Within Nigeria, online gambling is a rapidly growing and inarguably thriving sector. With the sports betting market alone worth an estimated $2 billion, the industry is going from strength to strength, which has recently led to calls for more stringent regulation.
In response to this, a new partnership has been struck – one that promises to deliver greater regulation across the many online providers operating within this arena. We take a look at what this might mean for the industry and individuals moving forward.
A new and promising partnership
In order to successfully grow and thrive, a country’s gambling sector must be properly regulated in order to build trust among consumers and protect those who play.
This is a goal those within Nigeria’s burgeoning industry are striving toward, and the latest promising partnership suggests they’re well on their way to achieving this.
That’s because of a recently announced collaboration between the Corporate Affairs Commission, hosted at www.cac.gov.ng and the Nigerian National Lottery Regulatory Commission at nlrc-gov.ng. Working closely together, the two have now reached an agreement whereby they will jointly examine applications for lottery operators’ licenses as well as closing certain systemic loopholes.
This is a task the NLRC is undoubtedly well qualified for, given that their existing function is to ensure the proper regulation of the lottery business within the country while also maintaining the accountability and transparency of the sector in Nigeria and protecting the public interest.
Speaking on the subject, Lanre Gbajabiamila commented that partnership between the two organizations was not only welcome but long overdue, with the burgeoning popularity of the industry making it increasingly difficult for the Commission to handle its workload alone, as covered on InkedIn.com.
Rapid growth and digitization
As Honorable Gbajabiamila explained, this move was prompted, in part, by the rapid growth and digitization of the gambling industry, which made improved regulation a necessity moving forward.
Indeed, one only has to look at a casino review site to see this reality exemplified, with numerous online providers currently in existence and such websites have become a necessary part of the vetting process for players. Similar platforms are in place across the world, with CasinoWings.com being one example from Japan.
With the two bodies working together, it is hoped that soon consumers will not be left solely responsible for safeguarding their interests online but will be supported in their endeavors by a stronger regulatory force who will be able to evaluate the legitimacy of gaming providers on their behalf.
The main function of the Corporate Affairs Commission moving forward will thus be to manage the companies that operate within the Nigerian gambling sector by maintaining an elite corporate registry that only approved companies will be a part of.
Speaking on the topic, the CAC said that it was aware of the challenges previously faced by the NLRC with regards to the registration of lottery companies and that it would labor alongside the body in the hopes of overcoming these issues in the future.
This collaboration between the two is part of a wider move by the government to ensure greater cooperation between federal agencies and regulators, in the hopes of improving and strengthening the country’s online industries as a whole.