Nigerians Spend $975 Million Daily on Online Betting, National Lottery Trust Fund Reveals
The Executive Secretary of the National Lottery Trust Fund (NLTF), Bello Maigari, recently shared a startling statistic: Nigerians are spending a staggering $975 million every day on online betting. Despite widespread poverty in the country, over 65 million Nigerians are actively participating in this activity, each spending an average of $15 daily. With 14 million online bet takes and payments made on a daily basis, the online betting industry in Nigeria is undoubtedly thriving.
Speaking at the second edition of the biennial national gaming conference organized by the National Lottery Regulatory Commission (NLRC) in Lagos, Maigari highlighted the potential growth of the sector in the coming years. He predicts that by 2027, the industry will experience an annual growth rate of nearly 10%, reaching over $366 million.
Nigeria, being the most populous African nation and boasting the largest online betting market, has seen significant progress in online sports betting. Maigari emphasized the need for the Federal Government to establish a framework that not only encourages the gaming sector to pay taxes, thereby boosting the economy, but also creates a fair and equitable environment for both local and international operators to thrive.
“The gaming and betting industry holds great significance in promoting the renewed hope agenda of this administration,” Maigari stated. “With the global online betting market estimated to be worth over $50 billion, it is crucial to recognize the exponential growth of the online betting sector in Nigeria. Our country is making remarkable strides in the world of online sports betting, and leveraging this industry as a tax contributor can ensure a level playing field for all operators, both local and international.”
Maigari stressed the importance of implementing clear and fair tax regulations to encourage foreign players to operate within Nigeria’s regulatory framework, benefiting both the industry and the citizens. “Taxation of this sector is of utmost importance,” he concluded.
The revelations by the NLTF shed light on the significant role of online betting in Nigeria’s economy and the need for a comprehensive approach to regulate and maximize its potential while ensuring fairness and transparency for all stakeholders.
