Do Nigeria’s Gambling Laws Help?
The legislation on gambling in Nigeria is clear. It is illegal to wager on sports, play in land-based casinos or play non-skilled card games. But when it comes to internet gambling, things grow murkier. The legislation doesn’t indicate it’s lawful or illegal.
The gambling environment in Nigeria has changed recently. According to a PricewaterhouseCoopers analysis from 2016, gaming has helped the economy recover. Although Nigerians still prefer to put their bets at a betting shop, many are showing a preference for sports betting online.
In the UK, the attitude towards gambling is far more open. British nationals may now wager on horse races, sports matches, political elections, and more; play bingo in bingo halls, and gamble in land-based casinos.
The Gambling Act 2005 updated the country’s gambling laws, defining “gambling” as both activities that need a license and those that do not. The Gambling Commission regulates the country’s gambling.
Regulators have created a saturated market in the UK, therefore operators must be unique to stand apart. 888 Casino, an award-winning operator, has innovative promos to keep players coming back for more. On the live roulette table, a player may receive an £8 bonus if the winning number is 8.
Economic data and industry
The commission produces data on the UK industry in May and September. Between October 2018 and September 2019, the gaming industry made £14.3 billion in gross gambling yield (GGY).
The industry employs 98,174 workers, a small decrease from the May 2019 statistics. Casinos benefit local companies because visitors spend money at nearby businesses, increasing their sales and the local economy.
The UK government is savvy enough not to tax casino gains. Instead, they tax the casinos, bringing in millions of dollars. Taxing players’ gains would be a bad idea since it will drive away consumers from casinos, denying the government cash.
The Gaming Commission’s statistics show that internet gambling is outpacing traditional gambling. The number of gaming establishments and betting shops in the UK has declined by 9.6% and 12.1% respectively. Remote casino GGY was almost quadruple that of land-based casinos, at £3.2 billion vs £1.1 billion.
The industry’s success secrets
But how can an online casino succeed in such a crowded market? They compete not just with physical casinos (although some are extensions of existing casinos), but also with many internet casinos.
The idea is to stand out and appreciate players. Casinos typically deposit a bonus into players’ accounts after they make their initial deposit to attract new players and keep current ones.
Could improved gaming laws help Nigeria?
Nigeria has the second biggest gaming market in Africa (South Africa are leading on that front). This opens up a lot of options for a nation that already enjoys sports betting due to its enthusiasm for football and the simplicity with which money can be spent on something you like.
In the UK, the relationship between gambling businesses, the public, and the government is cordial. The authorities’ leniency and the basic taxation scheme that targets operators rather than gamers make things function smoothly. If Nigerian politicians were as permissive with internet gambling, the country’s finances would certainly profit. It’s missing out now.
Many Nigerians’ attitudes on gaming are shifting. They, too, consider gambling as a pastime. Previously, people saw gambling as anti-social, and the Church would advise them against it. Now that the Nigerian government has legalised various types of gaming, such views are fading. Maybe there’s still a whiff of them, and enacting unambiguous internet gambling regulations may be a matter of attitudes.