Nigerian gambling regulator awards 1xBet sports betting license

Online sports betting firm 1xBet has been granted an operating license by the National Lottery Regulatory Commission of Nigeria, with the permit set to expire in 2024.

This comes as great news for punters in the West African nation, especially given the tough federal regulations aimed at controlling the local gaming industry.

In October 2019, Nigeria’s House of Representatives deliberated on the need for the National Lottery Regulatory Commission to be issued with additional powers to not only ensure accurate collection of taxes, but to also achieve real-time central monitoring of all gambling and lottery terminals in the nation.

SEE ALSO: NIGERIAN SPORTS BETTING SITES

Given that Nigeria is the most populous nation in Africa with over 200 million people, the acquisition of the license is expected to bolster the presence of 1xBet in a region that is by and large controlled by Bet9ja.

Registered under the trademark name Beaufortbet Nigeria Limited, 1xBet has made great strides over the years in becoming a force to reckon with, having signed a partnership agreement with the Nigeria Football Federation (NFF), Nigerian Premier League and the Nigeria national football team in 2018.

“We not only offer Nigerian fans a wide range of betting options, but also a sense of involvement in the victories of their favourite teams. Football fans can be sure of 1xBet, where they always have a winning chance alongside their favourite clubs,” the company said in a statement.

Bovada

$250

Claim a 50% deposit bonus up to the value of USD $250

read review Bet Now

“With over 1000 events offered daily across more than 60 sports, the 1xBet experience is an exciting world of betting enjoyment. We also have a great selection of online games.

“All this means that everyone can find viable options to make money. We want to give everyone who is legally able to place bets access to earning potential and look forward to finding interesting new partners in Nigeria with like-minded goals.”

The license allows 1xBet to run its operations across all states and local government areas in Nigeria.

This becomes the company’s latest milestone on the African continent, having already established roots in Senegal, Ghana, Democratic Republic of Congo, Cameroon, Zambia, Uganda and Burundi.

The decade has begun on a high note for 1xBet, which did not have the best of years in 2019.

The company was forced to shut its operations in Kenya last year after a tax row with the Kenya Revenue Authority over withholding tax arrears on winnings saw the Betting Control and Licensing Board (BCLB) refuse to renew the company’s operating license.

The company’s partnership with English Premier League side Tottenham Hotspur was also terminated last year in the wake of an investigation into the brand’s global activities.

Football is the number one sport in Nigeria, and the country has one of the most passionate supporter bases on the continent.

With a reported annual revenue of ₦730 billion (USD $2 billion) and an average of 14 million individual online wagers placed on a daily basis, 1xBet is looking to acquire a fair share of the cake.