By Tunmise Omosofe and Olanrewaju Akojede
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 on Monday during an interview with the News Agency of Nigeria (NAN), where he discussed regulation, taxation, and industry prospects.
He described Nigeria’s betting market as one undergoing major transformation, driven by legal reforms, fiscal policies, and increased government oversight.
“Nigeria’s betting industry is entering a defining period, shaped by tax reforms and regulatory changes affecting operators and everyday players,” he said.
He explained that sports betting remained legal since the enactment of the National Lottery Act in 2005.
According to him, the federal regulatory framework historically placed oversight under the National Lottery Regulatory Commission.
“The commission was responsible for licensing operators and monitoring lottery and gaming activities across the country,” he stated.
He, however, noted that recent legal developments had significantly changed the industry’s regulatory structure.
Egbokhan said a 2024 Supreme Court ruling shifted primary gaming oversight to state governments, reshaping the regulatory landscape.
“States are now assuming greater control over betting and gaming activities within their jurisdictions,” he said.
He cited Lagos State Lotteries and Gaming Authority as an example of growing state-level oversight.
“This decentralised system means operators and players must pay closer attention to state-specific rules and compliance obligations,” he added.
Egbokhan also highlighted the increasing influence of taxation on betting activities, particularly within Lagos State.
“In Lagos, a five per cent withholding tax on gaming winnings now applies at payout, directly affecting bettors’ earnings,” he explained.
According to him, the deduction takes place before winnings reach players, making tax awareness increasingly important.
“Bettors must understand how their earnings are calculated and how statutory deductions affect their final payouts,” he said.
Egbokhan noted that while taxation could boost government revenue, it also introduced new complexities.
“Operators still face licensing fees, revenue levies, and other compliance obligations across multiple jurisdictions,” he explained.
He said many Nigerians remained unaware of how taxes are applied or how to verify licensed betting platforms.
“As regulation becomes more fragmented, understanding the rules is becoming just as important as participating in the activity itself,” he said.
Egbokhan urged youths to approach betting as a regulated economic activity, not merely entertainment.
“There are business opportunities in technology, analytics, compliance, and investment within gaming, but responsible participation must always come first,” he said. (NAN) (www.nannews.ng)
Edited by Kamal Tayo Oropo
