Nigeria Predicts 16% Gross Gambling Revenues Growth in 5-Year Span

Lately, the Nigeria’s gambling industry seems to be rapidly growing, with some estimates showing that the country could feature one of the fastest-growing countries in Africa in terms of gambling over the upcoming five years.

For the time being, the country offers a great variety of gambling activities, including casino gambling, sports betting and national lottery. A recently-published report from PricewaterhouseCoopers (PwC), called “Gambling Outlook 2013-2017”, which analyzed some data from South Africa and Kenya, featured information about the variety of gambling options in the region, including sports betting, Live Multi Game (LMG) terminals, the national lottery and bingo. However, the report features only data about casino gambling in Nigeria and Kenya.

According to the information included in the PwC report, the gross gambling revenues of Nigeria are expected to experience a 16% growth over the next five years. In addition, a state-wide lottery titled Quick Lotto is to be rolled out in the country.

Ayo Arise, former chairman of the Senate Committee on Capital Market, has shared his belief that the launch of a national lottery service would be beneficial for the country, as it would generate additional tax revenues and would create new jobs in the country. According to Arise, as much as 20% of the profits generated from the national lottery are to be redirected to the Federal Government, which is set to use the money for good causes.

Reportedly, casino business in Nigeria is a promising one. In addition, sports betting has also been one of the most prominent gambling activities in the country, with the rates of participation in such services rising over the past few years.