Outlook of Nigerian sports betting in 2021
Nigeria is considered one of the largest online sports betting markets in the world. It is ranked 7th among the countries that have the largest population and is known to be the most populous country in Africa.
In 2014, various news agencies of Nigeria reported that around 60 million people in Nigeria whose age is between 18 and 40 years are involved in gambling. The sports betting guide of Nigeria gives information about the regulatory agencies that are responsible for enforcing gaming laws and sports betting laws.
This guide also provides detailed data on the people of Nigeria who bets on sports, information about the sportsbook of Nigeria. Moreover, there is also information about the sports betting shops that are present in Nigeria.
Where exactly does the revenue from Nigerian sports betting goes?
It is very difficult to understand where exactly the revenue does or the tax money generated from Nigerian sports betting goes. But it is known that the operators who are basically land-based are mostly taxed on their profits. The exact tax percentage of the operators is not known. But it is believed that the sportsbook operators pay taxes that are quite similar to the tax percentage that most businesses in Nigeria pay.
Many African nations claimed that the percentage of taxes imposed on the winnings is not more than 20%. But the percentage of the tax imposed on the winnings of the bettors is still not known. It is believed that it is taxed the same way as normal income from other businesses.
However, there is no proper legislation to regulate sports betting in Nigeria. If the government imposes legislation that can help in regulating sports betting, the market of sports betting will have a chance to witness rapid growth in the coming years.
Consumer Protection in Sports betting
Consumer protection is obligatory for the growth of all types of industries. This ensures that the consumers are safe and that their interests are properly safeguarded from unfair practices. When it comes to sports betting, consumer protection is not only important but also necessary for the lives of Nigerians.
A few regulatory agencies in Nigeria include the Lagos State Lottery Board (LSLB), National Lottery Regulatory Commission (NLRC), and other State Lottery Boards which protects the interests of the consumers in the industry of sports betting.
The Competition and Consumer Protection Tribunal (CCPT) and Federal Competition and Consumer Protection Commission (FCCPC) are the two agencies of the government. These are regulated under the supervision of the Federal Ministry of Trade and Investment, which derives its power from the Federal Competition and Consumer Protection Act, 2018.
These agencies are tasked to protect the rights of the consumers. Recently, these agencies are considered the most powerful monitoring agency and consumer protection in Nigeria.
The first route of consumer protection is private. It helps in attaining a legal remedy to each consumer who has already gone through any kind of breaches of the terms of the contract. When a better approves the terms and conditions of a betting company, he automatically enters into an agreement with that betting company.
The second route of consumer protection is the public who forces certain duties with which he complies with the supplier. If any kind of breach has been detected, it may lead to societal backlash, which in turn may end up losing not only patronage but also revenue. This approach primarily involves grasping the sympathy and the patronage in order to protect the people who are getting treated in an unfair manner by the various betting companies.
Safety of sports betting in Nigeria
The industry of online sports betting in Nigeria is completely unregulated, but it is considered safe. Online sportsbooks are readily available on the internet, and the government of Nigeria is not taking any step to ban online sportsbooks.
Nigeria is responsible for having more than 190 million sports bettors. As such, all the top continental European and UK online sportsbooks accept the Nigerian punters.
Nigeria is full of safe, competitive, and legitimate gaming companies, and so the safety of online sports betting in this region is good. But in order to ensure security from the companies, the people who are depositing their money in sports betting must always opt for the safest bookmakers. They must research online and select the most reputable and famous online sportsbooks.
Outlook of sports betting in 2021
The problem arises as there are more sports bettors in Nigeria who are interested in live sports rather than the ones who are interested in the virtual kind. Hence, there is a lack of interest in the virtual gaming platform. Moreover, during the pandemic, Nigeria started offering sportsbooks that are land-based.
Nowadays, due to the increase in the use of smartphones and the internet, many mobile applications started offering online betting platforms. But the people of Nigeria who are interested in betting neither have access to such mobile applications nor can seek access to such applications.
Nigerians not only love to watch sports but also love to visit the live sports where they can place bets on the sports. The online sportsbooks are a great help to the people of Nigeria as it provides access to a number of sports markets and guides to placing bets with the help of their phones. Though the sports betting market witnessed a huge loss in 2021, it is expected that the market will rise as soon as the venues start opening.
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