With the steady deterioration going on in the Nigerian economy, there is the need for one to stay sane and well. There is also the need to stay afloat some of the problems hitting the economy. A typical Nigerian whether married or unmarried, is not unaware of the financial catastrophe that has continually plagued the nation with each passing Government failing woefully at their responsibilities to bettering the lives of the citizens and improving the economic situation. Rather, it's the same old stories that travel from ear to ear without an actualisation of these goals. But to my amazement, with all of the very visible problems, the unemployment rate in the country has reduced from a whooping 33.3% as of 2020 to an unbelievable 4.1% in the first quarter of the year 2023. According to Reuters, this reality is largely due to the revision in methodology which falls in-line with international best practices which somewhat gives unemployment a new definition.

Over the past few years, one of the "hustles" discovered by Nigerian youths to avoid empty pockets, is that of Sports betting. The matter of sports betting being a blessing in disguise or an ardent curse is still subject to a huge debate. According to interviews carried out recently by me, Sports betting has been a saving grace for youths in Nigeria. It has covered up for a lot of hopeless moments in existence. However, it's clear that a certain sect might not categorically share this philosophy.

Fortune, a Nigerian student in the University of Uyo had a couple of things to share as regards his experiences in the betting space.

" Betting has come through for me countless times. There were days I had just a hundred naira and I decided to put it into sports betting. Luckily for me, I always got something tangible out of it".

When interviewing him further, Fortune explained that there was a psychology to betting and it was pertinent that betting be understood appropriately in order to get the best out of it. He further explained that understanding the processes of sports betting wasn't a guarantee of always winning. In another interview with a student of the same university, Joshua who happened to be running a degree programme in Engineering had a more balanced view to the betting concept.

"Betting is a lot of work. It requires studying and analyzing data. But that's not even a guarantee that you'll win. In my Opinion it does more harm than good only if you are an addict though. If you follow punters like I do on social media, you will realize that all of these are paid tractions In order to appear in a certain way that makes bettors attracted to betting. But somehow when you see this earnings, some sort of "hope" hits you. Truthfully speaking, that's what Nigerians need. I have made money via betting but it comes with a lot of challenges".

BRIEF HISTORY

In Nigeria, sports betting has had its roots from the pre-colonial era. According to the guardian,

Still within the context of sports betting companies, it will be rather unfair not to mention a sports betting company that contributed hugely to the industry. I dare say that BET9ja as it's fondly called, probably raised the bars higher and gave sports betting a thriving advantage in Nigeria. BET9ja is an online bookmaker company founded by Ayo Ojuroye and whose chairman is Kunle Soname. This sports betting site was launched in 2013 and soon became the leading voice in the industry. BET9ja came in with products such as bookmaking, online casinos and multiple options for sports betting. According to Wikipedia, Bet9ja was the third most visited website in Nigeria after Google and YouTube in late 2020. Today, we've witnessed changes and despite the evolution of the sports betting industry, many problems still linger and solutions are required.

MAJOR PROBLEMS FACED BY SPORT BETTORS

The major problems of sport betting are summarized into one. CENTRALIZATION!

For the sake of this write-up, I'll break it down into smaller fragments.

FUNDING: Out of 10 Nigerian bettors, it is very likely that 6 will have a problem funding their betting accounts. Again, this is as a result of centralization; as most of the accounts have to be funded using third parties. This mostly refers to banks or centralized fintech applications. Sometimes bettors are overcharged just to get funds transferred to their betting accounts.
LACK OF CONFIDENTIALITY: Bettors always suffer the risk of being exposed due to the fact that these third-parties responsible for funding, always demand personal information and sensitive data. This kills the goal of being anonymous as that is how most Bettors desire to be.
LIMITED BONUS: Due to the different geographical locations, certain sportsbooks limit the amount of bonus options made available. Most of which are influenced by government policies.
GOVERNMENTAL REGULATIONS: In Nigeria, there are rules against betting if you are under the age of 18. Section 34 of the national lottery act, 2005 stipulates that betting is illegal for people under that said age. In some other locations, betting is totally prohibited regardless of age. Again, we see the problem of Centralization.

HOW CRYPTO/BLOCKCHAIN TECHNOLOGY SOLVES THE BETTOR'S PROBLEMS.

Firstly, it is interesting to know that the blockchain industry is not sleeping on enhancing the productivity of betting. With the introduction of BETSWAP and the likes, it seems like a pretty decent bet to get onboard with everything that blockchain has to offer. The blockchain industry gives a satisfying view of how operations are run in a decentralized manner. That already gives you an idea that the blockchain industry will simply take out centralization within the betting space.

Let's see how blockchain takes out the initial problems mentioned afore.

FUNDING: The blockchain technology offers an easier and faster way of funding betting accounts without the introduction of a third party. Profits are easily withdrawn directly into crypto wallets without a hitch through the use of dapps. No extra fees are added! This just makes the betting experience better.
CONFIDENTIALITY: The reality of staying anonymous is overly achievable. Blockchain in itself doesn't leave room for exposure. For projects like WAGERR, personal information aren't necessarily required. This gives you a sense of security.
BONUSES: With the rise of different projects aligning with the industry, Bonuses given by these projects are available to all users regardless of location.
GOVERNMENTAL REGULATIONS: With blockchain technology, Government regulation or policies do not affect activities carried out on any crypto related betting platform. This is obviously due to the factor of decentralization.

Finally, the blockchain technology has given the betting industry a better platform to thrive. However, we cannot end here by not attesting to the fact that the huge debate around betting still lingers. What we can do, is advice that bettors bet with appropriate guidelines.