You can't become wealthy through betting - Reno Omokri's strong advise to bettors that followers agree with

Reno Omokri, a leading member of the Peoples Democratic Party (PDP) has waded into a conversation that seem sensitive to millions of young Nigerians.

The social media commentator who occasionally advises his social media followers on issues relationship, family, politics and finance in a post on X opined persons who engage in betting of any form can never be wealthy.

According to him, bettors stand a "better chance of becoming wealthy by investments, enterprise and entrepreneurship."

"Sports betting is a temporary solution that will quickly turn into a permanent problem. You will not become wealthy by wasting your money on sure odds. These companies have algorithms that ensure that enough suckers like you, make small change to boast about, so they can keep selling their illusion of wealth by luck. But you stand a better chance of becoming wealthy by investments, enterprise and entrepreneurship," he tweeted.

His comments come at a time when 65 million Nigerians are reportedly spending millions on betting despite worsening economic hardship.

Responses cited by Torizone indicate his followers agree with his assertion.

According to Executive Secretary, National Lottery Trust Fund (NLTF), Bello Maigari the global online betting market has experienced exponential growth making it worth over $50 billion.

The NLTF official said this while speaking at the national gaming conference in Lagos.

He said: "It is not out of place to look at some statistics that underscore the significance of this industry and situate its centrality in promoting the renewed hope agenda of this Administration."

"As of my last knowledge update in September 2021, the global online betting market was estimated to be worth over $50 billion, and it has continued to grow significantly since then.

"In Nigeria, the online betting sector has seen exponential growth, with millions of Nigerians engaging in various forms of online gaming and betting."

According to a report published in March 2023 by Orange Business Intelligence Technology (ORBIT), Nigeria's betting industry reached over $2 billion in revenue in 2020, with over 60 million Nigerians between 18 and 40 spending $5.5 million daily.