Sport Betting has become so popular amongst Nigerian Youth that in almost every street, there is at least one sport betting shop. There you see young people from all sphere of life gather to do one thing, “predict what might happen in a match”.
Sport Betting became popular in Nigeria around 2013 and ever since then, so many people have had the feeling or assurance that they will make a fortune out of it.
In this article, I will try to analyse and see if sport betting is a sure way of becoming rich in Nigeria.
What is Sport Betting?
Before we venture far into this topic, let’s understand what the term “Sport Betting” means.
According to Aussportbetting, “Sport Betting is a form of gambling that entails placing a wager, also known as a bet on the outcome of a sporting event”.
If you noticed in the definition above, I bolded 3 words which are gambling, bet and outcome and I will discuss about that in the next subheading.
One thing you ought to know is that sport betting doesn’t only involve just football. But various sports, ranging from basketball, tennis down to least popular sport like hockey and golf.
How Does Sport Betting Works?
Let me discuss how sport betting work, it involves gambling, placing a bet and waiting for the outcome.
The bookmaker, who is the one responsible for setting the odds which determine the pay out to the punter, if the punter’s prediction are correct. Odds are like the percentage of money you win, if your predictions are right and you the gambler is called the punter.
After you have placed your bet, you then wait for the outcome. If the outcome favours you, you win a certain percentage of your money you used in betting plus your initial stake, else you lose your stake (the money you use to bet)
There are various mode on how sport betting can be played, but since this article isn’t focus on how to play sport betting, but on whether it will make you rich or not, I will not go deep into the modes of sport betting.
So down to the million dollar question, will sport betting make me rich? Many might say YES, some will say NO but that depends on their perspective?
Imagine betting ₦ 1,000 with an odd of 3.00 and you end up winning a cool cash of ₦ 3,000 with no hustle. It was a game of chance and probability.
How about the next day, if you bet that same amount of ₦ 1,000 and you lose and the next day you lose and follow by the next two days, you will end up losing everything.
just like a hard drug, you get addicted to betting that you won’t believe or even acknowledge that its killing you slowly, but in reality, sport betting drains your account and wallet slowly that you keep on having the faith that you will win someday and when you finally won its still not even out; you are still in deficit from the other days you have been losing.
So in summary, I give my verdict that sport betting is not a sure way of becoming rich in Nigeria. Instead it’s a sure and legal way of transferring money from the masses to the purse of a few smart business men.
But to cloth the wolf in a sheep cloth, almost all betting company gives bonuses on game played, some even go as far as showing slips and tickets of people who have won in the past, but remember you do not know what they passed through or the amount of money they have lost, in other to get to their winnings.
Some might say it’s just nothing to loose a ₦100, when you can use that same amount to win a hundred more. let’s apply logic, the probability of you winning a 10 game match in a single ticket is 1 in a 100 (remember that the whole 10 match must show the green light that is must be won) and if you play for 100 consecutive times you might win and even if you do win your winning might equal or surpass your aggregate lost.
On the other part, sport betting has favoured some certain calibre of Nigerians. Those who are good when it comes to watching the game, following the team’s news, following the players and coach updates along with team comparison and analytics.
Only a few are within this category and those who can indeed become rich from sport betting.