Sports betting involves placing money on the outcome of a sporting event or specific elements within it. The primary goal is to make a profit by accurately predicting these outcomes.
This could be anything from predicting which team will win a sports match (matchwinner), how many points or goals will be scored in a game (over/unders), specific team or player achievements during any sporting event (props) or even who will win an upcoming tournament or sporting competition (futures/outrights).
The exciting thing about sports betting is that it isn’t just limited to major sports like football, tennis or basketball.
There’s a broad spectrum of betting markets that include niche sports and global events, giving punters endless options.
When betting on any sports event, the amount you stand to win depends on several factors, such as:
- The amount of money you wager
- The odds set by the betting site you’re using
- The type of bet you place (more on this later)
You don’t have to be a sports fan to fancy a bet, or even support a team to put money on them. But here’s the funny thing – sports fans and bettors are actually quite similar, only that their motivations are different.
You could be someone who thinks VAR stands for “Very Annoying Referee” and still find yourself glued to the screen during a match, calculator in hand, working out your potential winnings. Meanwhile, your friend who knows every player’s stats since 1995 might be right next to you, clutching their lucky jersey and praying for a last-minute winner.
Sports fans and bettors are both invested in the outcome of a game, just for different reasons. The fans are in it for the emotional highs of seeing their team win, while the bettors are strictly about their payout.
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Online Sports Betting
The easiest and most popular way to place bets in Nigeria today is through online sports betting sites. However, it wasn’t always like this.
In fact, over a decade ago, you could only place a bet by visiting a physical betting shop; now, with a few taps on your smartphone or computer, you can bet on practically any sport under the sun from anywhere in the country.
These days, most Nigerians do their betting on their phones or computers. It’s convenient and easy, and it’s the future of betting.
With an online sports betting site, you can set up an account, deposit funds, and place bets all from your computer or mobile device.
The rise of online sports betting in Nigeria is closely tied to the boom in mobile phone usage. When the Nigerian government fully opened up the telecoms market in 1999, it sparked a mobile revolution.
As mobile phones became a staple in everyone’s pocket over the years, pioneering sportsbooks like Nairabet and Bet9ja jumped on the chance to introduce mobile betting in Nigeria during the mid to late 2000s.
Fast forward to today, and online and mobile betting is huge in Nigeria. New betting sites are popping up all the time, all competing for your business.
This competition benefits you, the bettor, with more options and better deals to choose from.
Different sites offer varying odds, betting offers, bonuses, and promotions, so setting up accounts with multiple sportsbooks can be beneficial.
However, for a sports betting newbie, choosing the perfect online sportsbook can be challenging.
That’s why we’ve done all the hard work for you by reviewing every legally operating betting site in Nigeria to help you make the best decision that aligns perfectly with what you’re after.
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Betting Odds
Odds are at the heart of all sports betting and gambling in general. They essentially indicate how likely an event is to happen, but they also dictate how much you stand to win if your bet is successful.
In sports betting, you’ll often come across three types of odds depending on the sportsbook – American Odds, Decimal Odds and Fractional Odds.
Bookmakers like 18bet give you the option of selecting between American odds and Decimal Odds.
However, we’ll concern ourselves with decimal odds because they’re used by the majority of sports betting sites in Nigeria.
When working out your potential payout with decimal odds, simply multiply your stake by the odds offered by the bookmaker for the event you’re betting on.
For instance, if you see odds of 2.00, it simply means you’ll double your money if you win.
So, a ₦1,000 bet at 2.00 odds will return ₦2,000 (₦1,000 stake + ₦1,000 profit).
It’s worth noting that the odds are not necessarily an accurate reflection of an event’s actual probability.
Instead, they’re set by sportsbooks to balance their risk and encourage betting on both sides of a match.
For more insight on this, read our article on value betting.
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Favourites vs Underdogs
When looking at the odds, you’ll see that one side often has a lower number while the other has a higher one.
The team or player with lesser odds is the “favourite” – the one expected to win. The side with higher odds is the “underdog”, implying they’re less likely to come out on top.
For example, if you see Leicester City listed at 5.20 odds to beat Chelsea (1.57 odds). This means Chelsea are the favourites.
A ₦100 bet on Chelsea would return you ₦157 if they win. Whereas a ₦100 bet on the underdogs Leicester would fetch ₦520 if they pull off an upset.
Betting on an underdog carries more risk as they’re expected to lose, but such bets offer a greater payout if successful.
Predict 6 Scores Win ₦10.000.000The Main Type of Sports Bets
Sports betting isn’t just about predicting who will win or lose. There are actually several different types of bets you can make.
Let’s break down the most popular ones:
Matchwinner Bets
This is the simplest form of betting – just pick who you think will win. If your chosen team or player comes out on top, you win your bet.
- Example 1: Betting on Bayern Munich to beat Arsenal. If Bayern win, you get your money back plus your profit.
- Example 2: Carlos Alcaraz is up against Novak Djokovic. You believe Djokovic will win the match, so you make a straight bet on him.
Point Spread Bets
This type of bet is most common in North American sports and bookmakers and is not just about who wins but by how much.
In Nigeria, 18bet offers this market.
The sportsbook sets a “spread”, which is essentially a margin of victory.
You can either bet on the favourite to win by more than the spread or on the underdog to lose by less than the spread (or win outright).
Example: If the Los Angeles Lakers are -5.5 against the Boston Celtics, a bet on the Lakers means they need to win by at least 6 points.
A bet on the Celtics means they can lose by up to 5 points, and you’d still win.
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Over/Under (Totals) Bets
Also known as Totals, this bet focuses on the total number of certain events or stat lines in a game.
The sportsbook sets a range of numbers with corresponding odds, and you bet on whether the actual outcome will be Over or Under a particular number.
This can be the combined score of both teams in a basketball, baseball or American football match, the total number of goals in a football match, or the total number of games in a tennis match.
- Example 1: If the Over/Under for a match between the Kansas City Chiefs and Buffalo Bills is set at 42.5, betting the Over means you’re expecting 43 points or more. Conversely, betting the Under means you’re expecting 42 points or fewer.
- Example 2: A bookmaker might set the total goals in a football match at a range from 0.5 to 6.5. You can bet on over 1.5 goals if you expect two or more goals or under 1.5 goals if you think there will be fewer than two goals in the game.
With Over/Unders betting, it pays to keep this saying in mind: “It’s never over ’til it’s over”.
What this means is that as long as a game is still going on, anything can happen.
You might think your Under bet is a sure banker with the game nearly over, but a sudden burst of goals or points can ruin your bet. The same applies to Overs.
Remember, sports can be unpredictable. So, it’s always wise to keep an eye on the action to know when to cash out your bet.
To learn more, have a look at our article on What is Over/Under in Football Betting.
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Futures Bets (Outrights)
These are long-term bets on events that will happen in the future, like predicting the winner of the next World Cup, Premier League, Wimbledon Tennis Championship or the next Ballon d’Or winner.
Futures bets usually come under “Outrights” on most Nigerian sports betting sites. They usually have higher odds – and thus larger potential payouts – than straight bets since they involve predicting an outcome far in advance.
For example, it’s more difficult to predict the Africa Cup of Nations winner at the start of an AFCON campaign than which team will win a random group stage game.
One thing to remember about futures bets is that the odds are always changing. Therefore, pre-tournament odds for a team or an individual to win the tournament won’t stay the same for the whole season or tournament.
Things like injuries, transfers, and how well (or poorly) a team or individual plays can all affect the odds.
However, the odds you get when you place your bet won’t change.
When betting on futures, it’s important to research a team or player and shop around for the best odds. Why settle for 100 odds when you could get 150 odds at another sportsbook for the same bet?
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Prop Bets
These types of bets aren’t tied to the outcome of a game but to specific events within a game, individual player performances or even events that have nothing to do with the game itself.
Examples of prop bets would be betting on the number of yellow cards in a football match, how many goals Erling Haaland will score in a match or whether a basketball player will score over 20 points.
You can also bet on off-wall events that have nothing to do with the action on the pitch, such as which team will win the coin toss, which popular politician will be present at the Super Bowl or even whether a player will propose to their significant other during the Super Bowl!
The main types of prop bets include:
- Player Props: These are bets on a specific player’s performance. For example, you could bet on how many points a basketball player will score in a game, how many passes or shots a football will have in a match or how many games a tennis player will have in a match.
- Team Props: Relates to teams’ performances, such as how many goals or points a team will have in a match.
- Game prop: These bets are about the game itself. You might bet on which half will have the most corner kicks, the total number of passes, goals or points, or which team will score first.
- Novelty prop: These are the weird and wonderful bets that are often offered for big events like the Super Bowl. You could bet on the coin toss, the national anthem singer’s performance, or even what colour Gatorade will be used in the post-game celebration. Bookmakers like 1xbet, 22bet and Betwinner offer this type of prop bets.
Accumulators
An accumulator is a combination of two or more selections into one bet. Accumulators are very popular with sports bettors because they offer the possibility of much bigger payouts than single bets with a lower stake.
The more selections you add, the higher your potential payout. However, accumulators also come with a greater risk.
That’s because if even one of your selections loses, the entire bet loses. This makes accumulators difficult to pull, especially those with many selections.
That is not to say there haven’t been some truly jaw-dropping accumulator hits over the years.
There are two main types of accumulators:
- Multi-game: An accumulator built with selections from multiple games or events.
- Same-game: Better known as a bet builder, which lets you combine selections from the same event. This feature is only available on a few top Nigerian betting sites like Betano, Betway, Betking and betBonanza.
Sports Betting Payouts
Payouts in sports betting are determined by the odds attached to your bet and the amount wagered.
The potential payout is listed on your betting slip, whether you’re betting online or at a betting shop.
The payout shown usually includes the money wagered and, depending on the betting site, will include a bonus amount, especially for accumulator bets.
Withdrawing Your Winnings
Bettors can withdraw funds from their betting accounts at any time.
The time it takes for the money to reach your bank account varies by sportsbook and withdrawal method, typically ranging from a few minutes to 5 days.
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Can You Make Money from Sports Betting?
Yes, you can. But, honestly, it’s not easy, especially in the long run.
Don’t get into sports betting thinking it’s your golden ticket to financial freedom.
While it’s possible, it’s also extremely rare to make life-changing money through betting and, often takes pure luck or many years of trying.
Be prepared to lose a fair bit before seeing any substantial wins.
The reality is sports betting is a form of gambling, and it comes with the risk of addiction. If you’re not careful, it can spiral out of control.
Give a boost to your next sports betKey Habits of Profitable Bettors
However, those who have managed to be profitable bettors tend to approach sports betting with an analytical mind and never let emotions cloud their judgement.
This means not backing their favourite teams out of blind devotion or betting on favourites when it doesn’t make sense to.
If you’re serious about making money from sports betting, you’ll need to adopt some disciplined habits.
For starters, keep a meticulous record of your bets. A simple spreadsheet can help you track what’s working and what’s not. Focus on sports you know well, so you’re not just betting blindly.
Another critical strategy is odds shopping – scanning different sportsbooks to find the best odds.
And let’s not forget about value betting and arbitrage betting techniques. These can help you squeeze out marginal gains, boosting your chances of winning at sports betting.
A major principle for those serious about being profitable bettors is to practice responsible gambling at all times. Never bet more than you can afford to lose, and know when to cut your losses.
There’s no secret formula to guarantee wins, but finding marginal gains can increase your chances.
As you embark on this journey, make sure to always check out our betting guide – it’s packed with winning strategies to help you become a profitable bettor.