Requirements For Online Casino Licence In Nigeria

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Nigeria: Requirements For Online Casino Licence In Nigeria

Corporate organisations that wish to carry on the business of anonline casino are required to obtain a licence from the requisitegovernmental agency.

• Authorities in Charge of Casino License inNigeria

In Nigeria, the power to issue online sports betting &casino license is shared between the Federal Government of Nigeriaand various State Governments. There are 36 states in Nigeria, andmost states maintain Lottery Boards, which are responsible for theissuance of various gaming licenses. The National LotteryRegulatory Commission is responsible for the issuance of gaminglicenses on behalf of the Federal Government.

 In Lagos State,  the Lagos State Lotteries Board(LSLB) is the government agency in charge of issuing the licence tocorporate bodies who intend to run an Online Casino business.

• Requirements for Online Casino License inLagos

The general  information and documents required to obtainan Online Casino Licence in Lagos are as follows:

1. Application letter stating the intention of the applicant

2. Non-refundable application fee of N500, 000 (Five HundredThousand Naira)

3. Documentary evidence of business incorporation includes:

i. Certificate of incorporation

ii. Memorandum and Articles of Association

iii. A minimum share capital of N20,000,000.00 (Form CAC 2)

iv. Details of Directors (Form CAC 7)

4. Registered office address A detailed businessplan/proposal on the proposed casino and gaming machine operationsproviding the following information:

a. Business structure

i. Name and profile of all directors and key managementstaff

ii. Tax clearance certificate of all directors in the preceding3 (three) years

iii. Descriptions of operations and management structure

iv. An industry analysis that demonstrates a clear understandingof the gaming industry. The analysis must include the names ofmajor players.

v Current gaming licences held by the Applicant (if any)

vi. Marketing plan

b. Financial information/structure

i. Management account of your organisation

ii. Company's Bank statement for the last 1 (one) year insupport of financing plan

iii. 5 (Five) year projected Profit and Loss Account, BalanceSheet, Cash Flow analysis – this should provide for paymentof the licence fee and monthly tax.

iv. Nature and extent of financing and capital investment.Indicate if foreign investment is involved in the business, termsof investment

v. Capital budgets and financing plan: source of finance,foreign investment and terms of investment (if any)

c. Details of Casino operations

i. Location of the casino

ii. Proposed trademark, brand name, logo and colours

iii. Types of table games and machine games to be offered

iv. Number of gaming machines to be deployed – note thatall machines must bear the applicant's brand

v. Know Your Customer (KYC) processes

vi. Price structure

vii. Rules and participant's code of practice

viii. Responsible gaming policies

d. Technical structure

i. Floor plan of casino operations including the layout oftables and slot machines Details of table gamesmanufacturers/suppliers

ii. Details of slot machine manufacturers/suppliers

iii. Surveillance system – this should include CCTCplanned coverage for the gaming area and general gamingenvironment

iv. Casino management system including Customer Management,Record Management, Capture of transactional information/gamingmachine

v. System Architecture

vi. Back up Policy and Business Continuity Policy

vii. Data Protection and Recovery Policy

viii. Accounting software

There is some financial obligation attached to obtaining anonline Casino Licence. The financial requirements for obtaining alicense after company registration are as follows:

i. Application fee - N500, 000 (Five Hundred ThousandNaira)

ii. licence fee (first year) - N20, 000, 000 (TwentyMillion Naira)

iii. Monthly gaming tax - N200,000 (Two Hundred ThousandNaira)

iv. Annual licence renewal fee - N20, 000, 000 (TwentyMillion Naira)

Conclusively, the online casino license is valid for one yearupon approval and is subject to annual renewal. The Online CasinoLicence is usually processed within two months from the date ofapplication. Although the requirements from state to state aresimilar, however, the license fees vary. For instance, the licensefee for a sports betting license, which includes an online casinoin Oyo State, Nigeria is N3,000,000.