The House of Representatives Committee on Intergovernmental Affairs in Nigeria has advocated for the establishment of a central monitoring system for the country’s sports betting industry. The Chairman of the Committee, Hon. Canice Moore Chukwugoze Nwachukwu, emphasized that the sector should not be shut down, but rather, it should adhere to established rules to prevent it from becoming detrimental to society.
“We are all Nigerians. We would not go against people doing their business. They have rights to exercise their franchise. But what we are saying is that we have to play within the rules of the game. We have to arm the system to control and enforce all the provisions that would allow gaming and betting to flow smoothly without becoming a social menace,” Nwachukwu stated.
The Deputy Director of the National Institute for Policy and Strategic Studies, Kuru, Sandra Agbor, highlighted the significant contributions of sports betting to the economy, stating that Nigerians invest about $2 billion a year into sports betting. She also pointed out the Federal Inland Revenue Service (FIRS) has imposed a 7.5 percent value-added tax (VAT) on betting activities in the country.
“Sports betting companies have aided the Nigerian economy by forming partnerships and signing sponsorship deals with several organizations, both in the sports and entertainment industries. The Nigerian sports betting market is rapidly developing, and this has a positive effect on the economy,” Agbor added.
The Director-General of the National Lottery Regulatory Commission, Mr. Lanre Gbajabiamila, echoed these sentiments, stating that lottery and gaming remain a veritable development instrument to make sports entertainment a revenue-generating venture. He also emphasized that the commission has implemented numerous measures to mitigate the adverse effects of sports betting.
The Head of Legal and Compliance and Stakeholders’ Engagement, KC Gaming Networks Limited (Bet9ja), Adewale Akande, further highlighted the rapid expansion of the sports betting industry in Nigeria, noting its significant contribution to government revenue and employment.
This development underscores the need for a balanced approach to regulating the sports betting industry in Nigeria, ensuring it remains a positive contributor to the economy while mitigating potential social risks.
