Many Nigerians have an affinity for gambling activities, especially when it comes down to partake in various forms of wagering online. Whether it be playing casino games or placing wagers on sports betting, Nigerians have shown that they have a passion for the industry and it is clear that there are no signs of it slowing down.
In fact, the complete opposite has been experienced as there has been a significant boom for the industry, especially as there has been a rise in regard to crypto gambling activities. Despite being one of Africa’s economic leaders, many have turned to adopt cryptocurrency as they look to protect their wealth or enjoy a number of benefits that the traditional currency is unable to provide them with.
According to recent studies that were conducted at the backend of 2021, it had been found that Nigeria had a 24.2% adoption rate in regard to crypto with it making them the country with the highest rate in terms of ownership around the world.
What are the reasons for the crypto gambling boom?
There are a host of reasons that are available that could help to answer why there has been a crypto gambling boom experienced within Nigeria, although it would be difficult to look beyond the affinity the country has for the industry as a whole.
The industry has benefited in a number of ways over the years because of the passion that Nigerians have for gambling, with a large number of jobs having been created because of the presence that both physical and online casinos have within the country.
However, when taking a look at the virtual side of online gambling and the use of crypto, then there are some key factors that could be argued to have played a significant influence and a major role in helping the industry to grow at the pace it has enjoyed.
Firstly, the African country has invested significant amounts of money into infrastructure and services around the nation including in internet services, which will have certainly had a role in helping the industry to boom, especially as crypto adoption continues to remain high.
Many will have used the increase in internet connectivity as a way to enjoy one of their favorite pastimes and combine it with virtual currency. There are a host of BTC slot games that are available to play, as well as classic table games that will allow Nigerians to increase the holding that they have when they win whilst also reaping the rewards that are available when using digital assets that fiat currency is unable to provide.
Nigerians love to gamble
As we have continued to mention throughout this article, Nigeria has a rich history and affinity to gambling activities, therefore it should not be a surprise to see the industry enjoying itself presently within the African country.
It has been found via data collected that the nation represents the largest gambling market by GGR in the sub-Saharan region at approximately 7% of the total for the continent, despite the fact that other countries are beginning to open up and embrace the industry as a way of generating extra revenue.
Online gambling is highly popular, with sports betting the leading contributor to the cause, with it having been found that Nigerians continue to spend around $2 billion on sports bets each year whilst 2014 saw around 30% of the country’s population placing a sports bet every single day!
Crypto gambling was always going to take off in Nigeria given the passion the country has for gambling activities and crypto in regard to the adoption rate and how much they have already embraced it. However, this should only be considered to be the beginning, though, as we would expect the two industries to grow even more in the near future