In one of the highlights of the NLRC Gaming Conference, Dr. Bello Maigari, the chief executive officer of the National Lottery Trust Fund, emphasized the critical role that technology plays in propelling the lottery and gambling sectors in Nigeria.
He emphasized that by adopting technological platforms that provide transparent data analytics via global partnerships, the government may increase the amount of tax income generated from this industry and possibly even surpass Germany’s ninety percent tax contribution. He sees this as the starting point for bolstering the commission’s current initiatives.
Nigeria, which is not only distinguished by its size but also by its cultural and social complexities, presents a challenging regulatory environment. Adding to this is the overarching regulatory framework where each state in the country can control gaming and betting activities inside its borders. This presents a challenging scenario for the NLRC.
Gbajabiamila elaborated on how technology has contributed to the sector’s expansion and highlighted the division between federal and state regulatory agencies. He asked both organizations to work on standardizing the way taxes are collected.
Technology has fundamentally reshaped how we perceive and engage in the gaming industry. This transformation has brought challenges and opportunities, making it increasingly complex for any state to assert complete regulatory control, especially in light of the growing prevalence of online and remote gaming operators.
We are at the pivotal juncture, standing at the crossroads of traditional gaming and the rapid evolution of the digital realm. The task of regulating remote gaming has become more intricate than ever before. This digital era has a higher appeal than the traditional instrument employed in the gaming industry, demanding a comprehensive re-evaluation of the regulatory framework and strategies. Amid this transformation, the commitment to address these emerging challenges remains unwavering.
In light of this, regulatory bodies and stakeholders must adapt to this new landscape to ensure the continued integrity and security of the gaming industry. This adaptability is essential to maintaining public trust and fostering an environment where participants can enjoy gaming without concerns about fraud, money laundering or illicit activity. Uniformity is key for success and growth.
Due to ingrained societal and religious belief systems, the sports gaming sector continues to encounter condemnation in Nigeria and throughout Africa, despite its growing trajectory. Patricia Ibiene, Permanent Secretary of the Ministry of Special Duties and Intergovernmental Affairs, brought attention to this problem when talking about the need for education in educating the public about the sector’s potential for revenue collection. Information distribution to both urban and rural areas should be prioritized, she encouraged stakeholders. Highlights NLRC Gaming Conference
Ibiene also emphasized the importance of “good causes.” A 2022 WLA study states that $92 billion in lottery winnings were used for charitable causes. According to Ibiene, more engagement in the industry will result in higher money generation, which will then go toward funding “good causes.”
National Lottery Authority (NLA) Deputy Director-General Anna Miezah, speaking on behalf of NLA Ghana CEO Sam Awuku, acknowledged the accomplishments of the NLRC and provided an overview of Ghana’s gaming scene. She revealed that a “good cause” initiative had been established to support youth and sports development, health, education, and the arts and culture in underserved communities.
Touching more than 350,000 lives, we started this in 2021, and so far, this is how much we have done. The NLA invests in these projects to fulfil a statutory obligation, which is to give back to communities we operate.
The gaming business is predicted to grow from $3 billion in 2021 to $5.6 billion in 2030 at a compound annual growth rate of 6.99 percent. This indicates that there are plenty of prospects for growth even in the face of ongoing obstacles.
The Nigerian sports betting industry is firmly established as a frontrunner in sub-Saharan Africa, with a global outlook comparable to that of its international counterparts, thanks to the IGC, which is hosted by the NLRC and provides a forum for stakeholders to interact, cooperate, and exchange views.