The 'hope industry' can be viewed as immoral or as an enterprise that drives its greatest clients to disaster by the public, yet it can also be described as a gold mine by investors.
What is the Hope Industry?
Firstly, what is the meaning of hope? Hope can be defined as a feeling of expectancy and desire for a specific event to occur. The hope business is the practice or act of wagering something of value with the purpose of winning.
Almost everyone in the hope industry operates with the hopes of a favourable outcome, and activities such as betting, gambling, and participation in lotteries are examples of activities that may be found in this industry.
This industry has only recently blossomed, as betting, as it is often known, is still prohibited in many countries, and considered sinful by several religions.
The Rise of the Hope Industry
There was a time when betting and other forms of gambling were looked down upon by society and were reserved for "jobless old men" who spent their days analysing odds; they were viewed as society's failure model.
Things have changed dramatically since then, with renowned artists and prominent people promoting betting businesses as brand ambassadors or betting corporations sponsoring one of Africa's greatest concerts.
Furthermore, the internet and the introduction of smart phones have propelled the betting and gaming sector to new heights. The gambling business has become one of Nigeria's most important sources of revenue.
Millions of naira can be staked in real-time via a mobile device in less than a minute from the comfort of your own home using a variety of payment methods, which has been growing in popularity in recent years. It has become so simple that one can gain or lose a fortune in a matter of minutes.
The betting and gaming industry has improved its image over time and has positioned itself as an investment-worthy thriving industry. The industry in Nigeria is projected to be worth $2 billion in revenue as of 2018, making it a viable enterprise that requires a plan.
An important cause for the industry's rapid and lucrative expansion is Passion Capitalisation.
What is Passion Capitalisation?
Football, for example, is one of the most popular sports in Nigeria and one of the few things on which Nigerians spend their money. The Nigerian betting industry is focused on football, and their strategy is to entice Nigerians to test their knowledge of the sport and be rewarded for their enthusiasm. If you guess correctly, not only will your favourite team win, but you'll also be financially rewarded, making you feel like you're a part of something more than just fandom.
The betting sector is currently one of the most booming industries in the world, thus this method is not confined to Nigeria.
A similar strategy is utilised in Asian countries where gaming is more widespread, but it is aimed toward betting on game characters and players rather than football, as it is in Africa.
Funding the Industry
The global betting and gaming industry has seen a rise in investments especially in Nigeria. Nigeria’s sports betting industry has attracted a great level of interest to foreign investors, as the industry currently rakes in over two billion naira daily stakes according to Business Hallmark.
Statistics also show that over 60 million Nigerians are actively involved in sports betting daily, making the industry the second largest gaming/betting industry in Africa second to South Africa, according to 2018 reports.
According to KPMG, betting companies like Nairabet get an estimated turnover of $3-$5 million dollars every month, while the biggest betting company in Nigeria Bet9ja had a turnover of $10 million dollars as of 2016.
In summary, the hope industry has gone a long way from being viewed as a vehicle for mutual destruction to becoming a favourite among investors. It's no wonder that an industry that was founded to deliver rapid answers to long problems is prospering in Nigeria.
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