Casino operator Stake has been declared illegal in Nigeria, leading authorities to order an immediate ban across 24 states. The Nigerian gambling regulators determined that Stake was operating without the necessary Nigerian license and had outstanding tax obligations. The announcement was made by the Lagos State Lotteries and Gaming Authority (LSLGA), which has now added Stake to its blocked list extending the prohibition across all states governed by the Federation of State Gaming Regulators of Nigeria (FSGRN).
As the second-largest betting market in Africa, trailing only South Africa, Nigeria boasts a Competitive Earnings Baseline (CEB) of $789 million. The LSLGA emphasized its dedication to protecting consumers within the country, focusing on safeguarding minors, maintaining the integrity of the market, and ensuring full compliance with state laws and tax requirements by gaming operators.
Recently, the LSLGA implemented a 5% tax on gambling winnings, reflecting an overall tightening of regulatory frameworks governing online gaming licenses in the state.
