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Reform in Nigeria with Blockchain Project

On December 13, a blokzinc is Quanta Plc, the owner of the lottery operator Quanta Technology Limited, announced that it has signed contracts to acquire a share in the International Lottery and Gaming Limited (ILGL). As Quanta reported, this is the first deal for the world's traditional lottery reform. Companies of Quanta blokzinc is says lottery technology will help increase the transparency and justice of Nigeria's gaming market.

Quanta claims that it is the world's first and fully licensed blockchain lottery technology. The company started operations in 2015. In 2017, he received a license from the Isle of Man Gambling Audit Commission. Quanta's smart and contract-based technology is based on the production of transparent, random numbers in a scattered notebook. The whole lottery process can be made visible to network participants.

According to the description of Quanta; plans to use the acquisition as a base for expansion across Africa and about 200 million inhabitants of Nigeria. The announcement of the deal shows Nigeria's gaming market as one of the most lucrative business opportunities in the world.

Right Place, Right Time

In 2016, the Nigerians were spending about 154 billion Nigerians per day ($ 503 million) on a daily basis (about $ 2.6 per day). In 2017, these figures doubled to 308 billion people (about $ 1 billion a day by 2017). Therefore, poverty and unemployment in this West African country is now widespread. An average Nigerian family earns between 253 and 336 dollars a month.

Moreover, the national newspaper, which covered this news, conducted a survey with 20 random people. 13 of them said they bet every day. Only three said they didn't participate in lottery or sports betting.

Lotteries and lotos receive 100 liras from the Nigerian nairat (approximately $ 0.30 as of December 2018) and the lion's share of this undeveloped market. At the national level, the Nigerian gaming authority has been granted nearly 100 lottery licenses. According to a PwC report published in 2017, Nigeria's at least one federal state (Lagos) received 40 more licenses. The market was huge, but it was inefficient but also affected by corruption. A central lottery operator registration is not open to public access.

Science Behind Nigeria Lottery Fire

There's a scientific explanation for Nigeria's lottery craze. According to a study by Maria João Kaiseler and Horácio C. Faustino of the Technical University of Lisbon, there is an inverted U dependency between the popularity of lotteries and the per capita GDP. Simply speaking; lottery sales have expanded until they reach a gross domestic product of US $ 49,308 per capita and then started to decline.

Also, according to this study, there are two proven hypotheses: Christians play more than other religious groups (about 40 percent of Nigerians are Christians) and African countries spend more money on lottery products than others (almost 100 percent of the Nigerian population is African).

Source: cointelegraph

Related Topics:Bet Bitcoin Bitcoin news blockchain Crypto Money News crypto coins Nigeria

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Source: Cointelegraph