Last updated on April 17th, 2023

Sports Betting Odds in Nigeria April 2024

Every Nigerian punter should be familiar with betting odds before placing wagers at a bookmaker. So, what is odds in betting? Ordinarily, odds are figures that depict the probability of something happening. However, in sports betting, it also determines your potential payout.  The higher the odds, the more profits you’ll make when your bet wins. Therefore, shopping around for the best odds is crucial to your online betting journey. At, we have listed the best online bookmakers in Nigeria that have competitive odds. We’ve also included how betting odds are calculated and why they are important.

The Best Online Bookmakers in Sports Betting Odds in Nigeria 


  • Has a statistics feature to learn about past performances
  • New players can use the “Bet Mentor” to get suggestions.
  • Live scores are available for games.
  • Has a broad sports betting market.
  • The deposit methods have zero transaction fees.
100% match bonus
up to ₦100,000
Play Now


  • Mobile friendly online sportsbook
  • Great odds
  • Attractive bonuses and promotions
  • In-play betting support
100% up to ₦100,000
Play Now


  • attractive welcome bonus
  • Helabet livescore feature
  • 24/7 customer support
100% up to ₦100,000
Play Now


  • Easy registration
  • Attractive welcome bonus and promos
  • Great odds
100% up to ₦ 100,000
Play Now


  • The sportsbook is available as an Android application.
  • It features a dozen sports in its live betting section.
  • The bonuses and promotions are generous.
  • Players can use Bitcoin on the platform.
₦777 Bonus
Play Now


  • The sportsbook offers many bonuses to players.
  • It has a mobile application for Android and iOS users.
  • Telephone support is available for quick response.
  • There is live streaming support.
Triple bonus up to 200%
Play Now


  • The platform has a statistics feature for in-depth analysis.
  • Players can place in-play bets on several sports.
  • The sportsbook has several betting markets.
  • It offers a mobile-compatible betting platform.
100% to NGN100,000
Play Now


  • The interface is user-friendly and intuitive.
  • It supports in-play sports betting.
  • There is round-the-clock customer service.
  • The platform simulates live matches.
10% no-risk free bet
up to NGN500,000
Play Now


  • There is a bet9ja mobile app
  • Bet9ja livescore feature
  • Competitive odds
100% up to ₦100,000
Play Now


  • Crypto-friendly
  • Live chat support
  • Lots of sports betting options
100% deposit up to NGN450
Play Now

Why Betting Odds are Important?

Betting odds play a vital role in online sports betting. Here are reasons why they are important:

Betting Odds Nigeria

How to Read Betting Odds

The first thing to note is that there are different odds formats, the most popular being:

British odds are represented as a fraction, which is why they are also known as fractional odds. It shows how much you stand to gain for every ₦1 bet. For instance, the betting odds on football that bookmakers set are 6/1. This means that the punter gets ₦600 for ₦100 bet. 

The term “American odds” refers to a system of expressing the likelihood that an event will occur using a ₦100 starting point. Favorites will have a negative sign in front of them, while underdogs will have a positive sign. The negative sign indicates how much you must pay to win ₦100, while the positive sign shows how much you win for a ₦100 bet.  For instance, a favorite bet has -120 odds, while the odds of the underdog are +120. This means that for the favorite, you have to bet at ₦120 to get ₦100. Meanwhile, if you prefer betting on the underdog, a ₦100 bet will earn you ₦120 if the wager wins. 

European odds show you the total payout, not just how much you win for each bet. For example, a betting market has 4.00 odds. This means that you get ₦400 when you place a ₦100 wager on this market. The payout includes your original stake, meaning that you got a ₦300 in addition to your ₦100 bet.  Now that you know how to calculate betting odds, it becomes easier to determine your payout. Also note that you can change these odds from one format to another. For instance, 4.00 is the same as 3/1, which is the same as +300. 

Betting Odds Nigeria


True Odds vs. Implied Odds

When you’re trying to understand odds meaning in betting, you should also understand the difference between true and implied odds. True odds are the actual probability of an event happening. On the other hand, implied probability includes the additional margin factored in by the bookmaker.  Consider a football match between two teams that are evenly matched.

This means that there’s a 50/50 chance of both teams winning. However, an online bookie might offer football betting odds of 10/11 on each win.  This gives each team an implied probability of winning of 55%. When you add both of those odds together, you get 110%, not 100%, and the extra 10% is the margin. Incorporating these margins into markets is how online bookmakers generate revenue. This betting odds prediction is to ensure that they will always profit, no matter the outcome of the event.