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Lagos government proposes betting, lottery companies to pay N20million for licenses

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The Lagos State House of Assembly says a bill that will make operators of lottery, pools and betting in the state to pay N20 million as licence fees to the state government is underway.

The Speaker of the House, Mr Mudashiru Obasa, made this known at a public hearing on the bill in Lagos on Friday.

The bill was entitled; “Lagos State Lotteries And Gaming Authority Bill Arrangement of Sections”.

Obasa, represented by the Deputy Speaker, Wasiu Sanni-Eshinlokun, explained that the new bill, when it becomes law, would consolidate all the laws in the sector.

“The new bill will also repeal existing laws such as the Lagos State Lotteries (Amendment) Law 2008, the Lagos State Lotteries Law (2004), and the Casino and Gaming Regulatory Authority Law (2007).”

“Others are Casino and Gaming Regulations (2007), Pools Betting Control Law (2003) and Pools Betting Tax Law (2003).”

“In addition, before a license is granted to an operator, the authority shall be satisfied that the applicant is a registered company in Nigeria with a minimum share capital of N20 million or as may be directed by the authority.”

“The bill also specified that the local content shareholder shall abide by the regulations, policies, terms and conditions issued by the authority,” he said.

 
 
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