65 Million Nigerians Bet $15 Daily: FG Proposes Gaming Industry Tax Scheme

Bello Maigari, the Executive Secretary of the National Lottery Trust Fund (NLTF), highlighted that despite economic hardships, Nigerians annually spend billions of dollars on betting. He made this revelation during the 2nd edition of the biennial National Gaming Conference held in Lagos on Tuesday. The conference was organized by the National Lottery Regulatory Commission (NLRC).

During the event, Maigari emphasized the exponential growth of the online betting sector. He stated, “It is important to consider statistics that underscore the significance of this industry and its role in advancing the renewed hope agenda of this Administration.”

“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 witnessed remarkable growth, with millions of citizens participating in various forms of online gaming and betting.”

“With a population exceeding 200 million people and the largest betting market in Africa, our country is making significant strides in the world of online sports betting. Currently, over 65 million Nigerians actively engage in this activity, spending an average of $15 each day. Notably, our country records 14 million daily bets and online payments.”

Maigari further projected that revenue from the online betting sector alone is expected to exceed $256 million this year and is anticipated to experience an annual growth rate of nearly 10%, reaching more than $366 million by 2027.

Regarding taxation in the gaming and betting industry, Maigari suggested that the federal government should establish a framework to encourage the sector to contribute taxes to the country. He said, “Leveraging the gaming and betting industry as a tax contributor can create a fair playing field for both local and international operators. By establishing transparent and equitable tax regulations, we can encourage foreign players to operate within our regulatory framework, ensuring that we benefit from their presence while safeguarding our citizens. The significance of taxation in this sector cannot be overstated.”

Maigari also noted that the NLTF has utilized its proceeds to support vital projects aimed at the development of the country and the well-being of the population, particularly in areas such as health, education, water and sanitation, humanitarian aid, and natural disaster mitigation and management.