Every gambler knows there鈥檚 no shortage of hope in the game. Gambling is deeply entrenched in the psyche of at least , and it feeds on the hope that allows humans to show up daily: 鈥淭oday might be my day.鈥
This hope might be the only thing keeping most Nigerians 鈥 especially gamblers 鈥 going these days, with and the .
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.
鈥淚鈥檝e lost 鈧1m in four months, but I can鈥檛 stop鈥
鈥 Korede*, 28. Video editor earning 鈧150k/month
In 2023, a friend introduced me to sports betting after I complained about my faulty camera. I told him I needed 鈧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 鈧18k from a 鈧200 stake within two weeks of betting, and that鈥檚 how I got hooked.
Since then, I鈥檝e gambled every single day and spent at least 鈧60k/month on betting platforms. I also moved to in 2024 and made 鈧500k with a 鈧26k stake 鈥攎y 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鈥檛 know when to stop. I鈥檝e won about 鈧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 鈧3m for my rent and some equipment.
I earn just 鈧150k/month, and it鈥檚 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.
鈥淚 kept looking for my 鈥楢guero鈥 moment鈥
鈥 Jacob*, 30. Business analyst earning 鈧250k/month
I鈥檝e been placing bets since 2015. It started when I saw friends at university staking on sports games鈥攎ostly football鈥攁nd 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鈥檛 hurt.
I bet on everything from soccer to ice hockey, volleyball and Olympic games. But I didn鈥檛 make the money I thought I would.
In 2017, my friends and I found a fixed-match supplier who offered 鈥漵ure games鈥, and I lost about 鈧200k trying to win big on those matches.
I鈥檇 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鈥 phones with me. So, I bought three games at about 鈧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鈥檇 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鈥檇 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 鈧40k in 2022, which is a small reward, considering that I spent at least 鈧3k weekly on my bets. Sometimes, I spent over 鈧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鈥檛 keep up. But I stuck with betting hoping that my luck would change 鈥 that . 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 because the big punters on Twitter kept posting their wins. But after losing 鈧70k in two months without a single win, I quit for good.
I鈥檓 not going back.
鈥淚 thought gambling would be a viable source of income鈥
鈥 Ola, 24. Graphic artist earning 鈧350k/month
I was in uni when I placed my first football bet in 2018. The most I staked was 鈧200, and the highest money I made was 鈧700. I didn鈥檛 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 鈧350k/month, I鈥檓 almost always broke: Buka food that used to cost 鈧1k is now 鈧2500. My rent recently increased from 鈧650k to 鈧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鈥檝e spent an average of 鈧50k monthly on sports betting, and my biggest win happened in January 鈥 I won 鈧75k from a 鈧3500 stake.
That said, the plan to earn a good side income from betting isn鈥檛 going so well.
Football has been incredibly difficult to predict, with many upsets happening on game weekends. I鈥檝e 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 鈧35k on bad predictions.
I think I鈥檒l just abandon the idea of betting to make money. But I鈥檒l keep doing it for fun.
鈥淚 can no longer afford to let go of a loss鈥
鈥 Boye*, 25. Freelance writer and filmmaker earning an average 鈧1m/month
Gambling started as a hobby during the lockdown in 2020. I bet my usual 鈧15k – 鈧20k weekly alcohol budget on sports betting platforms with the hopes of doubling it. If I won, I鈥檇 go out as planned. If I didn鈥檛, I wouldn鈥檛 drink until my next win. It was a win-win situation.
Since then, I鈥檝e evolved to betting more regularly. My average spend is still 鈧80k monthly, but there are more game fixtures on certain weeks, so I spend way more. I鈥檓 not sure if I have more winning streaks because some weeks are great 鈥 I鈥檝e 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 鈧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鈥檛 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鈥檚 a vicious continuous cycle and, more often than not, trying to fix the loss leads to more losses.
The only reason I鈥檝e kept going is because I believe there鈥檚 a certain amount of money I鈥檇 like to make from betting before I can abandon the platforms totally. I don鈥檛 know exactly how much that money will be; it鈥檚 an abstract idea. I just feel I鈥檒l know when I get it. Then, I can stop betting.
ALSO READ: For 2 Years I Didn鈥檛 Win a Single Bet 鈥 A Week in the Life of a Gambler
鈥淚 don鈥檛 have disposable income to gamble with any more鈥
鈥 Ore, 22. Sales assistant earning 鈧60k/month
I鈥檝e been down a gambling rabbit hole since secondary school when I watched a friend draw up charts and calculate football clubs鈥 statistics.
That was seven years ago.
Now, I鈥檝e gambled on almost every sport on online betting platforms. At first, it was just for the thrill. I didn鈥檛 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 鈧18k each to join a punter鈥檚 Telegram channel for 鈥渟ure VIP games鈥. It went well in the beginning, and my friends and I made 鈧5m combined. But we kept going, and we lost all that money. I lost 鈧170k on NBA basketball in one night, and my friend lost 鈧400k.
After that incident, I took a hiatus before I returned after a few months. I currently spend at least 鈧25k/month gambling. I lose far more than I win, but I鈥檓 no longer approaching betting with an ambitious mindset. It鈥檚 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鈥檚 hardly any disposable income these days. Maybe I鈥檓 fine with reducing the rate at which I bet anyway. The thrill and excitement aren鈥檛 there anymore.
鈥淚 need all the money I can get鈥
鈥 Diran*, 36. Compliance officer earning 鈧320k/month
Compared to other gamblers I know, I鈥檓 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鈥檛 overshoot. The most I spend betting monthly is between 鈧40k to 鈧60k.
I do it for the adrenaline rush and the fact that I need all the money I can get. I鈥檓 the firstborn and responsible for my family鈥檚 upkeep because my parents are retired. So, I need extra money as much as the next person, and the economy isn鈥檛 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鈥檝e lost in a day is 鈧30k, but I鈥檝e also made 鈧1m from a 鈧1k stake. In November 2024, I won 鈧928k with a 鈧2k stake. Then there are the 鈧400k and 鈧500k wins here and there.
Even if I didn鈥檛 win as much, I鈥檇 keep betting. I鈥檇 just reduce my stakes. There鈥檚 this popular saying among people who bet, 鈥淵ou can鈥檛 be unlucky for 365 days. One day, your luck will shine.鈥 So, I鈥檒l keep taking the risk.
鈥淢y biggest regret is thinking I could make it from betting鈥
鈥 Ope, 23. Trainee banker earning a 鈧100k/month stipend
My 10-year journey with gambling started when I鈥檇 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 鈧100 to try it out. We won 鈧1100.
That was the beginning of my problems.
I moved from betting 鈧100 or 鈧200 to 鈧5k, then 鈧20k on a single bet slip every day. I鈥檝e used my school fees and sold my Twitter account to raise money to place bets.
I made my first big win 鈥斺偊560k 鈥 in 2021, which fueled me to keep gambling, hoping to make more money. Every Saturday, I鈥檇 wake up happy and hopeful because of the many games available. I was often disappointed at the end of the day. I once lost 鈧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鈥檇 been a fool for thinking I could make it from betting. I wasn鈥檛 even betting because I needed money to meet rising prices. I made money during my NYSC year that could鈥檝e 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
NEXT READ: Meme Coin Madness: 4 Nigerian Traders on the Wild Profits and Devastating Losses
