Nigeria Lottery Regulator warns sports betting companies against fraudulent practices

The National Lottery Regulatory Commission (NLRC) which happens to be the regulator and overseer of lottery activities in Nigeria has warned Nigerian sports betting companies in their business dealings and has vowed not to condone or tolerate any forms of illegal and fraudulent practices.

The statement was made by the Director General of the National Lottery Regulatory Commission (NLRC), Mr. Lanre Gbajabiamila, who went on to assure sports betting companies, entrepreneurs, investors and sports betting enthusiasts of the dedication and commitment of National Lottery Regulatory Commission (NLRC) towards strengthening the sports betting industry in Nigeria. This statement was made by the Director General of the commission at the weekend at the Federal Capital Territory (F.C.T), Abuja during the presentation of certificates to the newly licensed sports betting companies and operators in the sports betting business of Nigeria.

The Director General of the commission, Mr. Lanre Gbajabiamila assured stakeholders in the Nigerian sports betting industry of the intention of the National Lottery Regulatory Commission (NLRC) to ensure a better business atmosphere for sports betting in Nigeria.

The occasion also witnessed the signing and presentation of the terms and conditions to receive a license from the NLRC. On this very occasion, six different sports betting companies were licensed by the National Lottery Regulatory Commission (NLRC).

The newly licensed sports betting companies licensed by the NLRC include; KC Gaming Networks Limited (Bet9ja), Top Entertainment Limited (Naira Bet), TM Gaming Networks Limited (Accessbet), African Betting Company Nigeria Limited (Afribet), Promoserve Interlinks Limited (ibet) and the Black Bet Limited (Blackbet). This aren’t the only companies registered as other sports betting companies in Nigeria such as Crystal Gaming (Betbiga) and Digi Bay Limited (Betway) has received their own licenses from the National Lottery Regulatory Commission (NLRC) head office.

The NLRC boss, Mr. Gbajabiamila urged the newly licensed companies to be guided by the terms, conditions and policy provided by the commission. He warned that the Monitoring and Enforcement team of the NLRC will not condone, allow or tolerate any form of illegality. Furthermore, he went to advise them to report any illegal operator to the commission; because it is essential and mandatory that the operators and the regulatory body must work together in unison to ensure that the growing sports betting industry in Nigeria is conducive and stable for business operations.

The Director General of the NLRC expressed his excitement while presenting the licenses to the operators, as this was the first time in Nigeria that sports betting licenses were issued to operators and sports betting companies in Nigeria since the inception of the National Lottery Regulatory Commission (NLRC).

With the National Lottery Regulatory Commission (NLRC) has helped bettors and sports betting enthusiasts by making moves to curb and reduce fraudulent practices among operators in Nigeria. With this regulatory framework in check, they will be issuance of more licenses to operators who have met the necessary requirements outlined by the commission. With the illegal operators eliminated, the sports betting and gaming industry in Nigeria will be better and perfect for people to partake in sport betting activities in the country.

 





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