Amazing online and physical gambling platforms in Nigeria depict Nigerians’ love for it. However, there have been some regulations for offshore gambling recently.
The gambling industry is witnessing huge love year by year—all thanks to technology, safety, and security. A platform like the Betway app download South Africa has multiple sports, offers, and top-notch security. These authentic, regulated, and profitable platforms are the reason for their immense popularity.
However, there are some checks on unregulated offshore platforms, and concerned bodies will take action on this. Here’s everything you should know.
Why Nigeria Becomes Stricter for Offshore Gambling Operators
Nigeria is the most economically strong West African country due to its petroleum production and export industries. Also, the gambling and betting industry is increasing rapidly, contributing to the economy.
The reasons are the advantages of online sports betting over traditional methods. The online techniques have great bonuses, flexible payment options, better odds, and many other perks.
But, despite its amazing growth, government officials are now looking to crack down on offshore and unregulated gambling operators seriously. In 2019, Lagos began granting licenses for online sports betting, and the bettors played at the offshore platform without fear.
The uncontrolled gambling at offshore locations creates a lot of fuss. This led to confusion about capital flight, tax evasion, the non-disclosure of financial transactions, and the movement of illicit funds. All of this information was unregulated and gave nothing to the economy.
Steps Taken to Control Offshore Gambling Operators
The Nigerian Lottery Regulatory Commission (NLRC) and the country’s Financial Intelligence Unit (NFIU) have restricted offshore/ unregulated gambling. However, these operators from other countries with Nigerian players create an atmosphere of illegal gambling, contributing the least to the economy.
Joint task force plan to restrict Nigerian gamblers on unregulated sites. NLRC director-general Lanre Gbajabiamila stresses the importance of cooperation between responsible agencies to keep pace with the modern lottery industry’s complexity.
Australia banned citizens from playing on offshore platforms, but players bypass the IP address to hide their location. Nigeria is now collaborating with federal departments and state regulators to develop effective ways of combating unlicensed operators, building on past efforts.
Finally, gambling is legal and illegal in Nigeria, and over 60 million Nigerians have been actively involved in sports betting. Regulated gambling is safe, whereas offshore platforms can be risky. It not only leads to harmful activities but also leads to the monetary loss of players. So, creating a panel for regulating offshore gambling is necessary and may welcome strict actions shortly.
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