Sports
The Rise of Women in Nigeria’s Sports Betting Industry
In recent years, Nigeria’s sports betting industry has experienced exponential growth, becoming a multi-billion-dollar sector. However, like many tech and finance-related industries, it remains largely male-dominated.
In this article, SportsBoom explores the increasing participation and influence of women in this booming market, uncovering a narrative that’s rarely told but increasingly significant.
When looking at the ‘most valuable players’ in the Nigerian I-gaming industry, it’s largely impossible to overlook the renowned Olabimpe Akingba, who not only bagged the award for the most influential woman in gaming 2022 but remains on the list of the top 50 most influential women in i-gaming till date.
Even though she doesn’t view the i-gaming industry as an exception when it comes to male domination. Her mantra is ‘put in as much effort as my male counterparts and build a supportive ecosystem around my family.’ This outlook has contributed significantly to her empathetic leadership style.
The question is could the rise of women in sports betting potentially change the industry’s marketing strategies and target demographics? Akingba certainly thinks so.
She is confident that having more women in leadership positions in the i-gaming companies, would not only foster inclusion and diversity but could attract more female punters and customers. She also deems the general perception of women being emotionally- driven as an advantage that could enhance and promote responsible gaming.
Akingba is thrilled with the intentionality which has been displayed by betting operators in recent times when it comes to including more women in advertisements and the i-gaming workforce, as opposed to what was the case a decade ago.
The negative perception of i-gaming
Most African religions and cultures frown upon sports betting particularly the older generations or generation X who tend to view the industry through a ‘get rich quick scheme’ lens; generation Y appears to be more open-minded, while according to Akingba, generation Z views the i-gaming industry from an ‘entertainment perspective.’
She thinks a shift from the negative perception is possible if there is an increased awareness of the immense contribution which the industry makes to society:
”The regulators at the federal and state levels do a lot to promote societal causes with the tax remitted from the sports betting industry including security support and healthcare. If more light is shone upon gestures like this, it could significantly help reshape the negative perception,” Akingba told betting news site SportsBoom.com.
Speaking of impact, Akingba also thinks that if there is an inclusion of women in leadership roles in the i-gaming industry, it will have a profound effect on the nature of corporate social responsibility initiatives which i-gaming companies engage in:
“Having more women in leadership roles is crucial in terms of how it can translate to CSR, due to our natural wiring, we could push for causes that are more humane in nature and move towards causes that are not necessarily related to sports. The men are doing a great job, but if more women are given leadership roles, I think that’s where the shift will happen.”
The gift and curse of being a woman in the i-gaming industry
The i-gaming industry has been a significant vehicle for women’s empowerment through the employment of more women in the retail space to take up positions like agents and other roles in various sports betting companies.
Akingba is impressed with the level of inclusion of women being displayed by the industry in recent times, as opposed to what was the case a decade ago.
Being a part of the industry has also afforded her numerous opportunities like wearing the ambassadorial hat for the ‘Women in Gaming- the Africa Chapter’, which launched a few months ago and boasts of 350 female members. Akingba explains that the peculiar challenge of data in Nigeria does not allow for an accurate reflection of the number of women in the industry.
In spite of this, she insists that the significant level of female inclusion in the industry through employment, cannot be refuted.
Like numerous industries, the sports betting industry comes with its fair share of challenges, especially for women who go through monthly challenges and difficult choices at various stages of their lives.
Akingba recalls her first time as a mother, which was accompanied by health challenges that necessitated having to put in a request with her employer to work from home:
‘When I was pregnant, I worked with a brand that I had been with for a couple of years. After 3 years of working with them, I was allowed some time off due to a difficult pregnancy. I made 2 requests, an extension of my maternity leave and remote work, based on my doctor’s orders. Both requests were rejected, and I resigned.”
“That decision affected me negatively, I was delighted to have a child, but didn’t want to lose my job. I would’ve liked to have both, and I would have loved to have been extended more empathy. But, if you view it from a different perspective, the company is not running a charity organization. However, I don’t apologize for being a woman and I’m delighted that more companies are now open to remote work, post-COVID.”
Akingba also condemns work environments that enable sexual harassment and normalize sexual innuendos. She states that women who refuse such advances should have their decisions respected and not have to walk on eggshells when they are around bosses who might choose to make the work environment hostile after such advances are rejected.
The future of women in the sports betting industry
When it comes to the alignment of the i-gaming industry to support women’s sports locally and globally, Akingba thinks that the same intentionality which i-gaming operators put into male sports needs to be channelled in the direction of female sports even if male sports tend to be more popular with their customers.
Akingba is hopeful that the next decade will usher in more women in leadership positions in the i-gaming industry, which would significantly place women in strategic positions to be decision-makers. This gesture will boost inclusivity and boost the growth of the industry, as opposed to deterring it. She also foresees a rapid improvement in technology which would translate to more innovative products and tools.
Conclusion
The dice have been rolled, and women are changing the game in Nigeria’s sports betting industry. From reshaping corporate cultures to championing responsible gaming, trailblazers like Olabimpe Akingba are not just playing the odds – they’re rewriting them.
As the industry evolves, it’s clear that diversity isn’t just a winning ticket; it’s the jackpot that could propel Nigerian sports betting into a more inclusive, innovative future. In this high-stakes arena, women aren’t just placing bets; they’re raising the bar, proving that when it comes to success in I-gaming, gender equality is the safest bet of all.
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.
Sports
The Future of Betting With Blockchain and Artificial Intelligence at 1win Bet
In the ever-evolving landscape of the casino gaming industry, the integration of cutting-edge technologies like blockchain and artificial intelligence (AI) is poised to redefine the way we approach online betting. As an experienced player in the field, I am excited to explore how these transformative innovations are shaping the future of casino gaming, with a particular focus on the advancements at 1win-betting.org.
Blockchain, the distributed ledger technology that underpins the world of cryptocurrencies, has the potential to revolutionize the casino gaming industry by introducing a new level of transparency, security, and fairness. Meanwhile, the rapid advancements in AI have opened up a world of possibilities, enabling casino operators to enhance the player experience, streamline operations, and mitigate risks.
Understanding the Benefits of Blockchain Technology in Betting
Blockchain technology offers a unique solution to the longstanding challenges faced by the casino gaming industry, particularly when it comes to transparency and trust. By design, blockchain is a decentralized, immutable, and secure digital ledger that records all transactions in a transparent manner, making it an ideal platform for online betting.
One of the key advantages of blockchain in casino gaming is the concept of “provably fair” gaming. This approach ensures that the outcome of each game is verifiable and cannot be manipulated, as the underlying algorithms and random number generation are recorded on the blockchain. Players can independently verify the fairness of the games, instilling a new level of confidence in the gaming process.
The Role of Artificial Intelligence in Revolutionizing Casino Gaming
Alongside the transformative potential of blockchain, the integration of artificial intelligence is also reshaping the casino gaming industry. AI-powered systems are being employed to enhance the player experience, optimize operations, and mitigate risks.
One of the most prominent applications of AI in casino gaming is the development of personalized player recommendations and predictive analytics. By analyzing player behavior, preferences, and patterns, AI-driven algorithms can suggest personalized game selections, promotions, and bonuses, creating a more engaging and tailored experience for each user.
Moreover, AI is being leveraged to streamline the decision-making process for casino operators. Through the use of machine learning algorithms, AI can identify and analyze trends, predict player behavior, and optimize resource allocation, ultimately improving the overall efficiency and profitability of the casino’s operations.
Exploring the Concept of Provably Fair Gaming on the Blockchain
At the heart of the blockchain revolution in casino gaming is the concept of “provably fair” gaming. This innovative approach ensures that the outcomes of casino games are verifiable and cannot be manipulated, instilling a new level of trust and transparency for players.
The provably fair system works by leveraging the immutable nature of the blockchain to record the underlying algorithms and random number generation (RNG) used in each game. Players can independently verify the fairness of the games by accessing this transparent data, ensuring that the results are not subject to any external interference or manipulation.
This level of transparency is a game-changer in the casino gaming industry, as it addresses long-standing concerns about the fairness and integrity of online betting. By empowering players to validate the outcomes of their bets, blockchain-based platforms like 1win are fostering a new era of trust and confidence in the industry.
How Blockchain and AI Enhance Security and Transparency in Online Betting
The integration of blockchain and artificial intelligence in casino gaming has not only improved the fairness and transparency of the industry but has also significantly enhanced the overall security of online betting.
Blockchain’s decentralized nature and cryptographic security features make it an ideal platform for secure transactions and data storage. By recording all betting activities on the blockchain, casino operators can ensure that player funds and personal information are protected from unauthorized access or manipulation.
Furthermore, the use of AI-powered fraud detection systems further strengthens the security measures in place. These intelligent algorithms can analyze transaction patterns, identify suspicious activities, and trigger immediate response protocols, effectively mitigating the risk of fraud and theft.
The Future of Betting with Blockchain and AI at 1win
As the casino gaming industry continues to evolve, the synergistic integration of blockchain and artificial intelligence is poised to shape the future of online betting. At the forefront of this revolution is 1win, a leading platform that has embraced these transformative technologies to redefine the player experience.
1win’s commitment to blockchain-based betting is evident in its implementation of the provably fair system, which empowers players to verify the fairness of each game. By transparently recording the underlying algorithms and RNG on the blockchain, 1win has established a new standard of trust and transparency in the industry.
Complementing this blockchain-powered approach, 1win has also leveraged the power of artificial intelligence to enhance the overall player experience. From personalized game recommendations to intelligent risk management, AI-driven systems are integrated throughout the platform, ensuring that players enjoy a seamless and tailored betting journey.
Conclusion
The convergence of blockchain and artificial intelligence in the casino gaming industry is ushering in a new era of trust, transparency, and innovation. By leveraging the inherent benefits of these transformative technologies, platforms like 1win are redefining the way we approach online betting, creating a more secure, fair, and engaging gaming experience for players.
As we look to the future, the continued integration of blockchain and AI in casino gaming holds the potential to revolutionize the industry, addressing long-standing challenges and paving the way for a more trustworthy and transparent betting landscape. With its commitment to provably fair gaming, enhanced security measures, and personalized player experiences, 1win is at the forefront of this technological revolution, leading the charge in shaping the future of casino gaming.
Sports
FIFA Picks Saudi Arabia to Host 2034 World Cup
By Adedapo Adesanya
Saudi Arabia has been confirmed as the host nation for the 2034 FIFA World Cup.
Also confirmed were the hosts for the 2030 World Cup, which was awarded to six countries and will take place across three continents to celebrate 100 years of the tournament.
Saudi Arabia was the sole bidder for the 2034 competition. Its host status was confirmed on Wednesday after an online meeting of the 211 members of the International Federation of Association Football (FIFA).
The members confirmed the unchallenged bids by acclamation – simply clapping during the virtual meeting led by FIFA president, Mr Gianni Infantino.
As well as the World Cup, Saudi Arabia is hosting football’s 2027 Asian Cup, the 2029 Asian Winter Games and the 2034 Asian Games. It also has long-term ambitions to host more major events, including the Women’s World Cup.
The 2030 tournament will be led by co-hosts Spain and Portugal in Europe, and Morocco in North Africa. Uruguay, Paraguay and Argentina will each hold an opening match to mark 100 years since the first World Cup took place in Uruguay in 1930, a tournament that the South American nation won.
The next World Cup in 2026 will be co-hosted by three proximal nations in North America— the US, Canada, and Mexico.
Saudi Arabia first published its bid for the World Cup back in August 2024 after FIFA controversially fast-tracked the process for hosting the tournaments in 2030 and 2034.
The bid for the 2034 tournament has led to criticism from activist groups, who argue that Saudi laws will not protect workers overseas.
Some of the issues echoed that of the 2022 tournament held in Qatar.
The tournament will require the construction of eight new stadiums, for a total of 15 hosting venues, plus the addition of 175,000 hotel rooms, which will rely heavily on migrant labour.
Critics of FIFA also insist a Saudi-based World Cup risks a repeat of the rights abuses seen during a decade of similar preparations for the 2022 World Cup in Qatar.
FIFA previously praised the Saudi bid in an in-house evaluation, noting that the 48-team, 104-game tournament offers “significant opportunities for positive human rights impact”.
However, it added that Saudi Arabia must invest “significant effort and time” to comply with international standards.
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