The gaming industry in Nigeria is currently worth an estimated $70 billion. Moreover, Nigerians spent an estimated N154 billion on betting in 2016 alone. A new blockchain based company wants to revolutionize the lottery industry in Nigeria with the unique features of the blockchain technology.
Introducing First Blockchain Lottery Site in Nigeria
Meanwhile, Nigeria is home to lots of cryptocurrency and blockchain startups with exciting projects. A new project utilizing the blockchain wants to revolutionise the gaming and gambling industry. The CEO sat down for an interview with This Day Newspaper, one of the leading news platform in Nigeria, to discuss the prospect of the project and its plans for the lottery industry in Nigeria.
CEO, Ikorne Games, and Bingo9ja, Mr. Eni Eniola spoke about his team’s strategy and approach to revolutionizing gaming activities in the country, creating jobs, and growing the Nigerian economy, using Blockchain technology. Ikorne Games is the parent company of Bingo9ja.
Also, their goal is to make it easy for all gaming enthusiasts to play different kinds of a lottery and classified games from the comfort of their homes either by using their Blockchain-backed mobile phone app, Blockchain node integrated terminals or the USSD applications.
Moreover, with a flat rate of N100. 00, Nigerians would be able to play the Bingo9ja games. The platform has five different games that people can play either via the terminal or the mobile device, which uses a mobile app. The platform has a minimum win of N30,000 and a maximum win of N2.5 million. Also, there’s a jackpot game where the minimum win is N500,000, and the maximum is infinity until someone wins.
Government Regulations On Gaming Activities in Nigeria
The company aims to start its operations in Lagos, Nigeria, the commercial hub of the country. It would have to contend with regulatory concerns in the country. Nigeria doesn’t currently have a regulatory stance on blockchain and cryptocurrencies. However, the lottery industry is heavily regulated by the relevant agency of the country.
The blockchain-based gaming company said it has gone through all the government regulations controlling gaming activities at the federal and state levels already. Mr. Eni Eniola said the Consumer Protection Council (CPC) is aware of Bingo9ja and it has its approval to carry out gaming activities in Nigeria.
The Lagos State government has also given them an approval to introduce gaming in Lagos State. They are currently in the process of getting the federal government’s approval to reach other states in the country.
The company will have to deal with over-regulation, double taxation, high-cost template, and corruption. Moreover, most lottery operators have complained about, which is killing many lottery businesses in the country.