how profitable is sports betting business in nigeria

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I've read in a few trip reviews about people winning hundreds of dollars on the penny slots. When most people max bet on penny slots about winning big on pennies they max bet on penny slots go on a roll and have betting games large wins coupled with some small to mid sized wins. I go with a set amount of money to have fun, and if I win that makes it even more fun I would love to see these mystical slots where max bet is only five coins because it's been ages since I've seen those - max bet seems to be more 10 to 20 coins per line lately. A good payoff for a single coin per line bettor on a penny slot is a hundred dollars or so.

How profitable is sports betting business in nigeria betting on friends studio c

How profitable is sports betting business in nigeria

You will also need to license your sport betting business with National Lottery Commission. This board. You can also sign up for a franchise with a betting company, this another way of registering your business. Registering as a franchise will give you the authority to use the name, software, logos as well as the franchisor reputation and other things in starting and running your own sport betting business.

Meanwhile, all forms of gambling in Nigeria as well as sports betting is regulated by the National Lottery Regulatory Commission. The lottery was legalized with the National Lottery Act, and gambling is well-defined by Chapter 22 of the Criminal Code Act enacted in It is important to note that all forms of gambling are restricted to all citizens of Nigeria below 18 years of age.

Applicant company must have a Minimum share capital of N30, , Service agreement with provider. Finally, at the end of this application process, you will be required to make a presentation to the Commission. Application review takes 10 working days. In starting a sport betting business, you will need to learn the basic skills or you will work in an existing betting shop for a while so as to gather experience to run your own betting business.

This commission granted three classes of licence and they are When applying for the licence, you must address your correspondence to Director General of the commission and payment will be made through Remita Platform or bank draft that is payable to National Lottery Regulation Commission. However, if you are applying for 5 years licence duration, you will pay 50,, as licence fee.

After your license request have been approved, you will proceed to the licensing process. One of the major activities that happen after your request has been approved is that, you will invited to make a presentation to National Lottery Regulatory commission on how you want to run sport betting scheme. And after you have successfully, do the presentation.

Some delegates will come from NLRC to inspect your facilities, server center, providers, head office, your propose model-outlets so as to be sure that you complied with the approved standards. However, the secret to running sports betting business is to be aware that whether or not a customer wins or loses, the sports betting company always wins. When establishing a sports betting business, you should be mindful of making available full time and working internet connections as well as a means to make sure there is an uninterrupted power supply.

You will also need lots of television screens where people could check out punters as well as play live bets and more. You will also need to make available a lot of Computers setup for the purpose of the business and a thermal printer somewhere in the corner so that people could get to print out their bet slips. Meanwhile, if you have not incorporate your company before, you will have to apply for approval to incorporate a betting company in Nigeria.

And some of the documents required are You need business plan to get loan from banks or draw the attention of external investor to your business. Business plan has always been a document that describes how a business will be run for like two or three years of commencing operations. It has a theoretical part and financial part. However, for your well-prepared Business plan visit www. However, if you starting business as an affiliate partner, you need to know different companies pay different commission to their agents and this will be on the basis of sales and profits you made.

In Nigeria for any business to thrive so well, you need to market and do a proper promotion activities. Apart carrying out market research, which is very important. You also need to know the game that people in that vicinity like watching. Therefore, in marketing your sport betting business and making people to know that, you are now present in the area. You will need to show a live game for free for a while.

So that, while people are watching the free march, they can as well decided to bet to back up their interest in the team that is playing. In promoting your business, you can print a small hand paper and be giving people that came to watch the free live march you are showing. You can give them more than one, so that they can help in giving their friends too.

For your well-grounded market research, which will expose what and how to run your sport betting business in a profitable manner. Contact us www. Registering under an established betting company as a franchise will reduce your startup cost. A franchise gives you the privilege to ride on the established reputation of the company.

You can use their name, logo, and betting software. If you choose this option, all you need to do is pay a franchise fee. Research the best betting company to register with as each of them have their commission rates. This is one of the highly ranked and popular online betting companies in Nigeria. Nairabet is the first online sports betting website in Nigeria. It was founded by Otunba Akin Alabi. This is another popular betting company making waves in Nigeria. You can find its headquarters in Lagos State and their shops are scattered across Nigeria.

Sportybet is quite new but gaining ground in a shortwhile. The company offers different types of betting including: tennis, football, rugby, cricket, basketball, volleyball, ice hockey, darts and handball. This is a British online gambling company based in the United Kingdom. Globally, Bet has more than 45 million customers and employs around 4, people. This is also a leading online and mobile sports betting platform.

It began in and since then, it has been the favorite of many because of its user friendly interface and exceptional customer support. Note, these are not the only betting companies in Nigeria. You can conduct your research to select the one you are more comfortable registering with. Having a physical location is one of the requirements before you can be issued a license to operate a sports betting company in Nigeria.

So, rent a suitable office where you will carry out your business transactions. Renting an office facility is not limited to bookmakers or promoters pool , it applies to agents as well. After securing a shop, purchase the necessary equipment needed to start.

All these equipment are relevant to the success of your sporting business. But if you can afford new ones, get them as they last better and comes with a warranty. In addition, you should also factor in internet cost in your expenses. This is about the most important decision you will take in your sports betting business. The betting software is where all the business transactions will be carried out and regulated. Hence, take your time to select a good software provider. Check reviews before settling for one.

Also, your website is the number one place people can visit to see the operations of your sports betting company. In addition, your website is the intermediary between you and your customers. Every information you want to pass across to your customers and general public goes through the website. You can run adverts to promote the site for investors and sports betting lovers to see. 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. If you are starting this business from scratch, you cannot make much profit if you only have one location. To grow and fully tap into the opportunities in sports betting business, open branches all over the country to reach a wider audience. Even though sports betting is an online business, many still prefer to visit the betting offices to place their bets.

If you are conversant with the sports betting industry, you will agree with me that the competition is stiff. Therefore, if you want to penetrate the business as a newbie, you will need to engage in aggressive promotions. Your marketing strategy must be strong and consistent. You will need a lot of money to run the type of campaign that will make an impact. Also take advantage of social media, handbills, posters, newspapers, and online advertisement.

One of the questions you may want to ask is if sports betting is legal in Nigeria. In , lottery was legalized with the National Lottery Act. And, gambling can be found in Chapter 22 of the Criminal Code Act of So, any citizen of Nigeria above age 18 is free to engage in any form of gambling. If this article was useful to you, do not hesitate to share it with your friends.

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It is advised you have a betting shop that could accommodate at least a hundred people. After securing a shop, the next step is buying equipment. The equipment required in a betting shop includes computers, printers, UPS, fittings, TV sets and generator.

You need to buy all this equipment and many others that will enhance your customers satisfaction. The computers do not have to be new and have great specs. They should be preferably desktops as they are less susceptible to theft. Also of important is the subscription fees for both internet and satellite cable. Betting companies pay commissions based om sales or net-profit made. Each company have its own commissions rate. Save my name, email, and website in this browser for the next time I comment.

Sign in. Log into your account. Password recovery. Wednesday, February 10, Forgot your password? Get help. Nigerian Infopedia. Please enter your comment! Please enter your name here. Know other leagues are in there. When it comes to calculating odds, the calculation of odds is no different from the other sports odds. The world of Tennis is big. The circuits for men and women are built in this way separately. Also, Odds can be up to a hundred-plus on occasion. Of course, such odds are almost always improbable.

But you must also know that even the most improbable odds are not that high in football. Probably odds in tennis can be as much as 6. Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights. Nowadays sports betting is the easiest way to earn money at home.

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A franchise gives you the privilege to ride on the established reputation of the company. You can use their name, logo, and betting software. If you choose this option, all you need to do is pay a franchise fee.

Research the best betting company to register with as each of them have their commission rates. This is one of the highly ranked and popular online betting companies in Nigeria. Nairabet is the first online sports betting website in Nigeria.

It was founded by Otunba Akin Alabi. This is another popular betting company making waves in Nigeria. You can find its headquarters in Lagos State and their shops are scattered across Nigeria. Sportybet is quite new but gaining ground in a shortwhile. The company offers different types of betting including: tennis, football, rugby, cricket, basketball, volleyball, ice hockey, darts and handball.

This is a British online gambling company based in the United Kingdom. Globally, Bet has more than 45 million customers and employs around 4, people. This is also a leading online and mobile sports betting platform. It began in and since then, it has been the favorite of many because of its user friendly interface and exceptional customer support.

Note, these are not the only betting companies in Nigeria. You can conduct your research to select the one you are more comfortable registering with. Having a physical location is one of the requirements before you can be issued a license to operate a sports betting company in Nigeria. So, rent a suitable office where you will carry out your business transactions. Renting an office facility is not limited to bookmakers or promoters pool , it applies to agents as well. After securing a shop, purchase the necessary equipment needed to start.

All these equipment are relevant to the success of your sporting business. But if you can afford new ones, get them as they last better and comes with a warranty. In addition, you should also factor in internet cost in your expenses. This is about the most important decision you will take in your sports betting business. The betting software is where all the business transactions will be carried out and regulated.

Hence, take your time to select a good software provider. Check reviews before settling for one. Also, your website is the number one place people can visit to see the operations of your sports betting company. In addition, your website is the intermediary between you and your customers. Every information you want to pass across to your customers and general public goes through the website.

You can run adverts to promote the site for investors and sports betting lovers to see. 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.

If you are starting this business from scratch, you cannot make much profit if you only have one location. To grow and fully tap into the opportunities in sports betting business, open branches all over the country to reach a wider audience.

Even though sports betting is an online business, many still prefer to visit the betting offices to place their bets. If you are conversant with the sports betting industry, you will agree with me that the competition is stiff. Therefore, if you want to penetrate the business as a newbie, you will need to engage in aggressive promotions. Your marketing strategy must be strong and consistent.

You will need a lot of money to run the type of campaign that will make an impact. Also take advantage of social media, handbills, posters, newspapers, and online advertisement. One of the questions you may want to ask is if sports betting is legal in Nigeria. In , lottery was legalized with the National Lottery Act. And, gambling can be found in Chapter 22 of the Criminal Code Act of So, any citizen of Nigeria above age 18 is free to engage in any form of gambling.

If this article was useful to you, do not hesitate to share it with your friends. Also, we will like to read your thoughts in the comments. Now they will be able to find out results of any match and, having analyzed the capabilities of the teams, place the most accurate bet.

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