8th Annual Sports Betting West Africa (SBWA+): 70% of profits from the Gaming Industry in Nigeria, generated from virtual - say operators

Posted : 25 August 2023

One of the speakers at the conference and a Gaming Consultant, Mr Foye Johnson Adewale on Friday claimed that virtual games had become a huge success in Nigeria accounting for 70 per cent of the revenue from the industry.

He revealed that the success of virtual games had been an eye opener to the customers' and pointers' need in the industry.

``At the early stage of the industry, one of the challenges is understanding the pointers' behavior, need and what can make the industry to grow.

``At the early stage, it was only `Sport Betting' on the offer, and the industry is growing, then, when virtual games came on board, it became an instant success.

``First, the idea of virtual games is just to keep the industry's expenses afloat, because the revenue that comes from sports betting will experience decline during the off season.

``Virtual gaming has become a huge success in Nigeria because of its acceptance, and today, the operators account for 60 to 70 per cent of total revenue.

``The reason for this is that profit is more guaranteed in virtual gaming than sports betting; although the profit is lower, but the cumulative is higher.

``Over the years, the industry has flourished from the pointers' perspective in the perspective of products that keep them happy, today the industry can generate immense bonuses such as welcome bonuses, prompt cash backs and payouts that keep the customers happy,'' he said.

Robert Toth, International Business Development of Global Bet in an exclusive interview said that Nigeria was a leading consumer of virtual games in Africa.

``When we talk about West Africa, particularly Nigeria, virtual sports have a huge market share compared to other countries. Looking at the operators, over 85 per cent of the revenue off season is generated by virtual sport.

``Virtual games figures are impressive, it is now a game changer. Virtual sports have a huge momentum in Nigeria. one of the most loved game is virtual football which is a computer generated game.

``One of the big advantages of virtual sport is that players don't have to wait for 90 minutes of a football match to win, they can just look out for highlights less than two minutes, and they see the results either win or lose.

``This is why it catches a lot of attention especially those between the ages of 18 to 35 years in virtual sport.

``Global Bet is constantly improving and we aim to create almost a real game so that players can and will have the same feel as if they are watching a live game.

``We are using a lot of technologies and State-of-the-art studio to deliver the best graphics for our clients.

``Virtual sport requires no skill, it is easy to play with instant payout for the pointers,'' he said.

Africa Sport Network (ASN) reports that the 8th Annual Sports Betting West Africa (SBWA+) hits Day 3 as different speakers continue to deliberate on how to move the gaming industry forward.

8th Annual Sports Betting West Africa (SBWA+): 70% of profits from the Gaming Industry in Nigeria, generated from virtual - say operators

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