sector on the African continent is booming. Nigeria is also one of the most active iGaming countries in Africa. Furthermore, the industry has a promising future in the country.

According to studies, technical advancements and rivalry among iGaming companies would help the industry thrive in the country. As a result, Nigerian gamers should prepare for a brighter iGaming future.