Over 60 million Nigerians take part in daily gambling activities - it’s a market that is often overlooked by Western companies, but has massive potential and an appetite for innovation. More and more Nigerians have begun abandoning traditional naira-based platforms in favor of cryptocurrency betting, and it’s got very little to do with speculation, but the economic realities in which these activities are conducted.
Nigeria transacted over $50 billion in crypto in the year
leading up to June 2024, ranking it in the top 10 for global adoption. With the
naira depreciating over 40% in 2024, crypto was, in some cases, more stable.
With only 64% having formal financial inclusion, around
28.8 million adult Nigerians remain excluded from traditional banking. And,
even those who are being served, will suffer from high fees and limited access
to physical branches. Without fiat access, many are attracted to pomos like a bonus without deposit at Razed
Crypto Casino.
Crypto betting platforms solve the underbanking issue
because all you need is a smartphone - which most Nigerians have. Platforms
range from no KYC to having some, but
typically a crypto casino has a simple and
fast sign-up process with little paperwork.
Traditional banking is sluggish. Transfers can take
days, and the last thing you want is your account flagged when undergoing a big
casino withdrawal. Fees can be 5-10% of the transaction value, especially when
looking at foreign exchange spread with overseas casinos (overseas casinos
often have better promotions).
Cryptocurrency changes the game with fast transactions
that have very few fees. Some Nigerians are getting paid in major crypto coins,
while others do not struggle to exchange their wages into crypto to protect
against the naira devaluation. This opens up the global market of casinos with
no FX fees - underbanking is no longer an issue for withdrawals as crypto
wallet addresses are global and decentralized.
It’s not only the hard barriers but the privacy aspect.
Even if Nigerians can accept the heavy paperwork of traditional routes, they
can lead to privacy issues down the line. Casino activity will stick onto the
bank transactions, and this can impact access to financial products down the
line.
It’s also worth remembering that the cost savings for the
operator are always passed on in a free market (in fact, there’s more
competition among crypto casinos than traditional ones). This means promotions,
odds, and the RTP for games can be better. This can also be true for sports
betting, as many Nigerians tune into DAZN
streams to flutter on the Premier League.
- Open an account in minutes without documentation
- Deposit funds instantly without fees
- Avoid currency devaluation
- Access international betting markets without forex restrictions
- Withdraw winnings quickly
- Greater privacy
- Receive better odds and bonuses
As Nigeria grapples with 35% inflation and ongoing currency issues, more Nigerians are turning to crypto which was, ironically, often labeled a volatile and unstable asset. And while betting activity in and of itself is just a leisurely pastime, the changing economics of it reflect future trends in other markets. In these raw markets, we can get a glimpse into what the future of the Nigerian economy holds more broadly.
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