The lottery monitoring system was launched in Nigeria just a couple of months ago. According to the General director of the National Lottery Regulatory Commission, after the introduction of the monitoring system, the lottery business became the main source of income for the country. The Director of the commission also said that the management and staff have been undergoing constant training to ensure the continuous success of this new system.
“The lottery industry of our dear country has a bright future” the official said, promising that the revenues from the lottery business will be as high as in the UK, USA and Spain. The tax rate on the income of gambling operators is proposed to be set at 10%. The bill also establishes minimum capital requirements for license applicants and specifies that only companies registered in Nigeria can apply for them. The Nigerian government promises to revoke the licenses of gambling operators-debtors.
The lottery and gambling industry in Nigeria has boomed in recent years, creating new jobs and increasing the country’s gross domestic product. The authorities have a clear vision of how the lottery is being transformed in the country.
“The current work on automating tax collection through the deployment of a centralized monitoring system is aimed at increasing revenue generation, promoting standards and strengthening regulatory oversight in the industry,” the official said, calling on all stakeholders, including the National Assembly, to support the government’s efforts in boosting the economy.
As of a country like Kenya, the number of betting licenses in Kenya has reached 100.
A year earlier, the number of licensees was 76. Thus, the growth in their number for the year amounted to 31%. According to BCLB Executive Director Peter Boogie, most of the 24 new firms are owned by local residents. Since the beginning of the year, we have seen an increase in the number of companies owned by Kenyans interested in the betting industry.
It should be noted that Kenya last year reintroduced an excise duty at 7.5% rates. Thus, the government withholds 7.5 shillings from every 100 shillings that a player bets, regardless of the winnings. The authorities also collect a 20% tax on winnings and levy additional taxes on bookmaker operators.
Sports betting is gaining momentum in Africa, virtual sports is also not standing still. The new Stakers.com HQ has examined digital products in the African betting market.
There are a lot of young, tech-savvy players in countries like Kenya, Zambia, Nigeria and South Africa. Since the African betting market is actively growing, respectively, the revenues in the field of virtual sports are increasing. In a new article, Stakers analyzes the reactions of players in Africa to products in the virtual sports category, both in the general context and in the era of the pandemic.
Virtual Sports is a simulation of sports events with realistic graphics and realistic odds. The most popular are football, horse racing, dog racing. Providers can offer many other options, for example: other types of horse racing, basketball and even MMA fights. The increasing comfort stimulates the increasing growth of the market. The prevalence of digital technologies and convenient payment methods that led to the fact that bookmakers were literally in the pockets of players.
Virtual sports products are attractive to players for several reasons. First, it is the frequency of events and the opportunity for betting, thousands of events take place a day, and it is possible to place a bet on each of them and win. For African players who make numerous insignificant bets, such a stream of betting opportunities seems familiar. In addition, players can make a lot of bets while the offline event is going on. Novice players can use virtual sports events for training. RNG generates a pool of possible outcomes, as well as odds to them; combined with a huge number of events to bet on, players can make as many minor bets as they want until they understand the odds system well enough to make a more significant bet.
When COVID-19 swept the world, the sports betting industry was as vulnerable as any other. Matches, horse races and tournaments were canceled or postponed, as a result, bookmakers tried to cover their costs. Online gambling solutions, especially with live dealers, have significantly increased revenue. Sports operators in Africa, who introduced virtual sports products in time, managed to survive the pandemic.