According to World Bank statistics, Nigeria has a population of around 195 million. The CIA predicts that it’s going to grow to around 350 million by 2050, which would make Nigeria the fourth most populous country in the world. That’s a large and potentially lucrative market for any sort of gambling operator.
The trouble with Nigeria for gambling operators, however, is that the current laws and regulations around gambling are extremely confusing and poor. Most forms of gambling are currently illegal and disagreements between legislators at both a national level and at federal state level muddy the waters even more. Currently the few types of gambling which are legal include:
Running an online casino in the country is not legal, but it’s legal to play at the online casino of an offshore operator, which makes things confusing. Could it be time for a change?
Right now, the potential for gambling in Nigeria is huge. Since Nigeria is such a large country, others already use it as a benchmark to measure the potential for success or failure of a great many things. The other country they use is South Africa, where gambling is popular and continues to grow.
While gambling is illegal, it doesn’t mean there aren’t any operators out there, even if the penalties for operating gambling facilities illegally are harsh. Underground casinos, football mafia bookmakers, unauthorised lotteries and Nigerian-owned illegal betting sites are all out there if you look for them. The problem is that any national who uses them is committing a crime and there is no protection for them if the operator refuses to pay out winnings. This is why it’s better for a player to visit the site of a reputable foreign online operator, who is much more likely to be running a safe, secure site — and more importantly, a legal one.
This fear of repercussions from the law may even be driving nationals away from legal forms of gambling. Although land-based casinos in the country are perfectly legal, they tend to cater more to foreign visitors, who you’re more likely to see playing at them than locals. Inconsistencies in the law and general lack of clarity around gambling could get locals into trouble they never saw coming. On the whole, it is much better for them to be cautious and stay away.
The fact that people are opening illegal facilities, and that some players can go online and play at the sites of offshore operators, means that the Nigerian government is missing out on a huge opportunity to generate revenue for the country.
If Nigeria wants an example of a country that makes gambling work for it, they should look at the UK. Between April 2018 and March 2019, the British gambling industry generated a total gross gambling yield of a whopping £14.4 billion, according to data from the UK Gambling Commission. The remote gambling sector contributed £5.3 billion to this sum.
That’s a big financial pie for the nation’s authorities to get their teeth into and the best news is that the players don’t have to pay tax on their winnings. To make them do so would be counterproductive because the government would then have to introduce financial measures to compensate those who lose. As a result, the UK government prefers to collect its revenue from gambling through the operators instead.
Of course, the UK has a more liberal attitude towards gambling. People consider it a leisure activity and it has many regulations in place to make sure it’s safe and legal. Offline gambling is often enjoyed by many as a social event, be it a day out at the races, a night out at the dogs or a night out at a land-based casino. All forms of gambling are totally acceptable, which is much different to a lot of other countries in which there is more of a stigma attached to gambling.
One of the reasons gambling is so popular in the UK is that there are clear regulations which explain what operators can and can’t do, some of which people think could benefit from being reviewed in 2020. However, the Gambling Act of 2005 leaves no room for confusion regarding what gambling activities require a licence for operators to offer them. The act also sets out with just as much clarity what it considers to be a gambling activity. When it comes to casinos, the law provides straightforward guidance where casinos can and can’t operate.
Safety is paramount and UK operators take a lot of care to protect their customers and there are strict rules for websites to adhere to. The websites must undergo regular checks to ensure that their games are fair and that the site is safe and secure for people to use. If they fail, the operator can’t offer the service until they meet requirements. A lot of operators will feature some official certification or seal of approval to reassure visitors to the site that the website is secure and meets the necessary standards.
Then there’s the question of providing a good experience. Operators want their customers to have the best experience possible. They provide games with clean graphics, interesting themes and accessible gameplay so that their customers can concentrate on just having fun while they play.A poor experience will put customers off. They’ll quickly go over to a competitor’s site — and there are plenty of competitors out there. A fine example of a site which Nigeria could be inspired by that has a loyal customer following, operates legally and offers a fantastic gaming experience is 777 Casino, a leading UK online casino.
Conclusion
Nigeria has a growing population and offers huge potential for the gambling industry. However, the nation’s government needs to tidy up the current legislation and clear up the legalities so that gambling operators have the freedom to operate and customers can play without the fear of major legal repercussions. If they can do that, Nigeria has a big opportunity to boost its economy in the coming years.
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