Sports betting here in Nigeria can be a little bit of a complex affair, nevertheless, it’s a growing industry and there have already been heaps of reports on how mobile entrepreneurs can capitalize from this industry.
Just a few days ago two more companies were granted their licenses from the National Lottery Regulatory Commission of Nigeria (NLRC).
Betwinner and Bet24Hrs were the latest to get the go-ahead as the commission is looking to making the betting industry a lot more transparent than it has been in previous years.
Just last month, the commission was forced to completely ban unauthorized foreign lotteries due to players not getting their winnings and have decided that by regulating more and more online betting and gaming providers here in Nigeria, they can protect consumers more and expand the regulated industry as a whole in the country.
According to the official NLRC website, the managing director of Bet24Hrs, Roy Jiang was thankful for the support received whilst going through the rigorous process of obtaining the sports betting permit and vowed his company would work 24/7 to help process the lottery industry in Nigeria.
Betwinner’s Managing Director, Olatunji Idowu also thanked the commission despite having faced a few challenges in the past and stated that they were “dedicated to being a trusted partner in the lottery industry”.
He further added that Commission would not regret their decision to grant them their permit and that the company is “encouraged with the sanitization that is going on in the industry”.
The Director General of the NLRC, Lanre Gbajabiamila highlighted the ongoing issues in the last few months in the industry and warned the licensees that they would not hesitate to come after them for any non-compliance they come across.
He also used the event to sent out an industry-wide warning to non-regulated businesses to become regulated without haste or face the “full wrath of the law”.
It wasn’t all serious though as he congratulated both businesses on their success of obtaining the Sports Betting Permit, which is by no means an easy feat, Stating that he is genuinely disappointed when they have to close down some lottery operators for noncompliance.
This moment clearly shows that the commission is not only cracking down on non-compliant companies, especially those who fail to make remittances due to the Federal Government promptly, but also shows that they will likely be licensing a lot more organisations in the coming months.
Overall this is good news for the Nigerian Gaming and Lottery Industries and could result in a huge surge their economy.
What are your thoughts on the commission’s crackdown? Do you think it will be a good thing protecting both consumers and businesses or could the issuing of so many permits make the market as saturated as it is in other places? Let us know in the comments below.
