How Sport Betting is Progressing the Economy in this Time of Crunch Recession in Nigeria
The classification of Nigeria as the poverty capital of the world, according to a report by the Brookings Institution, when considered alongside the per capital income and unemployment rate, has been absorbed by sports betting as a means of escaping the endemic depression in the country. Interactions with avid analysts indicate that, at a subconscious level, betting gives those who indulge in it a considerable degree of hope, akin to the expectation of an imminent good fortune.
Hope for the Largely Depressed People
Sport betting has become a source of hope for the masses in the face of biting economic depression in the country. As more and more people are taking to the scheme each day as a means of survival in Nigeria.
Sports betting and lottery operators are experiencing boost in their businesses as more people now patronise them. This is the time when many industries are struggling to survive. Indeed, many businesses had rest in peace (RIP).
Some of the betting operators disclosed this in separate interviews with the News Agency of Nigeria (NAN), how the betting industry is providing a life saver resuscitation for the economy in Nigeria.
Chinedu Opara, who manages a BET9JA outlet in Karu, FCT, told NAN that the recession in the country has made the lottery business, particularly that of sports betting to thrive in the last three years or so.
He explained that people are attracted to the scheme now because they want to multiply or increase the money they have through betting.
You may call it false hope, but people are lifted out of depression when they bet with a hope of winning more money and the dream of changing or improving their circumstances overtake the sleepless night of worries and fear of how to survive the next day.
Yeah, betting is a risky game, I admit, but most times pay the bills if you are lucky to win, it is a give and take scheme. And if you didn't win, you could look forward to the next bet, re-strategize with the odds available to you. This lifestyle keep punters going and indeed, one day they could actually hit it big.
Employment for Millions of Unemployed
With over 55 brands of companies now in operation and over 20 million sports betting kiosks and sales outlets in Nigeria, sports betting industry has become one of the highest employer of labour in Nigeria... With over 50 million people manning these kiosks and outlets across the country.
There's another group of over 100 million content producers and writers,(audio visual producers and owners of website and blogs) who survive through advert placements and commissions from Affiliate marketing partnership with Sport betting companies
Giving Breath and Resuscitation to Other Businesses
Most internet and data providers are largely sustained by the revenue derived from the Sport betting industry.
Inside the over 20 million sports betting kiosks and outlets in Nigeria are computers as well as other nternet enable devices to display the odds and the online betting platform. It is estimated that sports betting industry spend over NGN33 billion monthly in the purchase of data
Cable TV providers also make a lot of money from Sport betting outlets and sports Viewing Centers/bars where punters go to watch the games and follow through their bet.
Media and Advertising Agencies survive today largely from the monies they make from sport betting industry. While the recession has caused most industries to cut down on advertising, the sports betting industry are the ones advertising more these days
Sports betting industry is the most active Sponsors of TV programs like Big brother naija and financial support to NFF for football development in Nigeria. They provide money to help leagues and teams carry out their programs and projects....to provide the best of entertainment for the people of Nigeria.
Value Added Taxation
The Federal Inland Revenue Service (FIRS), the agency tasked with assessing and collecting tax in Nigeria, recently moved to impose a 7.5% value-added tax (VAT) on betting activities in the country. This basically means that bettors will have to pay an extra 7.5% for every stake. For every N100 they stake, they will pay an extra N7.50, adding up to N107.5.
Taxation of betting companies, has gone a long way in boosting Nigeria’s dwindling economy.
