REGULATORY & LEGAL FRAMEWORK FOR ONLINE SPORTS BETTING IN NIGERIA: A VIABLE ALTERNATIVE FOR MONEY LAUNDERING

Abstract The betting industry has taken the Nigerian business space like a hurricane and with the advent of the Internet, betting services can be offered through multiple distribution channels such as personal computers and mobile devices and this process is referred to as online betting. When one hears about online sports betting in Nigeria they automatically think of football, well this is because betting on football is trending, as sports fanatics show a growing interest in the premiership league. Today, not only are there thriving licensed online sport betting platforms owned and operated by Nigerians, some of them are currently expanding their operations to cater for the offline market. This paper examines the gaming laws in Nigeria and the role it plays when it comes to online sports betting. It also examines the money laundering opportunities created by the sports betting marketplace when not properly regulated and also the nature and constraints of online sports betting