There have been significant objections raised in Nigeria as the central gaming bill passes its third reading and approaches completion.
The Federation of State Gaming Regulators (FSGRN) has vehemently objected to the bill and shared concerns over its progress, as the regulatory framework for the sector edges closer to change.
The Central Gaming Bill is looking to shift the current oversight of the National Lottery Act, which has been deemed unconstitutional. It would mean the building of a federal framework.
However, opposition to the bill from the FSGRN has highlighted that the bill would be a significant constitutional overreach, as well as a threat to destabilising the federal structure in Nigeria.
Warnings from the FSGRN underline that it could intrude on constitutional provisions and have a profoundly negative impact on the country’s gambling framework.
The bill would see the formation of a commission that would oversee the country’s gambling sector and governance of the industry.
Central to the incentives of the bill is to strangle illicit operations and boost efficiency within the licensing process.
The shift comes as the Nigerian gambling industry rides a wave of momentum in terms of engagement and traffic.
Driven by youth and fintech tapping into the gambling industry, it was recently predicted that Nigeria’s iGaming sector is set to grow by 16% and hit NGN $500m in revenue by the end of the year.
The Lagos State Lotteries and Gaming Authority emphasised that this has been significantly accelerated by the growth of mobile tech in the country.
The body’s CEO, Bashir Abiola-Are, praised fintech such as mobile wallets and QR-codes that have increased the efficiency in the way players access the betting industry.
A growth in internet penetration has also had a widely positive impact on engagement with the gambling sector, as the report revealed more than a doubling of the internet users in the country.
Key operators in the country, such as Betway, NairaBET, Bet9ja, 22Bet, and 1xBet, have all seen positive growth through fintech collaborations, utilising mobile wallets to elevate the user experience for gambling.
