Lottery is
a legalised and regulated gaming that involves the drawing of numbers
for a prize. While lotteries are outlawed by some governments, others endorse
it. They even organise national and/or state lotteries.
Unlike
betting or gambling which can involve very high stakes, Lottery (Lotto) is
mostly a form of entertainment as it involves staking as low as N20 to N100 for
very high rewards. It is fun, entertaining and can be very rewarding
It goes
without saying that gambling benefits only those directly involved, whereas the
proceeds of regulated lottery have been used in many countries for
developmental purposes.
As far back
as 20BC when the barbarians attacked China and the Chinese Government did not
have enough money to build up their defence, they ran a lottery and raised
enough money to build up their defences, including the Great Wall of China, one
of the Seven Wonders of the World.
Lotteries
in colonial America played a significant part in the financing of both private
and public ventures. It has been recorded that more than 200 lotteries were
sanctioned between 1744 and 1776, and played a major role in financing roads,
libraries, churches, colleges, canals, bridges. In the 1740s, the foundation of
Princeton and Columbia Universities was financed by lotteries, as was the
University of Pennsylvania by the Academy Lottery in 1755.
In South
Africa, for instance, 82 percent of the population play lottery, at least, once
in a week. In 2012 alone, lottery share of funds to the country’s finances was
put at about N141.3 billion.
In Niger
Republic, proceeds of lottery were used to build boreholes, fight against
desert encroachment, while the many of the lottery winners are sponsored to
Mecca to perform the Holy Pilgrimage.
Driven by
the spirit of tapping into this viable social economic potential, the Nigerian
government via the National Lottery Act of 2000, established the National
Lottery Regulatory Commission [NLRC].
According
to section 57 of the Act, ‘’Lottery’’ or Lotteries’’ includes any game, scheme,
agreement, system, plan, promotional competition or device for the distribution
of prizes by lot or chance , or as a result of the exercise of skill and chance
or based on the outcome or sporting events, or any other game, scheme,
agreement, system, plan, competition or device.
Since its
establishment, the commission has issued licences and permits to lottery
operators and promoters to grow the market and bring lottery closer to the
people.
Lottery is
gaining wide acceptance and the huge followership of football in the county has
further widened the scope.
This in
turn has opened up series of market opportunities in the country for investors,
individuals and government. Lottery and other gaming outfits have opened up
business and employment opportunities especially for youths. Some open up shops
as agents while some are employed to work in these shops. Many unemployed
youths who roam the street see lottery and gaming shops as offices. Many of
them survive on their little winnings with losers having hope of being winners
on subsequent entries.
The global
lottery industry is estimated to worth $70 billion. In 2016, it was estimated
that Nigerians spent an average of N154bn daily on betting with 7.5
million lottery, and 22 million sports betting players in the
country. According to theNational Lottery Regulatory Commission
(NLRC), projected profit from the promo lottery alone is N45
billion. The SMS lottery can generate about N150 billion
revenue, while gaming industry is projected to bring over N300 billion to
federal government coffers annually. However, the prospect has not been fully
exploited. The industry was only able to yield N7 billion as of 2016.
Today,
Nigerians are being advised by the National Lottery regulatory Commission to
invest and engage in regulated lottery, as it gives them a platform to
contribute to national development while they stand a chance of having a life
changing experience via a jackpot.
In the
recent past, several betting and lottery companies have acquired licences to
operate in the country. One of such is Western Lotto which is entering the
Nigerian market with a game changing lottery initiative. The company is
introducing pari mutual gaming platforms that offer Nigerians the experience of
two of the most exciting lottery brands, namely the Lotto Race and the 6/49,
otherwise known as the UK Lotto, among others. Western Lotto is introducing
these games as a means of offering adventurous platforms for the gaming public
to participate and win big.
While the
Lotto Race offers daily winnings, the UK Lotto would have weekly jack pot
winners of between N10million to N15million.
Western
Lotto’s unique offerings also come with the ease of play. Just pick your six
(6) numbers correctly, and you are on your way to winning the jack pot.
However, if you match three (3) numbers, you start winning. The games can
played via USSD, mobile apps, online, shops and terminals.
On winning,
Western Lotto says when anyone wins on any of its gaming platforms, such a
person will be notified immediately. He will get a text or email confirming the
winning. And a winning code can be paid via the Automated Teller Machine (ATM)
of Quick teller (for smaller amounts), or just a walk into any bank branch can
redeem such winnings. However, if anyone wins big, he will be given a VIP
reception at Western Lotto’s Head Office on Victoria Island, Lagos, where he will
be paid or state however he wants to be paid.
The Western
Lotto gaming platform is targeted at positive, upbeat, optimistic people who
although do not have a lot of money in the now, believe that they are just one
game away from making it big.
The increasing
acceptance of gaming among Nigerians is an indication that the industry will be
one of the major contributors to Nigeria’s economy in the nearest future. And
as the government continues to encourage investment in the industry from local
and foreign investors such as Western Lotto, the economic horizon will surely
continue to broaden, thus providing a fertile ground for social growth and
economic empowerment of Nigerians.
Experts
have argued that the development of a nation is not only tied to available
human capital but equally on its social and economic resources. According to
the experts, several developed countries have consolidated on these natural
endowments through Lotteries to re-write their history and establish sound
economic footing worthy of emulation by the global community.
Lottery, as
it has been proved repeatedly, is a social culture that has positively changed
the economic fortunes of several nations. These days, the lottery business has
also gained acceptance as a growing source of special intervention fund for
governments which continue to work out innovative sources of funding
alternatives to raising taxes when there are needs to address perceived infrastructural
deficits.
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