Why most adults resort to sports betting as a means of survival

By Peter Emmanuel

NRTC Contributors is a News Round The Clock (NRTC) initiative established to give students, scholars and other readers the opportunity to air their opinions on various issues, topics and give reviews of trending episodes in our society and other parts of the world.

Why Most Adults Resort To Sports Betting As A Means Of Survival

In the lively town of Akungba-Akoko, resided a young man named Edet who, much like his peers; harbored aspirations but lacked the financial means to chase them.

His determination to carve a path for himself faced repeated setbacks. One fateful day, at his lowest ebb, a close friend introduced him to the realm of sports betting.

Edet possessed nothing more than a five hundred naira note in his pocket, and the notion of testing his luck in the world of betting proved both alluring and daunting.

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Without hesitation, he followed his friend into a dimly lit sports betting establishment; a place where aspirations and gambles hung in the balance, its walls adorned with screens displaying live matches and odds. With little to risk, he placed his bet and watched with bated breath as the game unfolded on the screen.

Moses Edet, a student at Adekunle Ajasin University Akungba-Akoko (AAUA), shared his experience with sports betting, revealing how it proved favorable for him, even after losing some money. 

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He mentioned winning #250,000 with an initial bet of #250, which was quite surprising. Edet in his analysis of strategies, acknowledged that not all analyses yield positive outcomes. He also noted that had he not lost three matches out of his selections, he could have earned 4 million within 24 hours, all from the comfort of his home and with just #500 as an initial investment.

Sports betting is the activity of predicting sports results and placing a wager on the outcome.

The frequency of sports betting often varies by culture, with the vast majority of bets being placed on association football, American football, basketball, baseball, hockey, track cycling, auto racing, mixed martial arts, and boxing at both the amateur and professional levels.

Sports betting can also extend to non-athletic events, such as reality show contests and political elections, and non-human contests such as horse racing, greyhound racing, and illegal, underground cockfighting.

Well-known sports betting platforms in Nigeria are; Bet9ja, Sportybet, Betking, Melbet, Parimatch, 1xbet, zebet, and others.

To many, sports betting is regarded as a means of side hustle, some see it as means of survival and others regard it as means of employment.

According to NOI Polls analytics, Nigerians spend over N730 billion on sports betting each year, with at least N2 billion earned every day. The research also found that over 60 million Nigerian punters spend more than N3,000 each day on bet stakes and that there are at least 50 betting sites in Nigeria, with the number expanding annually as published by Betensured.

Approximately 66% of Nigerians, according to data, have placed bets on a sporting event at least once in their lives, with expectations that the Online Sports Betting market in Nigeria will grow by 9.30% (2023-2027) resulting in a market volume of US$366.70m in 2027.

Like Edet, Festus Opeyemi, in an interview with an NRTC Contributor, shared his experience of using sports betting to cope with the financial challenges caused by inflation in Nigeria.

He emphasized that sports betting goes beyond mere chance, as predictions don’t always favor the bettors. According to him, “In betting, you must adapt and adjust your strategies when things aren’t going your way.”

Opeyemi, a resident of Akure, is one of the millions of Nigerians who view betting as a potential source of additional income, rather than a reliable or sustainable means of livelihood.

Not Students Alone, Artisans Bet

In his [this reporter] quest to find sports betting enthusiasts under the scorching sun, he unexpectedly came across Akinkotu Adewale, a phone repairer engrossed in playing, highlighting the boundless nature of betting.

Adewale admitted he hasn’t won a significant amount from betting yet but hopes for a big win soon. He mentioned having an ongoing rollover and expressed a preference for Sportybet and bet9ja, two betting platforms known for their attractive odds.

Another interviewee, who chose to remain anonymous, revealed his involvement in sports betting since his N.Y.S.C days in 2011. He shared a recent streak of success, winning over 1 million for three consecutive weeks after being dismissed from his job due to health issues. Despite his substantial earnings, he still considered sports betting a side hustle.

Supporting the anonymous interviewee, Femzy, who works at a bet9ja shop, described the emotional rollercoaster experienced by customers at his shop, emphasizing that success in sports betting depends on one’s ability to predict game outcomes, which leads to both tears of despair and cheers of joy among customers who sometimes bet beyond their means.

Offering a contrasting perspective, Alex Daramola expressed his frustration with sports betting, citing frequent losses due to ticket cuts, particularly cut 1 and cut 2 when expecting significant payouts.

Another individual, known as Uncle P, admitted turning to sports betting out of economic desperation, as there are limited job opportunities in the country. He mentioned feeling ashamed because his wife has been the primary breadwinner for the family, and he turned to betting in hopes of changing their financial situation.

Ladies Are Defying The Odd

Good Mama, one among the countless women challenging stereotypes, explained that she entered the world of betting with the goal of providing financial support for her husband.

Much like Good Mama, Jennifer also turned to sports betting as a means of survival during trying times. She expressed her perspective, saying, ‘I can’t repeatedly ask my boyfriend for money, knowing he has his own responsibilities. I want to show that not all women are reliant on their partners; some of us are independent and don’t need a dime from our boyfriends.

Expert Weigh In 

An Economist and Educationist expert, Ifedayo Bamidele highlighted the detrimental impact of betting on Nigeria’s economy, as well as its contribution to social and psychological consequences for those who engage in it.

Mr Bamidele underscored that betting companies are not immune to these psychological and social risks, and they often share in the negative effects experienced by their customers.

He, however, elucidated that individuals with limited income may become conditioned to view betting as a means of survival, a phenomenon he refers to as addiction.

N.B: NRTC Contributors is a News Round The Clock (NRTC) initiative established to give students, scholars and other readers the opportunity to air their opinions on various issues, topics and reviews of trending episodes in our society and other parts of the world.