Nigerian Government plans to begin taxing gambling.

[Stepstowealth]

I was reading the news and saw that Nigerian government will soon introduce taxation to gambling. Taxation on gambling is not new in some countries so this will not be surprising to many people. But to Nigerians who are already experiencing difficulty in the economy do you think it is good for the government to still be planning imposing tax on gambling? there are gamblers who still gamble for fun in the country, will imposing a tax on it not push this people closer to depression as some may find it difficult to gamble comfortably. I also find it strange that the World Bank is supporting this with a financial support package of value close to $2.25million.
Since the taxation may not affect the crypto gambling community in Nigeria, this will encourage more gamblers to gamble now on crypto platforms right?

https://www.thecable.ng/world-bank-offers-support-as-fg-plans-to-introduce-telecoms-gambling-taxes/

[Casdinyard]

I was reading the news and saw that Nigerian government will soon introduce taxation to gambling. Taxation on gambling is not new in some countries so this will not be surprising to many people. But to Nigerians who are already experiencing difficulty in the economy do you think it is good for the government to still be planning imposing tax on gambling? there are gamblers who still gamble for fun in the country, will imposing a tax on it not push this people closer to depression as some may find it difficult to gamble comfortably. I also find it strange that the World Bank is supporting this with a financial support package of value close to $2.25million.
Since the taxation may not affect the crypto gambling community in Nigeria, this will encourage more gamblers to gamble now on crypto platforms right?

https://www.thecable.ng/world-bank-offers-support-as-fg-plans-to-introduce-telecoms-gambling-taxes/

it’s less about making the poor even poorer and nore about discouraging the public to ganble less.particularly in Nigeria where amidst the constant search to find incone streams people end up ganbling their whole life away, movements like this from the government are aimed at disrupting the status quo and making the whole shit turn in by itself basically. So yeah, I’m all up for this one. But they also have to introduce some way for Nigerians to really be able to reliably make money so they don’t have to end up gambling anymore.

[Mr.right85]

I was reading the news and saw that Nigerian government will soon introduce taxation to gambling. Taxation on gambling is not new in some countries so this will not be surprising to many people.

https://www.thecable.ng/world-bank-offers-support-as-fg-plans-to-introduce-telecoms-gambling-taxes/

I have gone over the link provided and it isn’t only gambling that was said here although, for the point of emphasis and to stay on course as per the board of the forum we are, we would have to discuss it as it affects gambling.

Now, it specifically highlighted on-line gambling. Something I don’t seem to understand here though is that, how would this apply? Is it on the gamblers themselves as per wins or the gambling site?
Because, you having to tax gambling wins, what do you do about there losses?

I thought gambling platforms are already a tax paying industry so, what are they really talking about here, a pay raise or something. Also, I don’t recall these guys not collecting VAT on my credit card recharges while using the telecoms.

[danherbias07]

Well, putting a tax on gambling is a double-edged sword. It could ruin the gambling industry in your place but it could also enhance the economy of your country. As you said, this ain't new to other countries which means it is working so I don't think there's much to worry about. But the people of your country must also look at where the money will go. The taxed money.
Make sure that it is not going directly to the pockets of the government agencies who will be handling the tax money and follow the trail if they will use it for the better of your country.
Here in our city, we can feel where the money is going. We have a brand new city hall which gives ease to all the people. New road lights and many projects in the streets like widening of the road.
A lot of money will be incoming to the government from the gambling tax so be aware of where the funds will go.

[Eternad]

Tax is vital for the government to help your economy improved. This new law will surely help your economy to boost since your government will gain extra income and at the same time limit the people on gambling so that they can de more productive things like work force.

It’s very rare for a government to let gambling industry untaxed for a long time while it generates huge profit in the majority of countries since it’s people favorite to do when they have money due to profit potential.

Here in Philippines, Casino industry contributes huge income for our GDP since overseas casino POGO operates here with tons of whale players. This law will help you personally to reduced your gambling expenses.

[Wexnident]

~

If they were experiencing difficulties, they wouldn't be gambling in the first place lol. Pretty sure this is just a move so that A, the governments can profit off of gambling, B, to dissuade people from gambling and C, so that they can profit off of gambling, and yes, I said that twice. Idrk how big gambling is in Nigeria but considering that they finally implemented tax, I reckon it's grown to a pretty big level, I guess the tax was inevitable at some point.

And in crypto casinos case, don't you naturally have to report wins there as gambling profits anyway when you report your taxes? I don't think it'd matter much whether it be crypto casinos or just their own local ones.

[Maslate]

I guess it's better this way, as people will still gamble, but in an illegal way. When it's legal, the government can benefit from the winning bets (if they'll tax them) and the casino operators. I just hope that the government's oversight functions are effective in this matter. As we all know, Nigeria is a struggling country, and they cannot allow this action to lead to more poverty problems.

It seems like they are finding additional sources to pay their big loans amounting to billion. Hopefully the plan will work out.

The loan consists of $1.5 billion for Nigeria’s reforms for economic stabilisation to enable transformation (RESET) development policy financing program (DPF) and $750 million for Nigeria’s accelerating resource mobilisation reforms (ARMOR) program-for-results (PforR).

source

[_act_]

Nigeria is taxing gambling winnings:

Taxes on winnings from betting in Nigeria?

All winnings from bets placed in Nigeria are subject to tax. So, if you win big, make sure to set aside some money for taxes.

Any income earned from gambling activities is subject to general income tax laws. This means that if you are considered a professional gambler, your winnings may be subject to income tax.

Nigeria was better before when there was less taxes. This is another way to increase the tax and not that the Nigerian government are just introducing taxes in gambling.

If you win big, the Nigerian government will know and you must pay tax.

[Poker Player]

it’s less about making the poor even poorer and nore about discouraging the public to ganble less.particularly in Nigeria where amidst the constant search to find incone streams people end up ganbling their whole life away, movements like this from the government are aimed at disrupting the status quo and making the whole shit turn in by itself basically. So yeah, I’m all up for this one. But they also have to introduce some way for Nigerians to really be able to reliably make money so they don’t have to end up gambling anymore.

I think you have not expressed yourself well and that is why I have crossed out the word that I think is unnecessary in your sentence, which is understood by the context. I doubt very much that the government has that kindly aim that you point out, rather what it wants is to collect and that's all. There is no end to the voracity of governments to steal from taxpayers in countless ways.

Nigeria was better before when there was less taxes. This is another way to increase the tax and not that the Nigerian government are just introducing taxes in gambling.

If you win big, the Nigerian government will know and you must pay tax.

It is always better when there are fewer taxes. There has to be a minimum of them to provide basic services, but after that, it's all political spending.

[Nrcewker]

If the gamblers choose a decentralized gambling platform, then definitely they can be saved from paying these unnecessary taxes. Sadly, the gamblers of physical casinos will have to face the consequences of the new tax laws. But this is also good in a way that now they will be forced to use these cypto gambling sites. Many countries already have the taxes implied, while there are also many countries where gambling is banned. But thanks to crypto gambling, it is possible to gamble without another person knowing about it.

[Dave1]

I was reading the news and saw that Nigerian government will soon introduce taxation to gambling. Taxation on gambling is not new in some countries so this will not be surprising to many people. But to Nigerians who are already experiencing difficulty in the economy do you think it is good for the government to still be planning imposing tax on gambling? there are gamblers who still gamble for fun in the country, will imposing a tax on it not push this people closer to depression as some may find it difficult to gamble comfortably. I also find it strange that the World Bank is supporting this with a financial support package of value close to $2.25million.
Since the taxation may not affect the crypto gambling community in Nigeria, this will encourage more gamblers to gamble now on crypto platforms right?

https://www.thecable.ng/world-bank-offers-support-as-fg-plans-to-introduce-telecoms-gambling-taxes/

I don't get it, so the Nigerian government take a huge loan from World Bank amounting to billions or dollars just to implement reforms on their taxation? Not to be a hater, but this seems to be a backward mentality.

I mean why you need to take out that loan in order to make reforms by taxing not just for online gambling, but alcohol, and smoking and even adding VAT to the population? And they have implement this reforms without relying to World Bank for the money, in my opinion.

[Kelward]

I was reading the news and saw that Nigerian government will soon introduce taxation to gambling. Taxation on gambling is not new in some countries so this will not be surprising to many people.

https://www.thecable.ng/world-bank-offers-support-as-fg-plans-to-introduce-telecoms-gambling-taxes/

I thought gambling platforms are already a tax paying industry so, what are they really talking about here, a pay raise or something. Also, I don’t recall these guys not collecting VAT on my credit card recharges while using the telecoms.

I share your thoughts too, whether gambling companies were not paying taxes before now, or whether this new law is aimed at increasing their tax payments. Perhaps they've not been collecting taxes from gamblers wins and they want to start doing so now. Taxations are necessary evils so if they want to collect it and the money is used judiciously to better the economy then it's good and gamblers should just accept it.

The rate at which bet companies are springing up in the country and their agents are opening shops in every nook and cranny is making the numbers of gamblers to increase everyday. I believe that this will be one of the reasons why the government wants to be cashing in on their wins.

[Charles-Tim]

If the gamblers choose a decentralized gambling platform, then definitely they can be saved from paying these unnecessary taxes. Sadly, the gamblers of physical casinos will have to face the consequences of the new tax laws. But this is also good in a way that now they will be forced to use these cypto gambling sites. Many countries already have the taxes implied, while there are also many countries where gambling is banned.

It is not just about physical casinos but about gambling in Nigeria, be it land based or online.

It is true that crypto mask a lot in gambling but I have not seen any decentralized gambling site before. Most of the gambling sites that accept cryptocurrencies are not decentralized but centralized. Also the web3 casinos are centralized to an extent which makes it not to be decentralized.

[satscraper]

I was reading the news and saw that Nigerian government will soon introduce taxation to gambling. Taxation on gambling is not new in some countries so this will not be surprising to many people. But to Nigerians who are already experiencing difficulty in the economy do you think it is good for the government to still be planning imposing tax on gambling? there are gamblers who still gamble for fun in the country, will imposing a tax on it not push this people closer to depression as some may find it difficult to gamble comfortably. I also find it strange that the World Bank is supporting this with a financial support package of value close to $2.25million.
Since the taxation may not affect the crypto gambling community in Nigeria, this will encourage more gamblers to gamble now on crypto platforms right?

https://www.thecable.ng/world-bank-offers-support-as-fg-plans-to-introduce-telecoms-gambling-taxes/

That is the way all governments are. The like to nibble at an idea of taxation on everything they are capable to reach. Gambling industry belongs to such entities that operate under government approval thus the latter is virtually in position to do everything it wants. The bailout plan for gambling would be (in my view) transformation into blockchain based entity which is sanctioned by pure software rather than government.

[retreat]

Taxes on gambling are actually not a bad thing, because perhaps the government sees that the gambling industry in their country is increasing and by imposing taxes it will make them earn income and at the same time also regulate gambling and reduce people's interest in gambling. Because let's be honest, if the lives of many people are getting more difficult, why do they gamble? because gambling can be something that makes their lives more difficult, and the aim of the Nigerian government to impose a tax on gambling is the right step towards this problem.

[Don Pedro Dinero]

If they do what happened in Europe in 2012 or so, they're going to fuck up the business. For starters, people in many European countries stopped being able to bet at .com bookmakers and bookmakers had to be created for each country with regulations. In addition, at the beginning, for example in Spain you were taxed on the winnings of each bet but you could not deduct the losses, so it was not uncommon that if you had deposited and lost in the total of the year for example €1,000, you owed 10,000 or more to the tax authorities (because there were many times that you bet with small amounts and won throughout the year, even if in the end you lost all of them). This fudge was soon corrected because otherwise they would have totally wiped out the industry, but there were a few high-profile cases of people owing the taxman a lot of money.

I hope the same thing doesn't happen in this case.

[AHOYBRAUSE]

Well, putting a tax on gambling is a double-edged sword. It could ruin the gambling industry in your place but it could also enhance the economy of your country. As you said, this ain't new to other countries which means it is working so I don't think there's much to worry about. But the people of your country must also look at where the money will go. The taxed money.
Make sure that it is not going directly to the pockets of the government agencies who will be handling the tax money and follow the trail if they will use it for the better of your country.
Here in our city, we can feel where the money is going. We have a brand new city hall which gives ease to all the people. New road lights and many projects in the streets like widening of the road.
A lot of money will be incoming to the government from the gambling tax so be aware of where the funds will go.

Not really ruining anything I think. Whatever governments will do, gamblers will always be gamblers. If they have to pay a tax to get their fix, so be it.
When they introduces the tax (5% for every bet) in Germany there was also basically no change at all in the amount of bets made. They implemented that in 2012, such a long time ago already, I feel like I am getting old.
In the beginning it really was so annoying but at some point it just became normal. Glad though I don't live there anymore so I don't have to pay that nonsense whenever I choose to make a bet.

[Fiatless]

I was reading the news and saw that Nigerian government will soon introduce taxation to gambling. Taxation on gambling is not new in some countries so this will not be surprising to many people. But to Nigerians who are already experiencing difficulty in the economy do you think it is good for the government to still be planning imposing tax on gambling? there are gamblers who still gamble for fun in the country, will imposing a tax on it not push this people closer to depression as some may find it difficult to gamble comfortably.

Just as you rightly highlighted gambling tax is not strange in many countries, many gamblers pay high taxes for wins. There are also countries where gamblers are not taxed because gambling is seen as mainly a form of entertainment. Nigerian gamblers will have to keep enduring the hardship brought by the anti-people policies of the current administration. Gambling is not the only form of entertainment so people who gamble for fun will have to seek other ways to entertain themselves.

I also find it strange that the World Bank is supporting this with a financial support package of value close to $2.25million.
Since the taxation may not affect the crypto gambling community in Nigeria, this will encourage more gamblers to gamble now on crypto platforms right?

https://www.thecable.ng/world-bank-offers-support-as-fg-plans-to-introduce-telecoms-gambling-taxes/

The World Bank recommended these taxes so that the government will be able to raise enough revenue to service the loans they are receiving. Taking a loan from the World Bank is not a bad idea, but the problem with Nigeria is that most of these funds will be stolen by politicians and their cronies. While the people will be subjected to harsh economic policies to repay the loans.

The government of Nigeria is already clamping down on crypto-related businesses in Nigeria. Many exchanges have been banned from operating. Crypto gambling is a good option to invade these new taxes. But I am afraid that converting crypto wins to fiat might become a problem.

[yahoo62278]

I was reading the news and saw that Nigerian government will soon introduce taxation to gambling. Taxation on gambling is not new in some countries so this will not be surprising to many people. But to Nigerians who are already experiencing difficulty in the economy do you think it is good for the government to still be planning imposing tax on gambling? there are gamblers who still gamble for fun in the country, will imposing a tax on it not push this people closer to depression as some may find it difficult to gamble comfortably. I also find it strange that the World Bank is supporting this with a financial support package of value close to $2.25million.
Since the taxation may not affect the crypto gambling community in Nigeria, this will encourage more gamblers to gamble now on crypto platforms right?

https://www.thecable.ng/world-bank-offers-support-as-fg-plans-to-introduce-telecoms-gambling-taxes/

Don't gamble if you don't want to pay taxes. Seems easy enough right? If the taxes are going to help the economy I would be all for it, but since I am not from Nigeria I have no idea if the government is legit or corrupt. Most countries IMO have corrupt governments and are lining their pockets with certain taxes.

[btc_angela]

I was reading the news and saw that Nigerian government will soon introduce taxation to gambling. Taxation on gambling is not new in some countries so this will not be surprising to many people. But to Nigerians who are already experiencing difficulty in the economy do you think it is good for the government to still be planning imposing tax on gambling? there are gamblers who still gamble for fun in the country, will imposing a tax on it not push this people closer to depression as some may find it difficult to gamble comfortably. I also find it strange that the World Bank is supporting this with a financial support package of value close to $2.25million.
Since the taxation may not affect the crypto gambling community in Nigeria, this will encourage more gamblers to gamble now on crypto platforms right?

https://www.thecable.ng/world-bank-offers-support-as-fg-plans-to-introduce-telecoms-gambling-taxes/

Don't gamble if you don't want to pay taxes. Seems easy enough right? If the taxes are going to help the economy I would be all for it, but since I am not from Nigeria I have no idea if the government is legit or corrupt. Most countries IMO have corrupt governments and are lining their pockets with certain taxes.

That's the thing because there are news that Nigeria is one corrupted country as per this index, (no offense to our Nigerian brothers here)



https://www.transparency.org/en/cpi/2023/index/nga

And what's up with countries right now putting taxes on gambling? And lucky are those gamblers who's government is very friendly and they only tax the land base casino itself and not the gamblers per se.