The west African nation boasts of a steadily growing economy, one with a host of booming industries and sectors in the country. The people continue to thrive off this economy in a number of ways ; some as business owners and others employed within the various sectors of the economy.

Within this economy lies a percentage that do not have employment or own a business but still have to find a source of income and contribute to the economy in their own way – betting is what many of these people have gone to, a lucrative source of quick  income that has spread like wild fire to the extent that even those with businesses and jobs spare sometime for it.

The betting concept in Nigeria

Nigeria is currently comprised of 36 states with a population of over 140 million people, making it the continent’s highest populous country and ranking eighth in the world. Lagos alone holding a count of more than 10 million residents.

The above shows just how big the Nigerian population is and it is also crucial to note that up to 65% of the adult community engages in betting mostly on soccer. The reasons for betting in Nigeria vary from :-

  • The need to get quick cash – betting has proven to be a way to get good money quickly with little input provided the person gets the odds right.
  • Some people need to supplement on their earnings – “who wouldn’t want to earn more money if given the chance?” , Nigerians use this as an avenue to earn extra for themselves.
  • Economic hardships and poverty is another reason why many Nigerians participate in betting i.e a good number of people lack jobs but still need to survive and look after their families therefore resorting to betting.
  • Habit – some people are just addicted to the habit of gambling therefore seizing the opportunity to do so whenever the chance arises.

Betting companies in Nigeria however contribute a lot in the form of taxes to the authorities and therefore make a significant contribution to the economy of Nigeria.

Most of these betting companies have online platforms on which they provide people a more convenient way of betting and at the same time enabling them avoid the cost of setting up betting stalls in every area. The major betting companies in Nigeria are ; Nairabet, 360Bet, Surebet247, Merrybet, 365betNaija, 1960Bet, Bet9ja and many others.

How these betting companies receive their money from clients

Most of these betting companies ensure that their clients have accounts with them so that they can bet online. Majority of these clients choose to use online payment methods rather than moving to stalls or carrying tangible cash hence online payment being the viable alternative.

Nigeria has three major online payment alternatives linked to the banks ; the card payment systems are MastercardVisacard and Verve coupled by the online banking through the dominant players such as Zenith bankCitibankAccess bank.

Betting companies that came into Nigeria faced issues with incorporating to all card systems and online banking platforms so as to reach out to all of the market, but this was tedious to cope with for most.

These days Betting companies have resorted to using Dusupay to solve their issues with receiving money and paying out to winning customers.

Dusupay streamlines the online banking options and the card systems in Nigeria enabling the betting companies to receive all payments through one avenue but still allowing clients to send money from the comfort of what they want to use. The reverse is true as well when paying out to winning betters.

Reuben Kihumuro

Author Reuben Kihumuro

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