Lawmakers advocate for implementation of sports betting monitoring system in Nigeria

In the past week, the Nigerian House of Representatives has put forth a proposal for the establishment of a centralized sports betting monitoring system. This initiative, spearheaded by committee chairman Canice Moore Chukwugoze Nwachukwu, was presented during a public hearing on the need to curtail the dangerous effects of sports betting and direct the National Lottery Regulatory Commission to comply with the Lottery Regulatory Commission Act at the National Assembly Complex in Abuja. 

Chairman Canice Moore Chukwugoze Nwachukwu emphasized the importance of regulating the sports betting industry to prevent adverse social consequences without advocating for its closure. The focus lies on enforcing regulatory standards to safeguard against the negative impacts of gambling on society.

Sandra Agbor, Deputy Director of the National Institute for Policy and Strategic Studies in Kuru, echoed the need for immediate action in light of the significant financial investments made by Nigerians in sports betting, estimated at around $2 billion annually. She recommended the enactment of an Executive Order by the President to address the risks associated with sports betting while awaiting the revision and approval of the Nigerian Lottery Regulatory Commission Act of 2005.

Furthermore, the Federal Government of Nigeria is contemplating the implementation of excise duties on lottery, gambling, and telecommunications. Additionally, the Federal Inland Revenue Service has introduced a 7.5% value-added tax (VAT) on betting activities within the country. These measures signify a broader effort to regulate and monitor the gambling sector in Nigeria to ensure responsible practices and mitigate potential societal challenges.