Wednesday, November 29, 2023

Special Report: The drives of betting in Nigeria



Sports betting in Nigeria is rapidly becoming more popular as many are now embracing it as a means of livelihood .

This seeming growth has also highlighted certain grey areas around the laws guiding tax collection in the sector, evidenced in the ongoing jurisdiction war between federal regulatory body- the National Lottery Regulatory Commission (NLRC) and their various state counterparts across the country to determine rightful tax revenue collection channels.

Sports betting is a game played by Adult, young, male and female with its attendant down side of addiction.

Nigeria with a population of over 200 million people is recorded to be one of the countries making giant strides in sport Betting market in Africa, and estimation of over 65million people play this in Nigeria.

As statistics showed, Nigerians spend over $975million daily on sport betting market.

A phenomenon which has become a daily game played by Nigerians is called “side hustling” which their booking stations have taken over every streets and corners.

According to some bettors, they described it as a platform to get their daily needs and that it is a medium of promoting socialization amongst youths.

A Pastor, Mr.Peretei Ezekiel cautioned that it has done more harm than good, saying that it has led to frustration and suicide when it fails to meet up with high expectations of the games booked.

An Economist and a legal practitioner, Bankole Olaoluwa harped on the need for government to create a frame – work to maximize the potentials of the sector.

Many other respondents who described it as a game of the mind opined that sport bet plays a vital role in country’s present economic situation.