Nigeria has become a gold mine for sports betting operators, with the country rated as one of the fastest-growing gambling markets in the world.
Along with South Africa and Kenya, Nigeria has the largest sports betting industry in Africa.
There are currently over 40 registered betting companies in the country, with more set to join the booming multimillion-dollar dollar industry in the coming months and years.
It is easy to see why Nigeria is such a big betting nation.
With a population well in excess of 200 million and a natural love for football throughout the country, the foundation was already in place for the betting boom currently being experienced.
Factors such as improving mobile penetration and better internet connectivity have accelerated the growth rate of sports betting, as betting moved from physical shops to the online setting.
Another factor that has contributed in no small measure to the escalating betting numbers in Nigeria is the poor economic condition of the citizens.
With the poverty rate being so high, millions of Nigerians have turned to sports betting in a bid to complement their income.
The grateful beneficiaries of that desperation have been the betting companies.
One cannot begrudge the betting companies for going about their business legitimately, but should they be doing more to protect their customers?
Have they become too greedy that they are not as concerned as they should be about the well-being of their customers?
That would appear to be the case. Betting operators should definitely be doing more to protect their customers. A lot of these operators project themselves as advocates of responsible gambling, but many only end up paying lip service to the concept.
It is not enough to put up a responsible gambling graphic or banner on the site; they must also act and put measures in place to ensure that their customers practice such.
Some companies like Betking Nigeria have a verification process, but many others pay little attention to the type of people that come on their sites. They are still guilty of allowing minors to sign up and play. This is not only irresponsible, but also dangerous for those kids.
The legal betting age in Nigeria is 18. It should not be that difficult to follow this rule. Unfortunately, a lot of the sites have got so greedy that they do not bother to verify the ages of their customers.
Yes, they request a date of birth during registration, and do not process under-18 registrations (based on the date of birth provided), but it is easy for a potential user to manufacture a false date of birth just to meet the 18+ criterion.
Betting companies need to take their verification procedures more seriously. There needs to be a more thorough age verification process in order to tackle underage gambling.
Customers must be mandated to produce extra documentation like National ID cards, international passports or NIN certificates before they are allowed to use a betting site.
Underage gambling is a problem facing the Nigerian betting industry.
Betting operators also need to pay closer attention to the gambling habits of their customers, and put measures in place to curb addiction. Bettors must be encouraged to set betting budgets and spending limits so that they have greater control over their expenditure.
Companies should also organize regular forums where they can educate their customers on how to gamble responsibly and the dangers of gambling addiction.
They should also make their customer support more easily accessible so that users can readily get answers to whatever queries they may have about the site and betting in general.
Considering the huge profits betting companies have made from Nigerian players, it definitely not too much to ask them to pay a little bit more attention to their customers.