Online Betting Firms Gamble on Soccer-mad Nigeria
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<p>By Alexis Akwagyiram and Didi Akinyelure</p><iframe width="640" height="360" src="//www.youtube.com/embed/0DAKmmG_ecQ" frameborder="0" allowfullscreen style="float:right;padding:10px 0px 10px 10px;border:0px;"></iframe>
<p>LAGOS, June 25 (Reuters) - Online <a href="https://likemochi.com/@elke18c4229852?page=about">sports betting</a> is booming in soccer-mad Nigeria mainly thanks to payment systems established by <a href="https://sajano.com/@gordonschroede?page=about">homegrown technology</a> firms that are starting to make online services more feasible.</p><a href="https://bit.ly/Bet9jaPromotionCodeYOHAIG"; target="_blank" aria-label="Register at Bet9ja with promotion code YOHAIG - Opens in new window"><img src="https://www.yohaig.ng/wp-content/uploads/2019/09/bet9ja-mobile-app-banner-8.gif"; width="300" height="250" alt="Register at Bet9ja using the promotion code YOHAIG for a N100,000 welcome bonus" title="Use promotion code YOHAIG when registering at Bet9ja to claim your N100,000 bonus" loading="lazy"></a>
<p>For many years, mobile payments stopped working to take off in Nigeria as they have in <a target="_blank" href="https://dainiknews.com/@rodrigopower43?page=about">nations</a>; such as Kenya, where Safaricom's M-Pesa cash transfers have fostered a culture of cashless payments.</p>
<p>Fear of electronic fraud and sluggish web speeds have actually held Nigerian online customers back however wagering firms states the new, fast digital payment systems underpinning their sites are altering mindsets towards online transactions.</p>
<span style="display:block;text-align:center;clear:both"><iframe width="640" height="360" src="
frameborder="0" allowfullscreen title="sports betting (c) by N/A"></iframe></span><p>"We have seen significant development in the variety of payment solutions that are readily available. All that is definitely altering the video gaming space," said Seun Anibaba, CEO of Lagos State <a target="_blank" href="https://oneloveug.com/@aidaicely08698">Lotteries</a>; Board, gaming regulator in Nigeria's business capital.</p>
<p>"The operators will go with whoever is faster, whoever can connect to their platform with less issues and glitches," he said, including that taxes from <a target="_blank" href="https://videobox.rpz24.ir/@salvatoreabner?page=about">sports betting</a> wagering in Lagos State increased 30 percent to 40 percent in 2017 from 2016.</p>
<p>That development has been matched by an increase in web payments, according to information from the Nigeria Inter-Bank Settlement System (NIBSS), which is owned by the central bank and licensed banks.</p>
<p>In 2016, there were 14 million web payments worth a total 132 billion naira ($420 million). Transactions leapt to 29 million worth 185 billion in 2017 and in the very first quarter of 2018 there were nearly 10 million worth 61 billion.</p>
<p>With a young population of almost 190 million, increasing cellphone use and falling information costs, Nigeria has long been viewed as a great opportunity for online services - once customers feel comfortable with electronic payments.</p>
<p>Online gaming companies state that is happening, though reaching the tens of <a href="https://learninghub.fulljam.com/@bobantle375120?page=about">countless Nigerians</a> without access to banking services remains a difficulty for <a href="https://video.clicktruths.com/@octaviafredric?page=about">pure online</a> retailers.</p>
<p>British online wagering company Betway opened its first African service in Kenya in 2015, followed by Uganda, Ghana and South Africa. It launched in Nigeria in January.</p>
<p>"There is a steady shift to online now, that is where the market is going," Betway's Nigeria manager Lere Awokoya said.</p><a target="_blank" href="https://register.bet9ja.com/?btag=yohaig&promocode=yohaig"; target="_blank" aria-label="Register at Bet9ja with promotion code YOHAIG - Opens in new window"><img src="https://www.yohaig.ng/wp-content/uploads/2023/04/bet9ja-cash-out-no-more-spoiled-tickets-728x90-1.gif"/ width="728" height="90" alt="Register at Bet9ja using the promotion code YOHAIG for a N100,000 welcome bonus" title="Use promotion code YOHAIG when registering at Bet9ja to claim your N100,000 bonus" loading="lazy"></a>
<p>"The development in the number of fintechs, and the federal government as an enabler, has actually assisted the service to thrive. These technological shifts encouraged Betway to begin running in Nigeria," he said.</p>
<p>FINTECH COMPETITION</p>
<p><a href="https://www.veca2.com/@murraymanessis">sports betting</a> companies cashing in on the soccer frenzy worked up by Nigeria's involvement worldwide Cup say they are <a href="https://ubuntushows.com/@taylorsides365?page=about">discovering</a>; the payment systems created by regional startups such as Paystack are showing popular online.</p>
<p>Paystack and another local startup Flutterwave, both founded in 2016, are supplying competition for Nigeria's Interswitch which was set up in 2002 and was the primary platform used by organizations running in Nigeria.</p>
<p>"We added Paystack as one of our payment options with no excitement, without announcing to our customers, and within a month it shot up to the primary most secondhand payment alternative on the site," stated Akin Alabi, founder of NairabBET.</p>
<p>He stated NairaBET, the country's 2nd most significant wagering firm, now had 2 million <a target="_blank" href="https://vezotube.com/@nmqjulian80814?page=about">regular consumers</a> on its website, up from 500,000 in 2013, and Paystack stayed the most popular payment choice because it was included late 2017.</p>
<p>Paystack was set up by two Nigerian computer science graduates, Shola Akinlade and Ezra Olubi, who <a target="_blank" href="https://sugarmummyarab.com/@lucretiahogan">received</a>; early phase financing in Silicon Valley's Y-Combinator programme.</p>
<p>In December 2016, it raised $1.3 million from investors consisting of <a target="_blank" href="http://smandamlg.com/vibe/@dustybiraban85?page=about">China's Tencent</a> and Comcast Ventures in the United States.</p>
<p>Paystack, based in the <a href="https://datemyfamily.tv/@karolcampa7925">frenetic Ikeja</a> district of Lagos, said the variety of monthly deals it processed increased from about 8,000 in early 2016 to more than 900,000 since June 2018.</p><a target="_blank" href="https://register.bet9ja.com/?btag=yohaig&promocode=yohaig"; target="_blank" aria-label="Register at Bet9ja with promotion code YOHAIG - Opens in new window"><img src="https://www.yohaig.ng/wp-content/uploads/2020/12/bet9ja-mobile-registration-3.jpg"; width="300" height="250" alt="Register at Bet9ja using the promotion code YOHAIG for a N100,000 welcome bonus" title="Use promotion code YOHAIG when registering at Bet9ja to claim your N100,000 bonus" loading="lazy"></a>
<p>"In early 2016 we were processing about $3,000 a month. Today we process well over $11 million every single month," stated Emmanuel Quartey, Paystack's head of development.</p>
<p>He said a community of developers had actually emerged around Paystack, developing software application to integrate the platform into sites. "We have seen a growth because neighborhood and they have carried us along," stated Quartey.</p>
<p>Paystack stated it makes it possible for payments for a variety of <a href="https://movieplays.net/@xflwoodrow351?page=about">sports betting</a> companies however likewise a vast array of companies, from energy services to transport <a href="https://901radio.com/@donratcliff68?page=about">business</a>; to insurer Axa Mansard.</p>
<p>Flutterwave, co-founded by Nigerian entrepreneur Iyinoluwa Aboyeji, is likewise backed by the Y-Combinator program as well as investor Greycroft Partners and Green Visor Capital and the Omidyar Network. It raised $10 million in 2015.</p>
<p>FOREIGN INVESTMENT</p>
<p>Shifts in Nigeria's payment culture have actually coincided with the arrival of foreign financiers wanting to take advantage of <a target="_blank" href="https://cuncontv.com/@marcykastner51?page=about">sports betting</a> wagering.</p>
<p>Industry specialists state the sector produces about $1 billion a year and is most likely to grow faster than in South Africa and Kenya where the organization is more established.</p>
<p>Russia's 1XBet and <a href="https://joydil.com/@theresehalsey">Slovakia's DOXXbet</a> have actually both established in Nigeria in the last two years while Italy's Goldbet led the trend, taking a half stake in market leader Bet9ja when the Nigerian company introduced in 2015.</p>
<p><a href="https://sugarmummyarab.com/@lucretiahogan">NairaBET's Alabi</a> stated its sales were split in between shops and online but the ease of electronic payments, cost of running shops and ability for consumers to prevent the preconception of <a target="_blank" href="https://trulymet.com/@jerrellchallis">sports betting</a> in public suggested online transactions would grow.</p>
<p>But regardless of advances in digital payments, Kunle Soname - chairman and co-founder of Bet9ja - said it was crucial to have a store network, not least since lots of clients still stay hesitant to spend online.</p>
<p>He said the company, with about 60 percent of Nigeria's <a href="https://play.qumbi.com/@altastinnett46?page=about">sports betting</a> market, had a comprehensive network. Nigerian <a href="https://www.ourstube.tv/@hassiedempster?page=about">sports betting</a> shops typically <a target="_blank" href="http://desiliv.site/@leedonaldson83?page=about">function</a>; as social centers where consumers can see <a href="https://www.activeline.com.au/@eulanivison421?page=about">soccer free</a> of charge while placing bets.</p><a href="https://register.bet9ja.com/?btag=yohaig&promocode=yohaig"; target="_blank" aria-label="Register at Bet9ja with promotion code YOHAIG - Opens in new window"><img src="https://www.yohaig.ng/wp-content/uploads/images/gambling/sports betting/bet9ja/bet9ja-promotion-code-YOHAIG-001.jpg" width="300" height="250" alt="Register at Bet9ja using the promotion code YOHAIG for a N100,000 welcome bonus" title="Use promotion code YOHAIG when registering at Bet9ja to claim your N100,000 bonus" loading="lazy"></a>
<p>At a BetKing hall deep inside the <a href="https://freedomlovers.date/@teddymclaurin5">busy Oshodi</a> market in Lagos, dozens of soccer fans collected to see Nigeria's last warm up game before the World Cup.</p><a href="https://register.bet9ja.com/?btag=yohaig&promocode=yohaig"; target="_blank" aria-label="Register at Bet9ja with promotion code YOHAIG - Opens in new window"><img src="https://www.yohaig.ng/wp-content/uploads/2023/04/bet9ja-100-welcome-bonus-winners-dont-wait-728x90-1.gif"/ width="728" height="90" alt="Register at Bet9ja using the promotion code YOHAIG for a N100,000 welcome bonus" title="Use promotion code YOHAIG when registering at Bet9ja to claim your N100,000 bonus" loading="lazy"></a>
<p>Richard Onuka, a factory worker who earns 25,000 naira a month, was fixated on a television screen inside. He said he started <a href="https://videobox.rpz24.ir/@salvatoreabner?page=about">sports betting</a> 3 months earlier and bets approximately 1,000 naira a day.</p>
<p>"Since I have been playing I have not won anything but I think that one day I will win," said Onuka. ($1 = 314.5000 naira) (Reporting by Alexis Akwagyiram and Didi Akinyelure in Lagos; modifying by David Clarke)</p>
<p>LAGOS, June 25 (Reuters) - Online <a href="https://likemochi.com/@elke18c4229852?page=about">sports betting</a> is booming in soccer-mad Nigeria mainly thanks to payment systems established by <a href="https://sajano.com/@gordonschroede?page=about">homegrown technology</a> firms that are starting to make online services more feasible.</p><a href="https://bit.ly/Bet9jaPromotionCodeYOHAIG"; target="_blank" aria-label="Register at Bet9ja with promotion code YOHAIG - Opens in new window"><img src="https://www.yohaig.ng/wp-content/uploads/2019/09/bet9ja-mobile-app-banner-8.gif"; width="300" height="250" alt="Register at Bet9ja using the promotion code YOHAIG for a N100,000 welcome bonus" title="Use promotion code YOHAIG when registering at Bet9ja to claim your N100,000 bonus" loading="lazy"></a>
<p>For many years, mobile payments stopped working to take off in Nigeria as they have in <a target="_blank" href="https://dainiknews.com/@rodrigopower43?page=about">nations</a>; such as Kenya, where Safaricom's M-Pesa cash transfers have fostered a culture of cashless payments.</p>
<p>Fear of electronic fraud and sluggish web speeds have actually held Nigerian online customers back however wagering firms states the new, fast digital payment systems underpinning their sites are altering mindsets towards online transactions.</p>
<span style="display:block;text-align:center;clear:both"><iframe width="640" height="360" src="
frameborder="0" allowfullscreen title="sports betting (c) by N/A"></iframe></span><p>"We have seen significant development in the variety of payment solutions that are readily available. All that is definitely altering the video gaming space," said Seun Anibaba, CEO of Lagos State <a target="_blank" href="https://oneloveug.com/@aidaicely08698">Lotteries</a>; Board, gaming regulator in Nigeria's business capital.</p><p>"The operators will go with whoever is faster, whoever can connect to their platform with less issues and glitches," he said, including that taxes from <a target="_blank" href="https://videobox.rpz24.ir/@salvatoreabner?page=about">sports betting</a> wagering in Lagos State increased 30 percent to 40 percent in 2017 from 2016.</p>
<p>That development has been matched by an increase in web payments, according to information from the Nigeria Inter-Bank Settlement System (NIBSS), which is owned by the central bank and licensed banks.</p>
<p>In 2016, there were 14 million web payments worth a total 132 billion naira ($420 million). Transactions leapt to 29 million worth 185 billion in 2017 and in the very first quarter of 2018 there were nearly 10 million worth 61 billion.</p>
<p>With a young population of almost 190 million, increasing cellphone use and falling information costs, Nigeria has long been viewed as a great opportunity for online services - once customers feel comfortable with electronic payments.</p>
<p>Online gaming companies state that is happening, though reaching the tens of <a href="https://learninghub.fulljam.com/@bobantle375120?page=about">countless Nigerians</a> without access to banking services remains a difficulty for <a href="https://video.clicktruths.com/@octaviafredric?page=about">pure online</a> retailers.</p>
<p>British online wagering company Betway opened its first African service in Kenya in 2015, followed by Uganda, Ghana and South Africa. It launched in Nigeria in January.</p>
<p>"There is a steady shift to online now, that is where the market is going," Betway's Nigeria manager Lere Awokoya said.</p><a target="_blank" href="https://register.bet9ja.com/?btag=yohaig&promocode=yohaig"; target="_blank" aria-label="Register at Bet9ja with promotion code YOHAIG - Opens in new window"><img src="https://www.yohaig.ng/wp-content/uploads/2023/04/bet9ja-cash-out-no-more-spoiled-tickets-728x90-1.gif"/ width="728" height="90" alt="Register at Bet9ja using the promotion code YOHAIG for a N100,000 welcome bonus" title="Use promotion code YOHAIG when registering at Bet9ja to claim your N100,000 bonus" loading="lazy"></a>
<p>"The development in the number of fintechs, and the federal government as an enabler, has actually assisted the service to thrive. These technological shifts encouraged Betway to begin running in Nigeria," he said.</p>
<p>FINTECH COMPETITION</p>
<p><a href="https://www.veca2.com/@murraymanessis">sports betting</a> companies cashing in on the soccer frenzy worked up by Nigeria's involvement worldwide Cup say they are <a href="https://ubuntushows.com/@taylorsides365?page=about">discovering</a>; the payment systems created by regional startups such as Paystack are showing popular online.</p>
<p>Paystack and another local startup Flutterwave, both founded in 2016, are supplying competition for Nigeria's Interswitch which was set up in 2002 and was the primary platform used by organizations running in Nigeria.</p>
<p>"We added Paystack as one of our payment options with no excitement, without announcing to our customers, and within a month it shot up to the primary most secondhand payment alternative on the site," stated Akin Alabi, founder of NairabBET.</p>
<p>He stated NairaBET, the country's 2nd most significant wagering firm, now had 2 million <a target="_blank" href="https://vezotube.com/@nmqjulian80814?page=about">regular consumers</a> on its website, up from 500,000 in 2013, and Paystack stayed the most popular payment choice because it was included late 2017.</p>
<p>Paystack was set up by two Nigerian computer science graduates, Shola Akinlade and Ezra Olubi, who <a target="_blank" href="https://sugarmummyarab.com/@lucretiahogan">received</a>; early phase financing in Silicon Valley's Y-Combinator programme.</p>
<p>In December 2016, it raised $1.3 million from investors consisting of <a target="_blank" href="http://smandamlg.com/vibe/@dustybiraban85?page=about">China's Tencent</a> and Comcast Ventures in the United States.</p>
<p>Paystack, based in the <a href="https://datemyfamily.tv/@karolcampa7925">frenetic Ikeja</a> district of Lagos, said the variety of monthly deals it processed increased from about 8,000 in early 2016 to more than 900,000 since June 2018.</p><a target="_blank" href="https://register.bet9ja.com/?btag=yohaig&promocode=yohaig"; target="_blank" aria-label="Register at Bet9ja with promotion code YOHAIG - Opens in new window"><img src="https://www.yohaig.ng/wp-content/uploads/2020/12/bet9ja-mobile-registration-3.jpg"; width="300" height="250" alt="Register at Bet9ja using the promotion code YOHAIG for a N100,000 welcome bonus" title="Use promotion code YOHAIG when registering at Bet9ja to claim your N100,000 bonus" loading="lazy"></a>
<p>"In early 2016 we were processing about $3,000 a month. Today we process well over $11 million every single month," stated Emmanuel Quartey, Paystack's head of development.</p>
<p>He said a community of developers had actually emerged around Paystack, developing software application to integrate the platform into sites. "We have seen a growth because neighborhood and they have carried us along," stated Quartey.</p>
<p>Paystack stated it makes it possible for payments for a variety of <a href="https://movieplays.net/@xflwoodrow351?page=about">sports betting</a> companies however likewise a vast array of companies, from energy services to transport <a href="https://901radio.com/@donratcliff68?page=about">business</a>; to insurer Axa Mansard.</p>
<p>Flutterwave, co-founded by Nigerian entrepreneur Iyinoluwa Aboyeji, is likewise backed by the Y-Combinator program as well as investor Greycroft Partners and Green Visor Capital and the Omidyar Network. It raised $10 million in 2015.</p>
<p>FOREIGN INVESTMENT</p>
<p>Shifts in Nigeria's payment culture have actually coincided with the arrival of foreign financiers wanting to take advantage of <a target="_blank" href="https://cuncontv.com/@marcykastner51?page=about">sports betting</a> wagering.</p>
<p>Industry specialists state the sector produces about $1 billion a year and is most likely to grow faster than in South Africa and Kenya where the organization is more established.</p>
<p>Russia's 1XBet and <a href="https://joydil.com/@theresehalsey">Slovakia's DOXXbet</a> have actually both established in Nigeria in the last two years while Italy's Goldbet led the trend, taking a half stake in market leader Bet9ja when the Nigerian company introduced in 2015.</p>
<p><a href="https://sugarmummyarab.com/@lucretiahogan">NairaBET's Alabi</a> stated its sales were split in between shops and online but the ease of electronic payments, cost of running shops and ability for consumers to prevent the preconception of <a target="_blank" href="https://trulymet.com/@jerrellchallis">sports betting</a> in public suggested online transactions would grow.</p>
<p>But regardless of advances in digital payments, Kunle Soname - chairman and co-founder of Bet9ja - said it was crucial to have a store network, not least since lots of clients still stay hesitant to spend online.</p>
<p>He said the company, with about 60 percent of Nigeria's <a href="https://play.qumbi.com/@altastinnett46?page=about">sports betting</a> market, had a comprehensive network. Nigerian <a href="https://www.ourstube.tv/@hassiedempster?page=about">sports betting</a> shops typically <a target="_blank" href="http://desiliv.site/@leedonaldson83?page=about">function</a>; as social centers where consumers can see <a href="https://www.activeline.com.au/@eulanivison421?page=about">soccer free</a> of charge while placing bets.</p><a href="https://register.bet9ja.com/?btag=yohaig&promocode=yohaig"; target="_blank" aria-label="Register at Bet9ja with promotion code YOHAIG - Opens in new window"><img src="https://www.yohaig.ng/wp-content/uploads/images/gambling/sports betting/bet9ja/bet9ja-promotion-code-YOHAIG-001.jpg" width="300" height="250" alt="Register at Bet9ja using the promotion code YOHAIG for a N100,000 welcome bonus" title="Use promotion code YOHAIG when registering at Bet9ja to claim your N100,000 bonus" loading="lazy"></a>
<p>At a BetKing hall deep inside the <a href="https://freedomlovers.date/@teddymclaurin5">busy Oshodi</a> market in Lagos, dozens of soccer fans collected to see Nigeria's last warm up game before the World Cup.</p><a href="https://register.bet9ja.com/?btag=yohaig&promocode=yohaig"; target="_blank" aria-label="Register at Bet9ja with promotion code YOHAIG - Opens in new window"><img src="https://www.yohaig.ng/wp-content/uploads/2023/04/bet9ja-100-welcome-bonus-winners-dont-wait-728x90-1.gif"/ width="728" height="90" alt="Register at Bet9ja using the promotion code YOHAIG for a N100,000 welcome bonus" title="Use promotion code YOHAIG when registering at Bet9ja to claim your N100,000 bonus" loading="lazy"></a>
<p>Richard Onuka, a factory worker who earns 25,000 naira a month, was fixated on a television screen inside. He said he started <a href="https://videobox.rpz24.ir/@salvatoreabner?page=about">sports betting</a> 3 months earlier and bets approximately 1,000 naira a day.</p>
<p>"Since I have been playing I have not won anything but I think that one day I will win," said Onuka. ($1 = 314.5000 naira) (Reporting by Alexis Akwagyiram and Didi Akinyelure in Lagos; modifying by David Clarke)</p>
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