Nigerians are crazy about sports, particularly football. However, sports are more than just about entertainment in Nigeria. It’s about making money, and lots of it. Unemployed Nigerians are finding solace in sports betting, amid the souring rate of unemployment in the country. That has mainly involved people under the age of 40 years as they are the most affected by lack of jobs.
So, Why Are Unemployed Nigerians Embracing Sports Betting?
Sports’ betting is a gambling activity just like playing pool. However, there’s got to be a good reason why millions of Nigerians are spending huge sums of money regularly. Here are some key reasons why sports betting has become a solace for a huge number of unemployed people in Nigeria.
Increase in Unemployment rate
According to Trading Economics, the unemployment rate of Nigeria has been on the rise. In the third quarter of 2018, the country’s unemployment rate reached an all time high of 23.1%, increasing from 22.7% reported in the second quarter. For over decade, Nigeria’s unemployment rate has averaged at 12.31%, almost doubling in the third quarter of 2018.
Today, around 60 million Nigerian under the age of 40 are active in sports betting. These punters spend about $15 (3,000 Naira) daily, making it a full-time job for them to counter unemployment and support their families. Some also have other low-incomejobs but engage in betting on the side in the hope of bringing more to the table.
Wide Range Of Choices
Sports betting firms like Betway have different betting plans and packages for the punters. These packages include live betting, which allows you to wager on changing odds as the match continues. Bettors can also try their luck with other games, just like Henry Ejiro, an ex-banker who plays casino games at https://www.betway.com.ng/Casino to support his family.
According to Henry, he is not happy that he doesn’t have a formal job to support his family, but he says betting has been helpful since he got laid off three years ago. He enjoyed sports and placing bets for fun while he was working as a banker, but he chose to embrace it as a full-time job after failing to secure another job.
Putting Hope in Uncertainties
While it can be hard to start making money in sports betting, many Nigerians are venturing into this highly competitive venture to try and achieve financial independence. Over 50% of these people lose their bets most of the times, but those who become successful see it as a great route to escape poverty. It doesn’t guarantee a stable source of income, but it keeps the hope alive for a better tomorrow.
Don’t be fooled, making money with sports betting is not as easy as some people want you to think. In fact,the majority of those who place their bets without enough research and knowledge lose their bets. However, it can be very lucrative for those who become successful, whether employed or unemployed.