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With growing youth population the gaming industry will increasingly impact Nigeria’s GDP – Olamuyiwa

With growing youth population the gaming industry will increasingly impact Nigeria’s GDP – Olamuyiwa

With about 100 registered companies, Nigeria’s gaming and sports betting industry in the past three years have witnessed the biggest boom, racking about N50billion in revenue in 2019. This boom was largely due to Nigeria’s high and growing youthful population and the rise of mobile penetration. Kunle Olamuyiwa, Chief Operating Officer at Betway in an interview with Seyi John Salau, gave insight on Nigeria’s gaming industry and how the industry can contribute to the nation’s GDP, Excerpt:

What are your views about Nigeria’s gaming industry?

It is a fact that the Nigerian gaming industry is continually growing and also becoming impactful for all stakeholders. The massive youthful population of the country and the increase in use or access to smartphones and the internet are major contributing factors to the development of the gaming industry in Nigeria.

In terms of volume, how do you rate Nigeria’s gaming industry?

A report from a data-curating site, Knoema, indicated that Nigeria ranked in N50 billion in revenue from gaming in 2019 ($121million). I would believe that the figures would have increased significantly in 2020 and 2021, but in terms of volumes and the potential for the business, I believe Nigeria would be rated highly within the global gaming ecosystem.

With Nigeria’s youthful population, do you see the gaming industry adding significantly to Nigeria’s GDP?

Definitely, with about 60 million Nigerians between the ages of 18 and 40, and who are actively involved in sports betting, the gaming industry would have an impact on Nigeria’s GDP.

How do you intend to break through the gaming industry with many gaming companies in Nigeria?

At Betway, we put our customers first and this is very evident in our product offerings, the entire customer experience, and also our actions towards supporting the communities we operate in. We have already established the Betway brand in Nigeria, and we are fast becoming the brand to emulate by other gaming companies in Nigeria. As you know, Betway is an international brand, and our experience & innovations in the online gaming and casino business distinguish us from other companies in Nigeria.

Read also: Betway expands Nigeria’s sports betting business with launch of gaming experience centre

What is the worth of Nigeria’s gaming industry?

That’s a tricky one, but I can confirm that it is very significant. As I mentioned earlier, the industry was worth N50 billion as of 2019 so you can imagine what it could be at the end of 2021.

Do you have physical outlets?

Betway is an online platform, so we do not need physical outlets. The customer’s experience from registration to withdrawals of winning has been made seamless so people have access to everything they need right from the comfort of their homes, offices, shops, etc. Also, we operate a 24hr Contact Centre where our customers can get issues resolved or clarifications made on any aspect of the products and offerings. However, we have started the concept of having customer experience centers in various locations in Nigeria, to further bring us closer to our customers.

Is Betway registered with the Nigeria gaming authority?

Yes, Betway is licensed by the National Lottery Regulatory Commission, and also by the Lagos State Lottery and Gaming Authority.

What makes Betway different and unique from other gaming and betting companies in Nigeria?

Betway, owned by Super Group, is the premier online sportsbook operating under a single brand, offering first-class sports betting and casino entertainment. Betway has a truly global footprint, holding licenses throughout Europe, the Americas, and Africa, with 60+ brand partnerships with teams and leagues worldwide. Betway provides leading bespoke and customized entertainment in a safe, secure, fair, and responsible environment, so as you can see, the Betway brand is very much different and unique in its way.

Betway’s Gaming Experience Centre in Nigeria, speak more about this and why Ikorodu?

Ikorodu is a large city in Lagos, and it is one of the largest local governments in Lagos state. It has various vibrant communities or towns like Imota, Liadi, Egbin, Ijede, Igbogbo amongst others and these places host a lot of people whom we would consider as our target market. Ikorodu is also considered as the fastest growing part-exurb of Lagos metropolis, as it is home to a lot of people who come from Ikorodu’s surrounding towns and villages basically because of the town’s proximity to Lagos.

Any plans to take the Gaming Experience Centre across different locations in Nigeria?

Most definitely, just watch this space.

How long has Betway been operating in Nigeria?

Betway has been effectively operating in Nigeria since 2018.

What are your strategies to grow your customer base in Lagos and other parts of the country?

We want to continue to be close with our customers, and to ensure we provide everything they need as far as online sports betting and casino is concerned. Our strategies will be focused on providing the best experience for all our customers, at all times.

Is Nigeria’s gaming industry well regulated?

Yes of course, from the National and State levels; however, there are still some grey areas, especially in licensing and taxes which could be improved. Improving on these areas will enable the gaming companies to reach more customers across the country, and in turn generate more revenue for the various levels of government in Nigeria.