Nigerian Betting Industry Suffers Under Weight of Multiple Taxations

Financial Burden on Betting Companies

The Managing Director of Woskybet Ismaila Atus has voiced significant concerns about the financial impact of multiple taxations imposed by both state and federal governments on businesses in Nigeria. This issue is particularly pressing in the betting sector, where companies are finding it increasingly difficult to operate due to these levies.

Ismaila Atus, speaking ahead of the company’s launch in Abuja, stated, “The multiple taxations from state governments and the federal government are really suffocating businesses in the country, and coupled with the fact that the economy is really struggling.”

Economic Struggles Passed onto Customers

Atus explained that these financial pressures force companies to pass the tax burden onto their customers. He noted that this creates an unhealthy cycle where the company is taxed, and the subscribers, in turn, bear the brunt of the cost.

“You too as a company you are desperate to make money, and that is the fake life we live in this country,” he said. “The government taxes the company, and the company, in turn, puts all the taxes on the subscribers.”

Despite the difficulties, Atus highlighted the positive contributions Woskybet is making to the Nigerian economy by providing employment opportunities. The company has already created approximately 100 jobs, and as it continues to expand, it aims to manage customer finances and gains effectively.

“We have a lot of staff members that we have employed,” Atus mentioned, emphasizing the role betting firms play in creating jobs and supporting livelihoods.

Supreme Court’s Licensing Ruling

Atus also welcomed the recent Supreme Court decision that allows individual states to issue licenses to betting companies, decentralizing authority from the National Lottery Commission.

This ruling has been well-received by the industry, as it allows companies more flexibility in obtaining operating licenses from states like Lagos, Cross River, Imo, and Oyo. “It shows that you have passed the test,” Atus said, referring to the process of obtaining state licenses.

Looking ahead, Woskybet promises to deliver a competitive and secure betting experience for Nigerian sports enthusiasts. With offerings such as competitive odds, extensive sports coverage, live betting, and secure payment systems, the company aims to establish itself as a key player in the market.

“Woskybet is committed to providing a safe, secure, and thrilling betting experience for Nigerian sports enthusiasts,” Atus assured.