A recent research has shown that Nigerians spend more than 730 billion Naira annually on sports betting, with a profit of 2-billion-naira profit generated from the venture.

The research also indicates that more than 60 million Nigerians spend over 3, 000-naira daily placing bet stakes.

Some of the beters who interacted with newsmen over the weekend said they took to betting to generate quick cash while hustling for other income-generating ventures.

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A 28-year-old Fashion designer, Segun Mukoro, had this to say about his betting habit: “Yes I bet and I do so weekly, especially when there is a league playing. When you have been betting for long, it’s easier to know what odds to play and what teams to bet on”.

“It is a guessing game and you get better with time. I know that it is addictive but I see it as an investment, a way to double my income,” he said.

With over 50 betting sites in Nigeria, studies have also shown that there are many fraudulent platforms.

A 30-year-old businessman, Noble Obioria told newsmen that he combined the proceeds of hi agro-business, with his savings to purchase predictions from a fraudulent channel that swindled him.

“I spent almost one million naira trying to place a ‘sure’ stake with hope of making over ten million naira in return”, he said.

“losing all my money helped me realise how addicted I was to betting and how much I had given to the greed and dissatisfaction that came with regular betting”.

This has however not stopped the increasing number of punters at betting shops.

Research statistics show that over 14 million bet stakes and payments are made over the internet every day with over 500 stakes placed at some shops beginning from as early as 9 am.