Business Secrets: How Online Casinos in Nigeria Make Money
If you've ever wondered more about how online casinos make money, you've come to the right place. At the end of the day, they are a business, and they aim to make a profit.
From acquiring new customers to retaining existing members, let's dive straight in to discover some of the main business strategies online casinos in Nigeria employ to generate revenue.
How do Nigerian online casino operators generate revenue?
The main source of income for Nigerian online casino operators comes from any lost bets players make. For example, each time a player hits the spin button in the real money mode in any online slot machine, and that spin loses, the lost bet will go to the casino operator as revenue.
In other words, just like land-based casinos make money from players who lose, so do online casinos. The more players lose, the more revenue they generate. The more players win, the less revenue they generate.
Like any other business, an online casino operator has many overheads and must pay for things like server hosting, paying the online casino software providers that supply the games to the casino, and many other expenditures.
An online casino will have a team of workers and must also pay their workforce. Some of the main jobs typically found at online casinos include the following examples:
- Web developer/designer and webmaster
- Managing director
- Legal and compliance manager
- Customer service manager/rep
- Responsible gambling associate
- Software developer
- Fraud analyst
- Industry content specialist
- Graphic design artist
Don't forget that the house always wins, and this is thanks to the house edge in all casino games. It's one of their main business models.
However, to ensure players aren't getting scammed, the payout rates at today's most trusted sites are fair and realistic (typically anywhere from 93.00% to 98.00% or higher).
In fact, online casinos have much better average Return to Player payout rates (known as RTP% payout rates) than land-based casinos, so players are better off playing online than at land-based casinos.
Online casino operators also earn money from players who don't win from their bonuses. Not only do online casino bonuses entice new players, but they also keep existing members gambling regularly on their site and not playing elsewhere.
Are Nigerian online casinos safe?
For a complete list of online casinos in Nigeria that rank much higher than most other sites, the most trusted iGaming review site you can turn to in 2024 is the official AskGamblers.com website.
This world-renowned online casino review site is run by a team of dedicated researchers with years of experience finding today's best Nigerian casino sites. Before being selected for review, each casino is handpicked after careful consideration and then expertly reviewed using the same strict vetting process.
The only sites that get the Ask Gamblers seal of approval are the ones that pass each test with flying colours. In other words, the Nigerian online casinos they recommend are the only sites worth registering a real money account with.
They are fully licensed and regulated by one or more of the iGaming industry's mid to top-tier licensing authorities. A reputable operator controls each site, and they only have games from market-leading providers.
The websites are protected by 128-bit Secure Socket Layer encryption, and they only accept today's most secure, convenient, user-friendly, and reliable deposit and withdrawal options.
For example, most sites accept a broad range of credit and debit cards, mobile payment options, bank wire transfers, prepaid cards, and eWallets (aka digital wallets). Some of their top-rated Nigerian online casinos also now accept Bitcoin, Litecoin, Ethereum, and one or two other legitimate cryptocurrencies.
Their most highly recommended Nigerian online casinos can be accessed from smartphones, tablets, laptops, and desktop computers. The websites are easy to navigate, and the fast-loading games only take a few seconds to fully load in most web browsers.
They often have thousands of slots, table & card games, scratchies, video poker games, progressive jackpot games and live dealer games, and they have some attractive bonuses and promotions for both new and existing players.
What are the best Nigerian casinos in 2024?
Ask Gamblers has over 1,500 Nigerian online casino reviews, but their highest-rated Nigerian casino sites you may want to consider signing up to before trying anywhere else are the following top 10 sites:
- Bitstarz Casino
- Tsars Casino
- Bitkingz Casino
- Sportsbet.io
- Casoo Casino
- SpinsBro Casino
- Cosmic Slots Casino
- Yoju Casino
- Syndicate Casino
- Boho Casino
All you need to do is click or tap on any of the reviews, and then inside the reviews, you can find a secure link to that site's official online registration page.
Conclusion
None of these Nigerian online casinos are about duping or cheating their players. They all run honest and transparent operations and have fair and realistic wagering requirements with reasonable terms and conditions.
The thing to remember is that sometimes you will win, and other times you will lose. Online gambling is risky, and you are always subject to losses.
Fully registered members can easily gamble responsibly by using any of the casino operator's safer gambling tools. Also, don't forget to withdraw some of your winnings occasionally instead of spending your winnings on those same games.
This is the only real way you can beat the house and walk away with a profit.