NairaBet Review

4.0 rating

Guess how much money NairaBet makes online

₦3.2B

In Net Profit

13.2M

Unique Bets Accepted

₦143.7M

In Net Profit

578.1K

Unique Bets Accepted

₦11.9M

In Net Profit

45.9K

Unique Bets Accepted

NairaBet Online Market share

NairaBET currently has 7,6% of the Nigerian betting market as of this writing. That number is growing and is apt to be somewhat higher by the time you read this.

After an economic downturn in 2016, Nigeria is seeing an upswing in the economy. However, an interesting fact about this is that even with a fluctuating economy, the gambling industry has held steady and is starting to see incredible growth. It almost seems like betting never goes out of style, no matter what the overall economic environment may say about Nigerians’ personal finances.

And why is that? There are several theories. One is that, quite simply, it is a form of entertainment that is easy to understand and allows Nigerians to have a stake in a sporting event that goes further than simple team loyalty or pride. It is just a popular way to spend one’s time and money.

nairabet home

Another is the proliferation of mobiles among the population. While home computers continue to be out of reach for many, it is difficult to find a Nigerian who does not have a cell phone – and, more often than not, that device is a smartphone, or one that can connect to the internet.

With smart phones come apps for those phones, and the gambling industry has wasted no time in creating and building apps that connects players to online betting shops. As data packages become ever more affordable and the infrastructure becomes more reliable, it is incredibly easy to go online, place a bet, watch the match, make side bets, and chat with friends about the action all using one device, even while on a bus or out of the house in general.

And because a younger generation has grown up with mobiles as a part of everyday life, this has brought a whole new audience to the betting industry. Younger people can learn about it all from the comfort of their devices, without the intimidation of walking into a brick and mortar betting shop. And this also has brought casino games like poker and slots and even bingo to the menu of activities on casino sites, broadening the market even more.

Annual Online Profit

NairaBET’s online annual profits, as of this writing, are coming in at ₦913,9 M as of the fiscal year 2018.

As a comparison, one of the most profitable companies in Nigeria Nestle Nigeria Plc Read, which as of 2018 had a profit of $165,22 M.

nairabet profit

Number of Internet Players

As stated in our market share report above, Nigerians go mad for online gambling. In fact, one third of the entire population of Nigeria participates in wagering, whether it is online, on smart phones, or in real world betting shops in their communities.

With a market share of 7,6%, NairaBET welcomes 1,3M online players.

With so many Nigerians interested in betting and gambling, it is no wonder that advertising for these online bookmakers is so prevalent in our lives. In major cities and smaller towns alike, it is almost impossible to avoid the latest campaign for a new bookie or an established bookmaker that has started a new promotion to keep loyal custoemrs coming back again and again.

The established shops are fine, but the new bookmakers are the ones to look out for. Far too many players have been burned by the bright advertisements for new bookies, only to sign up and either not have the experience promised or find it almost impossible to claim the wins that are rightly theirs. It’s a shame that people are swindled in this way, but it only highlights the need for proper regulation.

We will discuss the regulatory aspects of the Nigerian gambling industry in the next section. But before we do, we want to stress just how important it is that anyone who is interested in signing up with an online casino due their own due diligence to ensure that they are placing their hard earned money into the right hands.

nairabet markets

Licensing

NairaBET’s offices are headquartered in Lagos and licensed under the National Lottery Regulatory Commission regulatory authority.

Although they are not licensed by the Lagos State Lotteries Board, this does not mean that they are not legitimate. It is not a very well known fact, but it is true that a casino operating in Nigeria can hold a license by their relevant state agency, or the National Lottery Regulatory Commission, or both. This is perfectly acceptable.

It would seem that in the online gambling industry, a company would want as many licenses as possible in order to gain the trust of their customers. However, each license carries with it a hefty fee. So it is standard that a casino, particular as it is in the start up phase, only seeks to hold one of them.

We are happy to report that the Lagos State Lotteries Board, the National Lottery Regulatory Commission, and state administrative agencies such as the Edo State Internal Revenue Service have put forth a concerted effort to enforce stricter regulations on online casinos, they have made great strides in transparency, and in general are helping the gambling industry to build a decent reputation in the country.

One of the most important things they have done is to make available to the public the full list of bookmakers that hold valid licenses, as well as lists of those casinos who have suspended licenses – and the reason or reasons for those suspensions. This helps Nigerians become educated consumers who can make the right choices when it comes to deciding to sign up with one online casino or another.

NairaBet Welcome Bonus

NairaBET offers 100% matching funds up to 50,000 Naira. The minimum you have to deposit is 50 Naira to take advantage of their welcome bonus.

nairabet bonus

NairaBet Mobile

NairaBET is mostly played on their old website. This is because it eats up a lot less bandwidth than their modern site. It is very basic and looks old and out of date. That said people like playing on platforms they are used to. And they are certainly used to the old NairaBET website. So much so that the modern version gets considerably less play even though it is much slicker. They also offer two types of apps for people to play with mobile devices – NairaBET new mobile and NairaBET Lite. The Lite version has far fewer graphics and loads faster than the updated version. It also uses much less bandwidth. However, if a player has a play with unlimited bandwidth they should probably go with the modern NairaBET app – just because its far slicker.

When it comes to the online slots and casino games the NairaBET Lite app is not very good at all. But we don’t expect most people who use NairaBET Lite are all that interested in casino games. They are there for the sportsbook and that works perfectly. You can also play NairaBET on your phone without using the app. Simply navigate to either the older NairaBET site or the newer more modern one. Either one works fine. So the main point is that it’s not hard to use NairaBET on your phone. That is, after all, how most of us in Nigeria get online.

nairabet mobile

NairaBet History

NairaBET is one of many bookmakers gaining popularity in Africa. Given that Nigeria has one of the largest economies in the region, it’s not surprising NairaBET has had a big impact on their market.

NairaBET – unlike other African casinos – is 100% owned and operated by Nigerian locals. This makes it very attractive in the market. Why not bet local and keep the money in country? NairaBET is smart at distancing themselves from the myriad amount of big operators coming in from outside our shores.

NairaBET was launched in 2012 by Akin Alabi, a local Nigerian. He had been an entrepreneur before and knew how to set up a good casino in Nigeria. He spent three years raising capital and designing the site before it’s launch.

He founded a company to manage the casino; it is called Over The Top Entertainment. They are headquartered in Lagos and registered under the Nigerian Companies Act. They are fully licensed by the National Lottery Regulatory Commission.

nairabet casino

NairaBET has grown into one of the largest sportsbooks in the region. By competing directly with international companies they have been able to prove that Nigeria can service Nigerians. Obviously, all of their betting is done with the Nigerian Naira.

While NairaBET does offer slot machines and other casino play, it is primarily a sportsbook. And it does very well at that. All of the features and innovations offered by international sportsbooks are available at NairaBET. From live in game play to the ability to cut your losses or lock in your winnings, NairaBET has it all down pat.

On the scale of the worldwide market, the odds are competitive at NairaBET. And that’s true along all its sports categories – not just football. And just as good are their marjets for betting.

NairaBET breaks down into 20 various categories their sports bet section. This includes football and rugby on the popular end and floorball and futsal as specialty sports. In general, at any given time at NairaBET there is something interesting for anyone to bet on.

NairaBET focuses mostly on football. They are also the sponsors of the Shooting Stars SC, which as you must know is the Nigerian Premier League team. They offer over 1,000 football matches for players to bet on. They also have every single local football match for players to bet on. They have done an exquisite job of making football betting easy and fun.

They also have a strong focus on motorsport at NairaBET. With hundreds of matches available for people to bet on it’s one of the biggest betting pools on NairaBET.

NairaBET offers two different websites. One is very old fashioned and looks like something out of the early 2000s. But it’s basic and easy to use. From that site you can transfer quickly to their much more modern site with advanced tabs and other modern features.

Nairabet offers tutorials to make sure people get what the odds are on their bets. There is also a blog that keeps you up to date with the casino. We hope other casinos try similar things.

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