Nigerian government proposed a new tax scheme on sports betting

The Nigerian government is set to introduce a new tax scheme for sports betting activities such as football, basketball,  tennis and others.. The Executive Secretary of the National Lottery Trust Fund (NLTF), Bello Maigari, said this recently during his speech at the Second International Gaming Conference in Lagos.

According to Maigari, despite the deteriorating economic situation, more than 65 million people in the country are fond of sports betting. They spend an average of $15 on bets every day. Online betting revenue could reach $256 million by the end of the year.

In this regard, the federal government needs to create a mechanism to encourage the betting industry to contribute taxes to the country's treasury.

The new scheme is aimed at increasing government revenue and also curbing excessive gambling, which authorities say has become a social problem.