The National Lotteries and Gaming Regulatory Board (NLGRB) in Uganda has reported a remarkable growth in annual revenue, reaching Shs 151 billion in the financial year 2022/23.
NLGRB boss Denis Mudende Ngabirano revealed this significant increase from Shs 17.4 billion in FY 2015/16 while addressing Members of Parliament on Monday.
Financial Performance
In the first half of FY 2022/23 alone, the NLGRB collected Shs 81 billion, and Mudende expressed confidence in reaching a projected revenue of Shs 160 billion by the end of FY 2023/24.
This reflects a 200% growth since Mudende assumed the role of Acting NLGRB Executive Director in 2021, taking over from Edgar Agaba, who faced charges of embezzlement of public funds.
Future Projections
Mudende outlined ambitious plans for the NLGRB, aiming to collect Shs 300 billion from gaming activities in the financial year 2024/25. The upcoming launch of the national lottery on May 4, 2024, is anticipated to contribute significantly, with Ithuba Uganda investing $15 million and committing to generating Shs 147 billion for the next decade.
Focus on Good Causes
The national lottery’s proceeds will be allocated with 60% for gaming tax and 40% for non-tax revenue dedicated to good causes. Mudende highlighted that priority will be given to sports facilities development in utilizing the funds raised.
Operational Enhancements
To monitor and regulate the gaming industry more effectively, the NLGRB has finalized the development of the online sports betting and casino monitoring module of the National Electronic Central Monitoring system.
This system is set to enhance revenue collection, protect citizens against adverse effects of gaming, and requires all online operators to integrate with it by the end of June 2024.
Crackdown on Illegal Activities
Mudende informed MPs that the NLGRB has taken measures against fraudulent online gaming sites, blocking access to 17 illegal gaming platforms and confiscating 2,869 illegal gaming equipment. These efforts aim to safeguard Ugandans from falling victim to scams and fraudulent practices in the online gaming space.
