Every gambler knows there’s no shortage of hope in the game. Gambling is deeply entrenched in the psyche of at least 73% of the Nigerian population, and it feeds on the hope that allows humans to show up daily: “Today might be my day.”
This hope might be the only thing keeping most Nigerians — especially gamblers — going these days, with inflation higher than ever and the cost of living consistently climbing.
But how exactly has the worsening economy impacted their habits?
We spoke to seven Nigerians who either currently gamble or have done so recently. They opened up about their wildest gambling experiences, including their biggest losses and wins and how the recent economic climate has impacted their attitude to gambling.
“I’ve lost ₦1m in four months, but I can’t stop”
— Korede*, 28. Video editor earning ₦150k/month
In 2023, a friend introduced me to sports betting after I complained about my faulty camera. I told him I needed ₦1m, and he jokingly said only an online betting platform would give me that amount in a day.
So, I set up an account, and he taught me how to place bets on football and basketball games. By a stroke of luck, I made ₦18k from a ₦200 stake within two weeks of betting, and that’s how I got hooked.
Since then, I’ve gambled every single day and spent at least ₦60k/month on betting platforms. I also moved to fixed matches in 2024 and made ₦500k with a ₦26k stake —my single biggest win so far. Sometimes, my winning streaks last for a few weeks, and I make plenty of money, but then I lose it all terribly.
My problem is I just don’t know when to stop. I’ve won about ₦1.2m combined over the last four months, but I lost it all within a week. I kept trying to win back the stakes I lost so I could raise ₦3m for my rent and some equipment.
I earn just ₦150k/month, and it’s never enough for anything. Just food and fuel will finish all that money.
Sometimes, I think gambling is worth the risk. The only reason I survive the high cost of living is because of the small small money I make from gambling. Granted, I lose more than I win. But gambling gives me hope that things can get better one day.
“I kept looking for my ‘Aguero’ moment”
— Jacob*, 30. Business analyst earning ₦250k/month
I’ve been placing bets since 2015. It started when I saw friends at university staking on sports games—mostly football—and constantly talking about their wins. It felt like something I could do, too. I knew a lot about sports and reasoned that the extra money wouldn’t hurt.
I bet on everything from soccer to ice hockey, volleyball and Olympic games. But I didn’t make the money I thought I would.
In 2017, my friends and I found a fixed-match supplier who offered ”sure games”, and I lost about ₦200k trying to win big on those matches.
I’d already lost my school and accommodation fees to a previous bad gamble, but I had some money my dad had given me for my siblings’ phones with me. So, I bought three games at about ₦20k each. My friend also joined in.
The wager was to predict the exact scoreline for the three games to win. By 6 p.m. that day, two of the games had been played, and my outcomes for both games were correct. I was so excited that I took my friends to a pepper soup joint to celebrate.
After we’d eaten our fill of catfish pepper soup and beer, I logged into the platform to check out the score. Major heartbreak. Instead of the predicted scoreline of 1:2, the final score was 2:1. You’d think I learnt my lesson after that incident, but I bought three more games from the guy and lost everything.
I gambled consistently until 2024 and lost more money than I won. My biggest win was ₦40k in 2022, which is a small reward, considering that I spent at least ₦3k weekly on my bets. Sometimes, I spent over ₦20k monthly, and this got worse in 2023 when the effects of inflation started to hit.
My purchasing power kept dwindling, and my income couldn’t keep up. But I stuck with betting hoping that my luck would change — that Aguero moment. The moment never came, so I quit briefly in February 2024.
I picked up gambling again in November 2024; I was looking for free money for Detty December. Plus, I developed FOMO because the big punters on Twitter kept posting their wins. But after losing ₦70k in two months without a single win, I quit for good.
I’m not going back.
“I thought gambling would be a viable source of income”
— Ola, 24. Graphic artist earning ₦350k/month
I was in uni when I placed my first football bet in 2018. The most I staked was ₦200, and the highest money I made was ₦700. I didn’t make serious money; I assumed it was because I was trying to win big with small stakes. Since I was only betting with small amounts of money, the risk of one bet spoiling the ticket was high.
So, I stopped for seven years.
Three months ago, I started gambling again via an online betting platform. Why? I was looking for a way to earn extra income and beat the high cost of things.
Although I earn ₦350k/month, I’m almost always broke: Buka food that used to cost ₦1k is now ₦2500. My rent recently increased from ₦650k to ₦900k, and my transport costs have now tripled.
Betting seemed like the solution to my problems. I just needed to stake high and get more profit.
I’ve spent an average of ₦50k monthly on sports betting, and my biggest win happened in January — I won ₦75k from a ₦3500 stake.
That said, the plan to earn a good side income from betting isn’t going so well.
Football has been incredibly difficult to predict, with many upsets happening on game weekends. I’ve also made the mistake of chasing losses and betting more, and losing more money while trying to recover lost funds. Just last Saturday, I lost ₦35k on bad predictions.
I think I’ll just abandon the idea of betting to make money. But I’ll keep doing it for fun.
“I can no longer afford to let go of a loss”
— Boye*, 25. Freelance writer and filmmaker earning an average ₦1m/month
Gambling started as a hobby during the lockdown in 2020. I bet my usual ₦15k – ₦20k weekly alcohol budget on sports betting platforms with the hopes of doubling it. If I won, I’d go out as planned. If I didn’t, I wouldn’t drink until my next win. It was a win-win situation.
Since then, I’ve evolved to betting more regularly. My average spend is still ₦80k monthly, but there are more game fixtures on certain weeks, so I spend way more. I’m not sure if I have more winning streaks because some weeks are great — I’ve won close to a million a few times. But these rare wins are followed by huge losses. In 2023, I recorded my biggest loss, parting with ₦150k in one day. There have been several other losses here and there.
I used to take these losses in stride and move on, but I can’t do that anymore due to inflation. These days, if I lose, I have to get back in immediately and try to make back what I lost. It’s a vicious continuous cycle and, more often than not, trying to fix the loss leads to more losses.
The only reason I’ve kept going is because I believe there’s a certain amount of money I’d like to make from betting before I can abandon the platforms totally. I don’t know exactly how much that money will be; it’s an abstract idea. I just feel I’ll know when I get it. Then, I can stop betting.
ALSO READ: For 2 Years I Didn’t Win a Single Bet — A Week in the Life of a Gambler
“I don’t have disposable income to gamble with any more”
— Ore, 22. Sales assistant earning ₦60k/month
I’ve been down a gambling rabbit hole since secondary school when I watched a friend draw up charts and calculate football clubs’ statistics.
That was seven years ago.
Now, I’ve gambled on almost every sport on online betting platforms. At first, it was just for the thrill. I didn’t think it was that deep; I could always stop if I wanted.
But my gambling habit peaked between 2021 and 2023. In 2023, two friends and I paid ₦18k each to join a punter’s Telegram channel for “sure VIP games”. It went well in the beginning, and my friends and I made ₦5m combined. But we kept going, and we lost all that money. I lost ₦170k on NBA basketball in one night, and my friend lost ₦400k.
After that incident, I took a hiatus before I returned after a few months. I currently spend at least ₦25k/month gambling. I lose far more than I win, but I’m no longer approaching betting with an ambitious mindset. It’s just a hobby. If I win, I win.
Also, now that I have a job and no longer depend on allowances from family, my betting capital will have to reduce. Things are hard, and prices keep climbing. There’s hardly any disposable income these days. Maybe I’m fine with reducing the rate at which I bet anyway. The thrill and excitement aren’t there anymore.
“I need all the money I can get”
— Diran*, 36. Compliance officer earning ₦320k/month
Compared to other gamblers I know, I’m pretty much a casual gambler. I got into online sports betting in 2020 because the app interface was surprisingly easy to use. I also set a daily, weekly and monthly betting limit so I don’t overshoot. The most I spend betting monthly is between ₦40k to ₦60k.
I do it for the adrenaline rush and the fact that I need all the money I can get. I’m the firstborn and responsible for my family’s upkeep because my parents are retired. So, I need extra money as much as the next person, and the economy isn’t helping matters. The cost of everything has tripled, and I have responsibilities.
That said, betting has generally been favourable to me. The highest amount I’ve lost in a day is ₦30k, but I’ve also made ₦1m from a ₦1k stake. In November 2024, I won ₦928k with a ₦2k stake. Then there are the ₦400k and ₦500k wins here and there.
Even if I didn’t win as much, I’d keep betting. I’d just reduce my stakes. There’s this popular saying among people who bet, “You can’t be unlucky for 365 days. One day, your luck will shine.” So, I’ll keep taking the risk.
“My biggest regret is thinking I could make it from betting”
— Ope, 23. Trainee banker earning a ₦100k/month stipend
My 10-year journey with gambling started when I’d go watch football at a viewing centre/bet shop in SS 1. I knew so much about football, and one day, my friend and I decided to stake ₦100 to try it out. We won ₦1100.
That was the beginning of my problems.
I moved from betting ₦100 or ₦200 to ₦5k, then ₦20k on a single bet slip every day. I’ve used my school fees and sold my Twitter account to raise money to place bets.
I made my first big win —₦560k — in 2021, which fueled me to keep gambling, hoping to make more money. Every Saturday, I’d wake up happy and hopeful because of the many games available. I was often disappointed at the end of the day. I once lost ₦90k in a day on live bets in 2022.
I managed to stop towards the end of 2024 when I got a banking job. I suddenly realised I’d been a fool for thinking I could make it from betting. I wasn’t even betting because I needed money to meet rising prices. I made money during my NYSC year that could’ve been put to better things like investments, but I greedily thought betting was easier and faster. I know better now.
*Names have been changed for anonymity
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