Over 65 Million Nigerians Engage in Online Betting Daily Despite Economic Hardship
At the just concluded International Gaming Conference held in Lagos, The Executive Secretary of the National Lottery Trust Fund (NLTF), Bello Maigari in his goodwill message, expressed the view that Nigerians spend about 975 million daily on online betting.
Summary of ES NLTF’s Speech
Currently, there are over 65 million Nigerians actively engaging in sports betting activity, spending an average of $15 every day. He said that it is on record that 14 million bets are taken each day and payments are made online in Nigeria.
A huge number of Nigerians despite the seeming economy hardship and deprivation, spend millions of naira on betting, on a daily basis.
Sports betting spend is expected to experience an annual growth rate of nearly 10 per cent to reach more than $366 million by 2027.
Nigeria has continued to record significant advancement in online sports betting, being the most populous African nation with the largest online betting market.
The Federal Government should establish a framework that would not only motivate the gaming sector to pay taxes to boost the economy but also create an environment that would accord local and international operators a fair and equal chance at succeeding.
It is not out of place to look at some statistics that underscore the significance of this industry and situate its centrality in promoting the renewed hope agenda of this Administration.
According to an update in September 2021 (as of his last knowledge), the global online betting market was estimated to be worth over $50 billion, and it has continued to grow significantly since then.
In Nigeria, the online betting sector has seen exponential growth, with millions of citizens engaging in various forms of online gaming and betting.
With a population of over 200 million people and the largest betting market in Africa, Nigeria is making giant strides in the world of online sports betting.
According to a report published in March 2023 by Orange Business Intelligence Technology (ORBIT), Nigeria’s betting industry reached over $2 billion in revenue in 2020, with over 60 million Nigerians between 18 and 40 spending $5.5 million daily.
A National Sports Industry Policy from the same year estimated that the industry could generate up to $4.7 billion in annual revenue, create 10 million jobs, and generate between 1.5-3% of GDP over ten years.
Leveraging the gaming and betting industry as a tax contributor can help create a level-playing field for both local and international operators.
There is need to institute a just taxation for the sector, “by establishing clear and equitable tax regulations that can encourage foreign players to operate within our regulatory framework, ensuring that we benefit from their presence whilst safeguarding our citizens.
The betting industry is also one of the fastest growing in the country on increased mobile and internet penetration driven mainly by the football culture.
According to reports, between the National Lottery Regulatory Commission (NLRC) and the Lagos State Lotteries Board (LSLB) over 100 betting licenses have been issued.
The importance of taxation on the activities of the betting sector cannot be over-emphasised
Conclusion
There is no doubt that the gaming industry in Nigeria especially the online betting sector is booming and there are a lot of local and international interest in the sector now.
However, as much as taxation of the industry is important so also is the fact that online betting has millions of people in this country especially youths battling addiction and thus finding ways to promote safer gambling is equally as important if not more.
PLAY RESPONSIBLY! DO NOT BET WHAT YOU CAN’T AFFORD TO LOSE!
