Unlike betting or gambling which can involve very high
stakes, Lottery (Lotto) is mostly a form of entertainment as it involves
staking as low as N20 to N100 for very high rewards. It is fun, entertaining
and can be very rewarding
It goes without saying that gambling benefits only those
directly involved, whereas the proceeds of regulated lottery have been used in
many countries for developmental purposes.
As far back as 20BC when the barbarians attacked China
and the Chinese Government did not have enough money to build up their defence,
they ran a lottery and raised enough money to build up their defences,
including the Great Wall of China, one of the Seven Wonders of the World.
Lotteries in colonial America played a significant part
in the financing of both private and public ventures. It has been recorded that
more than 200 lotteries were sanctioned between 1744 and 1776, and played a
major role in financing roads, libraries, churches, colleges, canals, bridges.
In the 1740s, the foundation of Princeton and Columbia Universities was
financed by lotteries, as was the University of Pennsylvania by the Academy
Lottery in 1755.
In South Africa, for instance, 82 percent of the
population play lottery, at least, once in a week. In 2012 alone, lottery share
of funds to the country’s finances was put at about N141.3 billion.
In Niger Republic, proceeds of lottery were used to build
boreholes, fight against desert encroachment, while the many of the lottery
winners are sponsored to Mecca to perform the Holy Pilgrimage.
Driven by the spirit of tapping into this viable social
economic potential, the Nigerian government via the National Lottery Act of
2000, established the National Lottery Regulatory Commission [NLRC].
According to section 57 of the Act, ‘’Lottery’’ or
Lotteries’’ includes any game, scheme, agreement, system, plan, promotional
competition or device for the distribution of prizes by lot or chance , or as a
result of the exercise of skill and chance or based on the outcome or sporting
events, or any other game, scheme, agreement, system, plan, competition or
device.
Since its establishment, the commission has issued
licences and permits to lottery operators and promoters to grow the market and
bring lottery closer to the people.
Lottery is gaining wide acceptance and the huge
followership of football in the county has further widened the scope.
This in turn has opened up series of market opportunities
in the country for investors, individuals and government. Lottery and other
gaming outfits have opened up business and employment opportunities especially
for youths. Some open up shops as agents while some are employed to work in
these shops. Many unemployed youths who roam the street see lottery and gaming
shops as offices. Many of them survive on their little winnings with losers
having hope of being winners on subsequent entries.
The global lottery industry is estimated to worth $70
billion. In 2016, it was estimated that Nigerians spent an average of N154bn
daily on betting with 7.5 million lottery, and 22 million sports betting
players in the country. According to the National Lottery Regulatory Commission
(NLRC), projected profit from the promo lottery alone is N45 billion. The
SMS lottery can generate about N150 billion revenue, while gaming
industry is projected to bring over N300 billion to federal government coffers
annually. However, the prospect has not been fully exploited. The industry was
only able to yield N7 billion as of 2016.
Today, Nigerians are being advised by the National
Lottery regulatory Commission to invest and engage in regulated lottery, as it
gives them a platform to contribute to national development while they stand a
chance of having a life changing experience via a jackpot.
In the recent past, several betting and lottery companies
have acquired licences to operate in the country. One of such is Western Lotto
which is entering the Nigerian market with a game changing lottery initiative.
The company is introducing pari mutual gaming platforms that offer Nigerians
the experience of two of the most exciting lottery brands, namely the Lotto
Race and the 6/49, otherwise known as the UK Lotto, among others. Western Lotto
is introducing these games as a means of offering adventurous platforms for the
gaming public to participate and win big.
While the Lotto Race offers daily winnings, the UK Lotto
would have weekly jack pot winners of between N10million to N15million.
Western Lotto’s unique offerings also come with the ease
of play. Just pick your six (6) numbers correctly, and you are on your way to
winning the jack pot. However, if you match three (3) numbers, you start
winning. The games can played via USSD, mobile apps, online, shops and
terminals.
On winning, Western Lotto says when anyone wins on any of
its gaming platforms, such a person will be notified immediately. He will get a
text or email confirming the winning. And a winning code can be paid via the
Automated Teller Machine (ATM) of Quick teller (for smaller amounts), or just a
walk into any bank branch can redeem such winnings. However, if anyone wins
big, he will be given a VIP reception at Western Lotto’s Head Office on
Victoria Island, Lagos, where he will be paid or state however he wants to be
paid.
The Western Lotto gaming platform is targeted at
positive, upbeat, optimistic people who although do not have a lot of money in
the now, believe that they are just one game away from making it big.
The increasing acceptance of gaming among Nigerians is an
indication that the industry will be one of the major contributors to Nigeria’s
economy in the nearest future. And as the government continues to encourage
investment in the industry from local and foreign investors such as Western
Lotto, the economic horizon will surely continue to broaden, thus providing a
fertile ground for social growth and economic empowerment of Nigerians.
Experts have argued that the development of a nation is
not only tied to available human capital but equally on its social and economic
resources. According to the experts, several developed countries have
consolidated on these natural endowments through Lotteries to re-write their
history and establish sound economic footing worthy of emulation by the global
community.
Lottery, as it has been proved repeatedly, is a social
culture that has positively changed the economic fortunes of several nations.
These days, the lottery business has also gained acceptance as a growing source
of special intervention fund for governments which continue to work out
innovative sources of funding alternatives to raising taxes when there are
needs to address perceived infrastructural deficits.
***Olumade Akanni is the Director of Strategy at the
Citizens Advocacy for Social Emancipation, FCT, Abuja. ***
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