Abuja: A betting investor, John Egbokhan, has urged Nigerians, especially youths, to explore opportunities within the nation’s expanding betting and gaming industry responsibly. Egbokhan gave the advice during an interview with News Agency of Nigeria (NAN), where he discussed regulation, taxation, and industry prospects.
According to News Agency of Nigeria, Egbokhan described Nigeria’s betting market as one undergoing major transformation, driven by legal reforms, fiscal policies, and increased government oversight. He noted that the betting industry is entering a defining period, shaped by tax reforms and regulatory changes affecting operators and everyday players. He explained that sports betting has remained legal since the enactment of the National Lottery Act in 2005, with oversight historically under the National Lottery Regulatory Commission.
Egbokhan highlighted recent legal developments that significantly changed the industry’s regulatory structure. A 2024 Supreme Court ruling shifted primary gaming oversight to state governments, reshaping the regulatory landscape. He cited Lagos State Lotteries and Gaming Authority as an example of growing state-level oversight, noting that this decentralised system requires operators and players to pay closer attention to state-specific rules and compliance obligations.
Egbokhan also discussed the increasing influence of taxation on betting activities, particularly within Lagos State. He explained that in Lagos, a five per cent withholding tax on gaming winnings now applies at payout, directly affecting bettors’ earnings. Egbokhan stressed the importance of tax awareness, as deductions take place before winnings reach players, impacting their final payouts.
While taxation can boost government revenue, Egbokhan noted that it also introduces new complexities. Operators face licensing fees, revenue levies, and other compliance obligations across multiple jurisdictions. He pointed out that many Nigerians remain unaware of how taxes are applied or how to verify licensed betting platforms. As regulation becomes more fragmented, understanding the rules is becoming crucial for participants.
Egbokhan concluded by urging youths to approach betting as a regulated economic activity, rather than merely as entertainment.