Crypto Gambling In Nigeria Soars To New Heights

Crypto Gambling In Nigeria Soars To New Heights

Nigeria claims the largest proportion of cryptocurrency enthusiasts in the entire African continent. Remarkably, over 15 million Nigerians, predominantly consisting of tech-savvy youngsters, actively possess cryptocurrencies such as Ethereum and Bitcoin.

It comes as no surprise, therefore, that Nigeria stands as the primary destination for crypto-based sports betting platforms.

Considering the fact that Nigeria is the most populous nation in Africa, boasting a population exceeding 200 million individuals, it presents an ideal demographic for iGaming enterprises to target.

A Practical Store of Value in Nigeria

The soaring popularity of crypto gambling in Nigeria can be attributed primarily to the role of Bitcoin as a store of value. Around seventeen million Nigerians allocate half of their financial assets to cryptocurrencies.

Nigerians have developed a fondness for Bitcoin and Ethereum due to the country’s inadequate financial services landscape. While Nigeria boasts numerous banks and mobile payment apps, most of them fail to facilitate transactions with international betting sites.

In the rare instances where such payments are possible, they tend to be slower and costlier compared to using cryptocurrencies.

For those unfamiliar with the concept, cryptocurrencies are a limited resource. Bitcoin, for instance, has a maximum supply of 21 million coins.

Currently, over 19 million coins have already been mined from the blockchain. As the mining process nears its end by 2040, Bitcoin will become an increasingly scarce commodity. This scarcity will contribute to its amplified value.

In Nigeria, sports betting is perfectly legal, with the best sportsbooks holding licenses issued by the National Lottery Regulatory Commission. Some of them even operate under licenses obtained from the Lagos State Lottery Board.

However, despite the availability of local options, a significant number of Nigerians lean towards using offshore betting sites based in Europe or the Caribbean.

The allure of these foreign sports books lies in their ability to offer more substantial bonuses, improved odds, and faster payment processing to Nigerian bettors.

One of the notable advantages of crypto betting for Nigerians is its affordability, as most crypto casinos support a minimum transaction amount of $10.

This affordability makes it accessible to the majority of Nigerians, allowing them to engage in crypto betting without straining their finances. Conversely, cryptocurrencies also accommodate larger sums, rendering them an excellent choice for high rollers seeking to wager significant amounts.

The Rise of Crypto Sports Books in Nigeria

The world of crypto betting has undergone significant changes over the years, particularly in Nigeria. Prior to 2017, finding a betting site that supported alternative cryptocurrencies was a challenge. However, times are changing and new crypto sportsbooks continue to emerge.

For the millions of Nigerians who have embraced cryptocurrencies, these new sports books offer a solution to their challenges. Firstly, they provide a reliable means of depositing funds. Most of these platforms accept the top five cryptocurrencies.

Additionally, reputable betting sites often reward users when they make their first deposit. This could come in the form of a risk-free bet, where you can wager with your own funds, but if you happen to lose, you receive a free bet as compensation.

Low Costs are Another Reason behind Crypto Betting in Nigeria

Another compelling reason why some Nigerians prefer to engage in crypto betting is its cost-effectiveness compared to local banks.

Traditional banks often impose fixed fees, such as $20, for every payment made. This pricing structure becomes impractical when the intended expenditure is less than 2000 Naira, making wire transfers less appealing.

While credit and debit cards offer free deposits for online transactions, they often impose restrictions when it comes to sports books, particularly offshore betting platforms.

These cards tend to refrain from collaborating with betting sites. However, cryptocurrencies do not discriminate in this manner.

Operating on a decentralized ledger not controlled by any single entity, crypto enables seamless payments between any two parties, irrespective of the industry they belong to, which is why more and more Nigerians are using it for betting purposes.