NIGERIA ONLINE Nigerian Online Sports Betting Operator License Requirements 4 months ago Iwo Bulski Post Views: 179 The Nigerian online sports betting industry has grown hugely in the past few years. 60 million Nigerians place bets on sports online at sites operated by more than 40 different companies. Operators and any newcomers are subject to licensing requirements and regulatory oversight. Sports betting is a profitable part of the economy. Nigerian football culture is one of the reasons for this. Bettors like the idea of being able to potentially turn their passion into profit. Betting on sports has become widely accessible. This is thanks to smartphones, affordable internet access, online payment and tech advancements. Nigeria’s youth and the country’s high unemployment rate also contribute to online sports betting’s popularity. One example of the market’s popularity is how some operators, such as Bet9ja, NaijaBet, and Nairabet have become blue-chip companies. As a result, Nigeria is home to Africa’s second largest online gambling market. Nigeria’s Sports Betting Regulatory Framework Legal and illegal forms of gambling in Nigeria are set out in the country’s Criminal Code Act (CCA). According to the act, legal forms of gambling include sports betting, racing betting, and land-based casinos. Illegal forms of gambling include dice games, Roulette, card games that are not skills-based, and some games of chance. Something similar is in place for Arabic casino sites. All legal gambling activities are regulated at federal and state levels. However, some stakeholders argue that the federal government’s involvement is not constitutional. The 2005 National Lottery Act (NLA) made it possible to establish the National Lottery Regulatory Commission (NLRC). The NLRC regulates lottery business operations and gambling activities in the Federation. The NLRC issues licenses and promotes integrity and transparency in gambling online in Nigeria. It also issues guidelines and sets standards nationwide. A 2007 supplement to the NLA created three different license classes. These license classes are sports betting, lottery, and promotional. Some states have also created municipal agencies and laws governing commercial gambling and lottery businesses. For example, the Lagos State Lottery Board was established through the 2004 Lagos State Lottery Law. A 2008 amendment made it possible to regulate different lottery categories and issue licenses locally. Obtaining National Sports Betting Licenses Investors should register a sports betting company before applying for a license. However, promoters of unincorporated companies can apply for NLRC approval to incorporate sports betting companies in Nigeria. When applying, promotors must submit various documents. These include a copy of a Corporate Affairs Commission name reservation approval. Proof of paying the ₦10,000 fee to the NLRC is required too. The three stages of getting a license or sports betting permit are the application, provisional approval, and the post-licensing stage. Source: pmnewsnigeria.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: igaming, Lagos State Lottery Board, Nigeria, Nigeria’s Sports Betting, NLRC Continue Reading Previous Is it right for Nigerian Football stars to endorse gambling brands?Next Evolution of sports betting in Nigeria More Stories ONLINE WORLD NEWS Playtech to deliver €400m EBITDA for 2022 4 hours ago Iwo Bulski ONLINE SOUTH AFRICA 2023 Northern Cape Online Championships 5 hours ago Szarlot ONLINE WORLD NEWS Technamin appoints Hmayak Manukyan 5 hours ago Samuel LOTTERIES NIGERIA Meet the Real Owner of Baba Ijebu 1 day ago Szarlot NIGERIA ONLINE Does Nigeria really have the biggest gambling industry in Africa? 4 days ago Szarlot NIGERIA ONLINE Safest Betting Apps for Nigerian Players 4 days ago Samuel BETTING NIGERIA 13 players win over N160m via BetKing’s ACCA 5 days ago Szarlot KENYA ONLINE The Rise of Crypto Casinos in Kenya 5 days ago Samuel ONLINE WORLD NEWS Pragmatic Play broadens Czech presence 6 days ago Iwo Bulski GAMES ONLINE Endorphina releases its new Rabbits, Rabbits, Rabbits slot! 6 days ago Iwo Bulski NIGERIA ONLINE Google suspends 5.6m advertisers in Nigeria 6 days ago Samuel KENYA ONLINE NCC, NLRC collaborate to fight illicit gamers 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.