Helabet cites 2.5 million users and shifts strategy to reduce ad spend amid regulatory changes

Helabet, a betting operator active in Nigeria, has disclosed that it recorded 2.5 million active users by the third quarter of 2025. In an interview with Vanguard News, company representative Olajay confirmed this figure based on an internal player database audit. While the exact number of users added since that period was not specified, Olajay indicated that several hundred thousand additional players had joined the platform. The company is currently adjusting its marketing approach, shifting focus away from aggressive advertising towards strategies that prioritize player retention and operational efficiency.

This strategic pivot comes against the backdrop of significant economic and regulatory changes in the Nigerian iGaming sector. Olajay noted that the cost of customer acquisition has risen sharply due to currency fluctuations. Specifically, the exchange rate has deteriorated significantly since 2019, with the naira dropping from approximately 360 to the dollar to around 1,325 to the dollar by September 2026. Because many digital marketing channels and compliance costs are denominated in US dollars, the effective cost of acquiring new customers has increased substantially compared to the post-pandemic period of 2021. Consequently, Helabet is reducing its advertising budget, arguing that while visibility is necessary for brand awareness, it is no longer the most efficient use of resources in the current economic climate.

Background

The Nigerian iGaming industry has experienced major structural changes over the past eighteen months. A ruling by the Supreme Court in late 2024 decentralized the regulatory framework for the sector, transferring regulatory authority from the federal level to individual states. This shift has created a complex regulatory environment that operators must navigate. Helabet has been operating in Nigeria for several years and entered the market around 2021. The company’s current strategy reflects a response to both the new state-level regulatory requirements and the broader economic pressures affecting the betting market. Olajay emphasized that the company is moving away from a model that relies heavily on high-volume advertising to attract users, instead focusing on the quality of the user experience, including timely payouts and customer support, to maintain its player base.

Why it matters

The decision by Helabet to reduce advertising spend highlights the financial pressures facing betting operators in Nigeria. With the naira’s depreciation, the cost of maintaining digital infrastructure and purchasing advertising impressions has risen, making traditional growth strategies less viable. The company’s emphasis on paying winners on time and providing reliable support suggests a broader industry trend towards sustainability over rapid expansion. For players, this shift may result in fewer promotional campaigns but potentially more stable service levels. The move also underscores the impact of macroeconomic factors on the betting industry, where currency exchange rates directly influence operational costs and marketing effectiveness. Other operators in the competitive Nigerian market are also facing similar challenges, as the cost of visibility increases while the real value of wagers in dollar terms does not keep pace with inflation.

What happens next

Helabet is preparing for its upcoming annual audit, which will provide a more precise accounting of its user base and financial performance. The company has not announced specific dates for further strategic announcements but has indicated that its current approach of reducing advertising expenditure is already yielding results in terms of player engagement. The regulatory landscape will continue to evolve as states implement their own frameworks following the Supreme Court’s ruling, requiring operators to adapt their compliance strategies accordingly. Olajay also mentioned the possibility of sponsoring a Nigerian football club, though no specific details or timelines were provided for this potential initiative.