Nigeria has made moves to fundamentally alter its gaming system through a memorandum of understanding (MoU) with the United Kingdom.
The Memorandum of Understanding was signed during the International Association of Gaming Regulators (IAGR) and International Masters of Gaming Law (IMGL) conference in Rome.
The plan focuses on increasing protections for Nigerian players and addressing the country’s burgeoning illicit market as a result of increased internet access.
As a result of the MoU, Nigeria will expand its close collaboration with partners to ensure that the country’s gambling framework is fit for purpose and necessary safeguards are in place.
Furthermore, the Chief Executive Officer of the Lagos State Lotteries and Gaming Authority (LSLGA), Nigeria’s gaming regulatory authority, will play an important role in the sector’s ongoing governance.
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Bashir Are, the organization’s CEO, delivered a major statement at the conference in Rome, emphasizing the tremendous threat posed by the illicit market.
He stated: “Illegal online gambling is a global issue, with estimates indicating that this unregulated business produces between $40 billion and $50 billion every year. These figures are estimates because to the difficulty of tracking and reporting operations in unregulated markets. In some regions, illicit gaming can contribute for up to 20-30% of the whole online gambling market, making enforcement even more important.”
The purpose of the LSLGA is “to regulate, protect and promote gaming activities in Lagos State by leveraging on technological innovation and global best practices to make Lagos State a preferred gaming business destination in Africa.”
Tackling unlicensed operators has been a top priority for Nigerian authorities; the LSLGA previously identified 43 operators who it believes were conducting betting and gambling services without a license.
Ivo Doroteia, CEO of Playbook Engineering, added: “Grey markets and unlicensed operations aren’t simply limited to Africa; they nevertheless play a role on the global arena. Currently, Africa appears to be a hub for this activity, highlighting the need for a continent-wide clampdown. The sooner unlicensed activity is identified and targeted, the sooner regulators can get to work providing the various markets in Africa with the building blocks needed for it to be a region for suppliers and operators to keep a closer eye on, and eventually to take the market potential seriously.”
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