Nigeria is a lovely country for many reasons. There are many amazing destinations that people can visit here. People can have fun in different locations and enjoy nature in different ways. However, one of the activities that also matters for people that come here is gambling. It is one of the favorite activities among locals as well, but the regulations and laws are not quite easy to understand.
Without any doubt, online and offline gambling is supporting the economy of the most populated country of Africa, and we will talk about it later. However, if you want to enjoy this entertaining activity to the fullest, it is essential to understand the laws and regulations and ensure your own safety. Keep in mind things you will read below are probably a bit confusing, and we all hope things will change.
First of All – Is Gambling in Nigeria Legal?
When things are not confusing as in this chase, the most obvious answers would be yes or no. However, in the case of Nigeria, both answers are correct. Gambling in Nigeria is legal and illegal. The answer to this question depends only on the type of gambling, casino itself and the way it operates as well as the status of each game that people can enjoy.
There are two pieces of good news for all the people that live in the country. First of all, the national government of Nigeria started to invest a lot of effort to modify the laws and make them clear to everyone. Another good thing is that there are the online casinos shown here where people can enjoy a wide range of games and get familiar with the bonuses, variants of the games, and other important features. In that way, people will remain safe and ensure they do not become the victim of a scam.
We can’t precisely say when the entire process of law changing will end. There is a big difference between the opinions that state lottery boards and federal agencies share and fight for. However, we all hope some sort of compromise will appear in the future (as soon as possible).
So, How Exactly Gambling Impacts the Economy of Nigeria?
South Africa is the country that is the leader of the gambling activity in Africa. However, the Nigerian gambling market has the chance to grow because Nigeria is a more populated country. However, that surely won’t happen if the Nigerian government does not make the necessary changes that we talked about.
As we said, gambling is illegal and legal at the same time. The only law that exists about gambling is the National Lottery Act of 2005 (you can check it out here). However, that regulation is only focused on land-based gambling. In theory, that would mean that all the laws that regulate traditional gambling also count for the modern one. Well, even when you read this, you know that something is not functioning properly.
Things started to change in this industry in 2019 when the state of Lagos started to provide licences for all the sports betting and gambling sites. Since then, there are many Nigerians that started to enjoy offshore online casinos like the ones we previously attached at the above part of this article.
It is about time to get to the point. There are three different types of impact gambling has on Nigerian economy:
- Social Impact
- Bigger Number of Jobs
- Better Revenue
Let’s describe them one by one:
Check out the research from the above. As you see, more than 50% of adults enjoy gambling at least once a day. However, was gambling in Nigeria always popular? Believe it or not, even today, there are many people that are strictly against this activity. A certain group of people still believes gambling can cause different mental issues associated with addiction. However, the studies, like the one we shared, confirm not all the adults have the same type of opinion. At least, there are 53% of them that gamble daily while 39% of them do that once in two days. When you see how many citizens Nigeria has (around 206 million), that number is not small at all.
To make things clear, the social impact of gambling is strong. There are many young people that consider gambling as one of the ways to ensure a decent income. That means the mentality of the younger generation has changed, and they deserve to get the laws that will protect them from any type of frauds and scams.
Bigger Number of Jobs
Let’s use the official statistics from the United States. Believe it or not, in around 1000 casinos, more than 750 000 people got the opportunity to get the job and show their talents and skills. On the other hand, around 10% of Macau residents work in the gambling industry. Can you imagine how many people would get a job if 10% of Nigerian resistance work in this industry?
However, gambling industry is closely connected with some other business fields as well. For instance, the hospitality sector will also get the chance to hire more people. On the other hand, people will get the desire to come and visit Nigeria because of gambling. That means there will be plenty of work for people that were in the travel industry.
What about online casinos? Well, a lot of talented graphic and web designers, web developers, and other individuals with different computer networking skills will not have to chase their luck outside of the country. The online casinos that work inside the country will need to hire them and ensure the best possible gambling experience for all the players. We hope Nigerian government is aware of that as well.
Offline and online gambling is experiencing growth every single year. Logically, together with the improvement of advanced technology and availability of online casinos, the popularity started to grow even faster. Many gamblers in Nigeria like that because they can enjoy a wide range of games from the comfort of their room on their tablets, smartphones, and laptops (another industry that can improve thanks to gambling).
As previously mentioned, South Africa has the most successful online gambling market in Africa. Technically, online gambling in that country is illegal. However, companies can offer online betting services only if they get the local license from the responsible authorities.
Speaking of Nigeria, it is the second-largest gambling market on this continent. So far, it has managed to gain a revenue of 59 million dollars a year. However, different studies confirm the gambling revenue will grow by 16% in the next 2 years. If you have in mind that gaming taxes in this country are 20%, then you can imagine how good that can be for the overall economy of the country.
As previously mentioned, Nigerian government will have to improve and change the gambling regulations and laws. There are many unlicensed online casinos that still manage to work in this industry without paying any taxes. Unfortunately, that’s not the only problem. Many individuals use gambling sites for different illegal actions such as money-laundering and terrorism. Only good laws can stop that!
The first thing that needs to happen is the agreement between all the state and federal regulatory agencies. It is not a secret they have never had the same approach and opinions. However, all the local gamblers truly hope that will change because it can positively impact the economy of the entire country.
Besides, these laws should not only serve as a tool to gain better revenue and open new workplaces. Many people are truly interested in this industry, and they are often enjoying this activity from the comfort of their room. If the government truly wants to ensure their safety as well as the safety of all foreign gamblers, then it will change the laws as soon as possible and make some sort of compromise with other parties.