Due to the expansion of the internet, the sports betting industry of Nigeria has flourished. According to various reports, Nigerians wager around $2 billion every year with licensed sportsbooks.
As online betting is becoming more prevalent, the number is expected to continue to rise in the coming years. Nigeria is estimated to surpass the United States of America (USA) by 2050 due to its rapidly growing population.
Since 2005, online sports betting has been practiced in Nigeria openly and therefore, it has become an extremely profitable industry. It is not only lucrative for private businesses but also for the government, which is responsible for collecting a part of sports betting revenues in the form of taxes.
The expansion of regulated sports betting is the prime focus of Nigeria as it is looking for various innovative ways to monetise its growing population.
Sports betting sites of Nigeria
Nigeria has various live sports betting spots and betting shops, but most of them are unregulated.
Therefore, it is highly recommended to follow online sports betting sites of Nigeria instead of following retail sportsbooks. No government agencies or entities are responsible for keeping an eye on the retail sportsbooks in Nigeria.
Therefore, it is very important to keep an eye on the Nigerian sportsbooks to make sure that everything is done correctly and is in line with the rules and regulations.
This is the main reason why sports betting sites are recommended. They have enough security and make sure that no one’s information is exposed. You can also use the top betting sites in Nigeria to explore your favourite games.
Sports betting in Nigeria became legal after the passing of the National Lottery Act in 2005. This defined that lottery, online sports betting, and casino games were termed as legal.
Lagos, the largest city in the nation, set up a committee which is called the Lagos State Lottery Board.
Lagos State Lotteries Laws Cap L89 2004 Laws of Lagos State is responsible for establishing the committee. It regulates the lotteries, scratch-off games, and other types of betting.
The National Lottery Act of 2005 and the Criminal Code Act of 1990 in Nigeria indistinctively explains the legalities of gambling. Based on the recent legislation in the country, no actual law is there that particularly regulates online betting as opposed to various other gambling forms.
The Nigerian Codes also state that gambling which is skill-based is termed legal gaming. However, online sports betting are mostly dependent on skills, specifically in statistics and math. Hence, most of the sports bettors in the country opt for this type of betting.
Who regulates sports betting in Nigeria?
Betting is regulated by the National Lottery Regulatory Commission (NLRC).
Regulation of betting and gambling is given in Chapter 22 of the Criminal Code Act, which was enacted in the year 1990.
Online sports betting games are permitted and legal, but according to Section 2 (b), the NLRC must follow the policies of the government on social responsibilities in marketing and advertising campaigns.
Sportsbooks are available online in Nigeria, but the retail books are not responsible for answering to any entity. These books are operated persistently as per the government. However, this can change in the future because the Lagos State Lottery Board primarily regulates lotteries and various other gambling operations.
If they are being voted, then sports betting can also be added to that list.
There are two primary government agencies that regulate betting in Nigeria.
- Lagos State Lottery Board (LSLB)
- National Lottery Regulatory Commission (NLRC)
Laws that govern sports betting in Nigeria
Nigeria has been the key market for sportsbooks in Africa.
However, like Asia and a lot of Africa, Nigeria does not hold any legal framework that deals with betting in this digital era. However, here are two laws that are responsible for governing sports betting in Nigeria.
The two acts that mention gambling in Nigeria
The Criminal Code Act of 1990 and the Gaming Machines Prohibition Act of 1977 are the two acts that mention gambling in Nigeria. The Criminal Code Act recognizes the legal forms of gambling and also identifies the places where it can be carried out.
The Gaming Machines Prohibition Act outcasts the operation of various coin-operated machines that are used for gambling. It does not have any implications on sports betting.
According to Nigerian Law, skill-based games can be played, and so the sports bettors include their sports betting as a part of the Nigerian Law.
According to Nigerian Law, anyone above the age of 18 is allowed to do sports betting legally. However, it is necessary for every citizen of Nigeria to ensure that the bookmakers are registered with regulated authorities in order to ensure safety.
This may help the people to not only save the Nigerian economy but also for their betterment. Nigeria is a sports-loving nation. Betting just adds to that thrill.
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