In Lagos : Lottery, betting operators require N20million capital for license

Operators of lottery, pools and betting in Lagos must have a minimum of N20million shared capital before license will be granted to them when a bill being considered by the House of Assembly becomes law.

The bill entitled: “Lagos State Lotteries And Gaming Authority Bill Arrangement Of Sections” went through public hearing on Friday at the House of Assembly.

According to the bill: “Before a license is granted to an operator, the Authority shall be satisfied that the applicant is a registered company in Nigeria with a minimum share capital of N20,000,000 (Twenty Million Naira) or as may be directed by the Authority.”

It also specified that the local content shareholder shall abide by the regulations, policies, terms and conditions issued by the Authority.

It was also revealed at the public hearing that the new bill, when it becomes law, will consolidate all the laws in the sector and repeal existing laws such as the Lagos State Lotteries (Amendment) Law 2008, the Lagos State Lotteries Law (2004), and the Casino and Gaming Regulatory Authority Law (2007).

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Others are Casino and Gaming Regulations (2007), Pools Betting Control Law (2003) and Pools Betting Tax Law (2003).

Speaker Mudashiru Obasa said: “The world wide gaming is worth $200 Billion. Several Nigerians are involved in games and sports bettings.

“Its addictive nature calls for caution, and it is our view that the 2008 lottery law needs an amendment as the bulk of the game are done on mobile gadgets,” he said.

Commissioner for Finance, Dr. Rabiu Olowo, said a lot has changed in the Nigerian gaming sector in the last 10 years, and that most of the people involved are youths.

“The future of gaming in Nigeria is bright. The regulations are very robust. The Bill addresses cyber security and addresses the concerns of many people. I want to urge all stakeholders to take it serious,” he said.

Chairman of the House Committee on Finance, Hon. Rotimi Olowo, said in an interview that the bill was meant to consolidate, gaming and virtual lottery in the state.

“We have different licenses for individual products in the sector. The people have ventilated their opinions and we will work on them.

“The law is not meant for the operators alone, it is also meant for the regulators, we will look into all the areas.

The lawmaker said that the Bill would help the state to gather enough money that would be used in the health sector, environment and even sports sector.

Olowo stated further that the money is not coming into the consolidated fund of the state, and that it is meant to take care of the welfare of the citizenry.

He explained that the state wanted a law that would consolidate all the laws in the sector

“The issue of N20 million would be looked into by the regulators. We would look at the socioeconomic reality and allow sanity into that sector. Thenationonlineng