In February 2021, the online gambling software developer and supplier, SoftSwiss, announced its significant foray into the African gambling market when it obtained sportsbook operating licensing to begin doing business in the country of Nigeria.x
Nigeria has the largest economy on the continent, mainly due to its petroleum production, and is well-known for its long-time love of gambling. As one of the ‘most competitive and fast-developing markets in Africa, Nigeria is a prime location for SoftSwiss offerings.
Who is SoftSwiss?
Launched in 2008 as an online auction developer and officially founded in 2012, SoftSwiss is a Belarusian online gaming software supplier that offers a host of online gambling-related solutions and services. The company is based in Curaçao and has software development teams in Belarus, offering their services to clients and partners across the globe.
Online casino platforms
Essentially a multi-faceted client platform, SoftSwiss caters to online casino operators, providing online casino software development, payment processing, technical support, and turnkey online casino business startup support. The company manages hundreds of online casinos through white label partners as well as providing gaming operation services and licensing infrastructure.
After developing cryptocurrency payment processing in 2013, SoftSwiss began integrating this trending payment option into their clients’ websites after seeing a significant increase in the volume of cryptocurrency gambling traffic during 2020.
The company has also invested heavily into cryptocurrency processing, believing that it will likely become the dominant payment method preferred by online gamblers in the future.
This year, SoftSwiss launched its newest offering, its own sportsbook platform that aspires to be a novel combination of a traditional sportsbook and an online casino.
Recently securing a license in Nigeria, SoftSwiss has continued to expand into other regulated markets, increasing its global presence. This new move allows the company to offer its products in the Nigerian market for the first time, as well as introduce the newly released SoftSwiss Sportsbook in the region.
SoftSwiss founder Ivan Montik said: “Nigeria is considered one of the most fast-paced online gaming markets in terms of growth and we cannot wait to begin providing our services there. Nigeria is a great achievement for us and we’re planning on moving even further into other regulated markets.”
Its Nigerian launch has come on the heels of incredible recent expansion for the company. In December 2020, SoftSwiss entered the South Korean, Japanese, and Indian markets, offering its online casino products as well as began work on adapting its sportsbook for the Indian market.
The licence comes after SoftSwiss also announced the launch of Affilka, a new affiliate marketing platform designed for sportsbooks. The company will undoubtedly experience significant success in the future after having gained this important Asian trifecta and strategic affiliate program.
Nigeria and gambling
Nigeria is the largest country on the continent of Africa and is home to over 200 million people. As a gambling-friendly nation, Nigeria certainly has a ripe audience for this new expansion, as well as extremely well-developed gambling regulation.
Historically, gambling in Nigeria was viewed as an anti-social activity and highly discouraged by the powerful church apparatus that existed there. In the late 1990s, however, the government legalised certain gambling activities in an effort to raise tax revenues for the nation.
Nowadays, both legal and illegal gambling are massively popular in Nigeria as people have changed their views on this type of recreation. With weak regulation and enforcement, the pastime has grown in both
While real money online casinos in Nigeria do exist and flourish, the vast majority of Nigeria’s gambling population mainly favours sportsbooks and lotteries. With its new presence in Nigeria, however, SoftSwiss aims to change this with its turnkey online casino platform solutions and its new cryptocurrency expansion.x
Gambling regulation in Nigeria
Gambling in Nigeria is regulated by the National Lottery Regulatory Commission. Formed in 2005, the National Lottery Act legalised the National Lottery and pointedly distinguished between games of skill and games of chance. Skilled games remain legal in Nigeria while luck-based games such as dice, roulette, and non-skilled card games remain illegal.
There are no specific provisions in the Nigerian law code surrounding online casinos, however, leaving some space for further regulation and possible exploitation.
A new world of opportunities in Nigeria
The Softswiss brand is now the world’s leading company in the cryptocurrency gaming software market and with high quality and easy-to-use software products, it’s not hard to imagine that it will keep its title and outstanding reputation.
As one of the leading content aggregators and platform providers in the industry, SoftSwiss is well-poised to make a big splash in the gambling-friendly, populous nation of Nigeria. Acquiring a Nigerian operating license is a significant milestone for the company, giving them a huge edge to grow both in Africa and around the world.x