Overview of the Nigerian gambling market

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GamStop is a well-known platform that has been helping millions of players in the country and it is one of the methods most other gambling authorities and even countries want to simulate and introduce.

If you are a player from Nigeria you may know that sports betting is safe and available all across the country. You can have so much fun and enjoy any bet you like. On the other hand, online casinos are not allowed. Luckily, there is a way around it. Players can visit a casino that is not located in the country and bet. This is not prohibited but not heavily regulated either. Here we can see three main factors and elements you need to know about and we will explain them in detail.

Control Of Gambling Addiction With Help of GamStop

In Nigeria, officials tried to decrease gambling addiction by making it illegal. From experience, this doesn’t work well and it can only make it more desirable among players and make it a bigger problem for most people. Nigerian players need the ability to use help if and when they need it.

Now would be the right time to introduce a platform that is similar to GamStop. If you don’t know, GamStop is a part of UKGC and it is mandatory at all sites in the country that has this licence. Obviously, there are many online casinos that are not on GamStop and many of them you can find non GamStop sites with detailed reviews, but it is still a very efficient program for British players. A player can create an account and choose how long he wants to be excluded from online gambling. Some players will choose a 1 while many others will choose 5 years.

During this time there is no way to skip or pause the self-exclusion. A player is not allowed to gamble in the majority of casinos, period. He or she must wait for the selected period of time and only once it is done, a player will have the ability to contact GamStop’s support and ask them to remove the ban. They will do it within 24 hours and once done, players can play casino games again.

GamStop is a well-known platform that has been helping millions of players in the country and it is one of the methods most other gambling authorities and even countries want to simulate and introduce. We would like to see something similar in Nigeria available any time soon.

Lack of Tax Revenue

You may know that all online casinos and operators will have to pay taxes. This has been one of the most important and biggest tax revenues in some counties. It is a clear advantage for the country. We must add that countries will generate a passive income from online gambling and betting. If we add the fact that there are millions of gamblers in any country, you can see how much money a country can get in this way.

In Nigeria for instance, the country will get income from taxes lotteries, and betting sites for sports. These are legal, and available all the time. On the other hand, Online casinos are not legal hence they cannot be linked to taxes in any way. In simple terms, if a casino is not legal the country can’t demand taxes. As you know, all forms of online casinos and casino games are prohibited in Nigeria which can be a massive issue or a massive problem due to this issue. Less money for the country.

Regulation Structures of Online Gambling

As we have mentioned here online gambling is not allowed. On the other hand, players can still bet and enjoy casino games. They are able to visit a casino that is located on the web. It is not located in the country and doesn’t have anything to do with Nigeria. We must add that country tried to make this more controlled and at the same time to decrease gambling addiction. Sadly, this made people gamble even more at unsafe and unknown casinos.

For comparison, online gambling in the United Kingdom is completely legal and allowed to all players who want to bet. They can easily visit an online casino that has a UKGC licence and place any bet they like. This is a much better approach. Bettors and gamblers have the ability or better said they will bet at safe and licensed sites only hence this decreases a lot of issues and problems. There are many gambling regulators available worldwide and perhaps Nigeria should have its own structure that controls everything about iGaming in the country and promotes responsible gambling rules for Nigerian players as it is a vital aspect of online gambling. Allowing players to bet at safe and fair casinos that have a licence has been the best way to decrease any gambling addiction issues or scams. This is why UKGC is an appealing gambling authority and the one all players want to see at the casino all the time.

Source: premiumtimesng.com