Gambling in Nigeria is booming 3f5f38
Nigeria is one of the largest economies in Africa and is considered an emerging economy. Nigeria’s GDP in the year 2023 was $364 billion, on a population of almost 228 million, with a GDP per capita of $1597. Oil makes a large contribution to Nigeria’s economy. Almost 92% of its total exports come from trade in mineral fuels, oils and distillate products. Nigeria is one of the world’s biggest exporters of crude oil and holds some of the world’s largest oil reserves. But the gambling industry is booming as the number of gamblers grows and sports, especially football, becomes more popular. u256c
Nigeria 264z4r
Gambling in Nigeria, statistics 2t3j5g
A report by Statista suggests that nearly 60 million Nigerians, mainly aged between 18 and 40, regularly engage in betting activities. Monthly transactions in the sector are valued at over 646.2 million dollars, underlining its economic importance.
Gaming market revenues are projected to reach USD 3.63 billion in 2025. The annual growth rate of revenues in this sector is projected to be 3.63% between 2025 and 2029, leading to a projected market volume of USD 4.19 billion by 2029.
The average revenue per (ARPU) in the Nigerian gaming market is projected at USD 562.02 in 2025. The number of s is expected to reach 7.2 million by 2029. penetration in the gaming market will be 2.7% in 2025.
Authorities, Legislation, Taxation 3q2s4q
The National Lottery Regulatory Commission (NLRC) is the regulatory and supervisory body in Nigeria. The laws and regulations applicable to each product license are a combination of federal and state regulations. In addition, there are a number of other laws that indirectly affect the operations of a product licensee. Thus, a company wishing to operate under any of the product licenses must comply with a number of legal and regulatory frameworks related both directly and indirectly to the product license. The National Lottery Act 2005 is the primary legal framework governing product licenses, while other ancillary legislation, such as the Casino and Gaming Machines (Prohibition) Act 1977 or the Casino Taxation Act, make provision for other ancillary aspects and activities of the products concerned. It should be emphasized that some states in Nigeria have also established their own lottery regulatory laws and boards that regulate these relevant products within their respective jurisdiction (Lagos State Lottery Board and Oyo State Lottery Board are two examples).
In general, the 2005 National Lottery Act allows operators in Nigeria to take licenses in gaming, betting and lotteries. In addition, in 2023, the NLRC introduced a new remote operator license for offshore licensed online operators. However, it is important to note that the NLRC only permits land-based casinos.
Following an amendment to the National Lottery Act in 2005, a national lottery license is valid for 15 years. The license can be renewed upon application by the licensee. The NLRC retains the right to suspend or revoke a licensee’s license if, after investigation and after taking corrective action, it determines that suspension or revocation is necessary to maintain the integrity, security, and/or fairness of lottery istration or to prevent financial loss to the public.
For sports betting and gaming companies, the minimum share capital required is N30 million (Naira*). At the application stage, the prescribed fee is N2 million payable to the NLRC. At the pre-approval stage, an additional license fee of N50 million is required to be paid for sports betting licenses and N100 million for lottery licenses. In addition, applicants must provide a bank guarantee from a reputable commercial bank in Nigeria to cover the sum of N25 million.
Upon commencing operations, licensed companies are required to remit 2% of their monthly turnover to the National Lottery Trust Fund and 1% to the NLRC. In cases where operators use short code services to provide betting services, 2% and 3% of gross monthly turnover must be remitted to the NLRC and the National Lottery Trust Fund respectively at the time of maturity. In addition, following the amendment of the National Lottery Act 2005, lottery companies are required to pay lottery company income tax at a rate of 7% of the licensee’s net income at the end of each year of assessment.
Live casinos in Nigeria 6v23b
The casino and casino gaming market has an estimated market size of USD 2.18 billion in 2025. According to worldcasinodirectory.com there are 13 casino licenses granted in Nigeria, operating 48 table games, 5 poker tables and 301 slots. Among the most popular locations offering land-based gambling in the country are The Federal Palace Hotel & Casino, Sheraton Lagos Hotel & Casino or Jacaranda Casino Abuja. The cities offering this type of entertainment are the capital Lagos, the cities of Abuja, Ikeja and Owerri.
Online casinos in Nigeria 6jj1x
Nigerian law does not contain precise provisions stipulating the order and manner in which gambling activities must be conducted online, nor are there any provisions explicitly prohibiting this. However, the Lagos State Lotteries and Gaming Authority Act 2021 is more flexible than the NLRC as it allows their use, subject to registration with the Authority or a certified institution.
For operators located outside Nigeria, they must be issued with a remote operator’s license before they can operate successfully in Nigeria. This license is valid for 5 years. The remote operator license allows the following:
-Advertising of online gambling services to players in Nigeria, including in the print media, subject to advertising conditions.
-Offering the following online games to players in Nigeria: casino games; bingo; slots; sports betting; and poker.
-Using the payment services made available through the dedicated system.
-Repatriation in full of income/funds in Nigeria, provided that the tax due and payable on players’ deposits has first been paid through the dedicated system to the NLRC and FIRS.
-Subscription to programs.
Sports betting market in Nigeria 32jz
According to statista.com the revenue recorded in the sports betting market is estimated to reach USD 626.01 million by 2025.
Revenue is expected to a CAGR during the period 2025-2029 of 4.83%, resulting in a projected market size of USD 755.86 million by 2029.
In the sports betting market, the number of s is projected to reach 1.8 million s by 2029.
The penetration rate will be 0.7% in 2025 and the average revenue per (ARPU) is projected to amount to USD 398.01.
Conclusion 542t2p
The gambling market in Nigeria is booming considering the size of its population, its rich resources of oil and other minerals, the increasing penetration of mobile phones among the population and the growing popularity of sports, and soccer in particular, among the people of the country. We believe that Nigeria will derive increasing tax and revenue from this form of entertainment and that the gaming industry in this country will become a significant contributor to the state budget.
*Naira = Nigerian national currency (worth 0.00066$)
Sources: statista.com, worldcasinodirectory.com, worldometers.info, iclg.com.
