Nigerians on betting and investment options

Guardian Nigeria

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00:00 Nigeria has a deep-rooted history when it comes to games of chance and the quest for

00:04 quick wealth.

00:05 From age-long lotto games, to dice rolling, stake on RAM fighting, to sports betting,

00:10 forex trading and cryptocurrency, there is always one option or another for those seeking

00:15 quick fortune.

00:16 According to a report by Grandview Research, the global sports betting market alone accounted

00:21 for a staggering $83.65 billion in 2022 and is expected to continue expanding.

00:28 The estimated turnover of the global forex market was $6.6 trillion in 2022, according

00:35 to a Forex Academy report, while the global cryptocurrency market cap today is $1.09 trillion,

00:41 a 12.45% change from one year ago, according to CoinGecko.com.

00:47 We were curious and wanted to know which of these investment preferences Nigerians engage

00:51 in - betting, crypto or forex trading.

00:54 Here's what we found out.

00:56 Forex is a very big risk.

01:20 I personally have tried it.

01:21 When you try it, when you do demo, it might be going well for you.

01:25 But when you try the real thing, you lost a lot of money.

01:28 Some time ago, years back, tried forex and the money went away.

01:36 I think Nigerians prefer betting because they want to get rich very quick.

01:40 Nigeria, as we are concerned, we are resourceful, but at the same time, some of us, I mean the

01:46 youth now, we are looking for quick money.

01:49 So the investment on long term investment is no more there.

01:56 There are some people in Nigeria, they like to bet on Ninja, Baba Jebu.

02:03 Everybody has his own area of specialization in life and it depends on the criteria you

02:08 belong to.

02:09 Betting is all commerce affair.

02:11 Whether you are educated, whether you are rich, whether whatever, no matter your class.

02:18 But when it comes to crypto, crypto is more complex.

02:24 Crypto is, it needs a skill.

02:28 You need to learn how to trade.

02:32 Also you need to have the mind of investing.

02:35 It has to do investing.

02:37 So I think to some level of people, some class of people, individuals, crypto is still the

02:46 best way to go.

02:48 Get out of bets.

02:52 For amateurs, uneducated, commoners.

02:55 Betting is more realistic.

02:56 If you are a football fan, if you are somebody that follows football normally, or sports,

03:00 any other sports, you can start going to betting.

03:03 You can play more than one, three, five, seven, ten games and you get lost.

03:07 But when you play fewer games, your chances of winning is higher.

03:10 Nigerians would rather bet.

03:12 People believe in seeing what they earn.

03:13 I'm putting my money, I'm getting it back immediately.

03:16 I'm investing in cryptocurrency, maybe the money is going and in the next five minutes

03:19 it has just dropped.

03:20 And causing them a suicide mission and all that.

03:24 Twenty percent might go for crypto and the rest, maybe eight, might go for betting.

03:29 There you have it.

03:30 A snapshot of Nigerians and their choices when it comes to staking their money.

03:35 While some lean towards the thrills of cryptocurrency and forex trading, another group prefers to

03:39 put their money on the line when it comes to football games, guided by their passion

03:43 and trust.

03:44 The question remains, are you more inclined to take a chance on your beloved football

03:48 teams or would you rather navigate the dynamic world of cryptocurrencies and forex trading?

03:52 We'd love to hear your thoughts in the comments.

03:55 I'm Ifenaya Wachiku for Guardian TV.

03:58 Have a great day.

03:58 [MUSIC]

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