Nigerian government changing the state of lotteries

[fiulpro]

https://www.gamblinginsider.com/news/12485/nigeria-federal-government-to-repeal-lottery-and-gaming-acts
If you are from Nigeria, you need to be up-to-date with the following article. The government recognized a huge potential in the lottery which can change the whole system. So what the government is going to do :
1. Make sure revenues are in order
2. Monitor the lottery system
3. Spread it all across
4. Better management
The reason why the government is doing this is because they want to look for a revenue source which is not only sustainable but unexplored in Nigeria.
There still will be laws and risk factors which the businesses have to adhere to in the upcoming days. Therefore it's not only going to be a profitable business but at the same time it's also going to give government huge revenue from the same.
Let's monitor what happens in Nigeria and let us hope that the revenue, taxation, rules, regulations won't be that harsh.

[1715557347]

1715557347

[alegotardo]

https://www.gamblinginsider.com/news/12485/nigeria-federal-government-to-repeal-lottery-and-gaming-acts
If you are from Nigeria, you need to be up-to-date with the following article. The government recognized a huge potential in the lottery which can change the whole system.

[...]

This is very good news for Nigerians.
Just yesterday I was reading about a Sigma event that talked about gambling in this country that has grown exponentially in the last two years, mainly with the participation of younger people and predominantly in sports games.
While many countries still insist on banning gambling, others are looking for the best ways to legalize them so the country can collect good taxes from this niche to invest in the country's growth.

[Yogee]

Can you give a short explanation on what changed from National Lottery Act and Gaming Act to the new system? I'm not familiar with how Nigerian politicians think but isn't this Central Monitoring System too late? I mean most countries where lottery is legal probably had this kind of set up from the very beginning.

[crwth]

Is this unexplored in Nigeria?

Upon searching for a couple of minutes, it seems that it's legal and illegal there. It's not that well-regulated, and some officials want something out of it hence, corruption. With the increasing gambling activity within them, upon reading the article linked in the reference section, they are getting more regulations that are not bad compared to doing nothing.

I hope with all the complex activities with this in their country, there would be no consequences towards the action of people if they had a rough day or something with all the gambling they had.

[goinmerry]

Not bad at all as it's a must to have a strict and proper regulations so that for every inch of revenue that will come from gambling, it will be used properly for its real purposes such as how tax should be.

Anyways, is that only applies to the lottery? If so, then like here in our country, maybe lottery there has lots of bettors since it's one of the gambling types that is easy to access, no need for some technical knowledge and the best part of it, tickets are cheap.

[Fortify]

https://www.gamblinginsider.com/news/12485/nigeria-federal-government-to-repeal-lottery-and-gaming-acts
If you are from Nigeria, you need to be up-to-date with the following article. The government recognized a huge potential in the lottery which can change the whole system. So what the government is going to do :
1. Make sure revenues are in order
2. Monitor the lottery system
3. Spread it all across
4. Better management
The reason why the government is doing this is because they want to look for a revenue source which is not only sustainable but unexplored in Nigeria.
There still will be laws and risk factors which the businesses have to adhere to in the upcoming days. Therefore it's not only going to be a profitable business but at the same time it's also going to give government huge revenue from the same.
Let's monitor what happens in Nigeria and let us hope that the revenue, taxation, rules, regulations won't be that harsh.

A "national" lottery can actually be an all-round good idea if it is properly set up and run for the benefit of the country. The UK did something rather good - until some silly politicians sold it off cheap for a short term gain to make themselves look good. However, it still continues to make good tax money and is legally required to spend a certain amount of it's profits on charitable good causes. It needs to have a lot of trust though and should be run in the most transparent way possible. It helps if it is a reasonable price so the average person can buy it and allows people to gamble in a small scale way that is unlikely to cause irrational addiction issues like some games, if run weekly.

[Vaskiy]

If this has positive impact over the revenue generation, then it is really appreciable. Nigerian government is acting with a mentality to make big changes in revenue making out of the resources and its citizens. In reality this will also have negative impact and the government should have solution for it prior to the implications. It is one among the country in which money is got accumulated with limited number of rich people, and the government is found highly corrupt.

[Hamphser]

If this has positive impact over the revenue generation, then it is really appreciable. Nigerian government is acting with a mentality to make big changes in revenue making out of the resources and its citizens. In reality this will also have negative impact and the government should have solution for it prior to the implications. It is one among the country in which money is got accumulated with limited number of rich people, and the government is found highly corrupt.

When it comes on minding about the ratio about benefit:or negative impact since we are talking about revenue or tax then this would be always good for the economy and we know on how it do really improve a countries
economic state but of course it would really still be depending or varying on the officials or government that would be managing or simply not to be corrupt.

Even in other countries which they do consider out gambling industry because when it comes to possible revenue then no business could really likely to be on the same level
specially if it becomes popular.

[blockman]

That's good for their country, while some countries have been enjoying the taxation and revenue that they get in the gambling industry. They're making it look like it's very new to them. But for sure they'll come along with a good plan how they'll cope up with the lotteries and that's going to benefit the government. There are also other things that they have to set just like the openness they have for their citizens about bitcoin and it's also connected to casinos and gambling like lottery if they give some good and lite signal towards it.

[harizen]

That's a good initiative of the government there. With good regulations, expect that it will also follow good taxation on which will result in good distribution.

The lottery is one of the most recognized gambling in any country and if people will see that the government is putting good regulations on it, they might catch more of people's interest.

Reading the article, I've just realized that aside from the national lottery, there are lots of lottery operators there. The reason maybe why the government wants to change or modify the state lottery system there.

[Twinkledoe]

That's a good initiative of the government there. With good regulations, expect that it will also follow good taxation on which will result in good distribution.

The lottery is one of the most recognized gambling in any country and if people will see that the government is putting good regulations on it, they might catch more of people's interest.

Reading the article, I've just realized that aside from the national lottery, there are lots of lottery operators there. The reason maybe why the government wants to change or modify the state lottery system there.

Aside from good regulation, if they will manage the funds properly, they can help a lot of its citizens who badly need financial assistance. Usually, the lottery system of the government is dedicated also to help charity organizations and individuals who need financial assistance. If they can even lessen corrupt officials, the funds collected can be put into good use.

[STT]

Nigeria is an OPEC country, some diversification away from purely commodity driven revenues is probably going to prove something of a positive for the economy overall as Oil barrel price is not always reliably high and so to government revenues at times must suffer from this deficit.
   I know there are some elements within the country who do not believe in democracy and are radical religious orientated also but since they are already murdering ordinary people across the country and a threat to society I dont suppose this is going to effect their reasoning especially.   When I hear lottery I mostly think of it as a form of low level taxation but at least its voluntary and can do some good in giving regular revenues.

[Wexnident]

Well it looks like existing lotteries would have to watch out and make sure they're following the new regulations to be set by the government. I'm just wondering whether they would remove all lotteries and make one national lottery, or would they just manage the current lotteries much more strictly and take more profits than they usually would since it, as they said, could help in generating more profit for the country. If they were just managing it properly, then it'd definitely bring in more profit for them in the long run.

[avikz]

https://www.gamblinginsider.com/news/12485/nigeria-federal-government-to-repeal-lottery-and-gaming-acts
If you are from Nigeria, you need to be up-to-date with the following article. The government recognized a huge potential in the lottery which can change the whole system. So what the government is going to do :
1. Make sure revenues are in order
2. Monitor the lottery system
3. Spread it all across
4. Better management
The reason why the government is doing this is because they want to look for a revenue source which is not only sustainable but unexplored in Nigeria.
There still will be laws and risk factors which the businesses have to adhere to in the upcoming days. Therefore it's not only going to be a profitable business but at the same time it's also going to give government huge revenue from the same.
Let's monitor what happens in Nigeria and let us hope that the revenue, taxation, rules, regulations won't be that harsh.

A state owned lottery?? Isn't it dead already?? I mean lottery game is indeed a good source of revenue to the government, but it's drying out quickly as people prefer online lotteries where they can buy a ticket from the comfort of their home. Also they prefer a system where the winnings will be picked up live and transparently. I hope Nigerian government has planned those properly. Otherwise, considering how corrupt the Nigerian government is, people will start loosing trust in no time! Will they allow private players in this business?

[Obito]

It's good that they are going to make a reform in their lottery system, after all lottery is a poor man's tax. I never thought though that they have a bad lottery system because it's basically a money maker for the government tax free since they directly get the proceeds and use it for their funds.

[Kong Hey Pakboy]

Well it looks like existing lotteries would have to watch out and make sure they're following the new regulations to be set by the government. I'm just wondering whether they would remove all lotteries and make one national lottery, or would they just manage the current lotteries much more strictly and take more profits than they usually would since it, as they said, could help in generating more profit for the country. If they were just managing it properly, then it'd definitely bring in more profit for them in the long run.

Probably let the existing one perating but at bigger taxes while at the same time they are making their own state lottery although that will be problematic for them because infrastructure is going to be expensive for this one unless they plan to make it look like kiosks which are relatively cheap but less secured.

[madnessteat]

Recently there has been an increasing tendency to replenish the coffers of various states at the expense of ordinary citizens rather than by the competent use of resources and funds from the budget to create new jobs and modernize various industries. Personally, I see only negative things in such decisions.

[magneto]

Really huge news.

I remember when they first came out with this piece of legislation and I was just thinking about how absurd it was. They were literally passing up millions if not billions in taxation revenue through legal, regulated lotto/casinos to black market operators who will never pay them a dime.

Great move. Although I do wonder what prompted this (I wouldn't rule corruption out of the picture).

[Kittygalore]

Recently there has been an increasing tendency to replenish the coffers of various states at the expense of ordinary citizens rather than by the competent use of resources and funds from the budget to create new jobs and modernize various industries. Personally, I see only negative things in such decisions.

Well, the people voted for stupid leaders so they have to suffer the consequences for not voting the right people for the position. Plus the people are too divided to do anything that will change the state of their nation that's controlled by their corrupt government.

[mu_enrico]

I think lottery isn't a substantial source of income and doesn't have the ripple effect. I think deregulation of offline/tourism based gambling (and promotion) will have more significant impact on the community because of the job creation and stuff. There's no point of sucking money from its own citizens since they will be poorer, so the effort should be to bring rich people to play in luxury casino resorts.