Bello Maigari, executive secretary of the National Lottery
Trust Fund (NLTF), says Nigerians spend billions of dollars on betting each
year, despite economic hardship.
Maigari disclosed this at the 2nd edition of the biennial
national gaming conference held on Tuesday in Lagos.
The conference was organised by the National Lottery
Regulatory Commission (NLRC).
Speaking at the event, Maigari said the online betting
sector has seen exponential growth.
"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.
"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.
"Currently, there are over 65 million Nigerians
actively engaging in this activity, spending 15 USD on average every day. It is
on record, each day, 14 million bet takes and payments are made online in our
country."
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.
TAXING THE GAMING AND BETTING INDUSTRY
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."
Maigari added that the NLTF has used its proceeds to
contribute to important projects for the development of the country and the
wellbeing of the population, particularly in health, education, water and
sanitation, humanitarian aid and natural disaster mitigation and management.
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