Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,165,414 members, 7,861,160 topics. Date: Saturday, 15 June 2024 at 04:43 AM

65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax (19787 Views)

Valentine’s Day: Nigerians Spend N30bn On Gifts, Luxury Items / See How Nigerians Spend For Christmas / Top 10 Things Nigerians Spend Their Money On (2) (3) (4)

(1) (2) (3) (4) (5) (Reply) (Go Down)

65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by Omooba77: 2:05pm On Oct 31, 2023
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.

https://www.thecable.ng/65m-nigerians-spend-15-daily-on-betting-fg-proposes-gaming-industry-tax-scheme/amp

2 Likes

Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by Taylor94: 2:07pm On Oct 31, 2023
He don carry come



Taxing taxing taxing that’s how he taxed Lagos to its knees


All the cocaine he sniffs who use to tax him?

204 Likes 22 Shares

Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by BOSSkesh(m): 2:11pm On Oct 31, 2023
Very good development

22 Likes 4 Shares

Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by Cruise777: 2:11pm On Oct 31, 2023
cool


Omo

baba Ijebu and premier lotto dey make stupid and bastard money



.

53 Likes 5 Shares

Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by Writing44(f): 2:45pm On Oct 31, 2023
Bad country

7 Likes 1 Share

Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by OkCornel(m): 2:46pm On Oct 31, 2023
Lol, them go tax una kidney comot.

Naija never reach next level hardship yet.

When people start selling their blood and organs to survive, una go know what’s up.

67 Likes 6 Shares

Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by Chinjo2: 2:48pm On Oct 31, 2023
God punish APC government. Out of hopelessness and poverty, people have now resorted to gambling as their only hope and now FG is thinking of imposing tax on the industry.

Please I want to ask the muslims in the house if profit from gambling is Haram or not.

113 Likes 11 Shares

Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by amazingspiderma: 2:49pm On Oct 31, 2023
Chai.


In Nigeria, that number of gamers reflect the true picture of people desperately in need of help.

Unemployment is on the high side.

145 Likes 14 Shares

Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by JPmore: 2:49pm On Oct 31, 2023
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.

65 Likes 5 Shares

Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by Chinjo2: 2:57pm On Oct 31, 2023
What the government is saying indirectly is that, we have 65 million abled bodied men that have lost hope in the APC government and have now seen gambling as their only hope including APC urchins.

118 Likes 10 Shares

Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by kokoA(m): 2:58pm On Oct 31, 2023
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?

4 Likes 1 Share

Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by EmperorCaesar(m): 2:59pm On Oct 31, 2023
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

13 Likes 3 Shares

Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by EyeCumInPiss: 3:24pm On Oct 31, 2023
E remain for Thïefnubu to start taxing Nigerians for trekking.
N50 per Km.

71 Likes 6 Shares

Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by codemaniacs: 3:28pm On Oct 31, 2023
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.

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.

5 Likes

Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by princeemmma(m): 3:30pm On Oct 31, 2023
If we know bet, wetin we gain

4 Likes

Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by codemaniacs: 3:31pm On Oct 31, 2023
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

bad idea.

bet companies are private companies and are already been tax by the federal government and state government..

what they want to tax are people who have won or are winning while they will still tax the betting companies..

32 Likes 3 Shares

Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by Omooba77: 6:07pm On Oct 31, 2023
Nlpfmod, baba Ijebu cashing out weekly......
Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by stano2(m): 9:16pm On Oct 31, 2023
Rubbish
Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by Lovenorth: 10:49pm On Oct 31, 2023
We have a lot of useless people in Nigeria

6 Likes 1 Share

Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by Sonnobax15(m): 10:49pm On Oct 31, 2023
grin
I really thank God for emancipating me from the shackles of betting......

Betting dey drag person dey go backward for life, especially when you come go get banny wey no dey understand join....

Wahala.

10 Likes 1 Share

Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by MorataFC: 10:50pm On Oct 31, 2023
Hmmm
Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by koyeni(m): 10:50pm On Oct 31, 2023
Una eyes go clear grin
Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by Hezzyluv: 10:50pm On Oct 31, 2023
To avoid heart attack, never stake bet and put your whole hope on the winning.

E get why grin

16 Likes 1 Share

Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by happney65: 10:51pm On Oct 31, 2023
I thought they tax them before now? Both state and FG.

Or is it tax free?

3 Likes 1 Share

Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by Kionrae: 10:51pm On Oct 31, 2023
A welcome development if it will help reduce the amount of gamblers living in fantasies

7 Likes 1 Share

Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by Omoapena(m): 10:53pm On Oct 31, 2023
Mehn, if you know how much this gambling companies are making, e pass oil money sef....

8 Likes 1 Share

Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by Hezzyluv: 10:55pm On Oct 31, 2023
happney65:
I thought they tax them before now? Both state and FG.

Or is it tax free?

They can't be making money free na. Heavy tax dey follow stedy

1 Like

Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by toffyz(m): 10:55pm On Oct 31, 2023
On a serious note, those sport betting companies are making huge profits on a daily basis.
The truth is that number of gamblers losing exceed those winning on a daily basis.

9 Likes 2 Shares

Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by Siberia01(m): 10:55pm On Oct 31, 2023
grin
Kionrae:
A welcome development if it will help reduce the amount of gamblers living in fantasies
Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by kelvindj98: 11:00pm On Oct 31, 2023
E
Re: 65m Nigerians Spend $15 Daily On Betting’ — FG Proposes Gaming Industry Tax by megamank(m): 11:00pm On Oct 31, 2023
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.

You did a very nice and correct analysis but Your last comment was too harsh and not absolutely correct… if all the indices and indication you have mentioned above are fully in place using the IGR don’t you think the standard of living in Nigeria will improve? The various government sectors improvement has serious effect on the prices of food stuff in the market…
Have you asked your self why market women sell more at the end of the month more than middle of the month?
Improved and well utilized IGR have effect on the economy directly and indirectly

7 Likes

(1) (2) (3) (4) (5) (Reply)

Soap Making In Nigeria / CBN Directs Banks To Accept Deposits Beyond Cashless Policy Limit / Kindly Help! Rats Are Killing My Business

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 45
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.