What Does The Future Of Sports Betting In Nigeria Look Like?

Some brands may deem it risky to invest time and funds into an operation in this region and some might not be entirely sure if they fully understand the “rules of the game” here. These concerns are actually valid and in order to better understand what to expect and in turn, what Nigerian players expect from a betting brand – we can have a closer look and some key things, which might not be so obvious at first glance.

A Large Portion of Players in Nigeria Still Prefer RetailWhile today a lot of punters around the globe might have never even been to a retail betting shop – almost a half of Nigeria’s 65 million active punters still prefer this type of betting over online / app betting and there are several reasons behind that.

The main reasons are economic – due to the specifics of this region a significant percentage of people cannot afford having modern devices and continuous internet connection to bet online. Not interacting with gadgets and tech on a daily basis produces a lack of fundamental internet skills, which are required to register, use online banking, deposit funds and withdraw winnings – people often see betting at shops as saving their time.

Even players who use gadgets on a daily basis and have 24/7 internet access still often prefer not to bet online due to fees – making a small deposit of just 200 Naira ($0.53) might require to pay the same amount in fees, which is still decent money for some residents of this region.
Finally, sports betting in Nigeria is a popular “social” activity – betting shops are usually buzzing with people from all walks of life.arizona.edu They serve as places to exchange predictions and discuss recent news, betting shops are used as places to meet friends and just hang out.

International Brands are Moving into NigeriaWhile it is clear, that retail betting holds the throne in Nigeria right now – it is also clear, that times are changing and changing rapidly. There is more and more access to budget tech as well as cheaper internet connections, the new generation of Nigerian youth already have access to all that, they are tech savvy and they appreciate the comfort that comes with being able to do things online.

This has been picked up by quite a few big names in the betting industry, who opened dedicated Nigerian betting sites such as 22Bet Nigeria. 22Bet operates in multiple countries around the globe including the United Kingdom, where they hold a valid UKGC license, so you can see they mean business.

The number of players, who will move over to online betting is only going to grow in the coming years – Nigeria is opening up for new and more flexible payment systems, which are going to play an important role in this transition. Having access to quick and easy banking is going to remove a big and probably most significant have today.

How Will All the New Businesses Co-exist?Native Nigerian brands are the ones who have the biggest share at the moment, as they are the ones who are able to host retail betting shops, but how will things look like when online betting takes the lead?

Doesn’t seem like anything dramatic is going to happen, this is the case in other regions – there are local betting brands and there are international ones, at the end of the day having a choice is always good and people will simply pick whichever brand offering the kind of content they prefer.dlnware.com Nigerian businesses might need to improve their game to compete with bigger bookmakers and that, again, will only be better for punters, as they will get a better quality product.

Olisa Agbakoba Legal – Olisa Agbakoba Legal (OAL)

“So what exactly is sports betting? The definition of sports betting” is, placing a financial wager on the outcome of a sporting match, as well as on events that occur within the larger match or fixture.smkn1bjp.sch.id In Nigeria, the number of sports betting companies offering a variety of styles and formats seems to be growing faster.

Some of the popular betting platforms in the country include; Naijabet, Nairabet, Betway, Bet9ja, Sportybet, Merrybet, etc. Typically, all the aforementioned betting companies create an open platform for prospective punters to place bets and predict the outcome of a game usually in sports though it need not be restricted to sports e.g. Fans that predict correctly are rewarded and those whose predictions were wrong to lose their monies. This is fast becoming the order in Nigeria, as fans that are “fans enough” go a step further to “stake” on the higher level of fandom and expertise in the football understanding.
Sports’ betting is a big business globally, much so, it is now taxable and regulated as a legitimate business (Requirement of Online Sports Betting in Lagos 2015; National Sports Policy of Nigeria 2009). For instance, according to Statistical Portal (2015), even though it may be difficult to accurately estimate the total value of global sports betting, due to the inconsistency in the regulatory and financing environments, responsible surveys estimate the value of sports betting industry at around 700 billion U.S. dollars and 1.000 billion U.S. dollars, while in fact the illegal betting only might be as a high as 500 billion U.S. dollars.

Some bookmakers have speculated that the industry is now worth over one trillion U.S. dollars. It is also worth noting that any figure on the process of betting is merely indicative of the official gambling. Most gambling activities are undocumented and operate at the informal levels amongst friends, colleagues, spouses, relatives, and even enemies, and could be worth as much as billions of U.S. dollars globally.

Generally, online gambling is a fast-growing business with an estimated annual growth rate of 12%, according to Global Betting and Gaming Consultants (2011), and this is driven by globalization and technology. In the United States, asides from the states of Nevada who have had Sports betting Laws enacted since 1949, all other states have recently introduced laws to enable sports betting for the first time save for three( Idaho, Wisconsin, and Utah). Countries like the UK, Canada, Kenya, Ghana, South Africa, etc.marionsrezepte.com also have laws regulating sports betting and it is entirely legal in these countries.

Sports Betting/ Gambling Regulations in NigeriaGambling in Nigeria is regulated by the National Lottery Regulatory Commission (NLRC). The lottery was legalised by the National Lottery Act, 2005, and regulation of gambling and betting activities is provided for in Chapter 22 of the Criminal Code Act enacted in 1990. The law splits the games into two categories: The legal and illegal games. The legal games are lottery, land-based casino, and sports betting. Roulette, dice games, and non-skilled card games on the other hand are illegal.

It should be noted that online sports betting games are permissible, however, according to sec 2(b) the National Lottery Regulations, 2007, adverts must adhere strictly to government policies on social responsibility in designing, advertising, and marketing campaign as relates to an advertisement. It must also conform to the Nigerian Code of Advertising Practice made pursuant to the Advertising Practitioners (Registration etc) Act.

The Consumer Protection Council Act (1992 No. 66) Consumer Protection (Sales Promotion) Regulations 2005

The laws and regulations governing gambling in Nigeria can be a little confusing because there is no cut and dried law or legislation that solely addresses gambling in Nigeria. Instead, there are two Acts that make reference to gambling in terms of what is illegal or not allowed, and what is legal and allowed.

Apart from the Criminal Code Act, over the years, other laws have been passed to regulate sports betting in Nigeria, they include;

The Gaming Machines (Prohibition) Act of 1977
Criminal Act
National Lottery Act 2005
National Lottery Regulations 2007 (as amended)
Lagos State Lotteries Law 2004 (applicable only in Lagos State) among various lotteries laws in other states.

Government Agencies Regulating Gaming in NigeriaNational Lottery Regulatory Commission (NLRC)
Lagos State Lotteries Board (LSLB)
Other State Lotteries Boards

Consumer Protection in Sports GamblingConsumer protection is important and necessary for the growth of any industry. It assures the Consumers of any service or commodity, that their interests are safeguarded from unfair practices. The interests of the consumers within the sports betting industry are protected by the regulatory agencies as stated above.

Agencies who also have the mandate to protect the rights of consumers are the Federal Competition and Consumer Protection Commission (FCCPC) and the Competition and Consumer Protection Tribunal (CCPT) The FCCPC and the CCPT are agencies of the Government under the supervision of the Federal Ministry of Trade and Investment, whose powers are derived from the Federal Competition and Consumer Protection Act, 2018.northpeak.com.ng These two agencies are at present, the most powerful consumer redress and monitoring agency in Nigeria.

The FCCPC has wider investigative and enforcement powers whilst the CCPT on the other hand acts as a quasi-judicial body to which appeals from the decisions of the FCCPC and decisions of any sector specific regulatory authority in a regulated industry in respect of consumer protection matters will lie.

Furthermore, the Act stipulates a very steep penalty for contraventions. For instance, where there has been a contravention of any consumer rights, it stipulates a fine of 10% of the turnover of the business in the preceding business year.

In Nigeria, the conditions under which bettors place bets leave them without the protection that is available to other consumers in other industries in the economy especially in situations when consumers win huge sums of money. It is important to distinguish the two alternative and complementary legal routes to consumer protection. The first – the private – makes available a legal remedy to individual consumers who have experienced a breach of the terms of a contract (whether those terms have been imposed by statute or common law). By signing and agreeing to the terms of use of a betting company, a bettor automatically enters into a contract with a betting company.

The enforceability of contracts in Nigeria means that the courts and/or regulatory bodies will approve remedies to bettors who suffer loss in consequence of the conduct of the betting company. Furthermore, regulatory bodies are given the power to exact, through the courts, financial remedies from bookmakers in favour of identifiable bettors in consequence of the former’s breach of specified standards.

The second route to consumer protection is the public. The public imposes on the supplier of a service certain duties with which he or she must comply with. A detected breach may lead to societal backlash and as a result, loss of revenue and patronage. This approach typically involves leveraging public patronage and sympathy to protect consumers who have been treated unfairly by betting companies.

It is worthy of note to state that the terms and conditions that underpin a game of skill and chance between the players and company are basically contractual, however, they have to conform to regulations and laws of the country. For instance, a proposed betting or lottery company must obtain an appropriate license from NLRC before it can commence operation.
The financial requirements of obtaining a license include; registering a company with a minimum share capital of N30, 000, 000( Thirty Million Naira); An Application fee of N2, 000, 000 (Two Million naira), Permit Fee of N100, 000, 000(One Hundred Million Naira), however where the company is a member of the Association of Nigerian Bookmakers, a 50% concession is granted; and finally, a Bank Guarantee of at least N25, 000, 000 (Twenty Five Million Naira) must be provided. The Terms and Conditions of any betting company are also subject to the approval of regulators. The NLRC, as well as other State’ Lotteries Board and other regulatory bodies, have a huge role to play to protect consumers.

Evidently, the sports betting market, particularly, consumers need to be aware of their rights whenever they feel it is being infringed upon or they are being treated unfairly by Sports betting companies. Many bettors have been treated unfairly and have buried these issues under the carpet. However, with more awareness, many bettors can seek redress and protect their interests through regulatory bodies and regulations targeted at protecting consumers.

About Us – Association Of Nigerian Bookmakers

Founded in 2014, the Association acts as a collective voice for the sports betting, lottery and gaming industry to promote practical initiatives that will enhance the shared business interest of our members .

Lucrative, thriving and productive ,the Nigerian Sports Betting, lottery and gaming industry supports tens of thousands of jobs and generate hundreds of millions of Naira as revenue for the government while providing entertainment and fun for the benefits and satisfaction of the Punters. Every year our members contribute to the statutory good causes, which is used to support public welfare programs such as education, public health and safety and infrastructure development.

Comprised of licensed operators, ANB’s top priority is to create a favorable business environment for members to compete, thrive , and grow . We do this by evaluating regulations relating to the sports betting,lottery and gaming industry and maintaining regular dialogue with key decision makers to ensure the interests of our members are heard and understood .

Through this dialogue and various stakeholders engagement , we constantly advocate and encourage decision makers to embrace and implement clear,concise and consistent policies that will effectively bring the current regulatory framework into line with the actual structure of our modern betting, lottery and gaming industry .

The Association collaborates with Professionals, Government Relation Officers and ANB approved industry experts to ensure our members’ business rights are protected and the sports betting, lottery and gaming industry is treated fairly under the law .

We also participate in strategic alliance with gaming industry groups from time to time to address problems facing the betting and gaming industry in Nigeria.orna-esc.eu .

As the most influential voice in the betting, lottery and gaming industry ,we conveniently provide our members with up to date information, in depth knowledge, insight and awareness of policies shaping the industry to help them make smart business decisions.

The ANB is a member-led, not for profit, non-political and independent organization, run by its members for its members
MISSION STATEMENTThe ANB is a unified and informed voice representing the policy priorities of sports betting, lottery and gaming operations in Nigeria at every level of government. ANB is dedicated to strengthening the long-term economic viability of the betting, lottery and gaming industry in Nigeria by relentlessly advocating for fact- based public policy.
Our mission is to support our members in building a profitable and successful betting,lottery and gaming industry in Nigeria.

Upsurge In Betting Activities In Nigeria: What Can Be Done

Like in most countries, the COVID-19 pandemic has harmed the Nigerian population and its economic activities. In addition, it has spurred some silent changes in consumer behaviour that will have socio-economic effects. One of such unnoticed transformations is the growth of the gambling and betting sector during the COVID-19 pandemic period.

According to the Nigeria Sports Betting Sector Report 2019/2020, nearly 60 million Nigerians between the ages of 18 and 40 years are involved in active betting. Almost USD 2 billion are spent daily on sports betting. Over the last decade, anecdotal and empirical evidence suggests a nexus between an increase in active bettors and an increase in smartphone and internet subscription usage.floeli-alm.de Yet, there is another salient feature driving the upsurge in betting. It is the steady rise of the unemployment rate and the demand for betting driven by it. Access to smartphones, advert placement, and the urge to have an extra source of income has increased as well. So, to what extent did betting surge? And what are the cost and benefits of betting?

What the data tells usIn comparison to prior data on engagement in gambling/betting activities, an online polling survey conducted by NOIPolls, 2019 and Data Source, 2021, show that there has been a 9 % increase in the number of people engaged in betting and gambling since 2017. Around 7% to 25 % of consumers claim to have engaged in betting a few times per week. Similarly, the daily rate of in betting activities increased significantly from 1 % in 2017 to 9 % in 2021. The data also confirms that smartphone usage has augmented considerably over the last decade. It shows that more than 99% of respondents attested to owning a smartphone before the COVID-19 pandemic.

The debate that unemployment is a critical driving force for betting remains a recurring social issue. As such, the growing unemployment rate and underemployment have significantly contributed to an increase in betting behaviours. In the UK fixed odds betting (FOBTs) was more common among unemployed blackspots relative to more affluent constituencies. In the city of Aba, Nigeria, unemployment was a key driver of increased betting. At 33.3% for Quarter 4 in 2020, the unemployment rate in Nigeria has been projected to rise even further. This estimated growth in joblessness hinges on the adverse effect of Covid-19. Given this rate and the rise in betting activities, how can the Nigerian betting sector be regulated?

A potential revenue source for the StateAlthough the industry is relatively large compared to similar sectors, its potential is yet to be fully explored. Aware of its capacity in Nigeria to create employment opportunities, through the National Lottery Regulatory Commission, the government is in a position to design and implement reforms that would help regulate the bettors.

With the influx of foreign and domestic firms into the sector, an increase in the average GDP growth rate is expected over time. As highlighted in a recent study, the UK gambling industry contributes about 0.6 % of GDP.kinwiki.me Although unlikely to have a significant macroeconomic impact, it seems it could be an alternative revenue source for the Nigerian economy.

Further, with the emergence of several online betting platforms, government policies around e-business space will be essential towards curbing potential gambling hazards, regulating start-up gambling firms, and closing the gap created by illicit gambling activities.

For instance, in 2014, the UK government reformed its Betting (Licensing and Advertising) Act. Its purpose was to regulate the online casinos market. Through this Betting act, online casinos were required to pay a 15% consumption tax and obtain a license from the Betting Commission before commencing operations. It is highly recommended to replicate similar government actions in the Nigerian space.

Alternatively, government actions targeting sector development and efficient allocation of resources should channel profits from unclaimed betting wins to struggling economic sectors, such as education and health. Similarly, percentage cuts (or tax policies) on profits from claimed betting wins provide an additional source of revenue to the government.arbitragesoftware.net These actions are expected to stimulate selected sector growth and regularize the fast-growing betting industry.

Due To The Inconsistency In Regulation

Driven by an estimated 60 million Nigerians actively involved in sports betting and over 40 betting companies operating in Nigeria,[2] the online gaming industry has grown astronomically in recent years, having a tremendous impact on the Nigerian economy. Sports betting has emerged as a lucrative segment of the economy, leveraging on the Nigerian football culture.[3] For sports bettors, the opportunity to turn their passion into earnings holds a strong appeal.smpnsatulongkali.sch.id The increased participation in the online sports betting market can be attributed to technological advancement, globalization, affordable access to internet and internet enabled-devices, online payment platforms facilitated by FinTechs, the youthful population in Nigeria as well as the high unemployment rate.

Consequently, sports betting operators like Bet9ja, NaijaBet, and Nairabet, optimising the market trend and youthful demographic, have evolved into blue-chip companies, making Nigeria the second largest online gambling market in Africa.[4] The fiscal performance of these companies has encouraged an increasing influx of new entrants into the sports betting industry.

Like every other industry, the online gaming industry, and its subcategories, especially sports betting, are subject to regulatory oversight. In this article, the focus is to highlight the normative framework for obtaining a sports betting license, which would be instructive for newcomers in this industry.

Regulatory Framework of Sports Betting in Nigeria
Chapter 22 of the Nigerian Criminal Code Act (“CCA”)[5] sets out legal and illegal forms of gaming. The illegal games are roulette, dice games except for backgammon, non-skill-based card games, and any other games of chance which are not favorable to the player while racing, sports betting business, or land-based casinos are permissible. In Nigeria, gaming activities (e.g. lotteries, sports betting, etc.) are regulated at the federal and state levels, despite conflicting arguments as to the constitutionality of the Federal Government’s involvement in regulating gaming activities.[6]

The National Lottery Regulatory Commission (“NLRC”) established through the National Lottery Act, (“NLA”) 2005[7] regulates the operation of the lottery business and gaming activities in the Federation. The NLRC is responsible for issuing licenses and permits, setting standards and guidelines/rules, and promoting transparency and integrity in the operation of a lottery/gaming business nationwide. The NLA is supplemented by the National Lottery Regulation 2007.[8] The NLRC grants 3 different classes of licenses:
– Lottery License
– Sports Betting License
– Promotional License[9]

Some states have created municipal laws and agencies governing commercial gaming activities and lottery business within these states. The Lagos State Lottery Board was established, under the Lagos State Lottery Law 2004 (as amended), to oversee the licensing and regulation of lottery and gaming activities in the state. The amendment of the Lagos Lottery Law in 2008, in response to developments in the industry in 2008 paved the way for the regulation of different categories of lottery as well as licensing of multiple lottery operators in the State.

The National Lottery Act 2005 and the Lagos State Lottery Law of Lagos 2004 (as amended) are currently the most relevant laws overseeing sports betting in Nigeria. These legislations serve to establish regulatory bodies overseeing the online sports betting industry in Nigeria as well as to protect the interest of players, bettors, consumers, stakeholders, and the general public.

Procedure for Obtaining a National Sports Betting Licence/Permit
Although investors are advised to register a sports betting company before pursuing a sports betting license, promoters of the unincorporated company may apply to the NLRC for approval to incorporate a sports betting company in Nigeria, attaching the following documents namely, a copy of the name reservation approval issued by the Corporate Affairs Commission and a Remitta Payment in the sum of ₦10,000.00 (ten thousand Naira) in favour of National Lottery Regulatory Commission.[10]

The process of obtaining a sports betting permit from the NLRC can be broadly divided into 3 stages, namely – The Application stage, the Provisional Approval stage, and the Post-Licensing stage.[11] Each of these stages is examined below.

3.1 The Application Stage

Pursuant to the NLRC’s guidelines, applications to the Commission must be accompanied by the payment of a non-refundable application fee of ₦2,000,000 (two million Naira) and necessary documents and operational information including:

– A completed NLRC application form;
– An application letter stating the applicant’s intention to operate a sports betting scheme;
– Memorandum and Articles of Association, certificate of incorporation and other relevant incorporation documents;
– Evidence of updated annual returns filed at the Corporate Affairs Commission (CAC);
– Evidence of domain name registration with a country code top level domain label (ccTLD) for Nigeria;
– Evidence of trademark registration;
– Evidence of registration with the Special Control Unit on Money Laundering;
– Particulars, profile and relevant qualification(s) of directors and key personnel.
Proposed organizational structure, operational flow and 5-year financial projection for the betting scheme.

The proposal submitted to the NLRC should contain details of the planned game events, proposed distribution channels, operations, marketing and distribution strategy, betting modalities, terms, and conditions of participation for bettors, and sports betting industry analysis. The NLRC also requests for the profile and details of technical service providers, partners, telecoms providers and suppliers, contact persons for service providers, a copy of the proposed JVAs or SLAs with providers and suppliers, and the Software Certification from approved and recognized testing labs.[12]

At the end of this application stage, the successful applicants will be required to make a presentation to the NLRC, to justify the grant of license. Usually, the application is reviewed in 10 – 21 working days.

3.2 Provisional Approval Stage
Once the application is reviewed, approved applicants are granted a temporary license, valid for 90 days, subject to the fulfilment of certain pre-approval requirements including:

– Payment of permit fees within 30-days of receipt of notification;
– Bank guarantee of at least N25,000,000, valid for no less than one year;
– Connection of betting platform to the NLRC’s monitoring and reporting framework to ensure compliance with the approved standards;
– For companies with foreign ownership/participation, proper immigration documents, Certificate of Capital Importation and other investment documents from the Nigerian Investment Promotions Commission (NIPC);
– Execution of Terms & Conditions of Operation of Sports Betting Schemes; and
of duly executed service level agreement with third-party providers.

These conditions are all inclusive and failure to fulfil these requirements within the 90-day period may void such application for the sports betting permit. Applicants and prospective licensees are advised to ensure that they are prepared to meet these conditions prior to grant of the approval in principle, to meet the 90-day period allowed.ipalmoil.com The issuance of the preliminary approval comes after the payment of the license fees.
At the expiration of the provisional approval period, a substantive permit will be issued by the NLRC, and the details of successful applicants uploaded on the NLRC’s website.

3.3 Post-Licensing Stage

After commencing operations, licensees are required to remit 3% tax on monthly sales turnover, one percent (1%) to the NLRC and (2%) to National Lottery Trust Fund respectively, on or before the tenth (10th) day of the following month. Sports Betting Operators are also mandated to submit monthly updates on or before the 10th day of the next month. As part of its regulatory mandate to maintain transparency, propriety and quality assurance in the lottery business, the Commission will also conduct a quarterly operations audit. It is not clear if the commission will audit its internal affairs or those of the licensees. The NLRC must be notified of changes in business structure, details, and proposed operations of applicants during the application review/license period.

The National Lottery Regulation 2007 administers the post-licensing reporting and compliance obligations of Licenced operators. Licences granted by the Commission are valid for ten (10) years from the date of issue.[13] The holder is expected to establish a “Prize Fund” account which will hold a minimum of 50% (fifty percent) of the proceeds realized from any national lottery, exclusively for the payment of prizes.

Operators are expected to employ modern technologies and approaches to provide efficient services to players, adhere to government policies and corporate governance principle and keep proper accounts and records of its transactions. A license holder is generally required to ensure it monitors and reports suspicion of irregularities and fraud to the NLRC. It is also required to ensure that its agents, franchise operators and representatives operate in compliance with the terms of its license.

Persons under the age of 18 (eighteen) are barred from being directors in a sports betting company, participating in any lottery event and receiving winnings from same. Lastly, prospective applicants should note that the grant and renewal of the license is at the discretion of the President of the Commission, based on the Commission’s recommendation.

Procedure for Obtaining a Sports Betting License from Lagos State Lotteries Board
The Lagos State Lotteries Board (“LSLB” or “the Board”) is a state regulatory agency responsible for issuing Online Sports Betting (“OSB”) licenses in Lagos. The procedure for obtaining the OSB license in Lagos is straightforward and less complicated than that of the NLRC, though with similar requirements. Companies intending to operate a licensed betting scheme in Lagos must be incorporated in Nigeria with a minimum share capital of ₦20,000,000 (twenty million Naira).[14] Applicant companies cannot be wholly owned by foreigners. Nigerians are required to hold at least fifteen percent (15%) of the shares in foreign-owned companies, to achieve indigenous participation and local content requirement.[15]

Prospective sports betting licensees are to submit their application to the Board, attaching a letter of intent and the following documents:

– Evidence of payment of non-refundable application fee of ₦500,000 (five hundred thousand Naira)
– Incorporation documents of the prospective licensee; and
– A detailed proposal on the online sports betting scheme containing particulars of the names and profile of Directors, business plan, model and organisational structure, market analysis and financial projection of the company, amongst other things.
The application, upon submission, is reviewed by the Board in ten (10) to fifteen (15) working days. Subsequently, applicants will be invited to make a presentation to the Board on the proposed gaming scheme. Successful candidates would be granted an Approval-in-Principle (AIP) subject to the fulfilment of certain conditions and payment of the ₦50,000,000 (fifty million Naira) license fee.[16] The AIP is a 90-day temporary license granted to the applicant pending the grant of a final permit, subject to the applicant’s fulfilment of all the conditions outlined in the AIP.[17]

The license is for a period of 5 years in the first instance, renewable every five years at the discretion of the Board.[18]

Cost Implication of Sports Betting License
Although online sports betting schemes are highly profitable, establishing a sports betting business in Nigeria is an extremely capital-intensive venture. A breakdown of the financial requirements for obtaining an OSB license can be found in the table below.

Capital adequacy requirements dictate that operators must have the requisite financial resources to fund the sports betting scheme, prior to obtaining the license.[19] Apart from the varying application and license fees, the cost of securing an Online Sports Betting (OSB) licence covers the cost of company registration, regulatory compliance, engaging the services of legal practitioners, qualified personnel with gaming industry experience, online payment service providers, software developers and other third-party providers. These incidental expenses run into millions of Naira.

Due to the inconsistency in regulation, it is presumed that state licensed operators must fulfil the additional capital requirements under the National Lottery Act and its supplementary guidelines. Start-up companies, lacking the financial footing to meet these expenses, are forced to resort to equity or debt financing, credit facilities or foreign investment, to meet the required capital baseline.

The legislative arm of the Lagos State government is proposing an increment of the license fees for OSB operators to ₦200,000,000 (two hundred million Naira),[20] which is ten times the required minimum share capital for sports betting companies. The monumental increment of licence fees presents another obstacle to small players in the industry and hinders participation in this sector. New entrants are advised to commence the application process before the new license fee takes effect.powergraphics.co.kr If the purported increase is implemented, smaller companies would be forced to consolidate to meet capital requirements.
Regulators Involved in The Licensing Process
Given the prominence of sports betting in Nigeria, the gaming industry is highly regulated. Obtaining a sports betting license requires approval from and/or engagement with several agencies including the National Investment Promotion Commission, Special Control Unit against Money Laundering, National Office for Technology Acquisition and Promotion, Federal Inland Revenue Services and Corporate Affairs Commission.

The National Lottery Regulations, 2007, requires licensees’ advertisements, marketing, and public relations strategies to comply with government policies on social responsibility.[21] Commercials and any related advertising must also conform to the Nigerian Code of Advertising Practice, Sales Promotion and Other Rights/Restrictions on Practice[22] (“the Advertising Code”) made pursuant to the Advertising Practitioners (Registration etc) Act, which establishes the Advertising Practitioners Council of Nigeria (“APCON”) as the body responsible for regulating advertising in the country. Therefore, all advertisements must be submitted for vetting and approval by the APCON before exposure to the public.[23]

Prospective licensees are expected to engage these bodies, either directly or through their legal representatives, to observe preliminary compliance requirements before commencing the application process.

Conclusion
Despite the impressive turnover in the sports betting segment of the economy, the complexities associated with acquiring the sports betting license may deter new entrants, especially foreign investors.

More so, the overlap in regulatory functions at the Federal and State levels is a major challenge facing the industry. The ongoing dispute between the NLRC and the LSLB, concerning the agency constitutionally empowered to regulate gaming activities and issue licenses for betting operations, is a headache to sports betting operators in Nigeria. For instance, the LSLB recently blacklisted certain sports betting operators who had been granted sports betting licenses by the NLRC.[24] This inconsistency needs to be put to rest as soon as possible to avoid issues of multiple taxation and licencing and to introduce certainty and predictability to the process.

Despite the exorbitant cost of registration, licensees are overburdened with heavy handed post-licensing returns. While it is agreed that taxes are levied to generate income for the government, the government is obligated to balance public interest and social responsibilities against the need to scoop revenue from the lotteries industry. Regulators must understand that their primary objective is to put forward market-friendly regulations, to drive sustainable growth in the sports betting industry.

Considering the high volume of transactions processed by virtual sports betting operators daily, regulatory agencies should impose policies that guarantee secure payment channels, to avoid loss of gaming revenue to cyber criminals. With the increased use of electronic channels for gaming, it is expected that future sports betting legislation would address crucial issues like data protection and cyber security to provide a safe and secure environment for players.

The expansion of the gaming industry seems to be hampered by the expensive and rigorous licensing procedure under the NLRC Guidelines. Streamlining the licensing process, especially in terms of cost, would provide much needed ease of entry for SMEs looking to break into the sports betting landscape and encourage foreign participation in local betting operations.
_______________________________________________________________

For further information on this article and area of law,

please contact Uche Matthew or Oluwademilade Odutola at S. P. A. Ajibade & Co.,
Lagos by Telephone (+234.1.270.3009; +234.1.460.5091) Fax (+234 1 4605092)

Mobile (+234.8151191 865, +234.8097904768)
Email: umatthew@spaajibade.com, oodutola@spaajibade.com
www.spaajibade.com

[1] Uche Matthew and Oluwademilade Odutola, Associates, Corporate Finance and Capital Markets Department, SPA Ajibade & Co., Lagos, Nigeria.

[2] BusinessDay.ng The Impact of Sports Betting on the Nigerian Economy (15 June 2020), available at: https://businessday.ng/sponsored/article/the-impact-of-sports-betting-on-the-nigerian-economy/#:~:text=The%20impact%20of%20sports%20betting%20on%20the%20Nigerian,consequently%20having%20a%20huge%20impact%20on%20the%20economy. accessed on 4 December 2020.

[3] PwC The Nigeria Gaming Industry, available at: https://www.pwc.com/ng/en/assets/pdf/nigeria-gaming-industry.pdf, accessed…

[4] BusinessDay The impact of sports betting on the Nigerian economy (5 June 2020) available at https://businessday.ng/sponsored/article/the-impact-of-sports-betting-on-the-nigerian-economy/ accessed on 10 December 2020.
[5] Criminal Code Act Cap. C38 LFN 2004.

[6] The Lagos State Lotteries Board (LSLB) has argued that the powers to regulate gaming activities are exclusive to the state governments due to its absence from the Exclusive and Concurrent Legislative lists as prescribed by the Nigerian Constitution. See Rejoinder/Response to National Lottery Regulatory Commission’s Publication available at: https://lslb.lg.gov.ng/rejoinderresponse-national-lottery-regulatory-commissions-publication/ accessed on 16 December 2020.

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Some fans of casino choose it as a quick and pleasant way to earn money. Other people look for a checked betting website just to relax and forget about personal troubles. Anyway, you should discover new bookmakers in Nigeria if want to have a positive gambling experience.

Benefit from New Bookmakers in NigeriaResidents of Nigeria are known to be sports fans so it is not a big surprise they devote a lot of time to online betting. Of course, there are still people who prefer to visit local gambling establishments hoping to win the mega jackpot. However, with the rapid development of modern technologies and cheap Internet access, most fans prefer to play online.simson-wiki.de There are local and international companies offering pleasant conditions to enjoy gambling without even going out.

Some top betting sites in Nigeria are well-known and plenty of players visit them every day. However, most experienced fans are always seeking for new places for full relaxation. Such giants are coming to the stage and attracting inspired and skillful players with and big prizes.
Let’s see closer at them:

Offers small and big sports;
Provides regular promotions;
Has user-friendly interface;
The support system works 24/7.

A good selection of sports and competitions;
Impressive program on many events;
Saturated section “Live” -offices;
Decent ratios;
Bonuses and promotions for players;
Simple and easy site interface;
A wide selection of I / O methods.

A welcome bonus;
Reliability;
Convenient ways to replenish the account;
Instant bet calculation;
Quick payout winnings;
Wide line;
High odds on football matches;
Proprietary programs are used to receive bets;
Quick responses from support system;
The activity of the office is licensed.

Every year a list of betting sites in Nigeria is refilled with new companies. This fact plays into the hands of all Abuja residents as well as other Nigerians. It means the customers will get even more pleasant conditions on new betting sites in Nigeria, great bonuses and welcome offers. However, one should be very attentive to choose the best bookmakers in Nigeria to enjoy the process of playing.

It is necessary to make sure a licensed company is selected. You can look for other users’ reviews and recommendation or consider some helping tips. In case, you choose a reliable company from the list of betting sites in Nigeria, you can be sure the jackpot will be paid for sure.

7 Top Betting Sites in NigeriaAre you willing to pick the best betting sites in Nigeria? You are lucky, as here you can learn what they are. Look at the top betting sites in Nigeria and compare bonuses each new customer can enjoy.

BET9JA 100% up to ₦ 100 000

NAIRABET Sign up with Nairabet

BETFAIR 5 x £20 Free Bets

BETWAY £30 Free Bet

888SPORT Bet £10 get £30 in Free bets

WILLIAM HILL Bet £10 & Get £30 in Free Bets

BET365 100% up to £100 in bet credits

Online betting sites in Nigeria to enjoy football bettingNigerians are addicted to football a lot. Every weekend this kind of sport gathers fans on the stadium across the whole country. People like watching the most popular players and know everything about clubs they belong to. That’s why many fans prefer exactly football betting. They think it is the best way to relax. So, gamblers spend their free time hoping to find football betting sites.

Fans can bet not only on the final result. There are more options to choose from. These are the amount of corners, the first and the last goalscorer, etc. The statistics say that football bets take first place among other sports bets. Bet365 is known as one of the most popular football betting sites. It can boast an impressive selection of English Premier League betting markets.

Free Bets Nigeria

We will not impress anybody by saying that people love free things. Online betting is not an exception as well. Fans visit the best betting sites in Nigeria hoping to come across some pleasant offers. One of the most widespread proposals these days is free bet sign-up. The main purpose of such an offer is to make you a constant customer of live betting sites in Nigeria. Of course, this is not the only option, new bookmakers in Nigeria use. However, along with other offers, they enlarge their client base.

Smart players can make benefit from such offers. Be attentive, in case you have no experience in dealing with withdrawal. There can be some traps for inexperienced players. Nothing bad, but it’s better to read the conditions of getting free bet attentively as well as learn other useful betting tips.
Useful Tips on Choosing TOP Betting Sites in Nigeria

Before choosing the most suitable bookmaker among betting sites in Nigeria with bonus, you need to pay attention to the following points:

1. Legality – it will ensure the safety and reliability of the company, as well as be able to guarantee constant access to the official site of the bookmaker office.
2. Odds – the higher their performance, the better for the bettor.
3. Statistics – thanks to it, the bettor has the opportunity to get acquainted with the results of past events, right on the bookmaker’s website.
4. An event infographic is a widget that allows you to receive full and detailed information about the event. Very convenient for those who like to make bets in Live mode.
5. Methods of input and output – they depend on the process of replenishing the game account and cashout. The more options available, the better for customers.
6. The maximum and minimum amount of the bet – indicates the acceptable limits for making bets.
7.ipalmoil.com The presence of a mobile version of the site and applications for smartphones – this allows making the bookmaker more accessible to its customers.

If you have chosen one bookmaker from a variety of live betting sites in Nigeria, go on registration. Look at available offers but do not hurry to make a bet. Make sure, you understand everything and have predicted the result correctly. If you have some problems, consider prediction websites.

Why Apply to Betting Prediction Sites

Millions of people are involved in the bettings today.Most of them need accurate forecasts from experts. Independent analyst opinion is important since most bettors are not able to objectively predict the upcoming event. A deep analysis of statistics and seasonal trends of championships is at the forefront. It takes into account professional statistics from sealed sources, reflecting the career characteristics of the players, the xG-model table, a series of teams and the line of movement of the coefficients.

So, you’d better pay attention to the betting prediction sites. You will be able to learn the expert’s opinion about the upcoming event, on the basis of which to make a bet. Unfortunately, most people who bet on sports miss an important nuance from the view, continuing to randomly bet on the line.

If a person is poorly oriented in the gambling industry but wants to invest in bets, then an exclusive opinion about a sporting event will be helpful. High-quality and free analytics increase the chances of success when making a bet.
– An objective expert opinion is useful for bettors who have unsuccessful experience the last days. In the depressed state, it is difficult to give an objective assessment. The help of betting prediction sites in such cases will be irreplaceable.
– Predicting sports events has a clear structure. All data checked and the expert consider all the pros and cons, making a logical conclusion, unlike betting lovers or thinking players.
– Professionals monitor a narrow circle of championships, which helps in more accurate prediction of matches. A whole group of people who have an independent opinion about the world sports championships are working on the project.

Legality for Online betting sites in NigeriaIt should be noted that sports betting and gambling legislation rules in Nigeria differ greatly from those which other countries have. All betting sites in Nigeria features sports allowing players to decide to improve the final result. Some online betting sites in Nigeria with bonus apply for a license every year to keep a legal status.

All in all, you need to take into consideration all mentioned above information before making a deposit. Choose the games which really appeal to you and study their rules attentively.bilbaodigital.com.br Check Livescore and enjoy the results.

Rating Of Bookmakers In Nigeria ✔️ List Of The Best Bookmakers

How to learn which one is safe and legit? How to choose only the best bookmakers in Nigeria to protect your money and to make sure that you’ll receive a decent win? The selection of different Nigeria bookies is vast, so we have prepared a rating based on the betting reviews and our in-depth analysis of each website. Look through our list of the safest and the most customer-friendly resources, find the one with the best betting odds, and place your bets hassle-free.

We have created this guide to lead you through the troubles of choice, to inform you about the underwater stones that you may face in the online betting world, and to protect the Nigerian users from dealing with unsafe, scam entities that promise generous welcome bonuses and ideal terms, while in fact they only steal money from the unthinking customers. This review contains a comprehensive list of quality criteria by which you may analyze every new bookie you come across, a list of the most credible international bookmakers currently functioning in Nigeria, and a helpful FAQ section answering the most frequent questions of fans of online betting.

How Are We Rating Bookmakers in Nigeria?You may be wondering how we ranked all the top bookmakers in the world and assigned some spots to them in our rating.ipalmoil.com We’re transparent about the criteria and share them with you to enable you to assess every new bookie in the market objectively.

Security. All betting site in Nigeria that made it to our ranking was tested for security measures, such as the guarantee of advanced encryption on the website, protection of personal and financial data of the clients. In the modern world of cyberthreats and commonplace hacking, knowing that your data is in safe hands is always reassuring.

Portfolio of offers. Our online bookmakers rating all takes into account the variety of games and sports activities that a particular bookmaker provides. It’s always great to have the breadth of choice, so Nigerian clients may rest assured that we ranked highly only the bookies that provide that variety and will keep the betters on their toes.

Customer service and support. Sports betting is about money, so it’s impossible to become a highly rated, reputable provider if the website lets its customers down. Websites we recommend have several communication channels for the clients, exhibit quick turnaround times, and ensure that all inquiries are .

Generous bonus offers. Sports betting is a form of gambling, and gamblers like bonuses. It’s the free money or special opportunities that you receive for betting more with less deposited money. So, we selected the bookmakers that give away the most generous bonuses without creating unfavorable wagering terms and dead-end conditions.

Technical superiority. The third millennium is the technology-intense era, so only the websites with an updated, innovative interface and modern features will survive, enjoying the unending popularity among tech-savvy users. Here we looked at the availability of regular updates, live streaming, mobile apps, etc.

Our experts assessed each website based on these points and chose only the resources in which you can be confident.

Best Betting Site OffersSo, which aspects are essential when choosing, for example, a wrestling betting site? Or which features should a bookmaker possess to receive a VIP betting site rating? Here are some considerations for an amateur quality review that every user may easily perform:

– The betting website doesn’t require too much personal information during registration. Keep in mind that to register an account, you usually need to provide only your name and last name, as well as a password and a login. Some additional data may be the verification of your age. All the rest will be required for identity verification later.

– The bookmaker offers a glass of champagne to all new entrants. By this, we mean some pleasant bonus that the new better may spend on more bets or playing in the online casino. But before accepting the bonus, make sure to read the wagering requirements – if they are too high, then maybe that glass of champagne is not worth drinking?

– The website supports enough deposit and withdrawal methods.oberschoellenbach.de It may happen that some payment methods are more convenient for you; you always have to have some choice.

– The organization has transparent terms and conditions. Though this section may seem too boring, it’s nevertheless the main document to read before registering and wagering any money. Here the bookmaker usually informs the users about the minimum and maximum deposits and withdrawals, the date of bonuses’ expiration, wagering requirements, games and stakes for which the bonus money qualifies, and all the rest of the critical information you’ll need to use the website properly.

These considerations are equally applicable to the WWE betting site in Nigeria if this is what you’re after. Just think of each point in the list and make sure that you check all boxes before wagering any real money – the new website promising riches to you may be nothing more than a tricky scam.
$122 Welcome Bonus

The Best Football Betting Site in NigeriaEverybody knows that football is the most beloved kind of sports in Nigeria. So why not bet on the football matches if it adds to the excitement and thrill of watching the match? Here comes the question of choosing the best football betting website as the reputation of your bookmaker is what takes the nerves and hassle out of the betting process, leaving only the enjoyment.

The quality criteria we applied to all football betting entities indicated that in 2020, the greatest security measures and the highest odds may be found at 22bet and Nairabet. These two bookmakers specialize in sports betting, football in particular, and do their best to offer the best functionality and diversity of options to the gamers.

The Best Betting Site in Nigeria 2020Based on the criteria we discussed above and on hundreds of online sports betting site reviews, we can confidently conclude that in 2020, Betvictor best betting site will be keeping the top spot in all Nigeria betting ratings. Here are the reasons for its immense popularity in the market and users’ confidence in its reliability:

– It has a diverse product portfolio including the online sports betting section, an online casino, a live casino, and a set of highly involving games and offers.

– Sports betting is varied, including horse racing, football events, a virtual bet builder, even stakes at dogs racing. Betvictor features top European matches and enabled both pre-play and in-play betting for the users to be just in time with their stakes.

– The online casino section is rich in the slot products, game shows, table games, Megaways games, slots with progressive jackpots, and some instant win products.

– The live casino section provides an opportunity to partake in a real game, with the roulette, blackjack, monopoly, and Dream Catcher live rooms available.powergraphics.co.kr

– Besides the portfolio of games, Betvictor is highly generous in terms of bonuses and special deals. For instance, the gamblers coming to play with a minimum deposit equaling £10 will have their bet increased seven-fold.

– The website holds a number of valid licenses that make its functioning safe for users in many countries. It is registered by the UK Gambling Commission, the gaming authority of Ireland, and the Gibraltar Gaming Commissioner.

All these factors make Betvictor a great option to try. You’ll never be bored, receiving new surprising offers and special bonuses every day.

Which is the Betting Site with Highest Odds in Nigeria?Numerous bookmakers offer great odds to the gamblers, but our review showed that Merrybet is thus far the entity that pays out the most and the quickest. Thus, Nigerian betters will never have to worry if they become the clients of Merrybet, seeing frequent wins (if they are lucky) quickly in their hands.

Bookmakers: The 4 Best Betting Sites In Nigeria (2021)

REGISTER!
2. 2
8.0 / 10 Our mark

Bonus ₦35000 Excellent Live Streaming Options Various Promotions available 1xbet detail

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3. 3
7.5 / 10 Our mark
Bonus 130₦ Interesting betting opportunities available.roegatecollege.com Good sign up offer Betwinner detail

REGISTER!
4. 4
7.0 / 10 Our mark

Bonus 5BTC Competitive odds for pre-match and live betting Instant deposits and withdrawals Cloudbet detail
REGISTER!
For an unforgettable gaming experience and to multiply your winnings in online sports betting, each player will of course search for the best bookmakers to place your bets with. While each sports betting site no doubt has its advantages, there are some which out, and should be prioritised when registering your new accounts. On this page dedicated to the best online bookmakers, we offer you a comparative list drawn up by our experts, who will help you in your search for the top betting sites in Nigeria.

What is a bookmaker?But first of all, what is a bookmaker? If you are new to the world of online betting, and are not entirely familiar with all that is involved in the discipline, you should know that a bookmaker is a professional gaming site that offers the possibility of winning money by betting on sports events. Since originating in the UK, bookies have grown in popularity around the world – first in physical form, and later online as betting sites. The principle is simple – the probability surrounding a sports event determines an odds value, and it is on this figure that you place your monetary wager. Let’s say, for example, that you wanted to bet on Enyimba against Sunshine Stars in the Nigerian Professional Football League. If odds on the victory of the Enyimba are offered at 2.0, and you decide to bet 4000 NGN, you could earn gross potential winnings of 8000 NGN in the case that they win the encounter. On the contrary, if the Sunshine Stars win the game, or if the final result is a draw, then the 4000 NGN stake of your bet will simply go to the bookmaker.

In regulating the market in Nigeria, an institution was called the National Lottery Regulatory Commission was founded in 2005. Established under the National Lottery Act 2005, this body is responsible for setting standards for the gaming industry in Nigeria. Appointed to ensure a safe and fair gaming environment, it is highly recommended that new customers register accounts with bookmakers that have been licensed by this body. Remember that your bank details, your identity or your gambling habits will always be required when registering on a betting site – if the site is fully secured and guaranteed by an official state institution, you can rely on them with your details.

Comparing betting sites in Nigeria Name Test security Service clients Transactions Ratings site Betting variety Mobile Live coverage Global mark Visit
9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 9.0 REGISTER!
8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 REGISTER!
7.0 7.0 6.5 6.5 7.0 7.0 6.5 7.0 7.5 REGISTER!
7.0 6.0 6.0 6.0 7.0 6.0 6.0 6.0 7.0 REGISTER!

As you can see in the comparative table above, a number of different bookmakers exist on the Nigerian market. While we advise you to register with these each of these sites, it is still important to be aware of which sites to make a habit of betting with – and in particular why that is the case. It is at this point that we will explain how it is that we have established our ranking of the best online betting sites, including some of the main criteria that are accounted for by our specialists.

Before considering reliability (financial strength), reputation (licenses obtained), quality of transactions (means of payment accepted, deposit fees, etc.) and the live betting offerings, we first analysed the main factor of interest to you as an online bettor – the level of odds offered! Whether on football, tennis, basketball or rugby, each discipline is covered by these online betting sites – and as such odds on each of these markets are available. To rank the bookmakers in our comparison, we first compared the odds values offered on hundreds of different betting markets. To put it in a more concrete manner, if the Bet9ja offers odds of 2.0 on a win for Enyimba against Sunshine Stars, as opposed to a value of 1.8 offered by Nairabet, then the former bookmaker will receive a higher ranking in our table.

The second important point to take into account is the the quality of the betting site itself. Since you will no doubt be spending plenty of time on the site of your choice, the interface offered is of great importance. Whether it is the quality of the site design, or the navigation performance of the site (page loading time, responsiveness, etc.), many factors are taken into account when evaluating this criterion – all of which will be essential for your user experience at the site. After substantial testing, our team has noted the performance of each bookmaker in terms of this second criteria of our ranking.

The third point that we want to highlight is the diversity of betting markets proposed at each site. Similar in nature to the level of odds offered, the variety of bets and betting markets on which you can wager your money is also a large part of our classification. In this light, the sites that offer the widest range of sports bets on events from a variety of sporting disciplines will be rewarded by our specialists in the overall rankings.

Then, the penultimate criteria considered in our ranking is the quality of the welcome bonus offered by each betting site. As well as general promotions and offers available at the site throughout the year, each online bookmaker offers a sign up bonus to new customers that join the site. After having analysed all of the bookmaker bonuses available, we have noted the interest of each proposed offer – from the amount to be awarded to the conditions required to obtain the offer. A factor that you will no doubt appreciate, as it comes into play in a big way at the beginning of your online betting journey.

Last but not least – customer service. This factor is one of the more important issues that we take into consideration when ranking the best bookmakers on the market. Whether it is answering queries about a user experience at the site or solving any issues that may arise, a representative of each bookmaker must be readily available to you. To help you, we have analysed the contact resources provided by each bookmaker (email, phone, live chat, etc.).smkn1bjp.sch.id This is one of the primary criteria analysed by Sportytrader, as it is one that will guarantee a pleasant overall betting experience.

Best Arbitrage Betting Sites For Nigerian Bookmakers – 4 Tested!

Sports betting is getting more and more famous in Nigeria. This fact by itself is making you think that strategies like arbitrage betting are getting more attention.
In this article, I gathered the best arbitrage bet finders for Nigerian bettors.

Like in every other country arbitrage opportunities in Nigeria are the surest bets to guarantee a profit on every bet.
Unfortunately, these softwares are focused on European bookmakers.

But some of them are covering a decent number available for Nigerian bettors too.
Choosing the best scanner is not a simple task.dewarticles.com A lot of people think that finding the cheapest with the most bookies scanned is the best choice. But based on my experience this is not true.

For example:

I used only 2-3 for a long time, and those were scanned properly only by BetBurger. They are the most expensive on my list but still the best in my case.

To be honest I don’t have experience with a lot of these bookies available in Nigeria. But I know all of these scanners so based on my experience I will try to guide you.

Best arbitrage betting software NigeriaBreaking Bet

RebelBetting Lite

BetBurger

ArbMate

Best arbitrage betting software NigeriaBreaking BetBreaking Bet is getting more and more attention in this industry. I used their services long enough to find the major advantages and downsides. I think they deserve my trust and their place on this list.

– 1xBET
– Bet9ja
– Merrybet
– NaijaBet
– 888 sports (unibet clone)
– NairaBet
– betfair
– SportyBet
parimatch
– betway

Not only the number of bookmakers scanned is the best in this list, but their monthly subscription price is the cheapest one.

Price for a month:
1. Pre-match/Live: 12 euros
2. Pre-match+Live: 18 euros

Sports scanned: 12

They are offering 30 days of . This means if you can’t work for some days/weeks you have the possibility to pause your subscription. With this option, you won’t lose those days.
In my experience, all of these scanners have some strengths and weaknesses.

But at the moment for Nigerian arbitrage or value bettors Breaking Bet is offering the best possibilities.
Visit Breaking Bet now!

RebelBetting LiteRebelbetting is one of the best services on the market. They are offering a lite version of their application for bettors from Nigeria.
In this subscription plan you will have access to the following 5 bookmakers:

– 1xBET
– Bet9ja
– Merrybet
– Nairabet
– Netbet

Price: 19 euros for a monthly subscription only for pre-match scanning

Sports: every major type of sport is scanned

Opinion:

I think this subscription plan was a generous offer for Nigerian arbitrage bettors.trailorthodontics.com But unfortunately for RebelBetting, there are slightly better options than theirs.
Click for RebelBetting Lite!

BetBurgerBetBurger is in the smart betting industry for a long time. Their arbitrage/value betting service helped thousands of bettors to make even millions of euros.
Nigerian bookmakers for arbitrage betting at BetBurger:

– 1xbet
– betfair
– betwinner
– 888 sport
– betway
– netbet
– cloudbet
– parimatch

Price for a monthly subscription:
1. Pre-match: 130 euros

2. Live: 230 euros
3. Pre-match/Live: 295 euros

The monthly subscription plans might seem a little bit expensive. But their services are not aiming at beginner bettors. For an arbitrage or value bettor with enough experience, BetBurger is a gold mine.
Visit BetBurger Now!

ArbMateI think their services are one of the most accessible for anyone. The pricing plan is built up in a way so you don’t have to pay for every bookmaker they are scanning. You can choose only 2-3 from the list and pay less.

Bookmakers scanned:

Price: 19 euros for a monthly subscription that contains: bet365, pinnacle sports and bwin
Price for additional bookies in euros:

– 1xbet
– bet9ja
– 888 sports
– betway
– netbet
– parimatch
– betfair
– melbet

Sports: Unfortunately, they are scanning only football and esports
Visit ArbMate Now!

If you are looking for a more detailed review about these services, you can find them here:

Breaking Bet review
Rebel Betting review
BetBurger review
ArbMate review
Conclusion on the best arbitrage software in Nigeria:

A lot of arbitrage scanners are including Nigerian bookmakers.snu.ac.kr Based on your needs the best software can be Breaking Bet or even BetBurger too. Check the bookies and the monthly subscription price in this article and you can easily decide.

The Impact Of Sports Betting On The Nigerian Economy – Businessday NG

With an estimated 60 million Nigerians actively involved in sports betting, sports betting and over 50 betting sites operating in the country, sports betting sports betting is experiencing a massive surge in Nigeria, and is consequently having a huge impact on the economy.

Nigeria has become the second largest online gambling market in Africa, behind South Africa, sports betting with a Gross Gaming Revenue of $58 million in 2018, sports betting according to a report by top accounting and sports betting auditing firm, sports betting PwC. The report projects that the GGR will rise by 16% over a five-year period.

The country has over 200 million people, supplying the population to feed the betting companies. Nigerians are passionate about their sports, sports betting especially football, and sports betting this has extended into their love for sports betting. The fact that they can make money from the sport they love so much is extremely appealing.

The rise in sports betting has also been aided by improving technology, with many Nigerians now having access to mobile phones and sports betting affordable internet. Unfortunately, sports betting the unemployment rate in the country remains high, which has also contributed greatly to the rise in sports betting.
Read also: Coronavirus: Delta reiterates commitment to boost economy

Nigerians plough about $5.5 million into sports betting every day, sports betting totaling an incredible $2 billion a year.bit.ly Bet9ja, the biggest betting brand sports betting in Nigeria, sports betting returned a monthly turnover of $10 million as at 2016, according to a report by another accounting firm, sports betting KPMG. NairaBet aren’t doing too badly, sports betting with an estimated turnover of $3 – $5 million dollars every month.
The betting companies have found a gold mine in Nigeria, and are expanding rapidly.

With such mind-boggling numbers flying around, sports betting it is hardly surprising that the Nigerian government is looking to tighten tax laws, and sports betting pull more from the revenue generated by these betting companies. Up until now, the government had not really taken full advantage of the explosion in sports betting in Nigeria, but that may be about to change.

The Federal Inland sports betting Revenue Service (FIRS), the agency tasked with assessing and collecting tax in Nigeria, sports betting recently moved to impose a 7.5% value-added tax (VAT) on betting activities in the country. This basically means that bettors will have to pay an extra 7.5% for every stake. For sports betting every N100 they stake, sports betting they will pay an extra N7.50, sports betting adding up to N107.5.

Unsurprisingly, both the bookies and the bettors have kicked against this plan, arguing that it will turn people away from betting, and ultimately lower the revenue. The Association of Nigerian Bookmakers met in Abuja in February to present their case, stating that it was impracticable to impose tax on betting stakes.

It is important for sports betting all parties involved to reach a compromise on the taxation of betting companies, sports betting and sports betting implement these laws because the money will go a long way in boosting Nigeria’s dwindling economy.

Sports betting and sports betting its contribution to the Nigerian economy
While the tax debate continues, it is only fair to note that betting sites in Nigeria have benefited the Nigerian economy in many other ways.
Employment opportunities
The sharp increase in the number of betting companies operating in Nigeria has provided more employment opportunities, with thousands of Nigerians now working for both the local and foreign companies.

Apart from employing Nigerians into their offices, sports betting betting companies also create jobs by inviting people to become agents and own physical outlets. These outlets have become very prevalent in Nigeria, sports betting and have provided an excellent source of income for their owners. The shop owners also have their own employees, who earn their small share from the sports betting jackpot.

Partnerships and sponsorships
Betting companies have also aided the Nigerian economy by forming partnerships and signing sponsorship deals with several organizations, both in the sports and entertainment industries.

European bookmakers, sports betting 1xBet have had partnerships with the Nigeria Football Federation and the League Management Company, while Bet9ja, up until early 2019, sports betting were title sponsors of the Nigerian National League, sports betting the second tier of the Nigerian league system.

Bet9ja also have a multi-million dollar sponsorship deal in place with popular reality TV show, Big Brother Naija. Bookies have injected a lot of money in the Nigerian media, bankrolling several shows and sports betting events across radio and television.

Interaction with other sectors
Sports betting in Nigeria is not growing in isolation, but rather moving along with other industries, sports betting notably the banking, information technology and telecommunications industries. The inter-relationship between these sectors can best be described as symbiotic, with each benefiting from the other.

It is true that sports betting has been aided by improving banking and payment systems; and technological advancement (more mobile phones, better internet), but betting has also given a lot in return.

Bookmakers now have affiliations with banks, payment gateways and sports betting telecommunications companies, sports betting leading to a significant increase in the activities in these sectors, and consequently boosting their revenue.

Imagine being charged N50 for every deposit you make via or sports betting internet banking; or sports betting being deducted N30 every time you fund your account via the mobile USSD service. Now think about the millions of deposits made into betting accounts per day. That is some serious money we are talking about.

According to Nigeria Inter-Bank Settlement System (NIBSS), there were 29 million web payments, worth N132 billion as far back as 2017.

As sports betting continues to grow at a meteoric rate, so will its effect on the economy. Hopefully the government and sports betting the companies can reach a mutually beneficial resolution on taxation.bit.ly The government needs some of that money, but they must also be mindful not to create laws that will significantly hamper the growth of the companies that are operating legally in the country.