HOW TO START A SPORTS BETTING BUSINESS IN 2021
How to start a sports betting business in Nigeria in 2021. In this post, you’ll see exactly how to start a sports betting business in Nigeria the easy way.
Sports Betting Business is one of the businesses raking in millions for most people daily in Nigeria. An interesting part is that Nigeria is highly populated with many young sport lovers.
If you’re considering a sports betting business, you should also be aware that there are different types of sports betting. There is pool betting, casino games, poker, online betting among others. So, when you begin, select a niche or a combination of some of them.
It’s not an arguable fact that there is a big profit in the sports betting business. This is true with the number of betting shops you see around. To be honest, sports betting is already taking over every street and junctions in Nigeria. And the good part is that as many as these shops are, you’ll always see good number of people there trying their luck.
Another fact about sports betting business is that more always than not, the betting companies win. The large growth in this industry in the past five years is quite astonishing and there’s no better time for you to have a piece of the pie than now.
Actually, sports betting is a game of luck, that’s according to pmnewsnigeria. You win in some cases and loose in some cases. Why most people keep trying their luck is the possibility of using as low as N100 or N200 to make thousands of naira. So, getting customers for your new business is not going to be a hard nut to crack.
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How Does The Sports Betting Business Work?
Basically, the person placing a bet is called a punter. They predict the outcome of a particular match using a certain amount of money.
If after the match, the prediction turns out correct, the sports betting company pays the punter certain amount of money based on the match. The punter loses his money if the match turns out wrong. As said earlier, its a win or lose game. Sports betting is really a game of luck.
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Having said that, let’s see the step-by-step guide on how to start a sports betting business in Nigeria.
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Steps On How To Start A Sports Betting Business In Nigeria
Below are steps on how to start a sports betting business in Nigeria in 2021.
Step 1: Register Your Sports Betting Business With CAC
The first step to starting your business in Nigeria is to register it with the Corporate Affairs Commission (CAC). Usually, you can either register your business as a business name or limited liability company.
If you’re starting a small business in Nigeria, it is always advisable to register as a business name then upgrade to a limited liability company as you grow. But, sports betting is not one of the businesses you can register as a business name.
You should register it as liability company and the minimum share capital for the business is about 5 million. So, it is essential to know that starting a sports betting business is capital intensive.
That said, you can register your business by visiting CAC ‘s portal. However, because of the peculiarity of the sports betting business, I’ll advise you use a professional. According to Entrepreneurs.ng there are benefits of registering your business with the CAC
With your certificate of registration, you’ll be able to open a corporate account for your sports betting company, and also get your Tax Payers ID.
Step 2: You Should Get The Required Licenses
Gaming business is among the highly regulated businesses in Nigeria and it’ll be in your best interest to get the licenses before starting. There are many regulators in Nigeria to get approval from.
The main ones are the Nigerian Investment Promotion Commission (NIPC), the National Office for Technology Acquisition and Promotion (NOTAP), and Special Control Unit against Money Laundering (SCUML).
Additionally, some operators are expected to get a Capital Importation Certificate, a Tax Identification Number and register for Value Added Tax (VAT) from Federal Inland Revenue Service (FIRS).
Furthermore, you are expected to visit the National Lottery Commissions of Nigeria to apply and obtain a license.
But if you’re starting as an agent under a licensed and registered company, you wouldn’t need to obtain all the licenses.
Step 3: Sign up Under A Betting Company
This is for those who don’t have the money to establish their own sports betting company. If you Register under an established betting company as a franchise, it’ll reduce your startup cost.
A franchise offers you the privilege to ride on the established company’s reputation. You can use their name, logo, and betting software. If you go for this option, all you need to do is pay a franchise fee.
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Search for the best betting company to register with as each of them have their commission rates. For example, Bet9ja pays 10% commission rate on sales weekly.
Below are some of the famous betting companies you can register with:
This is among the highly ranked and popular online betting companies in Nigeria. They have varieties of sports.
Nairabet is the first online sports betting website right here in Nigeria. It was founded by Otunba Akin Alabi.
They are another popular betting company making waves in Nigeria. You will find its headquarters in Lagos State and their shops are scattered across Nigeria.
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Sportybet is a new betting company but gaining ground in a shortwhile. The company provide different types of betting including: tennis, football, rugby, cricket, basketball, volleyball, ice hockey, darts and handball.
It’s a British online gambling company located in the United Kingdom. Bet365 has more than 45 million customers worldwide and employs around 4,300 people.
They’re also one of the leading online and mobile sports betting platform. It started in 2006 and since then, it has been the favorite of most people because of its user friendly interface and exceptional customer support.
Note, these are not the only betting companies located in Nigeria. You can make your research and choose the one you’re more comfortable registering with.
Step 4: Acquire A Betting Shop
Having a physical location is among the requirements before you can be given a license to operate a sports betting company in Nigeria. So, rent a good office where you will carry out your business transactions.
Additionally, people will find it hard to trust you with their money if you don’t have a physical location. Renting an office facility is not limited to bookmakers or promoters (pool), it applies to agents as well. It’s also good to get a large office that can accommodate a large number of people.
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Step 5: Buy The Necessary Equipment
After getting a shop, buy the necessary equipment needed to start. The basic equipment include: computer systems, UPS, printers, TV sets, furniture, and monitor. All these equipment are essential for your sporting business success.
Actually, you may not need to get new sets of equipment when you’re starting. But if you can afford new ones, get them as they last better and comes with a warranty.
Step 6: Acquire Professional Betting Software
This might be the most important decision you will take in your sports betting business. The betting software is where every business transactions will be carried out and regulated. Hence, take your time to choose a good software provider. Check reviews before settling for one.
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Step 7: Create An Official Website
Having a website is very essential for your sports betting business because that’s the channel you’ll use to announce the various winners daily. Additionally, your website is the number one place people will visit to see the operations of your sports betting company.
In addition, your website is the intermediary between you and your customers. All information you want to send across to your customers and general public goes via the website.
Once you’ve opened a user-friendly website, the next thing to do is to launch it. You can run adverts to promote the website for investors and sports betting lovers to see.
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Step 8: Select A Payment Service Provider
Sports betting business is an online business and there’s need for an online payment gateway that’ll ease payment transactions. Sports betting is made easy when punters can easily make payment with their cards and get the transactions done within a short time. Importantly, ensure your payment gateway is secured because an unsecured payment gateway is prone to attacks and drives away potential customers.
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Step 9: Expand To More Locations
If you’re starting this business from scratch, you won’t make much profit if you only have a single location. To grow and fully tap into the opportunities in sports betting business, open more branches to reach a wider audience.
Alternatively, you can consider franchising your outlet to people interested in running the business but don’t have the required capital to start. Even though sports betting is an online business, some people still prefer to visit the betting offices to place their bets.
Step 10: Promote Your Sports Betting Business
Before you start thinking on how to start sports betting business, you must have in mind that you’ll promote it effectively.
If you’re conversant with the sports betting industry, you will know that the competition is stiff. Therefore, if you want to start the business as a newbie, you’ll need to engage in aggressive promotions. Your marketing strategy should be strong and consistent. You’ll need a lot of money to run the type of campaign that will create an impact.
One of the best ways to promote your sports betting business is to run a TV/Radio advertisement. You can also take advantage of social media, handbills, posters, newspapers, and online advertisement.
Is Sports Betting Legal In Nigeria
One of the questions you might be asking is if sports betting is legal in Nigeria. The honest answer is ‘yes’. The National Lottery Regulatory Commission regulates all forms of gambling in Nigeria.
Inthe year 2005, lottery was legalized with the National Lottery Act. And, gambling can be found in Chapter 22 of the Criminal Code Act of 1990. So, any citizen of Nigeria above the age of 18 is free to engage in any form of gambling.
If you’re running your sports betting business in Lagos, it is vital to note that the body regulating lotteries in Lagos is the Lagos State Lotteries Board (LSLB). LSLB was established by the Lagos State Lotteries Laws Cap L89 2004 Laws of Lagos State.
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Conclusion on How To Start Sports Betting Business In Nigeria 2021
Above steps are how to start sports betting business in Nigeria. Starting sports betting business in Nigeria can be that simple.
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