Sports betting: For the love of the game or addiction to an illusive dream?
Sports betting is a double-edged sword that has captivated millions around the globe. It is a global passion driving economic growth and industry transformation, yet shadowed by the risk of addiction.
The global sports betting industry, a dynamic and rapidly expanding market, reached a staggering $242 billion in 2022 with over two hundred thousand employees across nearly twenty-five thousand businesses globally.
The Ghana government in 2023 introduced a 10% betting tax on all gamblers, and within a few months of implementation, the government of the West African nation reportedly raised $15 million with a $60 million projection by the end of the 2023/2024 football season, local media Citi News reported.
Nigeria has one of the biggest betting industries in the African continent. Over 60 million Nigerians between the ages of 18 and 40 gamble $5.5 million every day, pushing the country's betting sector over the $2 billion threshold in 2020, Orbit Technology reported in 2023.
But what are the effects of these statistics on the die-hard sports fan, who lives and breathes the game, and stands a chance to win a life-changing sum through sports betting?
In Sub-Saharan Africa (SSA), gambling addiction is a growing public health concern, especially among youth who are exposed to various forms of gambling, such as sports betting, lotteries, and online gambling.
Some of the factors that contribute to gambling addiction in SSA include poverty, unemployment, lack of education, social pressure, and distorted beliefs about gambling as a source of income or entertainment, a 2022 research titled 'Gambling in Sub-Saharan Africa: Traditional Forms and Emerging Technologies' indicated.
However, the thrill of potentially hitting the jackpot, winning a once-in-a-lifetime amount is the stuff of dreams. Sports betters cash out huge sums from earnings on sports matches every week.
The sports betting ecosystem has evolved into a different arena over the years with the emergence of online betting platforms. Certain sports betting 'gurus' and 'experts' are able to provide tips and betting odds to the average betting fan at a premium.
These 'gurus' operate like financial advisors and have established profitable entities out of the fanaticism of sports fans.
The supply chain in the betting industry now involves most sports fans paying for betting tips to place bets on matches they might or might not win.
The multiplicity of most sports franchises across the globe means there are more games than one can count. But for the betting man, there’s a lot of money to be made.
