Why is Nigeria not attracting the top gambling brands?

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Nigeria is one of the countries at the forefront of the iGaming revolution on the African continent.

Along with Ghana, South Africa and Kenya, the country is making unprecedented gains from opening up to online betting companies.

As it stands, there are well over 30 betting sites operating with online gaming licenses in Nigeria.

To the uninitiated, the number of bookmakers in the country is quite substantial. However, a cursory look at some other top iGaming destinations will show that Nigeria is barely scratching the surface.

For instance, Kenya has over 50 registered betting companies with licences from the Betting Control and Licencing Board (BCLB) of Kenya.

Going by the numbers of online betting companies in Kenya, one would think that the Kenyan market is saturated, but the reality is far from that.

Currently, there are more than 20 new companies looking to obtain operational licenses to join the fray in the East African country.

Why is Kenya considered a fertile destination for iGaming companies? Why are they drawn to Kenya?

The situation becomes even more puzzling when you realize that the Kenya Revenue Authority is very strict with betting companies in terms of revenue generation and taxes that are supposed to be remitted to government coffers.

The entire online betting industry is heavily regulated and the tax man does not leave anything to chance in terms of revenue.

Currently, there are taxes on both betting stakes and winnings. And as a consequence, the subject of betting taxes has been controversial in the last few years.

Nevertheless, the government is not backing down.

In fact, recent development within the KRA has mandated betting companies to pay their taxes by 1am on a daily