Sports
How Nigeria’s New Tax Rules Could Reshape Sports Betting
As 2024 comes to a gradual end and companies begin to make plans for the new year, the Nigerian sports betting industry is faced with a new year’s resolution which it didn’t make but has been imposed on it by this political administration- the dilemma of withholding tax regulations.
The introduction of this new tax regime could fundamentally alter the sports betting landscape, affecting everything from operator profits to punter behaviour and industry growth.
Once the new regulations come into effect on January 1, 2025, eligible transactions for winnings in i-gaming shall incur applicable rates of 5% for residents and 15% for non-residents.
For Managing Partner, WYS Solicitors & Legal Counsel Africa, Olafadeke Akeju, the fact that i-gaming is largely online means this new tax regime may cause of exodus of customers from licensed operators to illegal remote operators, due to the uncaptured and unprotected nature of the digital space:
“For those who are unlicensed and foreign operators, they will still be able to owe tax to players and offer better odds and better returns because there is no deduction or withholding tax. What this means is that licensed operators will lose customers to the illegal and remote operators, that is the likely implication, as there could be a significant drop in patronage once this withholding tax kicks off.”
Akeju also struggles to understand how this tax would apply to walk-in customers who mostly require age verification but may not require identity verification- especially because this regulation exempts over-the-counter transactions.
Velex Advisory Tax Expert, Jonathan Nwanze is also keen to see how this tax regime would be implemented, but he is more worried about the likelihood that the Tinubu administration, “could be creating a monster asking for remittance without the capacity to check it.”
Nwanze explains that the introduction of withholding tax is not novel, as it occurs in other countries in West Africa like Ghana. However, what makes Nigeria’s exceptional is the timing, investment and the market size:
“It’s not the first time it’s been introduced. However, some of the aforementioned markets cannot be compared to the Nigerian market in terms of size, Nigeria is way bigger. Some are more regulated because of the kind of structure they have. For instance, in Ghana, there are regions, not states and there is one revenue collection body. In Nigeria, we have states, but numerous bodies at various levels of government collect revenue. I think the government has to invest in a lot of technology. If they are looking at getting a lot out of gaming, there must be investment in infrastructure,” Nwanze told sports and betting news site, SportsBoom.com.
What’s the rush?
Nigeria’s economy has been on a steady decline due to a number of factors including the poor timing of policies. For the implementation of withholding tax, it’s equally symptomatic of poor timing, grey areas and an inherent lack of understanding about the i-gaming ecosystem.
Akeju explains that in order for betting operators to comply with the provisions of the new tax regime, there must be upgrades across the betting platforms and since the software/ platform providers aren’t local, the operators need to get in line for an estimated 6 to 9 months before their platforms are upgraded.
She thinks it’s highly likely that: “we could potentially have a situation whereby on the 1st of January 2025, operators won’t be able to comply due to circumstances beyond their control.”
Apart from playing the waiting game, the cost of upgrading betting platforms equally poses a huge financial burden. Akeju explains that while larger betting operators own their betting platforms, the same cannot be said for smaller operators:
“The platforms which smaller operators use for gaming are owned by third parties with whom they have white label agreements. Hence, implementing the withholding tax right now is going to be a challenge for those operators as it would require them to pay for developers, pay for customization and pay for integration of the platforms to suit the regulation in question.”
An eternal optimist may ask, What about alternative revenue streams? Is there any that betting companies could explore to offset the impact of these new taxes? Akeju makes it clear that the operators are caught between a rock and a hard place- that’s because offering a new product translates to applying for another license for the product in question.
Sadly, the alternative products’ providers are primarily based in Europe, which means more cost would be incurred by the operator in Euros.
Akeju is very concerned about how the smaller operators will keep their customers and while she may not have a universal solution for the Nigerian i-gaming industry as a whole, she may have a potential solution for bigger operators, but that entails their willingness to assume a sacrificial role by choosing to “absorb this withholding tax on behalf of their players or offer certain bonuses and promotions that could boost winnings so that players do not really feel the effect.”
A misconception & an opportunity
On Friday, November 22, 2024, the Supreme Court nullified the National Lottery Act and scrapped the National Lottery Regulatory Commission (NLRC). During a crucial meeting held days before the judgment, the Director General of the now defunct NLRC, Lanre Gbajabiamila, made a profound statement about the assumption that the i-gaming industry is a billion-dollar industry:
“How do we know it’s a billion-naira industry? There’s no data to show. Anybody can say it’s worth billions of naira, but until we have proper data, we can’t safely say what the industry is worth.”
Just like Gbajabiamila, this is a perception which Nwanze seeks to correct, and he thinks it may have a lot more to do with this new regulation than we realize:
“The government appears to be keen on generating revenue, but the challenge lies with the timeline – Jan 2025 is not feasible. If you look at best practices as is the case in the UK- there is no collection of withholding tax and that’s because the responsibility of taxes should sit with the company that owns the business. The reason is that the companies make more profit than the players. If you look at the number of losses compared to winnings, you’ll be shocked at how high the former is compared to the latter. In fact, the way the business is structured, it’s from those losses that winnings are paid. I think the government should review its position and opt for more engagement regarding the nature, implementation, application and configuration of this plan.”
Now that the NLRC has been dissolved, there might be an opportunity for states that may choose to opt out of this tax and while the implementation has yet to play out, Nwanze thinks that some states may see exemption as an opportunity to attract more betting companies to their states.
Legal options & absence of meaningful stakeholder engagement
With all the negative hits that the Nigerian i-gaming industry has taken in 2024, is it simply at the mercy of the government policies/ regulations, or could legal options be explored to push back? Akeju explains that “the law is made for man and not vice versa.”
While she is hopeful that the government will do a 180 when it sees the negative impact this tax will have, as was the case in the most regulated market in the world- the UK; she is fearful of Nigeria’s reputation and pace when it comes to repealing laws and regulations.
Akeju recalls attempts made by stakeholders to dialogue with the government on this matter and narrates a scenario which is reminiscent of intentional exclusion until a decision was made:
“The association of Nigerian bookmakers engaged with the presidential committee on fiscal policies and tax reforms. We had a few meetings, but it appeared as though by the time the industry was aware of many of the decisions that were taken by the government, it was at an advanced stage. Now that it has been passed, efforts are still being made for a guidance note to clarify some of the grey areas.”
Akeju and Nwanze make their final appeal by asking the government to focus its taxation efforts on the operators and not the players to make for a more streamlined and better-defined application that is understood by all involved.
Conclusion
As Nigeria’s sports betting industry braces for the 2025 withholding tax storm, both legal and tax experts sound a unified alarm: taxing players instead of operators could backfire spectacularly.
With Akeju warning of an exodus to illegal operators and Nwanze questioning the government’s monitoring capacity, the consensus is clear – this rushed regulation could transform Nigeria’s gaming landscape into a wild west of unregulated betting.
The irony? In pursuing additional revenue, the government might end up with a smaller piece of an increasingly fragmented pie. As the countdown to January 2025 begins, the industry’s message is simple: hit pause, rethink the approach, and focus on operators, not players.
The latest development in golf betting is that it has gained popularity in the last few years, attracting both new and experienced bettors. Unlike more traditional sports, golf has big events, a deep level of strategy, and complex betting markets. But why is the interest growing this rapidly? We will dive deeper into the reasons why betting on golf is becoming more popular and capturing the interest of bettors globally.
The Appeal of Golf Betting: A Growing Trend
Golf’s appeal as a betting sport lies in its combination of individual brilliance and the endless possibilities of innovation. Golf is distinctly different from team sports, as it depends on individual performances and is, therefore, much easier for bettors to evaluate statistics and trends. It has also become easier thanks to the presence of statistics directly on the betting site. Further, tournaments can span multiple days, which allows for several rounds to be played. This enhances the scope of betting.
Following the increase in live betting and the surge in media attention towards events like The Masters or Ryder Cup, the global golf market volume increased by 15% in 2022. For example, more than one billion dollars was placed on bets around the 2023 Masters, which set new records. The bottom line is that golf does have competition, but it is so unique and different that it makes people feel a certain way that allows for betting.
Unique Betting Markets in Golf
Golf has numerous avenues for betting that are appealing to different interest areas. Here are four distinct markets that especially jump out:
- Outright winner: Bettors are able to place their bets on someone they believe will win the tournament. This market is usually associated with high odds because many participants take part.
- Matchups: This is a market where players are put head-to-head as match contestants. Bettors bet on who they think will perform better in a particular round or tournament.
- Top-10 finish: This is a more conservative market, which allows bettors to back players they trust will finish in the top 10 positions.
- Hole-in-one bets: This market is for the more adventurous and daring bettors. They can place a bet on whether any player in the tournament will ace a hole.
These markets serve different needs, ranging from casual to more seasoned bettors.
The Impact of High-Profile Tournaments on Golf Betting Popularity
Events with higher acclaim, like The Masters, the US Open, and The Open Championship, have been a big influence on the increase in golf betting. These kinds of competitions add better value to the sport and attract participants from all over the world, which, as a result, covers a bigger audience setup for the bettors.
For instance, the Ryder Cup of 2022 managed to secure over $450 million in bets thanks to astonishing rivalries and spectacular finishes in the game. Likewise, tournaments with renowned players, including Rory McIlroy and Jon Rahm, usually bring in more money in bets since fans and punters simultaneously love to watch and wager on them. Due to the nature of these tournaments, people are eager to place wagers since there is a blend of intense coverage and major events taking place.
How Golf’s Predictable Pace Attracts Strategic Bettors
One of the most appealing parts of golf betting is the easy-to-predict rhythm. Sports that involve a lot of running, like football or basketball, are not easy to analyze as the action happens too quickly, unlike golf. Golf has plenty of time to understand what needs to be done before making the bet. This includes looking at the player’s past performances, the condition of the golf course, and the weather forecast.
This well-thought-out rhythm is appealing to more strategic bettors who love looking at statistics and making educated guesses. For instance, certain players specialize in specific types of courses, be it links or parkland courses. Grasping these details allows bettors to become less blind. Furthermore, the multi-round aspect guarantees that bettors can alter their approaches depending on how the game unfolds, resulting in deeper enjoyment of the event.
The Role of Player Analysis in Golf Betting Success
The individual strengths and weaknesses of every player must be understood when betting on golf. Here are four aspects you must consider while placing your bets on the player:
- Course history: This means that players usually do well on courses where they have won before.
- Current form: Consistency and recent results of a tournament are excellent indicators of what a particular player can achieve.
- Key statistics: Driving precision and putting averages, as well as the number of times a golfer hits the green in regulation, reveal player potential.
- Weather adaptability: Some competitors are best suited for tournaments held in windy or rainy areas.
Paying attention to these factors increases a bettor’s probability of scoring big wagers in golf betting activities. Golf betting has become not just an activity but somewhat of a science.
Live Betting in Golf: Opportunities During Rounds
Betting in real time has brought a new angle to golf betting since bettors can place wagers as the game happens. This format takes advantage of the slow pace of golf by offering bettors the chance to assess every stroke and place their bets accordingly.
For example, real-time odds change after every hole, which signifies changes in player performance or the condition of the course. Gamblers can bet on who will score a birdie on the next hole, guess the tournament’s champion, or how players will do on certain stretches of the course. In 2022, real-time betting contributed to 40% of golf bets made, which helps to showcase how much more important it is becoming.
Moreover, live betting now contributes to the thrill of golf for more casual spectators, holding their interest throughout these multi-day events. It’s not just about watching the game anymore but participating in the action as it unfolds.
The Rising Star of Golf Betting: A Game for Every Bettor!
Golf betting is now rising in popularity and is no longer just a niche sport. With its diverse markets, intriguing strategies, depth, and thrilling live opportunities, there is something unique that every type of bettor can enjoy. From data-oriented analysts to casual fans, there’s no denying that golf bets have a place for you. The increasing interest in these sports is a testament to its appeal, and its betting markets are set to grow further. So, are you ready to immerse yourself in the action? The future of golf betting has never been as promising as it is now!
By Dipo Olowookere
Former former French international, William Gallas, will be one of the guests at an event slated for South Africa on Saturday, February 22, 2025, with additional sessions dedicated for March 1, 2025, and March 8, 2025.
He will speak with participants on the Introduction to International Football Scouting Course, a statement from the organisers of the programme, V Agency, said.
The English Premier League legend played as a defender at Marseille, Chelsea, Arsenal, and Tottenham Hotspur. He currently works as a football coach Gallas at a youth team at Hungarian club Zalaegerszegi TE.
He will join the others to dissect the curriculum, which includes
- Scouting Basics: Understanding the role and expectations of a football scout;
- Youth Scouting: FIFA agent regulations, talent selection, and reporting;
- Professional Scouting: Match analysis, squad building, and networking;
- Video & Data Scouting: Tools like Wyscout, Transferroom, and Hudl;
- International Perspective: Guest lectures and case studies on club and country-specific scouting;
- Professional Practice: A three-month internship opportunity with ZTE FC Zalaegerszeg or NK Nafta Lendava.
The Introduction to International Football Scouting programme will also feature big names and notable soccer brands including the likes of Kristiyan Nikolov: Sporting Director, PFC Septemvri Sofia; Toni Bilandzis: Chief Scout, FK Sarajevo; Márk Makrai: Head Scout, ZTE FC Zalaegerszeg.
According to organisers, V Agency, the course is designed for individuals passionate about football and looking to build a career in scouting.
Moreover, this program provides a comprehensive foundation, covering both youth and professional scouting, as well as modern data-driven methods.
The objective of this course is to equip participants with the knowledge and skills necessary for success in football scouting.
They will gain insights into scouting fundamentals, apply what they learn to real-world scenarios; and learn from industry professionals with years of experience.
The course will be delivered via Moodle, an interactive online learning platform that offers:
- 24/7 Access: Study materials, recorded sessions, and resources anytime.
- Engaging Content: Quizzes, videos, and case studies.
- Communication Tools: Connect with instructors and peers.
- Progress Tracking: Monitor your learning journey and receive feedback on assignments.
By Adedapo Adesanya
Nigerian international, Ademola Lookman, has released a statement expressing disappointment after Atalanta coach, Gian Piero Gasperini, heavily criticised him for missing a crucial penalty on Tuesday.
Lookman, who is the current African footballer of the year, scored Atalanta’s only goal in the match but missed a crucial penalty that could have given his side a chance to fight back in the 1-3 loss against Belgium’s Club Brugge in the UEFA Champions League play-off match.
Speaking after the match on Tuesday, Coach Gasperini did not hold back in his assessment of the player’s decision to take the spot-kick.
“Ademola Lookman is one of the worst penalty takers I’ve ever seen,” Gasperini said.
The game marked Lookman’s return to football after injury kept him out for weeks.
“It saddens me on a day like this to have to write this statement – most of all because of what we have achieved together as a team and as a city. Being singled out in the manner I have been not only hurts but feels deeply disrespectful, not least because of the immense hard work and commitment I have always put in each and every day to help bring success to this club and to the incredible fans of Bergamo,” Lookman wrote in a statement on X.
The 26 years old attacker also clarified that he did not take the penalty on his own accord but was instructed to do so by the designated taker, who in this case is Mateo Retegui.
Lookman has been one of Atalanta’s top performers in recent times and has scored his last four penalties.
He scored a hat-trick in the UEFA Europa League final against Bayer Leverkusen to secure the club’s first-ever European title last year.
He also led Nigeria to the solver medal at the African Cup of Nations (AFCON) held in Cote d’Ivoire earlier last year.
These performances also earned him a 14th-place finish in the Ballon d’Or rankings and the 2024 CAF Player of the Year award.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN