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| Betting shop in Lagos. Source: Vanguard, Nigeria. |
An increasing number of young people stake their nickel into betting. They resort to sport betting despite the huge losses in their predictions. Not only that, but the myth of winning has also beclouds the sense of people, hoping that sport betting can help resolve the economic contradictions in society.
This perception has rooted itself into the expectations of people who stake their money. The expectations have been to resolve the immediate contradictions like attending to the needs of food, rent, school fee and others, that if provided for by the government, won't in the first instance push people into seeing sports betting, as an alternative to resolve tack of social welfare.
But the story has been the same for a lot of people who stake, win or loose. Realistically, a lot of the sport betting companies exploit the desperation and precarious situation of the poor to cart away millions and billions of Naira daily, collected from millions of people, who stake in the game.
The logic of either winning or losing is largely determined by the Sport Bet companies that operate in the logic of making money. The tycoons set up the business not to lose. Instead, it is set up to drill every penny out of the people, who stake their nickel believing they will win. It's 25% wins for the day.
This has been the logic behind why Sport Bet owners confidently know they can't lose their money or their profit to be cut down. And because of this increase of people staking. The number of betting companies has increased in the last ten years because of living conditions that is going bad for people.
These bet owners will continue to ship billions of Naira into their bank accounts. Some of the betting outlets are owned or linked to one politician or the other, who might serve as a pine to elongate the sustainability of the business.
Realistically, the establishment of this Sports Bet, approved, and regulated by the government is to engage the young people whom the failed governmet policies have pushed into betting to resolve the economic challenges drilling them.
MORE MONEY FOR SPORT BETTING COMPANIES
It is more money for Sports Betting Companies, SBC, when bettors are losing more of their stake. Or, if their expected winnings fail to scale through their predictions. The Bet Companies smile at every ticking second of the clock, while the bettors mourn and crawl back to sadness.
Guardian (Nigeria) in the article: "Betting: Dangerous Pastime for Unemployed Nigerian Youths." dated 6/4/2019 reported that "60 million" Nigerian youth daily stake their money on Sport betting, with the expectations of winning, which has been the perception of an average unemployed youth.
Guardian also reported that on daily basis "Nigerians spend an average of N308 billion on betting daily." In addition, some of the betting companies "could generate up to N18 million to N20 million monthly and spend just about N5 million to N7 million to pay winners." This is just a fraction of the entire Sport bet industry story.
Other companies generate more than what Guardian Nigeria reported. Some don't even declare theirs publicly. And the ones that do reveal theirs, are just rough estimate of what their Sports Bet company generate as profit. In reality, it confirms the billions of Naira drilled from the pocket of the poor daily, who are undergoing economic hardship.
Businesswire.com (12/4/2019) reveals how SBC are carting away billions of Naira. In a place like Nigeria where the increase of poverty is high, and also unemployment, Sport Betting's net worth is "$2bilion." And on daily basis, "N2 billion goes to the pocket of SBC, which yearly is more than "N730 billion."
ECONOMIC HARDSHIP
The economic hardship in Nigeria has continued to push the poor across the country into Sports Betting, to melt the heat of social contradictions biting them. The government’s policies have compounded the poor's lot. Unemployment, poverty, homelessness etc are on the rise.
In many poor homes in the slum communities and also in the major cities, Sports Betting has been seen as a means of livelihoods. Out of every ten families, seven are into betting. They bet with a view of winning money to resolve the daily need for food, rent, electricity bill, clothes and other domestic needs that the government has failed to provide.
Now that the government has increased petrol price and electricity tariff, in addition to the underdevelopment we are into. The economic hardship will be compounded. It will add to the desperation of people using every of their penny, especially young people, students to invest their time more to betting.
Recent statistics unveil that "82.9 million Nigerians are poor (nairametrics, 4/4/2020). With this alarming figure, Nigerian betting will increase, which in one will put more money into the pocket of Sports Betting Companies.
SOLVING THE PROBLEM
In solving the problem of food, rent, hunger etc pushing people to see sports betting as a way out. The young people have to campaign and fight for the government to provide jobs, adequate social welfare, and improve people's living conditions.
Poverty is rising and people needs good life. But the governmet is not doing anything about it. The hardship is making people of 15 and 40 to stake more in betting. Young people must demand the provision of well-funded community acquisition skill centres to engage people.
The acquisition centres should be made free and accessible. It must not be profit oriented. The funds must be democratically managed by the people in the community. Having public investments on social welfare will help to reduce the high percentage of people betting.
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