Bitcoin Forum

I will likely say that the scarcity of the new designed naira note is not a bad idea, but on the other hand it has also limits the spending rate of most gamblers here in our country Nigeria, I say this because in my area it has limit the gambling rate, before some gamblers will just receive their salary and the next thing you see them in a gambling shop. Now a gambler can not carry a huge amount of money like 500,000 or 1,000,000 naira to a local gambling shop to gamble. This scarcity of the new note has limited a lot of things, it's good and it's not also good. Please in your own opinion what do you suggest?

While I agree with your assertion, I would like to add that most of the bookies in and around my vicinity have quickly adapted to the current reality facing the country. They have gone on to apply for and get OPAY, MONIEPOINT, and the POS terminals of various commercial banks in a bid to see that business isn't affected. In addition, punters who are banked have switched to cash transfers, although I believe they will be wary of transfers to the Zenith bank accounts of these bookies. The category of gamblers who will be most affected in my estimation are those who wager <N1000 and the unbanked.

Even on local betting sites like nairabet, bet9ja, merrybet and most others, you can easily fund your account with credit cards like master card since many years ago. It won't be a surprise today even if online bank transfer and USSD code would work just like it works now while shopping on online shopping malls and sites like Jumia and Konga.

I agree with you but there lots of people I know that would prefer to gamble in a physical shop and reasons best know to them and I know of one who isn't digitally inclined and doesn't even use a smart phone always in a bet shop and I guess the rate at which they gambled must have reduced dues to the scarcity of the new cash according to @OP and I guess op was referring this observation to the rate of physical gamblers.
Just my opinion ~

Many Nigerians like going to betting agents, you are right. But how do we know they are not going online as alternative means? Some people may not have good or browsing phones or PC that they can use.

I disagree with you chief... I don't think the scarcity of the new naira note has anything to do with the reduced number of gamblers in betting shops. Persons who bet 500k to 1M rarely place their bets in physical shops, and persons like that bet with their phones or laptops from their own personal accounts and they can easily fund their accounts with ATM cards, bank transfer, USSD, POS etc.  In my on opinion, the fuel scarcity has brought about the increase in prices of commodites in the market as well as transportation. So many persons including gamblers are cutting their expenses and reducing the way they bet.

The truth wey come my mind be say he good for the gamblers that spend a lot of their salary in the name of gambling, so this kind new naira note issue make their money last or dey hard to spend, but in other side the matter no good at all because it really affects the life of the citizens, like no cash everywhere and the charges from the pos are too much, my own for here be say the scarcity of the newnaira note he no too good, so make our government try to do better thing about it.

I take sides with you on this matter because gambling as I know don pass level of cash use sef. USSD, POS , ATM cards and the fact say na mostly online, na just to show say the new design no too affect gamblers. After all how many gamblers wey dey visit live centres wey dey play pass #100 or #200 at most.  Where the pain is felt more is as regards purchasing of commodities and products and PMS , because no light/power is tantamount to increased expenses.

Every thing has a good  side and a bad side . The good aspect of this cashless policy is that it limits excess spending if you may like. The possibility of moving about with huge bulk of cash is being check mated and regulated by cash scarcity which is favourable to some certain extent but not in general. Just as you have said, in this case I think if the gamblers are digitally inclined, they would go for Crypto based casino rather than moving about with cash that would be easier and less cheaper for them compared to the cash carrying casino. If you can and you know those gamblers why not approach them etell them about Crypto based online casino so they could give it a try.  Atleast that could be ok by them as they would not need much issues moving about when they can just play with their phones and computer.