Starting a Gaming and Betting Business In Nigeria- What you Need to Know
Nigeria has over the years experienced a rise in the gaming and betting industry which has further developed with the increase of mobile and internet penetration coupled with the availability of payment platforms provided by Fintech Companies.
The first step to starting a gaming and betting business in Nigeria is to register the company with the Corporate Affairs Commission (CAC) with a share capital of 30 million for sports lotteries while non-sport lotteries are 5 million and thereafter obtain a license from The National Lottery Commission. The license is valid for a period of 10 years except if it is revoked or suspended. To operate in Lagos State, the company must also obtain a license from the Lagos State Lottery Board.
Who regulates Gaming and Betting in Nigeria?
The agencies that regulate gaming and betting activities in Nigeria are the National Lottery Regulatory Commission (NLRC), Lagos State Lotteries Board (LSLB) and Other State Lotteries Boards Nigeria.
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