VAM News Update

The Executive Secretary of the National Lottery Trust Fund (NLTF), Bello Maigari, has said Nigerians spend $975 million daily on online betting.

In a nation with widespread poverty, he said over 65 million Nigerians across the country spend an average of $15 daily on betting with 14 million bet takes and payments made online.

Maigari spoke in Lagos at the second edition of the biennial national gaming conference organised by the National Lottery Regulatory Commission (NLRC) where he predicted the sector’s progression in the next four years.

The NLTF boss noted that a huge number of Nigerians were undeterred by the seeming economy drag and privation, spend billions of dollars on betting daily.

“Currently, there are over 65 million Nigerians actively engaging in this activity, spending $15, on average, everyday. It is on record that each day, 14 million bet takes and payments are made online in our country.

“It is expected to experience an annual growth rate of nearly 10 per cent to reach more than $366 million by 2027,” he said.

Maigari noted that Nigeria continued to record significant advancement in online sports betting, being the most populous African nation with the largest online betting market.

The agency boss urged the Federal Government to 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.

“As of my last knowledge update in September 2021, 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, our country is making giant strides in the world of online sports betting.

“Moreover, leveraging the gaming and betting industry as a tax contributor can help create a level-playing field for both local and international operators,” he added.

Maigari underscored the need to institute a just taxation for the sector, saying: “By establishing clear and equitable tax regulations, we can encourage foreign players to operate within our regulatory framework, ensuring that we benefit from their presence whilst safeguarding our citizens.

“The importance of taxation of this sector cannot be over-emphasised.”