As World Cup kicks off, suspended betting firms remain in business

A total of 14 betting firms currently suspended by the Lagos State Lottery Board (LSLB) have remained in business despite the suspension, BusinessDay investigations have shown.  The list of the suspended betting firm can be found on official site of Lagos State Lottery Board.
Some of the firms on the list include; Betcolony, Naija4win, Gobet3000, Stakewise, Millionaires Sportsbet, Winasbet, 360 Bet, 9japredict, Nairapower, Gidibet, Edwinbet, Rookie Bet, Ecobet and Jackpot.
A source at the LSLB decline to tell BusinessDay why the firms were suspended, when BusinessDay called to know why the action was taken against the firms.  “We do not have the power to disclose such information”.
However, based on the legislation of LSLB, if the Governor on the recommendation of the Board is satisfied that grounds exist for the revocation of the licence granted in terms of section 14, the Governor shall in writing notify the licensee of the existence of such grounds and call upon the licensee to furnish reason, within 21 days of service of that notice at the registered address of the licensee, why the licence should not be revoked, failing which the licence will cease to be upon the expiration of the said period of 21 days.
BusinessDay findings show that nine of the suspended operators are still operating online despite being suspended by LSLB. The suspended betting companies that have remained active are Betcolony, Naija4win, Gobet3000, Stakewise, Millionaires Sportsbet, Winasbet, 360 Bet and 9japredict.
BusinessDay findings show that the suspended betting companies may be exploiting a loophole in the law guiding the licencing and operation of betting companies in Lagos State.
According to a legal representative for LSLB, “We do not have control over online betting businesses as they could operate from other states or countries; however, we can only shut them down if they still have physical structures within Lagos.”
This means that the suspended betting companies can continue to provide betting services to Lagos residents through their online presence as long as they do not have a physical presence in the state.
However, according to a reliable source, some suspended betting companies like 360 bet still operate from their physical structures in Lagos. With these suspended betting companies serving Lagos customers without the supervision of LSLB, misconduct by these betting companies may go unpunished which increases the risk borne by betting customers of these companies.

The fear of misconduct is even higher now that Russia 2018 World Cup has commended. The expectation is that there would be a boom in betting business throughout the duration of the World Cup with many of the suspended firms getting patronage of Lagos residents. There is a risk that if any of the suspended firms declines to pay out any winnings, there is little or nothing that the authorities can do to bring them to book.