Global Economic Impact of Gambling Tax Soars

WATERFORD, Ireland, Aug. 09, 2024 (GLOBE NEWSWIRE) — The economic impact of gambling on national economies has been astronomical from 2020 -2024, according to the latest Statista research. The online gambling market alone is expected to generate an impressive US$97.70 billion by the end of 2024, with an annual growth rate of 6.46% projected to push the market volume to US$133.60 billion by 2029.

Minimum Deposit Casinos (MDC) – a division of the OneTwenty group – explored how governments were spending the gambling tax and the impact of it.

“We looked at the top 5 revenue generating countries in online gambling. It was evident that gambling tax is revolutionizing national economies, fueling vital public services, and spearheading major community and environmental projects. In fact, it has had a profound and life-changing impact globally, showcasing how crucial this revenue stream is for societal well-being and sustainable development,” said Miranda Raaff, MDC Head of iGaming Information.

Top 5 revenue-generating countries in online gambling 2024:

Top 5 revenue generating countries in online gambling 2024 - Statista

This image highlights the leading countries by revenue in online gambling for 2024, showcasing the significant contributions of gambling taxes to public services and infrastructure across various nations.

  • United States: US$14.4 billion contributed in direct gaming taxes to government in 2023. $750 million was earmarked for conservation work. The tax was also used for upland management, invasive species removal, flooding and sea-level rise resilience, and water maintenance needs.
  • UK: Betting/gaming tax was £3.4 billion in 2023/2024. A significant portion funds the National Health Service and improves healthcare facilities. Part of it used in community projects, roads infrastructure, public transport, and housing.
  • Australia: Gambling operators contributed AUS$5.8 billion to government in 2020. A big portion funded public hospitals, medical services, and mental health programs. It also supported public schools, universities, and training programs. Infrastructure like roads, public transport, and public housing also benefitted.
  • Germany – €5.2 billion was contributed in gambling tax for 2022. A huge portion funded public hospitals, medical research, and mental health services. Some used for unemployment benefits, housing assistance, and supporting low-income families. It was also utilized for infrastructure, arts/culture programs, and education.
  • Canada – Canada receives around CA$9 billion yearly in gambling tax. A huge portion goes to healthcare, social programs, public safety initiatives, environmental protection, infrastructure and more.

About MDC

MDC, a division of the OneTwenty Group, is an iGaming resource portal that reviews and recommends the most trusted and reliable online casinos globally. MDC conducts thorough vetting of casinos, focusing on security, gaming licenses, responsible gambling tools, and fair gaming practices.

Contact: [email protected]

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Bitget’s July Report Highlights Bitget Wallet Becomes the Largest Integrated Wallet in the TON Ecosystem

Bitget’s July Report Highlights Bitget Wallet Becomes the Largest Integrated Wallet in the TON EcosystemBitget's July Report Highlights Bitget Wallet Becomes the Largest Integrated Wallet in the TON EcosystemVICTORIA, Seychelles, Aug. 09, 2024 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has released its monthly report highlighting the ecosystem’s updates for July 2024. Bitget Wallet’s MPC wallet solution supports the TON mainnet, which allows users to easily create and import wallets via email. This positioned Bitget Wallet as the largest integrated wallet in the TON ecosystem. Not just this, Bitget Wallet surpassed popular apps like TikTok and WhatsApp in Nigeria with 200% in the month of June, positioning the wallet as the top choice for Nigeria-based crypto users.

Bitget recorded a notable start to Q3, Forbes recognized BGB in the list of best performing tokens in 2024, and CCData highlighted Bitget’s market share growth among centralized exchanges in the first half of the year. July witnessed the release of various reports and updates from Bitget, enhancing user awareness about the evolving crypto landscape. Bitget listed 33 new tokens, bringing the total count to 873. The total trading volume (TVL) reached $204.3 billion, with a 7.2% monthly growth. Bitcoin (BTC), Ethereum (ETH), XRP and Solana (SOL) led the top 10 cryptocurrencies by TVL, followed by PEPE, WLD, WIF, NOT, ZRO, and MEW – all memecoins.

In a strategic partnership with Upland, Bitget launched the utility token SPARKLET on Ethereum. This collaboration included establishing Bitget’s virtual headquarters in Upland’s metaverse, featuring extensive token airdrops and rewards for both communities. Bitget acquired Treasure Island, consisting of 888 properties. Additionally, Upland’s token, SPARKLET, was exclusively listed on Bitget’s launchpool, giving users a competitive advantage.

On the research side, Bitget in collaboration with Nansen, released insights on token-discovery strategies. The report provides traders with essential information and strategies for investing in early-stage projects. By evaluating data sets correlated to token prices, Bitget and Nansen offer valuable insights for traders.

The platform retained 25 million users with a daily trading volume of $10 billion. It currently hosts over 180,000 professional traders and 800,000+ copy trading followers. With over 80 million successful trades, users gained $500 million, and elite traders shared $23 million in profits. The platform offers 800+ tokens and 900+ spot trading pairs, with a daily spot trading volume of $400 million and $7 billion in USDT-M Futures.

For more information, please visit the monthly report here.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 25 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
For media inquiries, please contact: [email protected]

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COVID-19 transforming the world- Pate


The Coordinating Minister of Health and Social welfare, Prof. Ali Pate, says pandemics transform the world and that of COVID-19 is already underway.

Pate said this on Thursday in Abuja at the launch of a book titled ‘An Imperfect Storm’.

The book was written by Dr Chikwe Ihekweazu, former Director-General of the Nigeria Centre for Disease Control and Prevention (NCDC), and his wife, Mrs Vivianne Ihekweazu.

According to Pate, traditionally, pandemics have almost always resulted in transformation of societies.

‘Right from the ancient Greek periods, pandemics resulted in major transformations.

‘The Greeks suffered from it, the Romans suffered from it. The plague, thousands of years ago, resulted in transformations, HIV resulted in some transformation.

‘Now we have experienced COVID, and it is transforming the world. It’s a one in a hundred year pandemic, and the transformation is already underway.

‘We are emerging into a world of greater facility, economic upheavals, but also acceleration in encounters wi
th new pathogens,’ he added.

While citing cases of different pandemics that the world experienced from the 1990s to the present time, the minister said that pandemics are here to stay.

‘What it tells us is that we are marching our way into a world where new pathogens are crossing over, and they encounter the next crisis. It could be anywhere for us to see, so it’s not if but when.’

He, however, commended Ihekweazu for his work in building NCDC and championing the containment of COVID-19 in Nigeria, adding ‘it is going to be one of the significant hallmarks in our effort to respond when the next storm shows up’.

One of the authors, Mr Ihekweazu, said that it was very important to strengthen health response in order to be able to handle pandemics when they come.

Citing an example with Nigeria’s handling of the Ebola virus in 2014, he said that the country, using various approaches was much sensitised to the emergence of the disease and had a good response to it.

He, however, said the experience caused the
nation a lot of harm.

‘The harm it has caused us is that we spent the next five years celebrating our heroic Ebola response and so by the time I started at NCDC in 2016, there was nothing left because we believed we had done a great job.

‘We had no national reference plan, so everything we had put together for the response was gone.

‘In reflecting on how we emerged from this, I think the challenge for us, whether we have a good response or a bad response, it’s not to think we have nothing to worry about, it’s to continue.

‘We have started and documented progress, but our collective challenge is to make sure that when the next one comes, and it will come, that the NCDC is not where it is today.’

The co-author, Mrs Ihekweazu said that the book was not just about sharing the story so others could learn about what they did at the time, but to also tell the story.

‘Sharing that story is very important because it’s not just about how we responded or how others can learn what we do, but we have to learn to tel
l our stories,’ she said.

The News Agency of Nigeria (NAN) reports that the book, which is the authors personal narrative of Nigeria’s COVID-19 response, is aimed at supporting public sector leadership and all those participating in building institutions and organisations.

In attendance at the launch were the former Secretary to the Government of the Federation, Mr Boss Mustapha, former Minister of State for Health, Sen. Olorunnimbe Mamora, and Dr Sani Aliyu, former National Coordinator, Presidential Taskforce on COVID-19.

Others are former governor of Ekiti State, Mr Kayode Fayemi, former governor of Delta, Dr Ifeanyi Okowa and the D-G of NCDC, Dr Jide Idris.

Source : News Agency of Nigeria

Mineral resources exploitation: We must prioritise safety of Nigerians – Tinubu


President Bola Tinubu says his administration will ensure that companies engaged in mineral exploration prioritise the health and safety of Nigerians as well as the host communities.

The president stated this while receiving a presentation titled, ‘Harnessing the Mining Industry for Enhanced National Security and Development: Strategic Options for Nigeria by 2035,’ by Course 32 participants of the National Defence College (NDC) on Thursday in Abuja.

Tinubu also directed security agencies to intensify efforts to crack down on illegal miners across the country.

The participants of the Course 32 were tasked with researching topical national issues, and their findings during their 11-month study focused on the potential of the mining industry to contribute to national security and development.

Responding to the presentation delivered by Col. Olajide Bello on behalf of the delegation, the president commended their work and reiterated the importance of diversifying Nigeria’s economy.

‘I have listened carefully
to your presentation on the theme. Aside from your knowledge of war and security, I could see the intellectual depth of the work done to help the nation, and I must say thank you to all of you.

‘I recognise the need for the diversification of the economy, and we have been pushing hard on this. Your involvement will equally promote a better understanding of the issues.

‘We have challenges from scavengers and exploiters around the country. We must nip that in the bud, and you military officers understand this better than the civil society.

‘We expect that through your command, we will have more resources that we need to make sure we have a stable economic environment,’ he said.

Tinubu assured the delegation that his administration would ensure the completion of the NDC headquarters in Abuja.

Addressing the health implication of exploration activities during an interactive session, the president expressed concern over the well-being of those living near mining areas.

‘We must pay attention to that at the o
utset by providing medical centres and other facilities that will protect the lives, property and health of Nigerians,’ Tinubu said.

In his remarks, Rear Adm. Olumuyiwa Olotu, Commandant, NDC, said the institution, established in 1992 as the National War College, had graduated 2,871 participants since inception.

He said besides participants from 30 African countries, the college had participants from Bangladesh, Brazil, France, Germany, India, Nepal and Pakistan.

Olotu said through the president’s magnanimity, the college had embarked on unprecedented infrastructural upgrades, making the institution compete favourably with any other defence college in the world.

He, however, appealed to Tinubu to assist with the completion of the college’s permanent site in Abuja.

He said that the institution currently operated from its temporary facility in the Central Business District owing to non-completion of its permanent site since 2010.

The 111 participants of NDC Course 32 were drawn from the Nigerian Army, Nav
y, Air Force, Police, Ministries, Departments and Agencies (MDAs), as well as 19 international participants from Africa, Asia, Europe and South America.

The college undertakes in-depth studies on all factors that affect national security and development.

The research centre in the college, known as the Centre for Strategic Research and Studies, is also designated as the ECOWAS training Centre of Excellence for Peace Support Operations at the strategic level.

Source : News Agency of Nigeria

Innoson partners FG on CNG vehicles


Innoson Vehicle Manufacturing Company Ltd. is partnering the Federal Government to roll out locally assembled Compressed Natural Gas (CNG) vehicles in the country.

Mr Innocent Chukwuma, Managing Director and Chief Executive Officer of the company, said this while addressing State House correspondents after a visit to President Bola Tinubu, on Thursday in Abuja.

He said the partnership was on CNG vehicles, which his company started producing about two years ago.

He assured that in a short time CNG powered Innoson vehicles would be everywhere in the country.

‘I was the first to start it in Nigeria. My visit here today is on CNG vehicle; I have discussed with them and in a short time the masses will see CNG buses on the roads.

‘Government’s initiative on CNG is the best idea for this country because there are a lot of benefits, which was why I started the factory to produce CNG vehicles in the country,’ said Chukwuma.

He explained that he started producing CNG vehicles before the Federal Government embrace
d it, and that those that have used CNG vehicles would agree that it was the way forward for the nation.

Chukwuma said he also visited the President to encourage him. ‘People must be patient; we will see the better side of Nigeria. Let everybody calm down for him, we will see a better Nigeria from Tinubu.

‘So, let them give him a chance, everything will be okay. He wants the best for this country. So, I am encouraging everyone to be patient and not destroy public infrastructure,’ he said.

Source : News Agency of Nigeria

Wema Bank to empower 100,000 MSMEs in Ekiti


Wema Bank says it will train and empower 100,000 youths and Micro, Small and Medium Enterprises (MSMEs) in Ekiti.

Tunde Mabawonku, the bank’s

Executive Director of Retail and Digital Business, in a statement on Thursday, in Ado-Ekiti, said the training would be in partnership with Ekiti Ministry of Wealth Creation and Employment.

Mabawonku said the training, tagged, ‘ Ekiti-Wema MSME Empowerment Programme’, was launched on Aug. 5.

He said under the programme, youth and MSMEs operating in the state would be trained in business management, digital empowerment and finance management skills.

Mabawonku said the programme was strategically designed to help the youth in the state to maximise their potential, while equipping businesses for sustainable growth and productivity, toward boosting macroeconomic conditions.

‘The Ekiti-Wema MSME Empowerment Programme is set to be executed through virtual and physical training sessions, cutting across business management, digitalisation, and financial management.

‘Addi
tionally, it will provide access to mentorship support from experienced and successful entrepreneurs from within and outside Nigeria.

‘Participants will also receive a certificate of participation upon completion of their training course.

‘Beyond the training, participants will also gain access to the market and assistance in securing finances to put their learnings to practice and scale their operations.

‘This comprehensive approach will ensure that the programme will not only enhance the capabilities of youth and MSMEs in the state but also facilitate their sustained growth and contribution to the economic development,’ he said.

Mabawonku, who urged the youth to embrace the initiative, said that the bank was committed to the growth and development of Nigerians.

The director pledged the bank’s commitment to collaborating, sharing resources, and developing solutions that address the needs of people and ultimately empower them to thrive.

‘Our robust portfolio attests to this deep-rooted commitment and wi
th the Ekiti-Wema MSME Empowerment Programme, we are extending the reach of our positive impact, positively enhancing the lives and businesses of the people in the state.

‘We are empowering them with the skills, knowledge, and expertise needed to thrive in today’s competitive market.

‘Our approach is granular yet comprehensive, bringing tailored solutions for growth to the youth and businesses of Ekiti State right within their vicinity.

‘We hope that through this initiative, the state will become a hub of productivity and economic buoyance.

‘And the domino effect of this economic boost will translate on the national scale, improving our nation’s macroeconomic indicators for the best,’ Mabawonku said.

Also, Mr Kayode Fasae, the state’s Commissioner for Wealth Creation and Employment, said that the partnership with the bank was to implement a two-pronged approach of wealth creation and employment generation for skill development and finance.

‘Wema Bank has been extremely supportive in working with the Eki
ti State Government for the success of our people.

‘We reiterate our unwavering commitment to maximise the deliverables of this Programme to serve as a veritable intervention platform for skill development and panacea for employment and wealth creation,’ he said.

Source : News Agency of Nigeria