FG Targets 65m Nigerians Who Spend $15 Daily on Online Betting Despite Economic Woes

Nigeria is the largest and fastest-growing online betting market in Africa, with millions of people wagering billions of dollars every year, according to Bello Maigari, the executive secretary of the National Lottery Trust Fund (NLTF).

Maigari said that online betting is a significant industry that can promote the economic development and social welfare of the country, especially in the face of the current challenges.

He revealed some statistics that show the size and potential of the online betting sector in Nigeria and globally.

• The global online betting market was worth over $50 billion as of September 2021 and has been growing steadily since then.
• Nigeria has a population of over 200 million people and accounts for more than half of the online betting activity in Africa.
• There are over 65 million active online bettors in Nigeria, who spend an average of 15 USD per day on various forms of online gaming and betting.
• Every day, 14 million online bets and payments are made in Nigeria.

Maigari said that the online betting sector is expected to generate over $256 million in revenue this year and grow by nearly 10% annually to reach more than $366 million by 2027.

He also urged the federal government to create a framework that can enable the online betting industry to pay taxes and contribute to the national budget.

He said that by having clear and fair tax rules, the government can attract foreign operators to invest in the Nigerian market and ensure that they comply with the local regulations and protect the interests of the citizens.

He stressed that taxing the online betting industry is very important for the country’s economy and development.

Maigari also said that the NLTF has been using its funds to support various projects that benefit the country and the people, such as health, education, water and sanitation, humanitarian aid and disaster management.

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