A calculated risk: betting amidst Nigeria's cost of living crisis
In the bustling streets of Abuja, Simon Onyema, a 32-year-old Nigerian, embodies betting, a growing trend gripping the nation. As he rose in frustration from a wooden bench outside a betting shop in Lugbe, a low-income suburb, comparing his printed football match predictions with the actual results on a large television screen one Saturday evening in March, his story highlights the complex relationship many Nigerians have with gambling. For Onyema, what started as a harmless football bet about 15 months ago has morphed into a significant challenge after losing his job and struggling to find new employment. “At first, I thought I could make quick money from betting,” he said to a local reporter. “Now, I cannot stop. Even when I win, I use the money to place another bet because I want more money in this hard economy.”
Onyema’s experience is far from isolated. Gambling across Nigeria has become a risky escape for individuals grappling with the soaring costs of rent, food, and transportation, intensified by the removal of gasoline subsidies in May 2023. It is seen particularly by the youth as a potential lifeline in what is widely described as “the country’s toughest cost-of-living crisis.” reveals a national unemployment rate of 5-5.3% in the second quarter of 2024, coupled with a headline inflation rate of 23.18 percent in February. Amidst these challenging economic realities, stagnant wages, and a pervasive desire for quick financial gains, betting shops across Nigeria’s cities are frequented by hopeful individuals seeking a fortunate turn of events.
The allure of the wager
Sports betting, fuelled by a nationwide passion for football, stands as the most popular form of gambling in Nigeria. The industry has witnessed substantial growth in recent years, with millions actively participating through digital platforms to wager on their teams of choice and sporting events. The Nigerian government legalised certain forms of gambling in the late 1990s, partly as a means of generating tax revenue. Since then, many Nigerians have viewed gambling as a harmless leisure pursuit, with online sports betting, the lottery, and slot machines being the most prevalent forms.
Asake Olasupo, a manager at a betting shop in Abuja, observed, “Betting has become a growing trend among many Nigerians, especially the youths. You can see from the increasing number of betting shops and online betting platforms that the lifestyle of many people has been greatly influenced, making gambling an integral part of their daily routines.” Ambrose Okon, who manages a sports betting prediction group, acknowledged that while many unemployed youths view betting as a potential source of income, excessive gambling has unfortunately led to significant hardship for some, including debt and the loss of personal belongings.
Navigating the risks
Local media reports indicate that over 65 million Nigerians are active participants in the betting industry, placing an estimated 14 million bets daily. The prevalence is particularly high in the South-West and South-South geopolitical zones, with the South-West area recording the highest prevalence at 92 percent. This is attributed to a more relaxed stance on the activity in Lagos State, home to the country’s largest 바카라 and numerous sports betting parlours, as reported by Nigeria’s ‘The Nation’ newspaper. Projections from Statista forecast . The National Lottery Regulatory Commission, established under the National Lottery Act of 2005, is responsible for overseeing the sector.
Chinyere Aguocha, a professor of psychiatry at Imo State University, describes gambling as “a double-edged sword,” possessing both positive and negative societal impacts. Aguocha notes that when approached responsibly, betting can offer moderate financial gains. However, she also underscores the associated risks and social vices, including addiction, which can lead to economic instability when gambling is pursued irresponsibly.
Enjoying the game mindfully
Though the economic imperatives are real, it is important to acknowledge the outcomes that can be discovered from responsible participation in gambling activities. Aside from the possibility of making money, there are psychological gains to responsible gambling. For some people, it can be a form of entertainment and thrill and a temporary relief from stressors in everyday life. The intellectual stimulation involved in interpreting odds and predicting outcomes can be challenging. Moreover, engaging in gambling activity with others can create channels for social interaction. As a form of leisure activity with defined boundaries, gambling can be beneficial to an individual’s overall quality of life.
The solution lies in setting limitsboth time spent and money spent and considering gaming as a form of entertainment rather than a means to generate revenue or a solution to debt problems. Understanding the odds, understanding the risks, and understanding when to stop are fundamental principles of safe participation. For those who are struggling to control their gambling, recognition of symptoms of problem gambling and seeking assistance from family and friends or specialised services is a key initial step towards taking back control and preventing harm. In a challenging economic climate, responsible gambling enables individuals to indulge in a favourite hobby without compromising their financial health and exposing themselves to the dangers of addiction.
