Blockchain News

Quanta Plc., A Blockchain Project intends to ameliorate Traditional Lottery in Nigeria

Quanta Plc

Quanta Plc., a blockchain lottery operator announced in December that it had signed a contract to obtain a stake in International Lottery and Gaming Limited.

The firm reports that this is the world’s very first deal to improve the traditional lottery system. It further states that the firm’s blockchain-based lottery technology will aid in increasing the fairness and transparency of Nigeria’s gaming sector.

The firm further claims to be the world’s first fully licensed blockchain lottery system. Quanta began its services back in 2015 and by 2017 it was granted a license from the Isle of Man’s Gambling Supervision Commission.

As per the announcement, the firm’s smart contract-based technology is created on transparent random number generation on a distributed ledger. However, the entire lottery process can be made visible to the participants of the network.

The firm also plans to use the acquisition as a base for its expansion in Nigeria and the rest of Africa. According to the announcement, the firm cites Nigeria’s gaming sector as one of the most profitable business opportunities across the world.

Back in 2016, Nigerians used to spend nearly 154 billion Nigerian nairas (equivalent to $503 million) a day on betting. In 2017, the number increased to two times. Due to the rampant unemployment and poverty in Western Africa, an average family in Nigeria earns about $253 to $336 a month.

On the national level, nearly hundred lottery licenses have been allocated by Nigerian gaming authority. According to a PwC report issued in 2017, at least one federal state of Nigeria granted forty more licenses. The market in Africa is huge but continues to be plagued by corruption and inefficiencies.

The Science behind Nigeria’s Lottery craze

However, there is a scientific explanation behind Nigeria’s lottery fever. According to a study, there is a reversed-U dependence among GDP per capita and lotteries popularity.

In simple words, the lottery sales increase enormously until the nation reaches a gross domestic product of $49,308 per capita in 2004 dollars and then it starts to plunge. As per this study, there are two proven theses. The first one is that Christian dominance is more than other religious groups. And the other is that Africans spend more currency on lottery products than others in the world.

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