Michael Eja, the Director-General of the Cross River Lottery and Gaming Agency, has revealed that around 60 million Nigerians participate in gambling every day.
He made this known during the launch of a new sports betting platform, Woskybet, in Abuja on Friday.
Eja highlighted that the gambling industry in Nigeria is thriving, with a value estimated between N500 billion and N600 billion. He noted that despite the rapid growth, only 10% of the market has been explored, leaving a vast untapped potential.
“The betting industry is worth about $1 billion in Africa. Lagos State alone generated $243 million in revenue last year,” Eja said. He emphasized the increasing popularity of gambling and the growing understanding of its impact across the country.
Eja also discussed the benefits of the gambling industry for Nigeria, particularly in terms of wealth redistribution, job creation, and government revenue. “The gaming industry sells hope, aids in wealth redistribution, and creates jobs in Nigeria. Over time, we will see an increase in the revenue that the gambling sector contributes to nation-building,” he added.
Nurudeen Idrees, the Director of Operations for Woskybet, also spoke during the event. He stressed the positive effects of the gambling industry on job creation, especially for young Nigerians. Describing gambling as a game of luck where players can either win or lose, Idrees reassured customers about the security of their winnings.
“In terms of payment, I want to reassure our customers and the public that their money is 100% guaranteed when they win, as their wins are their rights,” Idrees stated. He further promised that Woskybet would provide a safe, secure, and exciting betting experience for Nigerian sports enthusiasts.
