[ad_1]
On December 13, Quanta Plc., Owner of Quanta Technology Limited, a blockchain lottery operator, announced that it had signed contracts for the acquisition of an investment in International Lottery and Gaming Limited (ILGL). According to Quanta, this is "the first agreement in the world to reform the traditional lottery". The companies claim that Quanta's blockchain-based lottery technology will help increase the transparency and fairness of the Nigerian gaming market.
Quanta claims to be "the first blockchain lottery with full license in the world". The company started operations in 2015 and in 2017 received a license from the Isle of Man Managment Gaming Commission. Intelligent technology based on Quanta's contract is based on the transparent generation of random numbers on a distributed ledger. The entire lottery process can be made visible to network participants.
According to the statement, Quanta intends to use the acquisition as a basis for expansion throughout Africa and to the population of Nigeria of almost 200 million. The announcement of the agreement mentions Nigeria's gaming market as "one of the most profitable business opportunities in the world".
In the right place at the right time
In 2016, Nigerians spent about 154 billion Nigerian Nigerians ($ 503 million) a day on bets (about $ 2.6 per inhabitant per day). In 2017, these numbers rose twice, reaching 308 billion naira (about $ 1 billion a day from 2017). Because of this, poverty and unemployment are now rampant in this West African country. An average Nigerian family earns between $ 253 and $ 336 a month.
In addition, the national newspaper reported that the news interviewed 20 random people, and 13 of them reported to make bets every day. Only three have declared that they are not involved in lotteries or sports betting.
Lotteries and lotteries with shares of 100 Nigerian Nairas (about $ 0.30, starting from December 2018) occupy the lion's share of this profitable but undeveloped market. Nationwide, about 100 lottery licenses have been issued by the Nigerian gaming authority, and at least one federal state of Nigeria (Lagos) has approved another 40 licenses, according to a PwC report released in 2017. The market is huge, but afflicted with inefficiencies and corruption. Even a centralized register of lottery operators is not made public.
The science behind the fever of the Nigerian lottery
There is a scientific explanation for Nigeria's lottery mania. According to a study conducted by Maria João Kaiseler and Horácio C. Faustino of the Technical University of Lisbon, there is an inverse dependence between the popularity of lotteries and per capita GDP. Simply speaking, lottery sales grow exponentially until the country reaches a gross domestic product of $ 49,308 per capita in 2004 (which is $ 65,788 in 2018 prices), and then begins to decline.
Moreover, according to this research, there are two proven hypotheses: Christians play more than other religious groups (about 40% of Nigerians are Christians) and African countries spend more money on other lottery products (almost 100% of the population Nigerian is African origin).
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim to provide you with all the important information we could obtain, readers should do their own research before taking any action relating to the company and bring full responsibility for their decisions, nor can this article be considered as an investment advice.
[ad_2]Source link
