The gaming industry in Nigeria is currently worth around 70 billion dollars. In addition, Nigerians have spent about N154 billion pounds for bets in 2016. A new blockchain-based company wants to revolutionize the lottery industry in Nigeria with the unique characteristics of blockchain technology.
Presentation of the first Blockchain lottery site in Nigeria
Meanwhile, Nigeria hosts many cryptocurrency and blockchain startups with exciting projects. A new project that uses the blockchain wants to revolutionize the gaming and gambling industry. The CEO sat down for an interview with This Day Newspaper, one of Nigeria's leading news platforms, to discuss the prospect of the project and its plans for the lottery industry in Nigeria.
CEO, Ikorne Games and Bingo9ja, Eni Eniola spoke about his team's strategy and approach to revolutionize gaming activities in the country, create jobs and grow the Nigerian economy, using Blockchain technology. Ikorne Games is the parent company of Bingo9ja.
In addition, their goal is to make it easy for all game fans to play different types of lotteries and games ranked comfortably from home using the Blockchain mobile app, Blockchain integrated terminals or USSD applications.
Furthermore, with a flat rate of N100. 00, the Nigerians would be able to play Bingo9ja games. The platform has five different games that people can play via the terminal or mobile device, which uses a mobile app. The platform has a minimum win of N30,000 and a maximum payout of N2.5 million. Moreover, there is a jackpot game in which the minimum payout is N500,000, and the maximum is infinite until someone wins.
Government regulations on gaming activities in Nigeria
The company aims to start its operations in Lagos, Nigeria, the commercial center of the country. It should deal with regulatory concerns in the country. Nigeria does not currently have a regulatory position on blockchain and cryptocurrency. However, the lottery industry is strongly regulated by the competent agency of the country.
The blockchain-based game company said they have already applied all government regulations that control gambling activities at the federal and state levels. Eni Eniola has stated that the Consumer Protection Council (CPC) is aware of Bingo9ja and has its approval to carry out gaming activities in Nigeria.
The Lagos state government has also given them the approval to introduce games in the state of Lagos. I am currently in the process of obtaining the approval of the federal government to reach other states in the country.
The company will have to deal with over-regulation, double taxation, high cost models and corruption. Also, most lottery operators have complained, which is killing many lottery companies in the country.
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