An economic expert and Managing Director of Woskybet, Ismaila Yusuf Atus, has lamented the proliferation of multiple taxations in Nigeria, saying the menace is stifling business growth and threatening the survival of businesses in the country.

He said it was unfortunate that both the states and the federal government tax betting firms exorbitantly, on the same business.

He also noted that most people perceive betting as a negative venture because of addiction and the inability of most firms to redeem pledges.

Atus, in a statement yesterday, ahead of the launch of the Woskybet firm on October 4 in Abuja, argued that through betting, most Nigerians have made fortunes and secured meaningful employment.

“The government is looking at it from the perspective of the population, and they know that people are out there to make money desperately.

“You, as a company, are also desperate to make money, and that is the fake life we live in this country. The government taxes the company, and the company, in turn, places all the taxes on the subscribers. The regulations are not effective.

“It is about football predictions and visual games. There is a game called ‘visual’ on phones. We have games that you can play, and that too is also a betting game. When you win, we pay you; when we win, we keep the money.

“At the moment, we have created about 100 jobs. And because it is a large operation, we have to manage people’s wallets.

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“Also, you need to have a department for operations that manages gains. We have a lot of staff members that we have employed,” he said.

He welcomed the Supreme Court ruling that empowered states with betting companies to issue licenses.

He said: “It is not about the National Lottery Commission anymore. We have Lagos, Cross River, Imo, and Oyo States that issue licenses. All you have to do is upgrade the system. For you to obtain a license, it shows that you have passed the test.”

While speaking on what gamblers should expect, he said: “Woskybet offers an unparalleled betting experience, featuring competitive odds and generous bonuses, extensive coverage of international and local sports events, real-time score updates and live betting, secure payment systems and instant payouts, and dedicated customer support.

“Woskybet is committed to providing a safe, secure, and thrilling betting experience for Nigerian sports enthusiasts.”