Author Topic: Is Recession A Boon For Lottery Business?  (Read 441 times)

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Is Recession A Boon For Lottery Business?
« on: December 04, 2016, 11:29:36 AM »
The economic recession notwithstanding, there has been a proliferation of different lottery schemes across the country in recent times. Ibrahim Apekhade Yusuf in this report examines the trend

Chances are that one out of every five posters you see whether on billboards, handbills, thoroughfares, walkways, street corners, moving or stationary vehicles, amongst other medium, is most likely going to be about one form of lottery or what have you. Indeed the bourgeoning trade in lottery games across the country shows that some Nigerians are not just into lottery for the fun of it but many have today come to accept it as a revenue stream, especially in this period of recession so much so that the received wisdom amongst the patrons is that lottery is a sure banker any day, in a manner of speaking!

Lottery business involves raising money by selling numbered tickets and giving out prizes to the holders of particular numbers that were randomly selected.

But what is it about lottery that has made it the in-thing, you may tend to ask?

Mr. Obinna Nweke, a patron, gives a plausible explanation.  ?I think lottery has always been a thing of attraction to a lot of Nigerians out there. But I guess that one of the fallouts of the current economic recession in the country is the emergence of different lottery schemes across the length and breadth of the country.?

Speaking in the same vein, Mr. Solomon Adeniyi, who is a lottery agent in Iyana-Ipaja axis of Lagos, told The Nation that lottery has always been popular amongst Nigerians ever before the recession. While not completely discountenancing the fact that there could have been an uptick during the current economic crunch, Adeniyi said matter-of-factly that business has been good all year round.

Waxing philosophical, Adeniyi said: ?The thing about lottery is that there are always winners. For those who know the rules of the game, they know every player will always get his break. All you need to have is the spirit of sportsmanship to sustain your interest in the game of lottery.?

On whether there could be possibility of agents swindling players, he said that cannot be ruled out, especially for the uninitiated.


Who regulates lottery?

The lottery sector is regulated by the National Lottery Regulatory Commission (NLRC). The NLRC was established by the National Lottery Act of 2005 to regulate the operation and business of lottery in the country. The Act mandates the commission to promote transparency, propriety and integrity in the lottery operations, while protecting the interests of players, stakeholders and the general public in the lottery business. The law also empowers the commission to set standards, guidelines and rules for the operation of national lottery in the country.

Lending credence to the foregoing, Mr. Adolphus Ekpe, Director General and Chief Executive Officer of National Lottery Regulatory Commission (NLRC) while speaking in an interview with a team of journalists recently noted section 57 of the Lottery Act 2005 defines lottery as any game, scheme, arrangement, system, plan, promotional competition or device for the distribution of prizes by lot or chance or as a result of the exercise of skills and chance or based on the outcome of sporting events.

According to him, ?There are rules that guide the performance of lottery; one of them is that a minimum of 50 percent of any lottery proceeds must be kept aside as price, while 20 percent must come to the trust fund so that, at the end, you find out that 70 percent of the proceeds from lottery goes back to the people.?

Lottery, he stressed, is a tool of employment generation, an instrument of raising funds for government?s special projects and a way of achieving wealth distribution and redistribution.

Ekpe said that the commission had so far remitted more than N5 billion into the National Lottery Trust Fund (NLTF).

He, however, bemoaned the fact many Nigerians had only a smattering of lottery and therefore, the public perception of lottery was still negative, as lottery was largely seen as a form of gambling that was not meant for decent members of the society.

The NLRC boss recalled that in 2005, the general public was hardly aware of the existence of the National Lottery Regulatory Commission or its sister agency, the National Lottery Trust Fund. Even after five years, the public perception of lottery was still negative.

The NLRC, Ekpe noted has since embarked on aggressive public enlightenment and sensitisation as well as product rebranding campaigns, so as to change the negative mind-set of the citizens towards lottery.

?We are happy to note that all the enlightenment efforts have helped in changing the perception of the general public towards lottery business, as it now viewed as a tool for national development,?? he said.

As part of efforts to regulate lottery operations in the country, Ekpe said that the commission signed Memoranda of Understanding with the Nigeria Police, the EFCC and the Nigerian Communications Commission (NCC) to combat illegal lottery operators.

He said that this action had enabled the commission to stay afloat and weather the storm, particularly with regard to some negative media campaign that it had overstepped its mandate, adding, however, such observations could be attributed to sheer ignorance.

The director-general explained that any game which had the three elements of stake, chance and price could be classified as lottery, adding that lottery was also used to promote good causes.

?A consumer sales promotion is not lottery if it does not involve the chance to win prizes.

?Nevertheless, if a promo requires an individual to buy a thing and stand the chance of winning a prize, such a promo has veered into the territory of the commission.

?Basically, there are categories of lottery and these are all regulated by the NLRC. They include promotional competitions, online lottery, sports lottery, SMS lottery, lottery concierge services, charitable lottery and traditional lottery,?? he said.

Ekpe said that Section 35 of the National Lottery Act established the National Lottery Trust Fund to oversee the administration of funds received from licensees for projects that would foster the growth of the nation.

Ekpe emphasised that the national lottery had, over the years, helped in distributing and re-distributing wealth, creating employment and funding certain government projects.

Besides, the director-general said that the commission?s workforce has grown exponentially from 11 employees in 2005 to 1,500 employees in 2015, in line with the Federal Government?s employment agenda.

He said that the NLRC had also concluded plans to automate the monitoring and regulation of the lottery business in Nigeria so as to facilitate efforts to turn lottery into a viable source of revenue generation which could contribute more meaningfully to the country?s Gross Domestic Product (GDP).

To this end, the commission has developed guidelines for licensing and regulating lottery operators as well as rules, regulations and guidelines for the operation of promotional lottery schemes, he added.

Ekpe, therefore, advised Nigerians, particularly the youth, to exploit the potential of the lottery industry, saying that it was lucrative and capable of opening other life-changing means for them.

Similarly, Mr Gregory Olatunji, the General Secretary, National Union of Lottery Agents and Employees, urged the commission to initiate pragmatic plans to make the lottery industry more beneficial to the national economy.

?For many people, lottery may be another form of entertainment and to others, it is a very destructive habit but the government, through the NLRC, should strive to erase this negative notion.?


Roll call of licensed lottery businesses

Polls betting, Baba Ijebu, Nairabet, Naija bet, Winners Golden Bet, WGB, Betnajia, Superbet247, Alashe Baba Ijebu Lotto, E60 Lotto, Lagos State Lottery Board, Noipolls Limited, Sports Bet Nigeria Limited, Lotto House of Success, Golden Chance Lotto Agent, Hakym90 Lotto, Premier Lotto, Tys Lotto, Wesco Pools and Lotto, Happiness Lotto and Lottery Limited, , Naija Lottery, UBC365, Lotto Bigwinners, Premier Bet, 24Lottos, R And S Lotto Limited, Haykay Lotto, Effi Lotto World, Onstreet Lotto , Itouch Lotto

It is however instructive to note that in view of numerous problems caused by conventional hand-writing lottery ticket, eGame has been appointed by the Nigerian lottery operator People?s Lotto (PPL) to launch the first online lottery in Lagos, in order to optimise the sales and improve efficiency to their lottery business.

PPL is the pioneer of lotto operators in Lagos since 1987. They have operated the long-established, welcomed and the most popular 5/90 lotto in Nigeria. The online system implemented by eGame has resolved the time constraints of traditional lottery. Other than reduced operational cost, business hours have been extended; bring more revenue to PPL and their agents. Geographical constrains were eliminated. The agents can now sell the tickets in regions they cannot reach before, attracted and initiated new lotto players.

Industry watchers hold the view and very strongly too that believe that the lottery business in Nigeria should be strengthened to enable it to contribute more meaningfully to the country?s socio-economic growth.

This, they hope will make lottery much more attractive than it is presently is.


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Is Recession A Boon For Lottery Business?
« on: December 04, 2016, 11:29:36 AM »

Offline NaijaRealMoney

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Re: Is Recession A Boon For Lottery Business?
« Reply #1 on: December 04, 2016, 10:57:20 PM »
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Nigerian Best Forum . NBF

Re: Is Recession A Boon For Lottery Business?
« Reply #1 on: December 04, 2016, 10:57:20 PM »

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