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FG proposes introduction of tax scheme on sports betting


The Federal Government is proposing to introduce a sports betting industry tax scheme in the country.

 

The executive secretary of the National Lottery Trust Fund (NLTF), BELLO MAIGARI said this at the second edition of the ongoing biennial national gaming conference organised by the National Lottery Regulatory Commission in Lagos.

 

According to him, more than 65 million Nigerians spend millions of dollars on betting each year despite the economic hardship in the country.

 

The NLTF chief in his address at the conference further said that the online sports betting sector in Nigeria has so far witnessed exponential growth.

 

MAIGARI further disclosed that the revenue from the online betting sector alone in Nigeria is projected to reach over 256 million dollars by the end of the year 2023.

 

He stated that this is expected to experience an annual growth rate of nearly 10 per cent to reach more than 366 million dollars by the year 2027.

 

MAIGARI further called on the Federal Government to create a framework that can encourage the sports betting industry to start paying taxes in Nigeria.

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