BETTING NIGERIA Nigeria presents the best opportunity of all 4 years ago Iwo Bulski Post Views: 1,189 A few years ago, PriceWaterhouseCoopers released a report called the Gambling Outlook 2013/17 which studied the pace at which gambling might grow in Africa over the next few years. Of all the countries included in the report, Nigeria came out top in terms of being the one with the potential for the fastest growth, which could be anywhere north of 17% in terms of year-on-year growth. Lotteries held at national level are regulated through the National Lottery Act of 2005 which determine how they should be run, what taxes are paid by both the Operator and the winners and what other measures need to be put in place to ensure everything runs smoothly and fairly. In 2011, the Money Laundering Act was put in place to establish measures and penalties relating to Money Laundering offences, which apply to the Gambling industry. Whereas both of those are relatively recent Acts, most of the other ones relating to Gambling in Nigeria are from a while back. For example, the definition of ‘gambling’ can be found in the Criminal Code of 1990 and the Gaming Machines Act of 1977 is the one that relates to gaming machines such a slots and video poker. At present, there does not seem to be a set plan by the Nigerian government to get this legislation updated. For example, 2013 saw the first-ever Nigerian online casino open its virtual doors. NairaGames Casino has admittedly shut down since but it shows that being granted a licence to operate as a legal online casino there can be done. Further proof of that is the fact that not only are there five licensed online sportsbooks, but two of them also have online casino games on their site. What does the law say? As things stand, Nigeria can be said to be semi-regulated. The law states that legal betting includes skill-based card games such as Casino Hold’em, Roulette and Backgammon, which can be played at one of three legal bricks-and-mortar Casinos in Nigeria. These three Casinos also offer sports betting facilities which make up a greater share of the country’s revenue generated from gaming than all the table games put together. There are currently also a handful of Nigerian-based and owned sports betting sites. These are extremely popular and 100% regulated. It is also legal to bet on state-run betting pools and horse racing totes. These two forms of gambling are actually regulated very strongly with measures put in place to ensure every bet on them is registered, the winnings are divided equally and properly among the pool winners and that any establishment running them is licensed before being open for business. Anyone running these operations without the proper license can face heavy penalties including huge fines and imprisonment, all of which reiterates the point that everything needs to be done by the book and that of course is where our work as consultants will be invaluable in making sure that no stone is left unturned. Similar licensing requirements and subsequent penalties to those who do not have them also apply when it comes to running lotteries. Understanding Nigerian Law and how to interpret it is therefore paramount and for those who succeed in making it work in their favour, the business potential is almost unparalleled. Source: ddconsultus.com About Post Author Iwo Bulski Issues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. See author's posts Iwo BulskiIssues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. Facebook Twitter LinkedIn Email Print Tags: gambling land base, gambling online, Nigeria Continue Reading Previous Zambia – Online Sports BettingNext Uganda – Sportingtech expands in African market with BetOn More Stories BETTING KENYA SportPesa Kenya mobile betting app: Get a new experience 17 hours ago Szarlot BETTING NIGERIA Nigeria bans multiple operators 17 hours ago Szarlot EXPERTS NIGERIA Nigeria: Application For Sports Betting License In Nigeria 17 hours ago Szarlot BETTING TANZANIA SportPesa plays a crucial role in turning boxing a money-making business 3 days ago Samuel BETTING KENYA Betwinner Expands Sport Betting Options to Over 45 Sports 3 days ago Samuel BETTING KENYA Nairobi Businessman Wins KSh 2m SportPesa Jackpot 6 days ago Samuel BETTING SOUTH AFRICA Pariplay® set for rapid South African expansion following Bet Network deal 6 days ago Samuel BETTING UGANDA Bookmakers in Uganda: Which Sites Offer the Fastest Payouts? 7 days ago Samuel BETTING NIGERIA Nigeria’s Portable Becomes LuckyBet Brand Ambassador 7 days ago Szarlot BETTING NIGERIA Eguavoen, Amokachi laud sponsor of grassroots football tourney 7 days ago Iwo Bulski EXPERTS NIGERIA Betway Nigeria unveils exciting new experience center in Ojodu Berger, Lagos 7 days ago Szarlot BETTING KENYA Ten new betting firms enter market within two months 1 week ago Samuel Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.