Bello Maigari, executive secretary of the National Lottery Trust Fund (NLTF), says Nigerians spend billions of dollars on betting each year, despite economic hardship.

“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..

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.

JPmore:
High IGR without corresponding development and improved standards of living is fraud and criminality, that is what is happening in the West side of naija


Stealing mandate is easy but managing it is where the main duty is.

kokoA:
It's a good idea but will the revenue from this tax be used to develop our grassroot sports, build Morden sport facilities, properly fund our national teams in all sports, etc?

EmperorCaesar:
A welcome development

But then, how do people convinve themselves to keep playing this even after fatal serial back to back losses


Logic defies addiction....na who no sabi think dey struggle with a destructive addiction

happney65:
I thought they tax them before now? Both state and FG.

Or is it tax free?

Kionrae:
A welcome development if it will help reduce the amount of gamblers living in fantasies

codemaniacs:


IGR is income of the state government which will be used to pay state government employees salaries, bonuses to state government, health insurance for state govt employees, state senators, state infrastructure maintenance expenses. maintain state government computer servers, court cases settlement against the state government , construction of better public facilities e.t.c.

In a private business, the business IGR is their income which is used to pay employees salaries, bonuses, health insurance e.t.c. and only the standard of living of the employees can improve.

unemployed people's standard of living can never improve magically and miraculously.

A state government IGR is similar to a private business profits, only difference is the state government has more employees to pay and more infrastructure to maintain.

you're a illiterate if you think high IGR equals improve standard of living of everyone.