The National Lottery Trust Fund (NLTF) executive secretary, Bello Maigari, claims that despite their difficult financial situation, Nigerians spend billions of dollars annually on betting.
This was revealed by Maigari at the biennial national gaming conference’s second edition, which took place in Lagos on Tuesday.
The National Lottery Regulatory Commission was in charge of organising the conference (NLRC).
Speaking at the occasion, Maigari claimed that the expansion in the online betting industry has been exponential.
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“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,” he said.
“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.”
Maigari said revenue from the online betting sector alone is projected to reach over $256 million this year.
“It is expected to experience an annual growth rate of nearly 10% to reach more than 366 million USD by 2027,” he said.
Maigari also suggested that the federal government should create a framework that can encourage the betting industry to contribute taxes in the country.
“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 said.
“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 for taxation of this sector cannot be over-emphasized.”
