Lagos State House of Assembly is considering a bill that will raise the required minimum shared capital of operators of lottery, pools and betting in the state to N20million before they can be licensed.
The bill titled: “Lagos State Lotteries And Gaming Authority Bill Arrangement Of Sections” which went through public hearing on Friday at the House of Assembly, states: “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 specifies that the local content shareholder shall abide by the regulations, policies, terms and conditions issued by the Authority.
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),
Casino and Gaming Regulations (2007), Pools Betting Control Law (2003) and Pools Betting Tax Law (2003).
Speaker of the House, Mudashiru Obasa commenting at the public hearing noted: “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.
The state’s Commissioner for Finance, Dr. Rabiu Olowo, also speaking, said a lot has changed in the Nigerian gaming sector in the last 10 years, and that most of the people involved are youths.
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“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 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 will help the state to gather enough money that would be used in the health sector, environment and even sports sector.
He explained 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.
