commit ff6402e67dbc24aaf7ab1e17561564a3237b0262 Author: berenicesledge Date: Wed Jan 1 16:27:22 2025 +0000 Add 'Online Betting Firms Gamble on Soccer-mad Nigeria' diff --git a/Online-Betting-Firms-Gamble-on-Soccer-mad-Nigeria.md b/Online-Betting-Firms-Gamble-on-Soccer-mad-Nigeria.md new file mode 100644 index 0000000..6cf333a --- /dev/null +++ b/Online-Betting-Firms-Gamble-on-Soccer-mad-Nigeria.md @@ -0,0 +1,35 @@ +[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig)
By [Alexis Akwagyiram](https://www.matesroom.com/read-blog/1275_online-betting-firms-gamble-on-soccer-mad-nigeria.html) and Didi Akinyelure
[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig) +
LAGOS, June 25 (Reuters) - Online [sports betting](https://truthbook.social/read-blog/8331_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) wagering is expanding in soccer-mad Nigeria mostly thanks to payment systems established by homegrown innovation firms that are beginning to make online services more feasible.
[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig) +
For many years, mobile payments failed to remove in Nigeria as they have in nations such as Kenya, where Safaricom's M-Pesa cash transfers have actually promoted a culture of cashless payments.
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Fear of electronic fraud and slow internet speeds have actually held Nigerian online customers back but [sports betting](https://coptr.digipres.org/index.php/User:Ira92A233526411) companies states the new, quick digital payment systems underpinning their sites are changing mindsets towards online transactions.
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"We have seen considerable growth in the variety of payment solutions that are offered. All that is certainly altering the gaming area," said Seun Anibaba, CEO of Lagos State Lotteries Board, [gaming regulator](https://jamboz.com/read-blog/140_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) in Nigeria's business capital.
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"The operators will choose whoever is faster, whoever can connect to their platform with less issues and glitches," he said, adding that taxes from [sports betting](https://uconnect.ae/read-blog/170805_online-betting-firms-gamble-on-soccer-mad-nigeria.html) in Lagos State rose 30 percent to 40 percent in 2017 from 2016.
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That [development](https://meebeek.com/read-blog/1095_the-history-of-the-nfl-and-how-to-bank-on-it.html) has actually been [matched](https://rca.co.id/read-blog/378_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) by an increase in web payments, according to data from the Nigeria Inter-Bank Settlement System (NIBSS), which is owned by the reserve bank and licensed banks.
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In 2016, there were 14 million web payments worth an overall 132 billion naira ($420 million). [Transactions](https://krazzykross.com/read-blog/1518_how-to-attract-users-to-my-fantasy-sports-platform.html) jumped to 29 million worth 185 billion in 2017 and in the very first quarter of 2018 there were nearly 10 million worth 61 billion.
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With a young population of almost 190 million, increasing cellphone use and [falling](https://mxlinkin.mimeld.com/read-blog/689_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) information expenses, Nigeria has actually long been seen as a [terrific opportunity](https://kiigasofthub.com/read-blog/10119_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) for [online businesses](https://wiki.rrtn.org/wiki/index.php/User:QQGOren703784) - once consumers feel comfortable with [electronic payments](https://derivsocial.org/read-blog/6410_missouri-sports-betting-ballot-measure-approved-by-voters.html).
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Online [sports betting](https://farmwoo.com/read-blog/9550_missouri-sports-betting-ballot-measure-approved-by-voters.html) companies state that is taking place, though reaching the tens of countless Nigerians without access to banking services stays a difficulty for [pure online](https://vishwakarmacommunity.org/read-blog/7965_how-fantasy-betting-app-development-companies-and-sports-developers.html) merchants.
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British online [sports betting](https://oolibuzz.com/read-blog/41602_things-you-need-to-understand-about-rafting-adventures.html) firm Betway opened its very first African service in Kenya in 2015, followed by Uganda, Ghana and South Africa. It released in Nigeria in January.
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"There is a gradual shift to online now, that is where the industry is going," Betway's Nigeria Awokoya said.
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"The development in the number of fintechs, and the government as an enabler, has helped the business to prosper. These technological shifts motivated Betway to begin running in Nigeria," he said.
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FINTECH COMPETITION
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[sports betting](https://social.myschoolfriend.ng/read-blog/40815_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) firms capitalizing the soccer frenzy whipped up by Nigeria's participation worldwide Cup state they are discovering the payment systems produced by local startups such as Paystack are proving popular online.
[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig) +
Paystack and another local startup Flutterwave, both established in 2016, are supplying competition for Nigeria's Interswitch which was established in 2002 and was the main platform utilized by organizations running in Nigeria.
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"We added Paystack as one of our payment options with no fanfare, without revealing to our consumers, and within a month it shot up to the number one most used payment choice on the website," said Akin Alabi, creator of NairabBET.
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He stated NairaBET, the country's 2nd biggest wagering firm, now had 2 million regular consumers on its website, up from 500,000 in 2013, and [Paystack](https://naijamatta.com/read-blog/34950_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) stayed the most popular payment choice given that it was included late 2017.
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Paystack was set up by two Nigerian computer system [science](https://www.proathletediscuss.com/read-blog/431_things-you-need-to-learn-about-rafting-adventures.html) graduates, Shola Akinlade and Ezra Olubi, who got early phase funding in Silicon Valley's Y-Combinator programme.
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In December 2016, it raised $1.3 million from financiers including China's Tencent and Comcast Ventures in the United States.
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Paystack, based in the frenetic Ikeja district of Lagos, stated the variety of month-to-month deals it processed increased from about 8,000 in early 2016 to more than 900,000 as of June 2018.
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"In early 2016 we were processing about $3,000 a month. Today we process well over $11 million every single month," said Emmanuel Quartey, Paystack's head of development.
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He stated a community of designers had actually emerged around Paystack, creating software to integrate the platform into websites. "We have actually seen a growth because community and they have actually brought us along," said Quartey.
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Paystack said it allows payments for a number of wagering firms but likewise a large range of companies, from utility services to transfer companies to insurance company Axa Mansard.
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Flutterwave, co-founded by Nigerian business owner Iyinoluwa Aboyeji, is likewise backed by the Y-Combinator programme as well as venture capitalists Greycroft Partners and Green Visor Capital and the Omidyar Network. It raised $10 million last year.
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FOREIGN INVESTMENT
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Shifts in Nigeria's payment culture have accompanied the [arrival](https://finance.azberg.ru/read-blog/2368_for-sports-gambling-to-be-legalised.html) of foreign financiers wanting to use [sports betting](https://jamboz.com/read-blog/327_uk-betting-firms-gamble-on-us-after-sports-wager-ruling.html) wagering.
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Industry specialists state the sector creates about $1 billion a year and is most likely to grow faster than in South Africa and Kenya where the business is more [developed](https://forum.subchems.com/read-blog/3879_the-history-of-the-nfl-and-how-to-bet-on-it.html).
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[Russia's](https://sosmed.almarifah.id/read-blog/1283_the-history-of-the-nfl-and-how-to-bet-on-it.html) 1XBet and Slovakia's DOXXbet have both set up in [Nigeria](https://kiwiboom.com/read-blog/1942_how-much-are-americans-investing-in-sports-betting.html) in the last 2 years while [Italy's](https://rhabits.io/read-blog/7281_how-to-play-bet9ja-online.html) Goldbet led the pattern, taking a 50 percent stake in market leader Bet9ja when the Nigerian firm launched in 2015.
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NairaBET's Alabi said its sales were split between shops and online however the ease of electronic payments, cost of running stores and capability for clients to avoid the preconception of gambling in public meant online deals would grow.
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But despite advances in digital payments, Kunle Soname - chairman and [co-founder](https://social.stssconstruction.com/read-blog/21243_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) of Bet9ja - said it was very important to have a shop network, not least because numerous clients still remain hesitant to spend online.
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He said the company, with about 60 percent of Nigeria's [sports betting](https://worldsports.pro/read-blog/215_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) wagering market, had a comprehensive network. Nigerian wagering stores frequently function as social hubs where clients can enjoy soccer free of charge while placing bets.
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At a BetKing hall deep inside the dynamic Oshodi market in Lagos, dozens of soccer fans collected to view Nigeria's final warm up video game before the World Cup.
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Richard Onuka, a [factory worker](https://droidt99.com/read-blog/7360_the-history-of-the-nfl-and-how-to-bet-on-it.html) who earns 25,000 naira a month, was focused on a TV screen inside. He stated he began [sports betting](https://miggoo.com.br/read-blog/2669_sports-minister-tracey-crouch-resigns-over-039-hold-up-039-to-betting-crackdown.html) three months ago and bets approximately 1,000 naira a day.
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"Since I have actually been playing I have not won anything however I believe that one day I will win," said Onuka. ($1 = 314.5000 naira) (Reporting by Alexis Akwagyiram and Didi Akinyelure in Lagos \ No newline at end of file