Nigerian Economy Benefits From Betting
Sports Betting Contributes to Nigerian Development
Nigeria continues to become a better place because of sports betting, according to the National Lottery Regulatory Commission’s public affairs deputy director, Magnus Ekechukwu. He explained in a Nigerian News Agency interview that the form of gambling, as well as the lottery, were two of the greatest benefactors of socio-economic development in the country.
Ekechukwu said that the government channelled the revenues generated by betting back into society. The projects supported by those funds include the likes of hospitals and schools, as well as infrastructure developments. This enables as many Nigerians as possible could benefit from them, whether they gamble or not.
The National Lottery Trust Fund website explains that 20% of lottery ticket sales go to the Good Causes Fund. From there, 40% of funds are allocated to health, environment, education, and charitable causes, while art, heritage, and sport each receive 20% of funds.
Reaping The Rewards of Gambling
Commenting about the legality of sports betting and the lottery, Ekechukwu said the country’s legislation allows those forms of gambling. The deputy director said that other countries in Africa and around the world had used both effectively to reduce poverty, redistribute wealth, and to uplift communities.
He described it as a phenomenon, the impact of which was being felt in many different places. He also affirmed that sports betting was in Nigeria to stay, and brands like Bet9ja set the standard for other to follow. According to Ekechukwu, the country’s National Lottery Act of 2005 not only legalized certain forms of gambling, it also defines the roles and responsibilities of the regulatory commission and licence holders.
As far as the commission is concerned, it must regulate gambling in the African country. It also must champion accountability, openness, and trustworthiness in the National Lottery. It issues licences for charitable, promotional sport, and online lotteries.
Land-based casino games also are allowed. Gaming options you are not allowed to offer in Nigeria include dice games, basic card games, and Roulette. Players and bettors must be at least 18 years old to gamble.
Impressive Industry Growth
According to reports, in 10 years, sports betting has become one of Nigeria’s strongest sectors. More than 30% of the population, which is roughly 60 million Nigerians, bet regularly. The industry generates more than 730 billion naira every year.
Even though a growing number of bettors use their phones to bet at more than 50 online bookmakers, walk-in shops are popular among adults between the ages of 18 and 25. Whatever bettors’ preferred platforms, the industry generates more than five billion naira every day.
One of those who help the Nigerian industry generate its massive daily takings is 28-year-old Agbajor ‘Leo’ Emmanuel. He was still at university when he became a sports betting agent. In an interview, he said he made the decision because he wanted to make money.
In the years that followed, Emmanuel moved to larger premises, hired a shop manager, opened two more betting shops, and invested in other businesses. He also employs 12 people, all of who earn more than the country’s minimum wage.