NLTF confirms Nigerians spend $975m daily on online sports betting

Information reaching Kossyderrickent has it that NLTF confirms Nigerians spend $975 million daily on online sports betting.

Maigari added that the NLTF has used its proceeds to contribute to important projects for the development of the country and the wellbeing of the population, particularly in health, education, water and sanitation, humanitarian aid and natural disaster mitigation and management.

Data from the National Lottery Trust Fund (NLTF) has revealed that over 65 million Nigerians actively engage in betting, spending an average of $15 daily. This is just as it disclosed that everyday, 14 million bet takes and payments are made online in the country.

Executive secretary of NLTF, Bello Maigari, made this known yesterday at the second edition of the biennial national gaming conference held in Lagos.

He said Nigerians spend billions of dollars on betting each year, despite economic hardship.

“Currently, there are over 65 million Nigerians actively engaging in this activity, spending $15 on average everyday. It is on record, each day, 14 million bet takes and payments are made online in our country.

“It is expected to experience an annual growth rate of nearly 10 per cent to reach more than $366 million by 2027,” he said.

Noting that the online betting sector has seen exponential growth, Maigari said: “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 seen exponential growth, with millions of citizens engaging in various forms of online gaming and betting.”

According to Maigari, revenue from the online betting sector alone is projected to reach over $256 million this year.

“It is expected to experience an annual growth rate of nearly 10% to reach more than 366 million USD by 2027,” he said.

Speaking further, Maigari suggested that the federal government should create a framework that can encourage the betting industry to contribute taxes in the country.

“Moreover, leveraging the gaming and betting industry as a tax contributor can help create a level playing field for both local and international operators.

“By establishing clear and equitable tax regulations, we can encourage foreign players to operate within our regulatory framework, ensuring that we benefit from their presence whilst safeguarding our citizens.

“The importance for taxation of this sector cannot be over-emphasized.”