Gambling has a deep-rooted history in Nigeria. Initially discouraged by religious institutions, its acceptance grew significantly, particularly among underage individuals, after being legalised in the late 1990s.
The primary regulatory authority for the Nigerian gambling industry is the National Lottery Regulatory Commission (NLRC), established in 2005 with a mandate to supervise lottery and gaming activities, with a specific emphasis on ensuring fairness and integrity.
The NLRC is responsible for the licensing and oversight of gaming and betting operators in Nigeria. This entails thorough evaluations of their financial, technical, and operational capacities, as well as their adherence to responsible gaming principles, data protection, and advertising standards.
There’s a clear distinction in gambling laws in Nigeria between games that rely on skill and those based on chance. Lotteries, offline casinos, and sports betting are allowed, whereas games like roulette and dice games are prohibited.
These regulations are primarily guided by the National Lottery Act of 2005 and are complemented by the Criminal Code Act. individual states also possess the authority to establish supplementary regulations and conditions for gaming and betting within their specific jurisdictions.
The main driver for gambling, which affects not only minors, is the desire for monetary gain due to factors like greed, unemployment, economic difficulties, and poverty. Other factors include the pursuit of enjoyment, sports enthusiasm, and peer influence, with friends who gamble, the need for acceptance, and parental involvement related to gambling playing significant roles.
Additionally, legal issues related to gambling and online betting practices are crucial considerations. Regulations and licences, such as those held by BetGames TV, contribute to a sense of security and fairness within the industry, mitigating concerns associated with legal and ethical aspects of gambling.
While gambling is often perceived as risky, it is also viewed as a potential fast-track to financial success, a perception that providers like BetGames TV aim to fulfil through responsible gaming experiences.
Problem gambling rates in Nigeria are estimated to be between one percent and eight percent, with an additional 10 percent to 15 percent at risk of gambling-related issues. With increasing Western influence and technological advancements in Nigeria, it’s expected that gambling-related problems will rise.
Efforts to prevent gambling-related issues should focus on educating and creating awareness to discourage initial involvement in gambling. Collaboration among stakeholders can promote ethical gaming and industry growth, establishing comprehensive standards for consumer protection and industry development.
Moreover, online gambling in Nigeria carries significant financial risks, with banks reporting a loss of N9.5 billion in 2023. The concerns were articulated by the managing director, presented by Temidayo Adekanye, who serves as the Chief Risk Officer of NIBSS.
These concerns chiefly revolved around the substantial surge in electronic fraud within the nation’s financial sector, particularly within the online gaming industry. It was underscored that part of the responsibility for the upswing in e-fraud in the banking sector could be attributed to the implementation of CBN’s cashless strategy.
Urging responsible gambling
Nigerian betting platform BETBABA has urged the National Lottery Regulatory Commission (NLRC) to establish measures that can help deter gambling addiction within the Nigerian population. This appeal was made on October 21 at the Federal Palace Hotel in Victoria Lagos, during the official launch of the platform. BETBABA emphasised the importance of upholding the legal age for betting, which is 18 years old, and ensuring it is not compromised.
Francis Ifie, Managing Director of BETBABA, stated that the company, in addition to pursuing profits, is committed to adhering to global best practices and prioritising the well-being of its customers, ensuring they remain in control of their gambling activities.
“It is important that we have facilities on our betting platforms in Nigeria that encourages responsible gaming and gambling. There are a lot of people that are addicted to gambling, so on our own platform, we have done a lot in promoting self-exclusivity where a person that feels he’s getting addicted on our platform can exclude himself or ban himself from the platform,” Ifie said.
Sources:
https://guardian.ng/news/firm-tasks-regulator-on-discouraging-addiction-to-gambling/
https://gbc-time.com/article/betgames-is-winning-the-market-the-companys-story63475.html
