In most betting shops, you will see five windows marked “Bet Here,” but only one window with the legend “Payout.”
Lagos Island is a melting pot of different cultures with something for everyone, from the working class to the street business people who do not need suits before closing deals. It is also home to *Seun and his family.
Lagos Island mums are known for their enthusiasm and hard work, which they also try to pass on to their kids. Seun’s mum was no different; she worked hard at what she loved while having as much fun as possible. She also tried to teach this to her kids, so you’d always find Seun helping to source lace materials for his mom and attending to customers at the shop.
Seun had the ideal life: a well-to-do mum and a business he was to inherit. Life was supposed to go well until he started sports gambling. He loved football, but his addiction to the game cost him everything, including his mum’s shop. According to him, it all started with his love for football. He would spend hours each day reading about different teams and players, trying to figure out who would win each game.
One day, Seun realised he could make money by using his football skills to pick teams that would win the weekend games. He started with small bets and quickly found himself winning more than losing. He was happy to have found a way to use his skill to his advantage, but where did that lead him? Seun found out the hard way.
His betting habit grew, and so did his losses. He took more money from the shop to win big, but guts never lie. Seun never seemed to shake off that familiar feeling that it was all just an endless game. And rather than tackling his gambling habit, he dabbled further into Virtual dog races, immortalised in many songs such as ‘Aja’n Sare, Owo’Jona”.
Today, Seun’s life, once full of hope and promise, has withered into an empty shell. His mum’s shop, also once bustling with activity, now stands silent. What went wrong? Sports betting did. Seun used up lump sums of money to play virtual games in hopes of winning back what he had lost; sadly, luck always seems to be against the man who needs it the most.
The Above Story Is a True Life Story. Like Seun, many Nigerians have fallen victim to gambling addiction and have lost so much money to it. Some have been rendered homeless, and even worse. Speaking to the MoneyRise team, Seun believes he probably would’ve been in a good financial place if he had saved or invested all the money he had squandered, venturing into a profitable business or stable assets.
Nigerians are passionate about football; we consider the sport a part of our heritage, identity, and pride. This is why we have fields where young people play for fun and those who play professionally, viewing centres to watch matches, outstanding players playing for big teams, and sports betting centres all around the country. It is also about making (and losing) money. The billion-dollar sports betting industry is growing astronomically as football culture continues to bloom. This is because there’s good money to be made, and everyone wants to be part of it.
What is Sports Betting?
Sports betting is a form of gambling that entails placing a wager, also known as a bet, on the outcome of a sporting event. The primary intent of sports betting is to win additional money. With the exception of spread betting, ‘draw no bet’ wagers, and a few other examples, a bet will have two possible outcomes. Either you win a profit based on the bookmaker’s odds or lose your wager.
Sporting wagers can be on fixtures, tournament results, or events that occur during a fixture. For example, in a football game between Arsenal and Chelsea, possible bets include Arsenal beating Chelsea, Arsenal winning 2-1, Arsenal winning by one goal, Arsenal leading at half-time, and a particular player scoring a goal. These bets can vary widely in complexity and potential payout, depending on the specific odds and the likelihood of the outcomes.
The popularity of sports betting has surged with the advent of online betting platforms, making it easier than ever for individuals to place bets from the comfort of their homes. These platforms offer a wide range of sports to bet on, from football and basketball to horse racing and even eSports. The convenience and accessibility of online betting have attracted a diverse audience, from casual bettors to severe gamblers.
While sports betting can be an exciting and potentially profitable pastime, it also carries risks. It is essential for bettors to practise responsible gambling and set limits on their betting activities. Many betting platforms offer tools and resources to help users manage their gambling behaviour, including self-exclusion options and links to support services for those who may develop a gambling problem.
What led to the rise of sports betting in recent years?
An important aspect that has contributed to the rise in the gaming industry has been the broadening of the customer base to include young middle-class Nigerians, repealing the stereotype that the industry only succeeded in attracting lower-income earners. This trend has been supported by improved mobile penetration. Data from the Nigerian Communications Commission (NCC) shows that mobile penetration increased from 36% to ~50% in the last three years, driven by increased awareness through aggressive expansion and marketing by operators and technological improvements in payment platforms.
To some extent, the need for additional income in the face of the recent economic recession, which has left several youths unemployed and underemployed, has boosted the base of gaming users – particularly in sports betting and lotteries. Gaming has evolved, making it easier to stake cash on what they are passionate about. According to a 2015 publication on football betting in Nigeria, most bets are placed in bet shops, while an increasing number of customers place bets online. In addition, Business Monitor International (BMI) research forecasts 182 million mobile subscribers in 2021, up from 153 million. The expectation is that as the number of internet subscribers increases, so will the number of gaming users.
Moreover, the gaming industry has significantly benefited from adopting digital payment solutions. Mobile money and other electronic payment platforms have simplified depositing and withdrawing funds, making it more convenient for users to engage in gaming activities. This ease of transaction has attracted more users, contributing to the industry’s growth.
The influence of social media cannot be overlooked in this context. Social media platforms have become vital tools for marketing and community building within the gaming industry. Companies leverage these platforms to reach potential users, offer promotions, and create a community among gamers. This approach has resonated well with the tech-savvy youth demographic, further expanding the industry’s customer base.
Additionally, the cultural acceptance of gaming has shifted. What was once viewed with scepticism is now increasingly seen as a legitimate form of entertainment and a potential source of income. High-profile endorsements and partnerships between gaming companies and famous figures in sports and entertainment have partly driven this change in perception.
Why people gamble
Although gambling can be addictive and can lead to financial ruin, as many are aware, people still do it for all sorts of reasons. Here are some of these reasons:
The thrill and excitement of the unknown outcome:
For *Bassey, he gambles for the thrill and excitement associated with not knowing the outcome, even while expecting good news. He says gambling gives him the adrenaline rush, which he really enjoys. Speaking to him, he says he loves the excitement of getting a prediction right, mixed with the accompanying regret of not taking more. The thrill of not cutting his losses quickly and not letting his profits run keeps him going.
Like Bassey, when some people gamble, they’re taking a risk on something for which they don’t know the result, whether a win or a loss.
“Gambling is a way to test your luck. You might not always win — I mean, anyone knows this — but the hope of winning makes you want to try. And when you do, it’s a great feeling. It’s also a social activity connecting you to others who share in the excitement. Although gambling can be a lot of fun, it’s important to remember that it’s also a risk. You can lose money if you’re not careful. Gambling should only be done with money you can afford to lose. It’s also important to be in control, so it doesn’t become a habit and eventually an addiction.”
Agoro plays because of the possibility of a big win or payoff:
Probability— that’s why Agoro plays the big sporting bet. He believes there are two sides to a coin and that life is about taking chances; you either win or lose. He sees betting as an opportunity to cash out and leave the trenches. He also believes that the higher the betting amount, the greater the possibility of a huge payoff. Hence, he spends so much trying to win.
Many of us are like this, or perhaps, were once like this. From the lottery games we played as kids to the raffles at school fairs, the thrill of taking a chance and hoping for a big win has always been a part of our lives. As we grew older, these small games of chance evolved into more significant bets like participating in sports betting.
Apart from taking chances, sports betting is one of the gateways to leaving poverty or getting a better life. As the economy continues to struggle, more Nigerians constantly seek new ways of generating money to make ends meet. Online sports betting has become a very popular option in the last few years.
Nigerians invest heavily in sports betting, with an estimated N730 billion spent annually on gambling activities in the country. More than 90 million Nigerians live below the living wage, so many gamble because of the possibility of a big win or payoff. They see it as a way to escape the stifling and vicious cycle of poverty. However, the reality is that the odds are often against them. Agoro says he has been playing since 2015 and has yet to have his big break.
Okun plays because of social pressure or peer influence:
Whenever Okun was out with his friends, and everyone talked about how the match went and what odds to stake, all Okun would do was either watch them or spend time on his phone doing other things. He often felt left out of the conversation until that night, when he finally caved into the pressure of playing. Although it has become a regular thing for him, Okun only plays because his friends are and not necessarily because he enjoys it.
We’ve all been there before. You’re at a party, and everyone is talking about sports gambling. They’re having a great time, raking in the chips, and you feel like missing out on the fun. So, you sit down and play a few hands. Suddenly, you’re not just playing for fun anymore; you’re playing to win.
And if you don’t win, you feel like a failure. That’s social pressure. It’s the feeling that you have to do something –- in this case, gamble — to fit in or be accepted. Social pressure can be a powerful motivator, especially when it comes to gambling. After all, what’s more social than gambling? It’s a way to bond with friends and family, show off your skills (or lack thereof), and take risks together. So next time you’re feeling the urge to gamble, ask yourself if it’s your desire or social pressure driving you to the casino.
Escapism from daily life or stress:
Obinna plays sports betting to escape from his current reality. He’s an apprentice at the Alaba International Market, Lagos, and after each day’s struggle, he goes to the nearest sports betting centre to play. He says, “We all get addicted to something that takes the pain away.”
Many of us are like Obinna; we often resort to gambling as it provides us with an escape from the mundane aspects of our daily lives. Gambling can offer a much-needed respite, whether it’s the everyday grind of work or the stress of personal problems. It temporarily disconnects us from our fast-paced life of strife.
However, while gambling might seem like a harmless diversion, it can quickly become a dangerous habit. The thrill of winning can be addictive, and before long, what started as a means of escapism can turn into compulsive behaviour with severe financial and emotional consequences. The line between entertainment and addiction is thin, and many, like Obinna, might find themselves trapped in a cycle that is hard to break.
Seedorf plays sports betting because of FOMO:
If you’re in crypto or follow crypto bros and news, you probably have heard the term FOMO (Fear of Missing Out). It’s the rush to dive into something because you do not want to miss out. It’s a mix of peer pressure, wanting to participate in a trend and an adrenaline rush.
In Seedorf’s case, he got wind of sports betting on Twitter when a certain handle won a lot of money. This win filled him with a sense of FOMO, and he thought, “If they can win, why can’t I?” So he downloaded different apps and joined over 20 telegram channels (some of which were paid for “VIP” groups), followed countless punters on Twitter, and joined think tank WhatsApp groups for high stakes.
People gamble for all sorts of reasons, but FOMO is one of the most common. We see other people winning and want to get in on the action. We convince ourselves it’s just a matter of time before we hit the big thing. But often, FOMO leads to financial ruin rather than riches. So next time you feel the FOMO fomenting, take a step back and ask yourself if gambling is worth it. More times than not, the answer will be NO.
Gabriella likes how gambling gives her a sense of control:
Gambling is not an only-men activity, although women make up just a tiny percentage of this group. For Gabriella, gambling gives her a sense of control, which she loves. She decides what odds to play, chooses her team and players, and predicts the score, making her feel in charge. “Trust me, I’ve seen it all when it comes to gambling,” says Gabriella. ”I’ve felt the pangs of despair while watching my hard-earned money disappear as numbers on a screen even as I did recovery arithmetic in my head, regretting all foregone opportunities of the funds. Yet, I go back each time.”
Gambling is often seen as a vice, and with good reason. It can be addictive, leading to financial ruin. But there’s also a reason why people keep returning to the casino, even after losing money. And that reason is that gambling provides a sense of control. In a world where so many things are out of our control, placing a bet can make us feel like we’re in the driver’s seat. We may not be able to control the game’s outcome, but by placing a bet, we exert our power over the situation. And that can be highly gratifying.
For Gabriella, the thrill of gambling goes beyond the financial aspects. It’s about the strategy and psychological warfare. She meticulously studies the statistics, the form of the teams, and the players’ conditions, making informed decisions rather than random guesses. This analytical approach transforms gambling into an intellectual challenge akin to solving a complex puzzle.
Moreover, the social aspect of gambling cannot be overlooked. For many, including Gabriella, gambling is a communal activity. Whether discussing strategies with friends or participating in online forums, a shared experience brings a sense of belonging. This community aspect can make the experience more enjoyable and less isolating, providing emotional support even during loss.
How the Proliferation of Sports Gambling is Impacting People’s Financial Health
The rapid rise of sports gambling has become a significant concern for many, as its impact on people’s financial health is increasingly evident. This section delves into how sports gambling affects financial stability, highlighting the immediate and long-term consequences.
Immediate Financial Strain
One of the most direct effects of sports gambling is its immediate financial strain on individuals. Many people, like Obinna, start gambling with the hope of a quick financial gain. However, the reality often turns out to be starkly different. The odds are typically stacked against the gambler, and most participants lose more money than they win. This can lead to a cycle of chasing losses, where individuals continue to gamble to recoup their losses, only to fall deeper into financial hardship. The immediate outflow of cash can disrupt personal budgets, leading to unpaid bills, maxed-out credit cards, and depletion of savings.
Long-term Financial Consequences
The long-term financial consequences of sports gambling can be even more devastating. Chronic gamblers may find themselves facing severe debt, bankruptcy, and a tarnished credit score. The economic instability caused by gambling can take years to recover from and can have a ripple effect on other aspects of life. For instance, individuals may struggle to secure loans, buy a home, or even cover everyday expenses. The stress and anxiety associated with financial insecurity can also contribute to mental health issues, creating a vicious cycle that is difficult to break.
Impact on Family and Relationships
The financial impact of sports gambling is not limited to the individual gambler; it often extends to their families, close relationships, and social standing. Economic instability can strain relationships, leading to conflicts and breakdowns in communication. In severe cases, it can lead to the breakdown of marriages and partnerships, as friends and family may distance themselves from individuals who are perceived as irresponsible or unreliable due to their gambling habits. Families may also have to make significant sacrifices to cover the gambling losses, which can affect the quality of life for everyone involved. Children, in particular, can suffer as their needs may be deprioritised in favour of covering gambling debts.
Risk to Employment and Productivity
Excessive gambling can have severe consequences on job performance and productivity. Individuals preoccupied with gambling may find it difficult to concentrate on their work, leading to a decline in efficiency and overall performance. This lack of focus can result in missed deadlines, errors in work, and a general decline in output quality.
Financial distress caused by gambling losses can exacerbate these issues. The stress and anxiety associated with financial problems can lead to absenteeism, as employees may take time off to deal with their financial crises or simply because they are too overwhelmed to work. Frequent absenteeism can strain workplace relationships and diminish team cohesion, leading to a less productive work environment.
Moreover, the long-term financial instability resulting from gambling can impact career prospects. Employees may find it difficult to advance in their careers if their job performance is consistently affected. In severe cases, individuals may face disciplinary actions or even lose their jobs, further exacerbating their financial woes and creating a vicious cycle of stress and gambling.
Disruption of Household Finances
In households where sports gambling is prevalent, the financial repercussions can be devastating. Gambling can consume significant household income, leading to disrupted family budgets and compromised financial plans. Essential expenses such as rent or mortgage payments, utilities, groceries, and children’s education can be neglected as gambling debts take priority.
This financial instability often leads to conflicts within the household. Arguments over money can strain relationships between spouses, parents, and children. Trust issues may arise, especially if one family member is hiding the extent of their gambling from others. The emotional toll of these conflicts can be profound, leading to a breakdown in family dynamics and a loss of cohesion.
The long-term impact on household finances can also include depleted savings and the inability to plan for the future. Families may struggle to save for emergencies, retirement, or significant life events such as buying a home or funding higher education. This lack of financial security can create an environment of constant stress and uncertainty.
Social Consequences
The social consequences of gambling-related financial problems can be far-reaching. Individuals struggling with gambling debts often experience feelings of shame and guilt, which can lead to social isolation. The stigma associated with gambling addiction can prevent individuals from seeking help, as they may fear judgement from friends, family, and society at large.
This isolation can further exacerbate the emotional and psychological toll of gambling. Without a support system, individuals may feel trapped and hopeless, leading to increased anxiety, depression, and, in extreme cases, suicidal thoughts. The inability to confide in others can create a sense of loneliness and despair.
Mental Health Correlation
There is a strong correlation between gambling addiction and mental health issues. The stress and anxiety associated with financial losses can exacerbate existing mental health conditions or contribute to the development of new ones. Depression, anxiety, and even suicidal thoughts are not uncommon among chronic gamblers. The financial stress adds a layer of burden, making it challenging for individuals to seek and receive appropriate mental health care. This further complicates their ability to manage their finances and break free from the cycle of gambling.
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Conclusion
There is no denying that the sports betting industry is here to stay. Depending on which part of the country you are in, chances are there’s a sports betting company 10 metres away from you, and you know one or two people who are regular sports bettors. The industry has woven itself into the fabric of society, becoming a significant part of the entertainment and economic landscape.
The recent $281 million deal between MultiChoice, a South African media company, and BetKing, a Nigerian betting company, is proof of that. MultiChoice, known for its extensive range of sports programming, has recognised the lucrative potential of sports betting, leading to this strategic partnership. Sports is a massive source of revenue for MultiChoice, and it is expected that this deal will help grow their business offering, impacting the general economy positively. This investment indicates confidence in the continued growth and profitability of the sports betting industry.
However, the growth of the sports betting industry is not without its challenges and criticisms. Concerns about gambling addiction, financial instability among bettors, and the ethical implications of promoting gambling, especially among young and vulnerable populations, are significant issues that need to be addressed. Responsible gambling measures, including awareness campaigns, support services for problem gamblers, and regulatory oversight, are essential to mitigate these risks.
Note: “Seun” is a pseudonym used to protect the individual’s privacy.