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Tag: betting

  • 10 Advantages of Betting in Nigeria

    10 Advantages of Betting in Nigeria

    Bookmakers invest a lot of money in business and advertising in Nigeria. According to recent forecasts, the booming upsurge of sports wagering won’t stop in the coming years. Actually, the number of Nigerian punters could increase by 18% by 2025. Considering the flourishing state of the betting industry, we aim to briefly go through the advantages of sports wagering in Nigeria and the positive side effects caused by the existence of this business.

    1. The modern state of services and their top-notch quality

    Bookmaking companies always tend to integrate new technology solutions that make your betting experience even more satisfactory. Websites and online platforms are optimized to a brand-new level in comparison to the time of the first appearance of bookies in Africa. The best betting apps in Nigeria are available for free along with other opportunities such as a lightened mobile version of the webpage and betting via SMS or messenger like Telegram.

    2. Absolutely legal pastime

    Unlike many other activities that involve money, sports wagering is a legal form of entertainment that helps you forget about your daily routine and problems, even if for a moment. As said, bookies are entirely legal businesses, all of which have licenses from the government and regulators that guarantee your safety, be it your personal data or funds. Operating within the law also means that the company pays taxes, which is quite healthy for the state coffers and the needs of all local folks.

    3. Youth crime mitigation

    Official statistics say that the level of criminal activity has been lowered since the arrival of bookmaking companies. It ties in with the fact that usually the voice of the unaged has not been heard, thus indirectly provoking questionable decisions in the eyes of the law. Right now, the younger generation isn’t only engaged with their favourite sports but also trying to develop analytical skills to be ready for a hobby that they will have access to right after turning 18.

    4. The growth of employment rates

    Local offices and staff are something essential to establish when a company enters new markets. The African case clearly shows that the employment rate has grown since the bookmaking industry entered Nigeria. Each company hires around 1,000 employees per country. Many families are saved with a steady income, and many bettors can get help in their native language.

    5. Educative and informative recreation

    Starting up with something new always requires additional research and the process of gathering important information. While getting ready to place bets, people learn many new things, like the rules of various sports, world-renowned sports representatives and their inspirational stories, sports analytics, and various betting strategies. With decent experience in wagering, you can be truly called an expert in geography, since by observing many different tournaments, you unconsciously learn about countries and their locations by heart.

    6. Potentially profitable business

    Avid bettors who have crossed the red line, turning betting into a source of income, can benefit greatly from leveraging their extensive experience and diverse investing strategies. It’s a risky business no matter what. But as an alternative, you can become the local agent, representing the bookmaker in your area. This form of cooperation can also help you benefit from the gambling market.

    7. Support for sports and funding for national teams

    Bookmakers are known for their connections with national teams and various sporting leagues. Money from these companies acts as a major source of income for teams and tournaments, getting the branded uniforms and stadiums as a form of advertising in return. The positive side effect here can be a growth in trust towards betting companies since many popular athletes wear the logo on their clothing and broadcast their support for responsible gaming. Despite the fact that many bookmakers were quite afraid for a long time of sponsoring national teams in a country with flourishing corruption, nowadays, the issue seems to be resolved, and almost every large bookie is connected to the team or sports stadium in one way or another.

    8. Improving local sports conditions

    Increased attention to local sports tends to improve their current conditions in terms of fairness and public coverage. The more bookmakers arrive in a country, the more funds are invested in local businesses and sports organizations, and the more clarity and demand appear. At some point, local matches will be broadcast in neighbouring regions, eventually getting a worldwide translation. All of these factors greatly benefit the overall state of sports in Nigeria.

    9. Cooperation in the field of financial crimes

    All self-respecting bookmaking companies legally gather data about bettors and keep records of each placed wager. This helps authorities analyze monetary operations and reveal financial crimes like money laundering and match-fixing. Cooperation helps get unlawful activities off the streets and improves the financial health of the country.

    10. Hope

    The pursuit of financial independence is a timeless issue that has always captured people’s interest. Although betting is a risky business, and the income can bounce back and forth, many people see it as a way to get out of poverty. There’s absolutely no guarantee that you’ll always benefit from betting, as even the most accurate outcome can be shadowed by some random, unaccounted factor. If you’re asked to purchase the 100% prediction on the game, don’t even bother reading it, let alone buying it. It’s a common form of scam, which you should avoid, and never trust in these fairy tales.

    Summary

    As you have gone through the advantages of betting in Nigeria, you now have an exclusive argument to bring to the table when having a conversation with your friends about how unacceptable and dreadful the betting industry is. The nation and its people benefit greatly from business and never really feel that as it’s not something obvious. Modestly, it can be said that some bookmakers are heroes in the shadows, making our lives better in various ways.

    And always keep in mind that betting should be executed responsibly and without perceptible risks to your financial health.

  • Why Bitcoin is a perfect fit for football betting

    Football stands as the biggest sport that a lot of punters would love to enjoy betting on. This is because it has a lot of betting markets that you can find in various sports betting platforms.

    With a lot of football games to look out for every single year, it is easy to expect that there will always be a lot of fans who are keen to bet on these games. From the local leagues that you can watch near your home all the way to the crowded stadiums that a lot of fans watch, football never grows old.

    Every top crypto betting website has football games available to bet on, which only shows that football is clearly the sport loved by the masses. The sheer demand of having a lot of football markets to bet on only means that there is always a lot to expect from these games.

    The continuous growth in technology has led to a lot of new advancements over the years. It has made life simpler than most people think, and the creation of crypto clearly made most of the payments easier, especially with a lot of fast transactions compared to fiat.

    Bitcoin betting is a norm now, and football just seems to be the top sport to look out for if you are aiming to win big prizes in the long run. This is why it is one of the most popular picks for punters who also use Bitcoin nowadays.

    Bitcoin is an optimal crypto

    There are a lot of benefits in using Bitcoin for betting to begin with. This includes the seamless transactions that a lot of people have been craving for in fiat currencies. Bitcoin’s fast and smooth process led to the rise in the number of users who now use the crypto in placing their wagers on the biggest football games out there.

    On top of that, Bitcoin has been a popular pick among many punters due to the fact that it is reliable in terms of the perks that punters can get if they use Bitcoin to make a deposit on the site. Having bonuses to use in sports betting sessions and even casino gaming can be a huge way to ensure bigger winnings as well.

    Bitcoin’s safety also has something to do with the way it is loved by the masses.The safety provided by Bitcoin’s system – the blockchain – makes it easy to trust. The system is almost impossible to hack, making it one of the most secure currencies that will put fiat into shame as well.

    With Bitcoin’s prominence all over the world taking a huge leap, it is easy to say that it is slowly starting to be common among many people who are starting to switch to crypto. Reliance on crypto is the new normal for most investors today, which only proves that Bitcoin is indeed on the rise.

    Some football clubs are already partnered up with crypto sites

    There are a lot of football teams that have managed to stir up some connections to various sports betting sites that take pride in using crypto as their main payment options. For starters, the English Premier League alone has a total of nine gambling companies as sponsors for various teams. Other industries who have sponsored teams are financial services, airlines, car retailers, software companies and so on.

    Teams such as Brentford, Burnley, Newcastle and West Ham have gambling companies as their sponsors. However, only Southampton (sponsored by Sportsbet.io) and Watford (sponsored by Stake.com) are the only two clubs that have crypto sites as their sponsors, and having crypto means the ensured presence of Bitcoin as well.

    This only proves that Bitcoin has emerged as one of the leading crypto to use in betting since gambling companies still remain a top pick for most Prem clubs as their partners for shirt sponsorships. Even if they do not have a shirt sponsor, all clubs have their respective gambling partners, which only says a lot about the prominence of each crypto betting site.

    That shows why Bitcoin’s future with football betting is going to be seen for more years to come. Punters are starting to put Bitcoin as their first option in betting, which only means that the coin might actually thrive as one of the most used currencies in placing sports wagers.

  • Tips to remember when playing online slots

    Tips to remember when playing online slots

    Slot games are easy to play and it is the most-played game in online casinos. People prefer them for their simple but fast-paced gameplay where bettors can get instant winnings if they get lucky. These players need to learn more about the concepts so they can have a streamlined process later on.

    When it comes to slot games, people know that it is based on chance but they usually forget that there are some factors that they can control. Some bettors struggle with some areas of the game such as managing their bankroll or maximizing their winnings.

    As you peruse multiple online slot games, you should see some trends. That should be a good lead to follow because you can maximize your chances of winning. Apart from that, let’s look at some of the tips that you should try to tackle when you’re playing online slots.

    When playing progressive slots, make sure you bet enough

    Some people tend to forget that to qualify for a progressive jackpot, you need to bet a certain amount. Thankfully, video slots are the most common type of slot game on the internet which means that there are certain levels that you can tap into when you’re betting a certain amount.

    Don’t forget to bet at least the minimum amount for these slots because you will have a chance of winning an insane amount of rewards with the jackpot.

    Take advantage of bonuses and promotions

    Most online casinos have followed a model of bonuses and promotions over the years. There is a large chunk of the industry that has implemented sign-up bonuses which means that you only have to sign up and take advantage of those bonuses. Some slots players tend to move around platforms so they can keep winning an immense amount of rewards.

    When it comes to the promotions, you should expect that there will be some weekly, monthly, and seasonal bonuses that will be given by the platform. This is important to remember because you can use these to win more rewards with your slot games.

    Do not forget that you’re playing with real money

    You should never forget that you’re playing with real money when you’re playing slots. It might be hard to remember when you’re caught up with playing but that should be a factor that you should acknowledge all the time. With this, you should ensure that you have a cool head because you might get too caught up and keep playing when you’re not winning. Know when to stop so you can succeed at a much better percentage.

    Do not worry about betting the max amount every time

    When you make your bets on online slots, make sure that you calculate them well. It will be difficult to keep making high bets and then you keep losing. Always stay at a good amount of money that can be tolerable when you lose it but also fruitful when you win.

    Those are just some of the tips that you should remember as you continue to progress through online slot games.

  • Lottery, pools, betting operators to pay N20million license fee in Lagos

    Lottery, pools, betting operators to pay N20million license fee in Lagos

    Operators of lottery, pools and betting in Lagos are to pay license fee of N20million when a bill being considered by the state House of Assembly becomes law.

    The bill entitled; “Lagos State Lotteries and Gaming Authority Bill Arrangement of Sections” went through public hearing on Friday 14th August, 2020 at the state House of Assembly.

    According to the bill, “before a license is granted to an operator, the Authority shall be satisfied that the applicant is a registered company in Nigeria with a minimum share capital of N20, 000,000 (Twenty Million Naira) or as may be directed by the Authority.”

    It also specified that the local content shareholder shall abide by the regulations, policies, terms and conditions issued by the Authority.

    It was also revealed at the public hearing that the new bill, when it becomes law, will consolidate all the laws in the sector and repeal existing laws such as the Lagos State Lotteries (Amendment) Law 2008, the Lagos State Lotteries Law (2004), and the Casino and Gaming Regulatory Authority Law (2007).

    Others are Casino and Gaming Regulations (2007), Pools Betting Control Law (2003) and Pools Betting Tax Law (2003).

    The Speaker of the House, Hon. Mudashiru Ajayi Obasa said “the world wide gaming is worth $200 Billion. Several Nigerians are involved in games and sports betting.

    “Its addictive nature calls for caution, and it is our view that the 2008 lottery law needs an amendment as the bulk of the game are done on mobile gadgets,” he said.

    The state’s commissioner for Finance, Dr. Rabiu Olowo, said in his comments that a lot has changed in the Nigerian gaming sector in the last 10 years, and that most of the people involved are youths.

    “The future of gaming in Nigeria is bright. The regulations are very robust. The Bill addresses cyber security and addresses the concerns of many people. I want to urge all stakeholders to take it serious,” he said.

    The Chairman of the House Committee on Finance, Hon. Rotimi Olowo, said in an interview that the bill was meant to consolidate, gaming and virtual lottery in the state.

    “We have different licenses for individual products in the sector. The people have ventilated their opinions and we will work on them.

    “The law is not meant for the operators alone; it is also meant for the regulators, we will look into all the areas.”

    The lawmaker said that the Bill would help the state to gather enough money that would be used in the health sector, environment and even sports sector.

    Olowo stated further that the money is not coming into the consolidated fund of the state, and that it is meant to take care of the welfare of the citizenry.

    He explained that the state wanted a law that would consolidate all the laws in the sector.

    “The issue of N20 Million would be looked into by the regulators. We would look at the socioeconomic reality and allow sanity into that sector.

    One of the stakeholders at the event, Mr. Adebagun Nojeem from Lagos Pool Promoters requested that the stakeholders in the gaming sector should be involved in the State Lottery Board and that the issue of N20 Million share capital should be looked into.

    “The issue of N20 Million share capital should be looked into. It would have retroactive effect on the companies that have been registered. Pool is a game of the senior citizens. With the new capital base, we may go under.

    “The 10% charges on sales should be reduced to about 2.5%. Penalty of N2.5 Million should be reduced to 1 Million or N500, 000 and the issue of imprisonment should be removed,” he said.

    Also speaking, Mr. Tokunbo Akande from the Lagos Internal Revenue Service (LIRS) said that licensing fees or royalties should be used in the bill instead of taxes and that there should be rooms for dispute resolutions in the bill.

    On his part, Mr. Niyi Adekunle from Grand Lotto said that the first license fee for lottery was issued in 2008 for N200 Million, which he said, was huge money.

  • FIRS to charge VAT on lottery, betting, automate collection

    The Federal Government has announced plans to charge Value Added Tax (VAT) on lottery and gaming activities and automate collection from operators in the.

    This was announced on Monday in Lagos at a stakeholders’ engagement session with lottery and gaming operators.

    The session, organized by the Federal Inland Revenue Service (FIRS) in conjunction with the National Regulatory Commission (NLRC), had in attendance top brass of the revenue agency, led by FIRS Chairman, Mr. Tunde Fowler; Mr. Lanre Gbajabiamila, NLRC Director-General; representative of the Senate Committee Chairmen on Sports, representative of the Chairman, House Committee on Governmental Affairs; and industry operators.

    The plan will see users of the services provided by the industry paying 5 per cent VAT on each transaction made.

    Speaking at the session, the NLRC D-G stated that lottery and gaming operators collect VAT from users of the industry’s services without remitting such to the government, a situation that results in revenue losses. The session also noted that betting slips issued to consumers do not indicate VAT as they should.

    At a presentation made at the session by Zurich Technologies, provider of the automated software solution for VAT collection, the process will be made electronically in a way that computes the VAT payable by consumers on each operator’s platform by aggregating transactions for a 21-day period and the operator is given a bill for the VAT payable. The bill is then settled through the online platform, as the software allows operators to file VAT returns and is flexible enough to accommodate disputation over the figures, which operators can resolve with the FIRS through the provision of documents to back such claims. The Zurich Technologies representative, who made the presentation, explained that automation will improve transparency in the collection process.

    Industry operators, however, argued that automation has the potential of killing the industry, as the additional 5 per cent charge for VAT could discourage punters from using their services with the frequency they currently do.

    Speaking on behalf of lottery and gaming operators, Mr. Akin Alabi, founder of Nairabet and House of Representatives member-elect, said the potential reduction in hoped-for winnings, especially on low-odds bets, will drive customers from regulated operators into the hands of unregulated ones. He argued that the FIRS should have consulted operators before taking the decision to impose 5 per cent VAT and the automation of collection.

    Responding, the FIRS Chairman assured that VAT is not a tax to be borne by operators, but their customers.

    “Tax has to do with law and the law says that for every transaction that is VATable, 5 per cent should be charged. You have to be aware that we are automating collection in all industries. This is not a tax on the business, but on a bettor who hopes to win. You also have to realize that 85 per cent of VAT goes to the state, which are supposed to be closer to us. In this case, we are all winners,” Fowler said.

    The FIRS Chairman further stated that additional revenue from VAT will aid provision of better social economic infrastructure for the country.

  • Man murdered after winning N7.4m in sport betting

    The Police Command in Nasarawa State has commenced investigations into the circumstances surrounding the alleged murder of one Joseph Achuku over his Bet9ja bet win.

    DSP Idrisu Kennedy, the Command’s Public Relations Officer, disclosed this to the journalists on Tuesday in Lafia.

    Idris said that available information indicated that Achuku’s death might not be unconnected with the N7.4m he won in the Bet9ja lotto.

    He said the corpse was recovered on Sunday along Federal University, Lafia, following distress calls from residents of the area.

    He said the remains, which were deposited at Dalhatu Araf Specialist Hospital mortuary, was released to Achuku’s family on Tuesday for burial.

    The PPRO said though no arrest has been made, the Command would ensure that the perpetrators are arrested and prosecuted.

    A source from the family of the deceased, who preferred anonymity, that the alleged killers started hunting Achuku since he won the football betting lotto.

    He said that the yet-to-be-identified suspects followed Achuku to the family house, attacked him and took away all the documents relating to the bet.

  • Fraud: UBA bans pornography, betting, other transactions with ATM card

    The United Bank for Africa, UBA, has place an indefinite ban on the use of its ATM card for certain transactions.

    These includes jewellry,
 pornography, dating and escort services betting.

    This was revealed in a statement by the bank to all its esteemed customers.

    The statement reads in part: “We wish to inform all cardholders that we have placed restrictions on the Bank’s debit and prepaid cards from carrying out transactions with merchants that are transacting on the following business categories, Jewellry,
Pornography,
Dating and Escort Services,
Betting (including lottery tickets, casino gaming chips, off-track betting and wagers).

    “This has become necessary with the increased need to protect our customers and the institution from fraud, litigation and reputational damages,” the statement reads.

     

  • NaijaBet opens betting on Buhari’s return

    Naija Bet is running a betting odd on when President Muhammadu Buhari would return to Nigeria.

    Buhari has spent more time in the United Kingdom than he has done in Nigeria since the beginning of 2017. He was in London between January 19 and March 10.

    After staying in Nigeria for less than two months, the president jetted out to the UK once again on May 7 and is yet to return.

    Despite Vice President Yemi Osinbajo’s acting on his behalf, Buhari’s protracted absence has sparked intense public debate.

    His prolonged stay in the Queen’s country has generated a lot of controversies. But who foresaw that his imminent return to Nigeria will be the subject of a betting odd.

    Last month, both members of the ruling party and the opposition went to see him in London and even took pictures with him in London to douse public anxiety.