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Paystack and another local startup Flutterwave, both founded in 2016, are providing competition for Nigeria’s Interswitch which was set up in 2002 and was the main platform used by businesses operating in Nigeria. “We added Paystack as one of our payment options without any fanfare, without announcing to our customers, and within a month it shot up to the number one most used payment option on the website,” said Akin Alabi, founder of NairabBET. An online bet player holds a mobile phone as he bets at a betting house in Ladipo district, in Lagos, Nigeria, June 6, 2018. Picture taken June 6, 2018. REUTERS/Akintunde Akinleye He said NairaBET, the country’s second biggest betting firm, now had 2 million regular customers on its website, up from 500,000 in 2013, and Paystack remained the most popular payment option since it was added in late 2017. Paystack was set up by two Nigerian computer science graduates, Shola Akinlade and Ezra http://vegasonlinerp1.firesci.com Olubi, who received http://gamblepurchaseyraxe.innoarticles.com early stage funding in Silicon Valley’s Y-Combinator programme. In December 2016, it raised $1.3 million from investors including China’s Tencent and Comcast Ventures in the United States. Paystack, based in the frenetic Ikeja district of Lagos, said the number of monthly transactions it processed rose from about 8,000 in early 2016 to more than 900,000 as of June 2018. “In early 2016 we were processing about $3,000 a month. Today we process well over $11 million every single month,” said Emmanuel Quartey, Paystack’s head of growth.

For the original version including any supplementary images or video, visit https://www.reuters.com/article/us-soccer-worldcup-nigeria-gambling/online-betting-firms-gamble-on-soccer-mad-nigeria-idUSKBN1JL18Z

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