Nigeria Online Entertainment Track
3/18/2021 2:35:52 AM
(1) Sports betting
Nigeria is a soccer-loving country. Sports betting used to be largely offline, but thanks to fintech companies such as Paystack and Flutterwave, gambling firms now accept payments via USSD and electronic payments, expanding their reach and dramatically increasing the amount of money they do on a daily basis. The sports betting market is worth about $2 billion a year, according to Nairametrics. At present, the market is dominated by Bet9ja and Nairabet, and the international gambling company Betway has also entered the market. The overall market size continues to grow at an astonishing rate.
Local games in Nigeria have grown very slowly, with only a handful of local games. Most of the games that are accepted by young people are light and exotic casual games such as Candy Crus, Subway Surf, 4 Pics and 1 Word. But monetization per user is low compared to most other markets, and that will continue to be the case.