Business News
Nigerians Spend N730bn on Sports Betting Annually
Nigerians spend over 730 billion Naira annually on sports betting and at least two billion naira is generated daily, recent research data shows.
Data also revealed that over 60 million Nigerian punters spend over 3, 000 naira daily placing bet stakes. At least there are 50 betting sites in Nigeria with the number growing annually.
Respondents, who spoke with the News Agency of Nigeria (NAN) on Sunday, said they placed bets to generate quick and easy income, and turn their passion for football into cash.
28-year-old Fashion designer, Segun Mukoro who bets at least once weekly said that it was the fastest way to double his income and although he might lose sometimes, the wins come big.
He said, “Yes I bet and I do so weekly, especially when there is a league playing. When you have been betting for long, it’s easier to know what odds to play and what teams to bet on.
“It is a guessing game and you get better with time. I know that it is addictive but I see it as an investment, a way to double my income,” Mukoro said.
Similarly, 23-year-old Eronini Kolapo explained that he used betting to augment his allowance as a student. He told NAN that he started for fun, at first but soon built a network from it.
Kolapo’s almost-perfect predictions made him a leader of his sport betting ring where his peers pay him extra to place ‘sure’ bets for them.
His model is not strange as website and online channels where predictions are sold to help punters maximise betting stakes, populate social media.
However, there are tons of fraudulent platforms.
30-year-old Noble Obioria sold his agro-business and combined the proceeds with his savings to purchase predictions from a fraudulent channel that swindled him.
He spent almost one million naira trying to place a ‘sure’ stake with hope of making over ten million naira in return.
He told NAN that losing all his money helped him realise how addicted he was to betting and how much he had given to the greed and dissatisfaction that came with regular betting.
Obioria also agreed with respondents who said that the presence of betting sites and platforms online made it too easy and fuelled the desire to place stakes.
Research statistics show that over 14 million bet stakes and payments are made over the internet every day. This, however, does not affect the rate of teeming punters at offline, physical shops.
A betting shop attendant, Niyi Adejujagbe said that he gets at least 500 stakes placed in his shop daily, adding that he has a crowd of punters as early as 9 am.
He said, “People place bets here every day. They still use shops very well because some don’t know how to use the websites and other people like to see their paper bet slips.”
NAN reports that in five betting shops visited, there were only two women placing bets each a part of two male-dominated groups.
Jennifer Olisa said she enjoyed the process as she loved football and wanted to make money from it.
On the low participation of women in betting, she said women try to be more careful, especially with money.
She added that she took the risks to bet as her prediction most times, worked. However, she gets help from her male friends who had been betting for longer.
A psychologist, Dr Aimua Cole said that betting and gambling had high tendency to lead to depression in addicts, adding that it takes a toll on victim’s mental health.
She said, “Gambling addiction could lead to other serious effects, including loss of jobs, failed relationships, and severe debt.
“Problem gambling is often associated with mental health problems, including depression, anxiety, and mood disorders.”
She also decried the high advertising rates of betting sites glamourized the habit, leading more young people to indulge in the addictive act.
NAN also reports that leading betting platform Bet9ja took its advertising a notch higher by sponsoring the ongoing Big Brother Naija reality show.
This fourth season tagged ‘Pepper Dem’ designs games where housemates win Bet9ja coins with which they can purchase favours.
Meanwhile, outside the house, fans are encouraged to place bets using the links of the 25 housemates that were introduced into the show to support their favourite housemates. (NAN)
Investors at the stock market of the Nigerian Exchange Ltd. (NGX) yesterday lost N16 billion due to sell-offs in medium and largely capitalised stocks.
The NGX All Share Index (ASI) decreased by 29.35 basis points or 0.05 per cent to close at 54,886.04 basis points from 54,915.39 recorded on Friday.
Similarly, the market capitalisation lost N16 billion to close at N29.
Analysing by sectors, the NGX Banking Index added 1.3 per cent, and NGX Industrial Goods appreciated by 0.1 per cent.
Also, the Insurance Index down by 0.
5 per cent and NGX Consumer Goods Index depreciated by 0.4 per cent, while the NGX Oil & Gas index closed flat.Meanwhile, market breadth, which is measured by market sentiment was positive, as 19 stocks gained relative to 14 losers.
Access Holdings recorded the highest price gain of 7.14 per cent to close at N9.00, per share.
Cutix followed with a gain of 5.69 per cent to close at N2.23, while University Press appreciated by 5.53 per cent to close at N2.10, per share.
Custodian Investment went up by 5.17 per cent to close at N6.10, while Chams Holding Company appreciated by 4.17 per cent to close at 25k, per share.
Conversely, Ikeja Hotel led the losers’ chart by 9.52 per cent to close at N1.14, per share.
Wapic Insurance followed with a decline of 9.52 per cent to close at 38k, while Stanbic IBTC Holdings went down by 8.52 to close at N36.50, per share.
Multiverse Mining and Exploration lost 5.80 per cent to close at N3.25, while Livestock Feeds shed 5.50 per cent to close at N1.03, per share.
The total volume traded went up by 646.50 per cent to 1.172 billion units, valued at N2.877 billion, and exchanged in 3,066 deals.
Transactions in the shares of Neimeth Pharmaceutical topped the activity chart with 1.069 billion shares valued at N1.581 billion.
United Bank for Africa (UBA) followed with 15.964 million shares worth N128.784 million, while Access Holdings traded 13.033 million shares valued at N114.365 million.
Transnational Corporation (Transcorp) traded 11.770 million shares valued at N15.257 million, while Zenith Bank transacted 9.861 million shares worth N243.759 million.
Analysts at InvestmentOne Research said, “The equities market recorded a negative performance today due to the slumping prices printed in the Consumer Goods sector.
“Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space.” (NAN)
The Acting Chairman, FCT Internal Revenue Service (FCT-IRS), Mr Haruna Abdullahi, has said that it ranks high in revenue generation because of the agency’s commitment to widening the tax net in the area.
Abdullahi said this in a statement by Mr Mustapha Sumaila, FCT-IRS Head of Corporate Communications, in Abuja yesterday.
According to the statement, Abdullahi said this at the 2023 Summit of Association of Chartered Certified Accountants (ACCA) for members, partners and students in Abuja.
The FCT-IRS boss said one of the strategies put in place by the agency to boost revenue generation was prioritising institutional framework that would outlive the current management.
“We have been working in the last two years to build the institutional framework that will fit into globally recognised institutions.
“We have stepped up our awareness campaigns to educate taxpayers on all our processes as well as mobilised prospective taxpayers to be in the tax net.
“Our engagement with our major stakeholders has also been enhanced overtime as we constantly engage with them.
“We also update and educate them on decisions, introduction and direction of policies,” he said.
Abdullahi further said, “capacity building of staff has also been of utmost priority.
“This is because we cannot have efficient and committed workforce if the staffers are not well trained to deliver optimally.
“From what we have done so far, there will be visible impact in terms of what the service will be generating in the next few years.”
On importance of mentorship at the event, the acting chairman said mentors were important when making career choices.
The acting chairman, who is a Fellow of ACCA, said it was also critical for people who had carved a niche for themselves to identify talents and impact positively in them. (NAN)
The equity market extended its losing streak for the fifth successive session as the market capitalisation decreased by N313 billion due to investors’ continued profit-taking.
The All Share Index (ASI) fell by 574.59 absolute points, representing a decrease of 1.04 per cent to close at 54,915.
61 points.Accordingly, investors lost N313 billion in value as market capitalisation declined to N29.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Sugar Refinery, MTN Nigeria Communications (MTNN), Ecobank Transnational Incorporated (ETI), United Capital and Industrial & Medical Gases Nigeria.
Market breadth remained negative as 25 stocks lost relative to eight gainers.
Chams Holding Company recorded the highest price gain of 8.7 per cent to close at 25k, per share.
University Press followed with a gain 7.57 per cent to close at N1.99, while LivingTrust Mortgage Bank gained 3.37 per cent to close at N3.07, per share.
Sterling Bank appreciated by 2.67 per cent to close at N1.54, while Zenith Bank rose by 2.52 per cent to close at N24.45, per share.
On the other hand, ETI led the losers’ chart by 10 per cent to close at N10.80, per share.
Industrial & Medical Gases Nigeria followed with a decline of 9.32 per cent each to close at N7.30, while Royal Exchange lost 8.22 per cent to close at 67k, per share.
R.T. Briscoe Nigeria shed 7.69 per cent to close at 24k, while International Energy Insurance shed 6.92 per cent to close at N1.21, per share.
Meanwhile, the total volume of trades decreased by 24.23 per cent to 137.287 million units, valued at N1.510 billion, and exchanged in 3,489 deals.
Transactions in the shares of Transnational Corporation (Transcorp) topped the activity chart with 26.085 million shares valued at N33.979 million.
Zenith Bank followed with 14.721 million shares worth N353.890 million, while Sterling Bank traded 13.231 million shares valued at N20.019 million.
United Bank of Africa (UBA) traded 10.242 million shares valued at N81.385 million, while Access Holdings transacted 7.626 million shares worth N66.201 million. (NAN)
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