Oyo Government Clarifies Stake.com Status, Says Company Licence Expired, Operations Illegal

Oyo Government Clarifies Stake.com Status, Says Company Licence Expired, Operations Illegal
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‎The Oyo State Gaming and Lottery Board has clarified that Stake.com was previously duly registered and licensed to operate in the state, but its licence has since expired.
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‎The Director-General of the Board, Hon Olajide Boladuro made the clarification on Friday while responding to the ongoing regulatory concerns surrounding the operations of Stake.com across states in Nigeria.
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According to him, Stake.com was duly registered with the Oyo State Gaming and Lottery Board, and its name was included in the list of licensed operators forwarded to the Secretariat.
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However, he stated that the operator’s licence in Oyo State had expired, meaning that Stake.com is no longer authorised to conduct its operations within the state.
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The Board further disclosed that Stake.com had been advised to renew its licence and regularise its operations under the platform of the Federation of State Gaming Regulators of Nigeria (FSGRN), in line with the regulatory position and framework of the Federation.
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‎ It, however, noted that Stake.com had yet to comply with the requirement despite the advice given to the operator.
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The Oyo State Gaming and Lottery Board consequently said the state was fully aligned with and supportive of the proposed publication against Stake.com.
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The Board stressed that a coordinated regulatory position by the FSGRN and its member states was necessary to ensure compliance with applicable regulations and strengthen the integrity of the gaming industry.
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‎ It also said such coordinated action would help prevent unlicensed gaming operations and ensure that operators comply with the requirements of relevant regulatory authorities.
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The clarification by the Oyo State Gaming Board comes amid similar regulatory action in other states over the status of Stake.com and its authorisation to conduct betting and gaming activities.
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The Board reaffirmed its commitment to supporting regulatory measures aimed at ensuring compliance and maintaining a properly regulated gaming environment in Oyo State.
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