Analysis of Nigeria's iGaming industry: H1 2023 vs H1 2024
Blask, a leading provider of AI-driven analytics for the iGaming industry, has prepared a comprehensive analysis comparing Nigeria's iGaming industry performance in H1 2023 and H1 2024.
The first half of 2024 witnessed significant changes compared to the same period in 2023. This analysis explores key shifts, trends, and performance metrics of the top brands, highlighting the overall market dynamics.
This report was created in collaboration with Next.io
Key market trends and shifts.
Blask Index.
Blask Index, a quantitative indicator that estimates the size of the iGaming market in various countries and shows the market share of each brand.
Blask Index in H1 2024:
- Peak: 21 million in February
- Lowest: 15 million in June
- Average: 18,8 million
- Total: 113 million
Compared to H1 2023:
- Peak: 18 million in April
- Lowest: 12 million in June
- Average: 16,2 million
- Total: 97 million
This represents a 16,4% year-over-year increase in total Blask Index score.
Expected First Time Depositors (eFTD).
eFTD, a metric that estimates the number of new players making their first deposit on an iGaming platform, which is calculated using traffic data and conversion rates, providing insights into player acquisition.
eFTD in H1 2024:
- Peak: 673,000 in February
- Lowest: 518,000 in June
- Average: 622,167
- Total: 3,7 million
Compared to H1 2023:
- Peak: 597,000 in April
- Lowest: 427,000 in June
- Average: 545,333
- Total: 3,3 million
This represents a 12,1% year-over-year increase in total eFTD.
Expected Gross Gaming Revenue (eGGR).
GGR, an approximation of the total amount of money wagered by players minus the winnings paid out, which helps assess the financial performance of iGaming operators without access to their internal data.
eGGR in H1 2024:
- Peak: $16 million in January-May
- Lowest: $15 million in June
- Average: $15,8 million
- Total: $95 million
Compared to H1 2023:
- Peak: $14 million in February-May
- Lowest: $13 million in January and June
- Average: $13,7 million
- Total: $82 million
This represents a 15,8% year-over-year increase in total eGGR.
Performance analysis of top 3 brands.
Bet9ja.
• Blask Index: Decreased from 43 million in H1 2023 to 42,2 million in H1 2024 (-1,8% year-over-year).
• Market Share: Decreased from 42% in H1 2023 to 39,7% in H1 2024
• eFTD: Decreased from 1,4 million in H1 2023 to 1,3 million in H1 2024 (-7,1% year-over-year).
• eGGR: Decreased from $40,1 million in H1 2023 to $39,6 million in H1 2024 (-1,2% year-over-year).
SportyBet.
• Blask Index: Increased from 27,4 million in H1 2023 to 42,6 million in H1 2024 (+55,4% year-over-year).
• Market Share: Increased from 30,7% in H1 2023 to 35,8% H1 2024
• eFTD: Increased from 860,000 in H1 2023 to 1,3 million in H1 2024 (+51,1% year-over-year).
• eGGR: Increased from $16,3 million in H1 2023 to $29,6 million in H1 2024 (+81,5% year-over-year).
BetKing.
• Blask Index: Decreased from 8,7 million in H1 2023 to 6,2 million in H1 2024 (-28,7% year-over-year).
• Market Share: Decreased from 8,3% in H1 2023 to 5,4% H1 2024
• eFTD: Decreased from 289,000 in H1 2023 to 210,000 in H1 2024 (-27,3% year-over-year).
• eGGR: Decreased from $6,9 million in H1 2023 to $6 million in H1 2024 (-13% year-over-year).
General trends and patterns.
- Steady Market Growth with Rising Engagement: The iGaming market in Nigeria demonstrated consistent expansion, with the Blask Index increasing from an average of 16,2 million in H1 2023 to 18,8 million in H1 2024. This growth is supported by a rise in Expected Gross Gaming Revenue (eGGR), indicating a thriving sector despite fluctuations in individual brand performance.
- Decline in Player Acquisition for Leading Brands: Key brands such as Bet9ja and BetKing experienced a decline in Expected First Time Depositors (eFTD), despite the overall market growth. This suggests that while the market is expanding, the top brands face challenges in attracting and retaining new players.
- Revenue Growth Amidst Brand-Specific Challenges: Although the leading brands saw a decrease in eGGR and Market Share as well, the overall industry revenue increased. This indicates that overall market growth is being driven by a diverse range of platforms rather than relying solely on the dominant players.
Conclusion.
Overall, the Nigerian iGaming market experienced growth in key metrics between H1 2023 and H1 2024. The upward trend in revenue highlights the growing profitability and financial health of the sector.
Competitive dynamics however appear to be shifting, presenting both challenges and opportunities for established and new brands alike.
Stakeholders in Nigeria’s iGaming industry will need to adapt their strategies to navigate the competitive landscape and capitalize on emerging market trends to sustain and enhance their market position.
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