+Do Bettors Get Better?
Could Less Litres Be Better?
Nigerians have consumed lesser amounts of alcohol year on year in the past 6 years, though the quantity consumed still exceeds that of non-alcoholic drinks.
Beyond the health risks associated with alcohol intake, poor discretion with alcohol purchase can lead to economic losses to individuals who indulge in it, WHO revealed.
Between 2018 and 2023, alcohol consumption decreased from 96 litres per capita to 82 litres. On the other hand, the consumption of non-alcoholic drinks increased from 20.6 litres per person to 27.2 litres, an analysis of Statista’s Market Insight Data reveals.
As per the total expenditure on alcohol, the report showed that Nigerians spend an average of $202 per person on alcoholic drinks in 2023. This is a 3.48% increase from the $195 in 2018.
In a report from the Alcohol and Drug Rehab Center, Blake Nichols stated that an individual may not realise that excessive drinking is negatively impacting their finances until the effects have become severe.
He emphasised that spending a lot of money on alcoholic drinks does not necessarily make an individual alcoholic. However, he suggested a regular review of both the obvious and hidden costs of too much drinking.
Further analysis shows that the average revenue that alcohol producers make from each drinker increased from $195 to $202 in the last 6 years, especially after a significant decline in 2020. Market Insights by Statista forecasts this to grow to $291 by 2028.
Do Bettors Get Better?
In the last 7 years, online sports betting users in Nigeria have increased from 400 thousand to 1 million, just as the user penetration rate increased from 0.2% of the population to 0.4% as of 2023.
Some people derive fun and financial rewards from predicting the results of sports events by placing bets on them.
Just like alcohol consumption, an individual may not realise that excessive betting is affecting their finances.
Sports Betting is a form of gambling, and it may affect spending patterns negatively when it becomes an addiction and not properly managed.
Between 2017 and 2023, Nigerian users of online sports betting increased successively year on year. Total users peaked at 1 million in 2024 from 0.4 million in 2017.
Similarly, revenue derived from each online bettor in Nigeria increased by 38% between 2017 and 2023.
Overall, the online sports betting annual revenue in Nigeria increased from $85 million in 2017 to $256.9 million in 2023.
While betting companies are getting higher revenues over the years, do the bettors get better rewards?