Without a doubt, when you hear about Nigeria, gambling is not the first thing that comes to your mind. Nevertheless, it appears that the country’s gambling industry is growing rapidly and it is estimated that in the next five years, Nigeria will become one of the fastest-growing African countries in terms of gambling.
Apparently, in Nigeria you can indulge on all kinds of betting, from the upcoming national lottery, through sports betting, to casino gambling, where you can play table games or you can choose between classic, video and progressive slots machines.
The multinational professional services firm PricewaterhouseCoopers (PwC) recently published a report titled “Gambling Outlook 2013-2017” and it did not focus on Nigeria exclusively, but also analyzed gambling data from South Africa and Kenya. The report features data from various gambling options in South Africa – LMPs, sports betting, bingo, as well as the national lottery are taken into. Still, for Kenya and Nigeria, the report reveals statistics from casino gambling only.
As stated by PwC, Nigeria’s gross gambling revenues will increase by 16 per cent in the course of the next five years. What is more, Nigeria is to launch a nationwide lottery titled Quick Lotto, and former chairman of the Senate Committee on Capital Market Ayo Arise believes that the launch will generate employment and tax revenues.
Arise has collected data from various countries which have a national lottery and believes that for most countries the lottery is but a means to make the community more prosperous. In this respect, he states that Nigeria does not intend to behave differently. Arise has stated that 20 percent of the profits from the lottery are distributed to the Federal Government which uses the money for good causes, “for the advancement and progress of this nation,” says Arise.
Fortunately, as we already said, Nigeria has other betting options and people do not need to wait for the lottery to launch in order to gamble. In fact, one of the most popular means of gambling here is sports betting.
Many betting companies have benefited from the football enthusiasm all across the continent, designing and deploying betting platforms every day. Fans can stake small bets and win big amounts of money, and this strategy makes sports bets incredibly popular among locals, both young and old.
As a matter of fact sports betting has become popular during the last decade. According to a KPMG report on Gambling in Africa, about 60 million Nigerians adults (18-40 years old) are into active sports betting. The common player would spend about 3,000 Naira (nearly $15) on sports betting. Proportionately, nearly 2 billion Naira is laid out on sports betting in Nigeria every day, which turns into nearly 730 billion Naira for a year. No wonder why betting shops can be spotted on almost every corner in Lagos and each day, new betting places set up shop.
The strategy of betting a small amount of money with the chance to score something big seems to be increasingly popular among young people. A poll revealed that Nigerians bet on football games every day not only because it is a way to make quick money, but also because it distracts people from high unemployment rates.
According to 2016 data, youth unemployment rates in Nigeria increased from 25 percent in the third quarter of the year to 25.20 percent in the fourth quarter of 2016. By comparison, the numbers averaged 19.20 percent between 2014 and 2016.
Nigeria has a good casino gambling business, too. What is more, the casino industry is expected to grow and turn into one of the continent’s largest casino industries in the following years. The bad thing about casino gambling in Nigeria is the fact that the system is largely unregulated and there are not enough licensed gambling venues.
The two gambling cities in Nigeria, i.e, the cities with a legal gambling facilities are Abuja and Lagos. Lagos is the largest gambling city in the country and it has 1 gambling facility, 10 table games, as well as 106 games, slots, and even video poker machines. However, games such as roulettes and coin flipping are prohibited in Nigeria.
Despite the fact that the physical casinos in Nigeria are but three, the on-line casino industry has shown rapid growth, ever since the first on-line casino was licensed in the country in 2013. Actually, gambling was banned across the country until 2004, but then the first officially sanctioned on-line lottery was launched (incidentally, that is also the time when the country’s casinos opened, too).
The year 2013 saw the establishment of the country’s first on-line casino. Initially, the casino featured only Roulette games. The market rapidly expanded and now Nigerians can access a wide range of international and sports casinos operators. Nevertheless, the country is still very strict on the topic and allows citizens to visit approved sites only.
Experts expect the on-line gambling industry in South Africa, Kenya and Nigeria to reach $37 billion this year and this has made the government to realise that the potential tax revenues from such an expansive business require proper regulation and should not be turned a blind eye on.
Nigerian authorities think that the strong regulation of the market will actually attract more people to on-line gambling sites and it will even help reduce corruption and criminal behaviour among the population.
Government has been trying to set new regulating laws and make gambling profitable for the country as early as 2014, but with little success. New licensing systems are needed, according to Lagos State Lottery Board, and FIFA’s Early Warning System believes that both operators and the government can benefit from one another, all they need to do is work hand in hand.
Top 3 Best Football Players in Nigeria
Nigeria has produced so many great players over the decades, but who is the standout footballer to ever come out of a football-crazed nation?
In this article, we take a look at the top 10 players in Nigerian football’s storied history.
Today, betting is becoming more and more popular. One of the most important criteria when choosing a bookmaker is the convenience of using a mobile application. Betking App has the same options as those on the main website. Users may sign up for the service, wager on any game mode, manage their accounts, contact customer support, and more through the platform.
- Steven Keshi
Steven Keshi is one of only two people to win the African Cup of Nations as a player and manager, the other being the Egyptian Mahmoud El-Gohari who won the tournament in 1994 as captain and in 2013 as manager of the Eagles.
Big Boss, as he was affectionately known, also captained Nigeria to its first US World Championship in 1994. He made 64 appearances for the Eagles, scoring 9 goals.
At club level, Keshi played for a number of Nigerian clubs, his longest tenure at the New Nigerian Bank and also spent a lot of time in Belgium, especially at Anderlecht, which he represented between 1987 and 1991.
In addition to leading Nigeria to an AFCON triumph in 2013, Keshi had other great managerial feats, the most notable being the selection of lowly Togo for their first World Cup in Germany in 2006.
- Jay Jay Okocha
With magical legs and unrivaled creativity, Austin JJ Okocha is probably the most naturally gifted footballer to ever play for Nigeria.
Okocha didn’t win as many titles and awards as his talents deserved, but he won the Nations Cup with the Eagles in 1994 and was part of the team that won the gold medal in Atlanta in 1996.
He came close on many other occasions as well, finishing second with the Eagles at the 2000 AFCON and then winning three consecutive AFCON Bronze medals in 2002, 2004 and 2006.
Okocha also did not have much luck with individual awards, as he never claimed the prestigious African Footballer of the Year award.
He played for Frankfurt in Germany in particular and for French team Paris Saint-Germain, joining the Parisians for an African record transfer fee after the 1998 World Cup, but it is for the unfashionable English team Bolton Wanderers that he may have had the greatest impact in Europe. .
With Okocha pulling the strings in the middle, Bolton became an established Premier League team and even reached the EFL Cup Final, which they lost to Middlesbrough.
Okocha may not have won as much as some of his contemporaries, but he will always be one of the most talented players to ever play this beautiful game.
- Nwankwo Kanu
Nwankwo Kanu is one of the most decorated players in Nigerian history.
The lanky forward had already captained the Nigerian national team and won worldwide glory at the 1993 Under-1993 World Youth Championship in Japan at 17, but he rose to new heights in 1996 when he inspired a dream team to win a football event at the 1996 Olympics in Atlanta.
Despite all his success at the junior level, Kanu, surprisingly, never claimed titles at the senior international level. The closest he came to this was a heartbreaking final with a runner-up finish at the 2000 African Cup of Nations co-hosted by Nigeria and Ghana.
He scored 12 goals in 86 matches for Nigeria.
What he lacked in trophies with the Super Eagles, he more than made up for at club level.
Kanu is one of the few Nigerians to have won a UEFA Champions League winner’s medal. He helped Ajax win the title in 1995 and also won the UEFA Cup in 1998 during his brief stint with Inter Milan.
Kanu earned trophies at Arsenal, winning two league titles and three FA Cups with the Gunners, and in 2008 he added another cup triumph with Portsmouth. famously scoring the winning goal in the final.
For all these feats, he was named African Footballer of the Year in 1996 and 1999.
Nigeria’s path to democracy
Description: Constitutional reforms, the role of civil society and the fight against corruption play an important role in the development of democratic principles in Nigeria. This article stresses the importance of every citizen’s participation and continued efforts to achieve stability and prosperity in the country
The history of democratic evolution
The history of democracy is a story of the rapid development and evolution of political systems in different parts of the world. The road to freedom and equality is long and arduous, and one of the countries that has travelled it is Nigeria.
Democracy, which embodies the idea of the right to self-government, had its roots in Ancient Greece. It was a revolutionary concept in which power lay in the hands of the people, not usurpers. Over time, the idea of democracy spread around the world, influencing many countries and cultures.
Nigeria’s history is linked to the colonial era, when European powers exercised control over its territory. In the mid-twentieth century, the country gained independence and a period of political instability began, including authoritarianism and military coups. The Nigerian people, however, were not resigned to this state of affairs. They aspired to freedom, justice, and democracy. In 1999, the country returned to civilian rule and democratic institutions gradually began to consolidate. After a long period of military junta, the country was able to establish a democratic system of government. Elections held in the same year led to the election of Olusegun Obasanjo as president, opening a new chapter in Nigeria’s political history.
An important point in the history of Nigerian democracy was the constitutional reforms, which established the framework and principles of democratic government. Nigeria made significant amendments to its constitution to ensure more equal rights and freedoms for citizens. This includes guarantees of freedom of speech, assembly and association, and the independence of the judiciary. Such constitutional reforms were necessary to strengthen democratic principles and protect the rights of citizens.
Finally, Nigeria moved from a one-party system to a multi-party system, which facilitated a diversity of political views and competition. This gave citizens the freedom to express their political preferences and choose representatives who would champion their interests.
Betting and gambling in democratic Nigeria
Nigeria is currently one of the most active gambling and sports betting markets in Africa. This sector of the gambling industry is significant to the country’s economy and provides jobs for many citizens.
Nigeria’s democratic regime recognises citizens’ right to freedom of choice and provides a number of legislative frameworks for the regulation of gambling and sports betting. The National Lottery and Regulatory Commission regulates and supervises the industry to ensure honesty, transparency, and protection of players’ interests. So it’s fine to go to the site surebet247.com and have your own portion of the gambling enjoyment.
As part of Nigeria’s democratic regime, the government, and regulators seek to balance stimulating economic growth with ensuring social responsibility in the gaming industry. They seek to prevent the negative effects of gambling, such as gambling addiction problems and financial hardship, by providing regulation and supervision, as well as awareness campaigns and educational programmes.
Overall, Nigeria’s democratic regime seeks to create a level playing field and a balanced approach to the regulation of gambling and sports betting in order to promote the industry and protect the interests of citizens.
Role of civil society
Civil society plays an important role in the development of democracy in Nigeria. It is a collection of independent organisations, community groups, activists, and journalists who operate outside the state apparatus and political parties. Increased and strengthened civic expression contributes to a more inclusive, responsive and participatory democratic process.
In Nigeria, civil society holds a key role in the following aspects of democratic development:
- Promoting human and civil rights advocacy. Civic organisations and activists in Nigeria actively fight for the protection of human rights, including freedom of expression, freedom of assembly and association, and equality and justice.
- Election observation and civic participation. Civil society in Nigeria plays an essential role in election observation, ensuring fairness, transparency, and freedom.
- Environmental protection and sustainable development. Citizens’ associations in Nigeria are active in protecting the environment and promoting sustainable development. They fight against environmental destruction, air and water pollution, and violations of indigenous peoples’ rights. Civil society promotes environmental awareness and citizen involvement in sustainable practices.
Policy analysis and public debate. Activists examine the impact of policy reforms and propose alternative solutions. Journalists and civil society researchers address corruption, inequality, economic development and other issues, promoting public awareness and inclusion in decision-making.
Exploring Tax Implications for US Citizens When Betting on Sporting Events Abroad
While placing bets at local casinos and racetracks is commonplace, the rise of online sportsbooks has made it easier than ever for Americans to wager on sporting events that take place overseas. However, many Americans may not realize that betting on sporting events abroad can have important tax implications. With Playabets login, you can make secure and convenient bets from anywhere in the world while understanding how your winnings will be taxed. In this article, we will explore the various tax issues that US citizens should be aware of when betting on sporting events abroad.
Tax Obligations for US Citizens Betting on Sporting Events Abroad
US citizens who bet on sporting events abroad are subject to both US and foreign tax laws. The United States requires individuals to report all income, including gambling winnings, on their tax returns. This means that US citizens who win money betting on sporting events abroad must report those winnings to the Internal Revenue Service (IRS).
The tax implications for winnings from overseas bets vary depending on the country in which the bets were made. Some countries may have tax treaties with the United States, which can help to reduce double taxation of gambling winnings. However, in some cases, US citizens may be subject to both US and foreign taxes on their winnings.
Deducting Gambling Losses for US Citizens
US citizens who bet on sporting events abroad may be able to deduct their gambling losses on their US tax returns. However, there are strict rules and limitations on deducting gambling losses in the United States.
In order to claim a deduction for gambling losses, US citizens must keep detailed records of their gambling activity. This can include items such as losing bets and receipts for wagers placed.
Additionally, US citizens can only deduct gambling losses up to the amount of their gambling winnings. This means that if a US citizen loses more money than they win from betting on sporting events abroad, they may not be able to claim a deduction for their losses.
Consequences of Failing to Report Gambling Winnings
There are serious consequences for US citizens who fail to report their winnings from betting on sporting events abroad. The IRS has strict guidelines for reporting all sources of income, including gambling winnings. Failure to report these winnings can result in penalties and legal action.
Penalties for failing to report gambling winnings can include fines, interest on unpaid taxes, and even criminal charges. In some cases, individuals who fail to report their gambling winnings may be charged with tax evasion, which can result in jail time and other severe consequences.
In addition to the potential legal consequences, failing to report gambling winnings can also have long-term financial implications. The IRS has the power to seize assets and garnish wages in order to collect unpaid taxes. This can make it difficult for individuals to secure loans or credit in the future, as well as causing other financial hardships.
Avoiding the Consequences
To avoid the consequences of failing to report gambling winnings, US citizens should always keep accurate records of their gambling activity. This includes keeping track of all bets placed, winning and losing tickets, and receipts for any wagers placed.
It is also important to report all gambling winnings on tax returns, even if they were earned while betting on sporting events overseas. By reporting all income, individuals can avoid penalties and legal action, as well as ensuring that they are not subject to double taxation on their earnings.
In conclusion, betting on sporting events overseas can be an exciting pastime, but it is important for US citizens to understand the potential tax implications. By keeping accurate records and reporting all winnings, individuals can avoid the consequences of failing to report their gambling earnings. Failing to do so can result in serious financial and legal consequences, which can have long-term effects on an individual’s financial well-being.
Overall, US citizens who bet on sporting events abroad should be aware of the tax implications of their actions. It is important to report all gambling winnings to the IRS, and to keep detailed records of all gambling activity. Additionally, it is important to understand the tax laws of the specific country in which bets are placed, and to seek the advice of a tax professional if necessary. By understanding the tax implications of betting on sporting events abroad, US citizens can avoid costly penalties and ensure compliance with all relevant tax laws.
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