Nigerians Spending Over 1bn Naira Gambling DailyNew study coming out states that around 60 million Nigerians between 18 and 40 years of age might be spending up to N1.8 billion gambling on sports results daily. These new study was done by News Agency of Nigeria (NAN) and showed that one person on average spends around N3,000 on sports betting daily. Sports betting analyst, Dotun Ajekigbe, said that despite the high risk involved, it was also rewarding and that many Nigerians bet on different games around the nation prompting even unemployed youths to bet on other form of sports so as to make a living. He said: “Sport betting is gambling, not investing in bank shares. “But almost everything in life is a gamble, more so with money matters. With gambling comes risks because it not 100 per cent guaranteed. “However, you can dramatically reduce your risks by taking calculated risks only. When you take calculated risks, you base your decisions on sound research and evidence, not intuition. “Sport betting is by chance. The better informed the player is, the better the chance he/she has of making money,” he said. One Ambrose Obialor, a Yobo viewing centre owner, said that some of his customers bet as much as N2,000, N10,000 and above, depending on the individual. And some of them go home hungry after spending their whole money on unsuccessful bets. An agent for 1960 Bet Company, Lagos, Mr Afeez Adigun, revealed that his firm sees about 300 people daily during football season, while half that number come around during the off season. He estimated that his company could make up to N20 million monthly and use between N5 million and N7 million to pay off successful bets. He said his business is a risky one but has high reward. Mr Lanre Gbajabiamila, Chief Executive Officer, Lagos State Lottery Board, said: “The state government has been making efforts to provide an enabling environment for the lottery industry but only 40 per cent of the industry had been tapped into. “We urge the Federal Government to create a more enabling environment for operators in the industry to increase revenue and create jobs for youths. “The major needs of the operators are improved electricity and internet provision to boost the business,” he said. He also restated the commitment of the board to rid the state of illegal lottery operators. Source: Legit.ng New study coming out states that around 60 million Nigerians between 18 and 40 years of age might be spending up to N1.8 billion gambling on sports results daily.