Nigeria has the biggest percentage of crypto owners in Africa, according to Statista. More than 15 million Nigeriansmostly young tech-savvy peopleown cryptocurrencies like Bitcoin and Ethereum.
Unsurprisingly, Nigeria is the biggest market for crypto sports betting sites. To be fair, Nigeria is Africas most populated country. It has a population of 200M+ people, making it an excellent target audience for iGaming businesses.
But why is the country falling in love with crypto gambling?
The biggest reason for crypto gamblings popularity in Nigeria has everything to do with Bitcoin being a store of value. According to Cointelegraph, roughly 17 million Nigerians store half of their financial assets in crypto.
Cointelegraph says Nigerians love Bitcoin and Ethereum because the country lacks adequate financial services. Sure, Nigeria is full of banks and mobile payment apps.
However, most of them dont process payments to international betting sites. And if they do, they tend to be slower and more expensive than using cryptocurrencies.
For the uninitiated, cryptocurrencies are a limited commodity. Bitcoin has a maximum of 21 million coins. More than 19 million coins have already been mined from the blockchain. By the time the last Bitcoin is mined in 2040, the cryptocurrency will be a scarce commodity. This will, in turn, magnify its value.
Sports betting is legal in Nigeria. The best sportsbooks in the country have licenses from the National Lottery Regulatory Commission. Some of them also operate with licenses from the Lagos State Lottery Board.
That said, many Nigerians prefer to bet through offshore betting sites located in Europe or the Caribbean. Foreign sportsbooks provide bigger bonuses, better odds, and quicker payments.
Unfortunately, using offshore sportsbooks means relying on payment methods with cross-border support. This is where crypto comes in. Bitcoin supports transactions in all countries.
It doesnt matter whether you live in Enugu State or Sao Paulo, Brazil. If you want to send money through Bitcoin, all you need is a crypto wallet and Bitcoin in your account.
Most crypto casinos support a minimum transaction amount of $10. As such, crypto betting is affordable to the majority of Nigerians. That said, crypto also supports large amounts, making it an excellent option for high rollers.
Crypto betting hasnt always been a thing. Until 2017, it was difficult to find a betting site with support for altcoins. Things are changing, though. New crypto sportsbooks keep cropping up.
To the millions of Nigerians who love crypto, these new sportsbooks solve all their problems. First, they provide a way to deposit money reliably. Most of them accept the top five cryptocurrencies.
You can use Bitcoin, Ethereum, Litecoin, Bitcoin Cash, or USDT. Top betting sites also reward you when you complete your first deposit. They might give you a risk-free bet. This means you bet using your money. But if you lose, you get a free bet.
The most popular welcome reward, however, is the 100% bonus. You get exactly what you deposit. If you deposit 10 LTC coins, you receive 10 Litecoins. If you deposit one BTC, you receive an equal amount as a bonus.
Beyond bonuses, crypto betting sites rival PayPal and Visa sportsbooks in every other way. Theyre mobile-friendly. They provide efficient customer service and support a wide range of sports.
Speed is one of Bitcoins biggest selling points. Bitcoin processes payments on an average of 20 minutes. Surprisingly, most people actually prefer to use Ethereum and other coins because theyre faster.
Ethereumthe most Googled cryptocurrency in Nigeriaprocesses payments in under five minutes. If you use Ripple or Solana, the payment speed lowers to a minute or less.
Speed is crucial for sports betting. Picture this. You had forgotten Nigeria has a game against Ghana in the afternoon. Youre confident in the Super Falcons. But for you to bet on the team, you must deposit money quickly.
Bitcoin provides convenience in such situations. It completes deposits to betting sites quickly. It might be slower than PayPal. But PayPal doesnt work in Nigeria. Also, its considerably fast for withdrawalsmost bookies take 1-3 days to process betting cashout requests.
As we mentioned earlier, half of crypto owners in Nigeria buy Bitcoin to store their wealth. The reason crypto is such a popular option for securing assets is that it provides autonomy.
Once you buy Bitcoins and store them in a safe wallet, they belong to you permanently. Its not like fiat cash. If you store one million Naira in a bank, theres no guarantee your bank will let you withdraw it a week after.
With crypto, you have total control over your funds. You can use it to bet on football. Or you can keep it as an investment. You dont need permission to use your digital currencies. And yet, these funds could make you rich during a good bull run.
Another reason some Nigerians prefer to bet with crypto is that its cheaper than local banks. Banks charge fixed amounts, say $20 for every payment. If you plan to spend less than 2000 Naira, it doesnt make sense to pay via wire transfer.
Credit and debit cards offer free deposits to online merchants. But most of them draw a line where sportsbooks are concerned. They refuse to work with betting sites, especially offshore bookmakers.
Crypto does not discriminate. It operates through a decentralized ledger not owned by any single entity. As such, it processes payments between any two parties regardless of the industry.
When it comes to fees, crypto is all about minimizing charges. In fact, crypto is against transaction fees. Its just that the entire crypto industry wouldnt thrive without fees.
You see, every crypto payment needs verification before its added to a blockchain. The people who verify these transactions use expensive resources. To reward them, everyone paying with Bitcoin must contribute a small fee to the miners.
Like Loading...
Continued here:
Suspension Of Online Casino Services In Kenya: What Are The ... - Business Post Nigeria
- Denmark: 15 per cent of young people illegally gamble online - Casino Beats - January 16th, 2024 [January 16th, 2024]
- GiG furthers global presence with two new launches - iGaming Business - January 16th, 2024 [January 16th, 2024]
- Operator Coalition Makes Ad Pitch for NY Online Casino - Pokerfuse - January 16th, 2024 [January 16th, 2024]
- New Year's Resolutions For PA Online Casino Market - Play Pennsylvania - January 16th, 2024 [January 16th, 2024]
- Biggest Online Gambling Markets in the World - Finbold - Finance in Bold - January 16th, 2024 [January 16th, 2024]
- BetMGM Casino bonus code for MLK Day: Get $25 online promo offer to play with now - SILive.com - January 16th, 2024 [January 16th, 2024]
- Best PayPal Online Casinos in the US for January 2024 - Sports Illustrated - January 16th, 2024 [January 16th, 2024]
- FanDuel Casino bonus: Get up to $1000 back + 50 bonus spins - MLive.com - January 16th, 2024 [January 16th, 2024]
- New Bill Filed To Legalize Online Casinos In New York In 2024 - Play NY - January 16th, 2024 [January 16th, 2024]
- Casino with a minimum deposit of 10 euro - Be Global Fashion Network - January 16th, 2024 [January 16th, 2024]
- 2nd Year Of Legal Sports Betting Brings NY $862M, Says Governor - PlayUSA - January 16th, 2024 [January 16th, 2024]
- Best US Sweepstakes and Social Casinos 2023: Top Online Casino Sites Reviewed - Analytics Insight - January 16th, 2024 [January 16th, 2024]
- Gaming Corps expands distribution with Alea Casino Aggregator partnership - Gambling Insider - January 16th, 2024 [January 16th, 2024]
- Sen. Addabbo Files 2024 Bill To Legalize iCasino In New York - US Bets - January 16th, 2024 [January 16th, 2024]
- Top 9 Uk Casino Online Real Money - Best Casino Sites Ranked by ... - The Coin Republic - August 6th, 2023 [August 6th, 2023]
- PA Online Casino Revenue Smashes Records in 2022-23 - Crossing Broad - August 6th, 2023 [August 6th, 2023]
- The Growing Popularity of Online Casino Gambling: A Historical ... - thewashingtondailynews.com - August 6th, 2023 [August 6th, 2023]
- How to Recognize and Avoid Fake Online Casino Websites - East End Taste Magazine - August 6th, 2023 [August 6th, 2023]
- Online Casino using Gcash: The Ultimate Guide to Convenient ... - NNN NEWS NIGERIA - August 6th, 2023 [August 6th, 2023]
- Borgata Casino promo: Deposit match up to $1000 + $20 on the house - PennLive - August 6th, 2023 [August 6th, 2023]
- Betway Online Casino: The Ultimate Guide to Exciting Gambling ... - NNN NEWS NIGERIA - August 6th, 2023 [August 6th, 2023]
- Exploring the Different Types of Online Casino Bonuses and ... - News-Reporter - August 6th, 2023 [August 6th, 2023]
- Casino Zeus' Choice of the Best Casinos in Canada - Analytics Insight - August 6th, 2023 [August 6th, 2023]
- DraftKings Shares Q2 2023 Earnings With Investors - PlayUSA - August 6th, 2023 [August 6th, 2023]
- The 6 Best Online New Zealand Casino Sites for Real Money - Analytics Insight - August 6th, 2023 [August 6th, 2023]
- Everything You Need to Know About Stake Online Casino - August 4 ... - NNN NEWS NIGERIA - August 6th, 2023 [August 6th, 2023]
- 7reels: A Comprehensive Review of the Leading Online Casino ... - NNN NEWS NIGERIA - August 6th, 2023 [August 6th, 2023]
- 2023's Top Financially Inclusive Cryptocurrencies: Scorpion Casino ... - Analytics Insight - August 6th, 2023 [August 6th, 2023]
- Slot Games Increasingly Popular: Does This Show Market Maturity - taxscan.in - August 6th, 2023 [August 6th, 2023]
- Jeetwin Casino: The Ultimate Online Gambling Experience - August ... - NNN NEWS NIGERIA - August 6th, 2023 [August 6th, 2023]
- Best Real Money Online Casinos & Gambling Sites [2023 Update ... - The Daily Collegian - August 6th, 2023 [August 6th, 2023]
- Caesars Online Casino Review: One of Michigan's Best - MLive.com - August 6th, 2023 [August 6th, 2023]
- BetMGM Online Casino Review 2023: Up to $1,025 On Sign-Up - MLive.com - August 6th, 2023 [August 6th, 2023]
- Best Free Spins Online Casino Bonuses in Michigan for 2023 - MLive.com - August 6th, 2023 [August 6th, 2023]
- The Evolution of Online Casino Platforms: From Downloadable ... - UKTN (UK Technology News - June 4th, 2023 [June 4th, 2023]
- Appreciating the Significance of Game Features at an Online Casino - Altoona Mirror - June 4th, 2023 [June 4th, 2023]
- Unlock the Benefits of Playing at a Legalized Online Casino - The Daily Times - June 4th, 2023 [June 4th, 2023]
- Key rules behind 5 online casino games | Features | homenewshere ... - Woburn Daily Times - June 4th, 2023 [June 4th, 2023]
- mBit Casino Review: is mBit Trustful? Full Review 2023 - Culture.org - June 4th, 2023 [June 4th, 2023]
- Twitch Boss Dan Clancy Wants Better Online Gambling Regulations - Casino.Org News - June 4th, 2023 [June 4th, 2023]
- Key rules behind 5 online casino games | National ... - The Caledonian-Record - June 4th, 2023 [June 4th, 2023]
- Are Online Casinos Rigged? US Casino Experts Reveal the Truth - Pokerfuse - June 4th, 2023 [June 4th, 2023]
- How to Deposit and Withdraw at Online Casinos in the US - Pokerfuse - June 4th, 2023 [June 4th, 2023]
- 10 Gambling Sites Not on GamStop UK: Guide to Non-Gamstop ... - We Heart - June 4th, 2023 [June 4th, 2023]
- A different kind of game: The attraction of online Fish Table Games ... - We Are Brighton - June 4th, 2023 [June 4th, 2023]
- Best Online Casinos Real Money for USA Players in 2023 - April 4th, 2023 [April 4th, 2023]
- Online Casino For Real Money List of TOP 10 Best Casinos 2023 - April 4th, 2023 [April 4th, 2023]
- Employee of Online Casino Company Accused of Cheating to Win $50,000 on Blackjack - NBC Connecticut - April 4th, 2023 [April 4th, 2023]
- The Best Online Casinos and Casino Websites in 2022 - The Denver Post - January 23rd, 2023 [January 23rd, 2023]
- Slotegrator to showcase innovations and raffle free online casino platform at ICE London - iGaming Brazil - January 23rd, 2023 [January 23rd, 2023]
- TOP 10 Online Casinos For Real Money 2023 | Best Online Casino - January 8th, 2023 [January 8th, 2023]
- Best Online Slots Real Money No Deposit: Top 10 Gambling Sites Of 2023 - CBS 6 News Richmond WTVR - December 12th, 2022 [December 12th, 2022]
- Which Online Casino Game Is Easiest To Win? - City Watch - October 25th, 2022 [October 25th, 2022]
- The Best and Worst Online Casino Game Odds - chimpreports.com - October 19th, 2022 [October 19th, 2022]
- How Tech Continues to Change and Enhance the Online Gambling Sector | Gaming - Telemedia Online - October 19th, 2022 [October 19th, 2022]
- South Africa Gambling Industry Report 2022: Current State of the Industry Casinos and Online Gambling, Limited Payout Machines, Horse Racing and... - October 19th, 2022 [October 19th, 2022]
- Why the Casino Theme in Movies Is Here to Stay - Film Threat - October 19th, 2022 [October 19th, 2022]
- Will the global inflation crisis impact gambling? - Yogonet International - October 19th, 2022 [October 19th, 2022]
- Best 9 Online Casinos for Real Money 2022 | Safe, Fast Payouts - October 17th, 2022 [October 17th, 2022]
- 7 Best Online Casinos for Real Money [2022] - Top Rated Sites - October 17th, 2022 [October 17th, 2022]
- Going Dutch: Insight into the new Regulations for Online Casinos in the Netherlands - European Gaming Industry News - October 17th, 2022 [October 17th, 2022]
- The best table game to play at an online casino - Deadline News - October 17th, 2022 [October 17th, 2022]
- Award-winning software provider adds second Netherlands-based operator to its portfolio, with full suite of slots set to launch at Jacks.nl casino... - October 17th, 2022 [October 17th, 2022]
- Fairplay online: an overview of the site and app for betting and gambling in India Retail Technology Innovation Hub - Retail Technology Innovation... - October 17th, 2022 [October 17th, 2022]
- 1Win Casino Review | Reliable sports betting and online casino - DreamTeamCric - October 17th, 2022 [October 17th, 2022]
- New To Slot Online? Here's How To Win Big Easily! - My MMA News.com - October 17th, 2022 [October 17th, 2022]
- Why Is The Popularity Of Online Casino In Finland Growing - The SportsGrail - October 17th, 2022 [October 17th, 2022]
- Why Is iGaming Becoming More Popular By The Minute? - European Gaming Industry News - October 17th, 2022 [October 17th, 2022]
- PAGCOR, casino licensees distribute relief packs to areas hit by Super Typhoon Karding - European Gaming Industry News - October 17th, 2022 [October 17th, 2022]
- SoftSwiss Expands in LatAm with the Addition of 30 Barbara Bang Titles - GamblingNews.com - October 17th, 2022 [October 17th, 2022]
- The Winning Appeal of Game Shows in the Online Bingo Space - Concept Phones - October 17th, 2022 [October 17th, 2022]
- Why Are There More And More Bollywood Actresses Embraced By Casino Brands ? - Chennai Memes - October 17th, 2022 [October 17th, 2022]
- Slots of Vegas Review: Is Slots of Vegas a Legit Casino? - The Daily Collegian Online - September 20th, 2022 [September 20th, 2022]
- Gambling Market Size in the UK to Grow by USD 2.83 billion, Growth of the Online Gambling Market to Boost Market Growth - Technavio - PR Newswire - September 20th, 2022 [September 20th, 2022]
- 5 Stars Rumored to Play in Online Casinos - The Hype Magazine - September 20th, 2022 [September 20th, 2022]
- How To Choose The Right Online Casino For You - Inventiva - September 20th, 2022 [September 20th, 2022]
- How To Play Casino Games Safely And Avoid Scammers - Baltic Times - September 20th, 2022 [September 20th, 2022]
- Picking the perfect casino-winning playlist - The Music Universe. - September 20th, 2022 [September 20th, 2022]
- With casino idea dead, TMC attention turns to online gambling - Highland Post - September 20th, 2022 [September 20th, 2022]
- How Will 5G Technology Affect Online Casinos in Spain? - The Olive Press - September 20th, 2022 [September 20th, 2022]