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Executive Secretary, National Lottery Trust Fund, NLTF, Bello Maigari, has said more than 65 million Nigerians spend millions on betting, despite worsening economic hardship.
“As of my last knowledge update in September 2021, the global online betting market was estimated to be worth over $50 billion, and it has continued to grow significantly since then. A National Sports Industry Policy from the same year estimated that the industry could generate up to $4.7 billion in annual revenue, create 10 million jobs, and generate between 1.5-3% of GDP over ten years.
“It is expected to experience an annual growth rate of nearly 10% to reach more than $366 million by 2027,” Maigari said.
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