Time was when gambling was viewed as a nefarious activity, not only in Nigeria but all over the world. But not anymore.
The stigma associated with gambling, considered the favourite pastime of the nouveau riche, and men of the underworld, has now been completely eroded.
Thanks to technology, gambling now has new appellations – gaming, betting, lottery – putting a shine, or if you like, a stamp of legitimacy on it.
In recent times, gaming and online betting have become popular in Nigeria, with over 65 million young and old Nigerians actively engaging in it, spending at least 15 dollars daily on the average.
Recent statistics even claimed that more than 50 per cent of the country’s adult population engages in sports wagering activities.
This has led to a proliferation of betting sites with over 100 betting sites said to be operating in the country.
Some of the popular sports betting sites are: Betway, Bet9JA, 1xBet, 22Bet, BETWGB, SportyBet, Premier Lotto (Baba Ijebu), NairaBet, BetKing and Lucky9ja Lotto.
Nigeria’s growth in the lottery business has been remarkable, and with a population of over 200 million, the country is considered the largest betting market in Africa.
But the question agitating the minds of Nigerians is whether or not sports betting is making the desired impact on the economy?
Global trends have shown that if properly regulated, the lottery industry has the potential to generate sizeable tax revenue for the federal government.
The revenue from the global online gaming market is projected to reach over 256 million dollars this year; it is also expected to experience an annual growth rate of nearly 10 per cent to reach more than 366 million dollars by 2027.
However, in spite of the huge number of Nigerians engaged in betting, the federal government generated less than N1billion revenue from the gaming industry in 2019.
Stakeholders in the gaming sector believe that Nigeria has the potential to earn a large chunk of the huge profits generated in the gaming sector.
Hence, the stakeholders have advised the federal government to create a framework to encourage the betting industry to contribute taxes to the country’s coffers.
For two days, Oct. 31 to Nov. 1, the stakeholders converged on Lagos to brainstorm on best strategies and solutions for the success of the Nigerian gaming industry.
According to the stakeholders, the best strategies and solutions could be achieved through data protection in the gaming industry, addressing challenges inhibiting industry growth from stakeholders’ perspective, partnerships as well as overcoming stigmatisation in gaming.“Itg stigmatisation in gaming.“It is essential to collectively commit to best practices in data protection within the gaming industry,” Olatunji added.
In his address titled: “Effective Regulation – A Key to Industry Growth through Efficient Stakeholder Management,” Aminu Maida, the Executive Chairman of Nigerian Communication Commission, said effective regulation played a pivotal role in fostering the growth and success of the gaming industry.
“Lottery industry is not an exception, having long been recognised as a source of entertainment, revenue, and a means to support numerous social and public initiatives.
“However, to truly harness their potential and ensure their sustainability, we must recognise the importance of robust and well-thought-out regulation,” Maida stated.
Maida added that effective regulation would ensure that the national lottery remained a trusted and transparent institution.
“Lotteries are designed for entertainment, but when not properly regulated, they can become addictive and detrimental to individuals and society. Effective regulation can implement responsible gambling measures.
“However, it’s essential to strike a balance between regulation and fostering industry growth. Overly burdensome or poorly designed regulations can stifle innovation and economic development,” he explained.
Prof. Rachel Volberg, Principal Investigator, Massachusetts Gaming Commission, who spoke on responsible gaming, harped on the need for credibility so that people would not be affected negatively.
“I’m more interested in how lotteries and gaming can reduce and minimise over involvement. It has to be done carefully so that it doesn’t affect people negatively,” she said.
She also stressed the need for players dealing with addiction to seek professional help or advice from a counselor.
In conclusion the stakeholders noted that in order to reposition the gaming and lottery industry for optimal growth, it was essential to santise the sector and put in place measures that would enhance the ease of doing business.
According to them, it is also necessary to adapt to evolving technological trends in the gaming industry, maintain public trust and foster an environment where participants can enjoy gaming without concerns about fraud, money laundering, or other illicit activities
