Online gambling has been experiencing tremendous growth, especially during and after the Covid pandemic, which made retail-centric punters switch to online.
Also, the current cashless policy and the CBN redesign of the naira notes in Nigeria, which has caused cash scarcity in the country, has forced many bettors who would naturally place their bets in a retail shop to now stake online.
The internet and financial sector have played a massive role in aiding the influx of bettors from retail to online.
However, the cashless policy has exposed how weak these sectors could be in rendering robust services to different sectors players and unscrupulous charges with less quality internet and financial assistance, particularly the Banking sector, other manners of hiding fees to process transactions though this has yet to make it a smooth sailing experience for punters due to an overcrowded population surfing the internet simultaneously.
It has also significantly impacted the financial sector with several failed transactions for punters unable to deposit to their favourite platforms.
However, according to Netherland-based news that exposed how weak the internet space is in Nigeria to global benchmark a cyber security firm, Surfshark released its Global Internet Value Index (IVi), which reveals countries to overpay for their internet subscription.
They calculated the index by dividing each country’s internet speed by affordability. It is alarming to state that despite the current administration, the country’s mantra prioritizes a digital economy.
The latest evaluation by this firm states that Nigeria was ranked 109th globally out of 117 countries with an index of 0.0017. It is discouraging for a country rated as the giant of Africa and known as one of most significant online sports betting markets in terms of its market share. Nigeria is 44 times lower than the global average.
That means that Nigerian internet users are overpaying for less internet quality compared to what other countries are getting.
While a report by Statista also backed this claim and stated that some African countries are among the nations of the world that spends hugely on mobile data purchase.
Interestingly, despite the upsurge in mobile phone penetration, which has risen to 152 million and data usage increasing to 52.5 per cent, and the vast numbers of financial institutions still, the internet and financial service in the country remain poor and slow and take forever time to complete customers transaction during this past few weeks.
The Broadband speed is measured in megabits per second; the country’s average internet speed is put at 3.9 megabits per second (Mbps) despite the billion-dollar investment in the telecommunication industry. These megabits do not come close compared to the 7.2Mbps average global standard.
The World Bank stated that broadband internet connectivity is a pivotal catalyst for economic growth. Every 10 per cent increase in connectivity enables a 1.38 per cent growth in Gross Domestic Product.
However, with the epileptic internet service in the country, which is affecting all sheds of businesses online gambling inclusive, meeting this World Bank percentage will be an uphill task that will affect economic growth in the country. The country’s internet penetration is rising to 38% and with over 150 million service subscribers in Nigeria, according to Nigeria Communications Commission (NCC).
Online bettors and operators are part of these internet users affected by poor internet service. It is now a challenge for bettors with the appetite to make quick money in Nigeria’s gambling and betting space.
A recent survey indicated by a local independent survey, FindMoreAfrica, shows punters’ behaviour changed in Nigeria during and after the Covid-19 lockdown, and the cashless policy played its part.
Online gambling and betting experience a surge for different operators customers are now more familiar with online betting advantages than retail betting.
They are well-educated with in-play market options, which currently one of the most recent and favourite options for punters compare to previous years when pre-match games were favourites for bettors.
Also, virtual games are due to internet challenges; operators must adopt pre-recorded virtual or virtual satellite games instead of live internet-based virtual games.
Operators like Sportybet, for example, live-stream some football matches and lawn tennis games on their app and website to give their customers a better betting experience. Many bettors now watch these games and place wagers as it happens live.
Unfortunately, poor internet service hinders this customer experience by denying them from not just watching these matches but also stopping them from placing bets during in-plays.
One of the significant reasons why punters have to adopt in-play is a quick way of making money instead of the regular football match time.
Another aspect of the live-streaming experience which helps to analyze matches as they happen in real-time to know which market option to place their wager on in other for them to stand a better chance for more winning possibilities.
In contrast, poor internet connectivity and a lacklustre financial sector are drawbacks for punters’ customer journeys.
They play their part in the stunted growth of online betting and gambling from reaching their desired potential. And has affected revenue for operators strictly in the online space compared to the retail space over the years, racking up millions of dollars.
However, there seems to be light at the end of the tunnel as some telecommunication firms are launching high-speed networks in the country.
MTN disclosed that its 4G customer coverage has risen to 79.1%. Starlink, an internet provider owned by Elon Musk, has been launched in the country and guarantees internet speed, but it is worthy of note that it doesn’t come cheap.
Other telecommunication companies are also working on launching a 5G network in the country. All these can help Nigerians get value for good service. One’s internet is faster, and the quality of internet connectivity increases. Also, a better internet speed
will increase the wagers being placed, which will help generate more revenue for operators in the online space.
