Intergovernmental Affairs Committee of the House of Representatives is urging the implementation of a nationwide centralized monitoring system for the sports betting sector. On May 8, 2024, Hon. Canice Moore Chukwugoze Nwachukwu, as the Chairman of the Committee, stated that while the sector will not be closed down, strict adherence to regulations will be enforced to prevent any harm to society. Nwachukwu emphasized the importance of abiding by regulations in the gaming and betting industry. He acknowledged everyone’s right to conduct their business, but stressed the need to ensure that rules are followed to prevent any negative societal impacts.
The focus should be on establishing a system that effectively monitors and enforces regulations to maintain a safe and responsible Gaming environment. They will not be eliminating gaming and betting, nor will they be shutting down those involved in that sector. Their focus is on creating fair competition by establishing proper regulations to prevent any negative impact on society. They must adhere to the rules of engagement and implement a central monitoring system to address the current challenges to some extent.
This system will effectively address some of the sector’s challenges.
Once the system is implemented, many of these stories will become a thing of the past. While complete eradication is unlikely, the system will effectively address some of these problems to a satisfactory degree. Sandra Agbor, Deputy Director at the National Institute for Policy and Strategic Studies in Kuru, emphasized the urgency for the president to issue an Executive Order addressing the adverse impacts of sports betting in Nigeria, as they await the revision and approval of the Nigerian Lottery Regulatory Commission Act 2005.
In discussing the impact of sports betting on the economy, it was mentioned that Nigerians invest approximately $2 billion annually in sports betting. She believes that the recent decision by the Federal Inland Revenue Service to introduce a 7.5 percent value-added Tax on betting in Nigeria is significant. The impact of sports betting on the Economy cannot be underestimated, as it has led to the creation of numerous job opportunities for Nigerians working in both local and international betting companies.
Sports betting serves as a means of empowerment for Nigerians.
Agbor pointed out that sports betting companies in Nigeria have been instrumental in boosting the economy through collaborations and sponsorship agreements with various organizations within the sports and entertainment sectors. The growth of the Nigerian sports betting market is also contributing positively to the economy. Attracting investors, generating jobs, and increasing revenue for the national economy are all possibilities within the industry. It is important to consider the negative impacts when developing a comprehensive strategy to safeguard minors, prevent fraud, and address addiction issues in Nigeria.
Mr. Lanre Gbajabiamila, the Director-General of the National Lottery Regulatory Commission, emphasized the importance of utilizing lottery and gaming as a tool for generating revenue from sports entertainment. During the announcement, Obi Yeregu, leading the Licencing and Operations department, emphasized the efforts taken by the commission to minimize the negative impacts of sports betting. It offers numerous advantages. Sports betting serves as a means of Empowerment for Nigerians, providing valuable jobs for the young population.
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Additionally, the amount of youths in Nigeria working within this industry is substantial. The commission has recently brought in specialists to educate the public on the advantages of sports betting and stress the importance of responsible gaming, he explained. Adewale Akande, Head of Legal and Compliance and Stakeholders’ Engagement at Bet9ja, emphasized that the sports betting sector in Nigeria is experiencing rapid growth. This industry not only generates significant revenue for the government and creates job opportunities but also plays a vital role in the country’s economy.