VAM News Update
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.
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.
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.”