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<br>By [Alexis Akwagyiram](http://www.seferpanim.com/read-blog/381_for-sports-gambling-to-be-legalised.html) and Didi Akinyelure<br> |
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<br>LAGOS, June 25 (Reuters) - Online [sports betting](https://wavedream.wiki/index.php/User:LindseyColon) is growing in soccer-mad Nigeria mainly thanks to [payment](https://friends.win/read-blog/20636_start-winning-with-pcg-college-football-picks.html) systems established by homegrown technology companies that are starting to make online organizations more practical.<br> |
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<br>For years, mobile payments stopped working to take off in Nigeria as they have in countries such as Kenya, where Safaricom's M-Pesa money transfers have fostered a culture of cashless payments.<br> |
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<br>Fear of electronic scams and sluggish internet speeds have held Nigerian online customers back but [sports betting](https://olps.co.za/wiki/User:Jeffry2055) firms says the brand-new, fast digital payment systems underpinning their sites are altering mindsets towards online deals.<br> |
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<br>"We have seen considerable development in the number of payment services that are available. All that is certainly altering the gaming area," said Seun Anibaba, CEO of Lagos State Lotteries Board, gaming regulator in Nigeria's business capital.<br> |
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<br>"The operators will opt for whoever is quicker, whoever can link to their platform with less problems and glitches," he said, adding that taxes from [sports betting](https://cheere.org/read-blog/36282_for-sports-gambling-to-be-legalised.html) wagering in Lagos State increased 30 percent to 40 percent in 2017 from 2016.<br> |
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<br>That development has been matched by a rise in web payments, according to data from the Nigeria Inter-Bank Settlement System (NIBSS), which is owned by the reserve bank and certified banks.<br> |
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<br>In 2016, there were 14 million web payments worth a total 132 billion naira ($420 million). [Transactions leapt](https://embargo.energy/index.php/User:ShaniMileham33) to 29 million worth 185 billion in 2017 and in the first quarter of 2018 there were almost 10 million worth 61 billion.<br> |
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<br>With a young population of almost 190 million, rising smart phone usage and falling information expenses, [Nigeria](http://4blabla.ru/read-blog/2685_sweepstakes-casino-controversy-and-celebrities-039-all-important-role.html) has actually long been viewed as a fantastic chance for online services - once customers feel comfortable with electronic payments.<br> |
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<br>Online [sports betting](https://skylockr.app/read-blog/225_uk-betting-firms-gamble-on-united-states-after-sports-wager-ruling.html) companies say that is taking place, though reaching the 10s of countless Nigerians without access to banking services remains an obstacle for pure online [merchants](https://palkwall.com/read-blog/27736_online-betting-firms-gamble-on-soccer-mad-nigeria.html).<br> |
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<br>British online wagering firm Betway opened its very first African business in Kenya in 2015, followed by Uganda, Ghana and South Africa. It released in Nigeria in January.<br> |
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<br>"There is a gradual shift to online now, that is where the market is going," Betway's Nigeria [manager](https://www.tobeop.com/missouri-sports-betting-ballot-measure-approved-by-voters/) Lere Awokoya stated.<br>[bit.ly](https://bit.ly/Bet9jaPromotionCodeYOHAIG) |
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<br>"The growth in the variety of fintechs, and the federal government as an enabler, has actually helped business to flourish. These technological shifts encouraged Betway to start operating in Nigeria," he said.<br> |
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<br>FINTECH COMPETITION<br> |
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<br> capitalizing the soccer frenzy worked up by [Nigeria's](http://wiki.die-karte-bitte.de/index.php/Benutzer_Diskussion:ReggieGormanston) involvement on the planet Cup say they are discovering the payment systems created by local startups such as Paystack are showing popular online.<br> |
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<br>Paystack and another local start-up Flutterwave, both established in 2016, are offering competition for Nigeria's Interswitch which was set up in 2002 and was the [main platform](https://bikapsul.com/read-blog/1451_sport-betting-industry-aims-to-protect-itself.html) used by organizations running in Nigeria.<br> |
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<br>"We included Paystack as one of our payment options with no excitement, without revealing to our customers, and within a month it soared to the number one most pre-owned payment option on the site," said Akin Alabi, founder of NairabBET.<br> |
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<br>He said NairaBET, the country's second most significant wagering company, now had 2 million routine customers on its site, up from 500,000 in 2013, and Paystack stayed the most popular payment choice because it was included late 2017.<br> |
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<br>Paystack was established by 2 Nigerian computer system science graduates, Shola Akinlade and Ezra Olubi, who received early stage funding in Silicon Valley's Y-Combinator program.<br> |
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<br>In December 2016, it raised $1.3 million from investors consisting of China's Tencent and Comcast Ventures in the United States.<br> |
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<br>Paystack, based in the mad Ikeja district of Lagos, said the number of regular monthly transactions it processed increased from about 8,000 in early 2016 to more than 900,000 since June 2018.<br> |
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<br>"In early 2016 we were processing about $3,000 a month. Today we process well over $11 million every month," said Emmanuel Quartey, Paystack's head of development.<br> |
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<br>He said an environment of developers had actually emerged around Paystack, creating software application to [integrate](https://infinirealm.com/read-blog/8242_how-are-betting-odds-calculated.html) the platform into sites. "We have seen a development because neighborhood and they have carried us along," stated Quartey.<br> |
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<br>Paystack said it makes it possible for payments for a number of wagering companies however likewise a wide variety of companies, from energy services to transfer business to [insurance](https://higgledy-piggledy.xyz/index.php/User:XHDKorey52) [company](https://wow.twinear.com/read-blog/1001_how-are-betting-odds-calculated.html) Axa Mansard.<br> |
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<br>Flutterwave, co-founded by Nigerian entrepreneur Iyinoluwa Aboyeji, is also backed by the Y-Combinator programme in addition to endeavor capitalists Greycroft Partners and Green Visor [Capital](https://18plus.fun/read-blog/17_the-ins-and-outs-of-betting-on-the-nfl-draft.html) and the Omidyar Network. It raised $10 million in 2015.<br> |
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<br>FOREIGN INVESTMENT<br> |
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<br>Shifts in Nigeria's payment culture have actually corresponded with the arrival of foreign financiers intending to use [sports betting](https://tartar.app/read-blog/1671_how-are-betting-odds-calculated.html).<br> |
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<br>Industry specialists say the sector generates about $1 billion a year and is likely to grow faster than in South Africa and Kenya where the company is more developed.<br> |
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<br>Russia's 1XBet and Slovakia's DOXXbet have both set up in Nigeria in the last 2 years while Italy's Goldbet was ahead of the trend, taking a 50 percent stake in market leader Bet9ja when the Nigerian company introduced in 2015.<br> |
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<br>[NairaBET's Alabi](https://globalunitedspirits.com/read-blog/3450_how-to-play-bet9ja-online.html) said its sales were split in between stores and online but the ease of electronic payments, expense of running shops and [capability](https://thewion.com/read-blog/185992_things-you-need-to-learn-about-rafting-adventures.html) for clients to avoid the preconception of [sports betting](https://mgnm.uk/read-blog/3115_exploring-the-sports-betting-industry-putting-ideas-into-practice.html) in public suggested online transactions would grow.<br> |
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<br>But regardless of advances in digital payments, Kunle Soname - chairman and co-founder of Bet9ja - said it was necessary to have a store network, not least due to the fact that numerous clients still stay reluctant to invest online.<br> |
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<br>He stated the company, with about 60 percent of Nigeria's [sports betting](https://www.facetwig.com/read-blog/96065_things-you-need-to-understand-about-rafting-adventures.html) market, had a comprehensive network. Nigerian wagering shops often serve as social hubs where consumers can enjoy soccer free of charge while putting bets.<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig) |
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<br>At a BetKing hall deep inside the dynamic Oshodi market in Lagos, lots of soccer fans collected to view Nigeria's final heat up game before the World Cup.<br>[bet9ja.com](https://register.bet9ja.com/?btag=yohaig&promocode=yohaig) |
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<br>Richard Onuka, a factory employee who earns 25,000 naira a month, was fixated on a TV screen inside. He said he started [sports betting](https://miderde.de/index.php?title=Benutzer:AlisiaRasp595) 3 months ago and bets up to 1,000 naira a day.<br> |
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<br>"Since I have been playing I have actually not won anything however I believe that a person day I will win," stated Onuka. ($1 = 314.5000 naira) (Reporting by Alexis Akwagyiram and Didi Akinyelure in Lagos |
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