Sport Betting Business In Nigeria: Guide on How To Start (2023)
How To Start A Sport Betting Business In Nigeria
Many youths especially the male folks amongst them are sport fanatics. To put it in a more specific and friendly way, they are football fans and this opens a whole lot of opportunities to make money.
This fact is not even arguable as the number of betting shops showing up here and there is increasing likewise the number of people patronizing them. This is as a result of story circulating around on how a person or two made fortune with just N100 or N200 through sport betting.
This had lured people who would normally not go into it and as far as the betting business is concern, this is good for business.
First, let take a look at how the business operates. The person placing the bet is known as a punter. Now, the punter places his bet by predicting a particular outcome from a match.
If the prediction comes out right, then the company pays the punter an agreed amount of money and if the prediction is wrong, the punter loses his/her money. It is that simple.
If you want to have your own pie out of this multi-billion-dollar industry, then follow the steps below.
Register Under A Betting Company
The first step in starting this business is registering under a betting company as a franchise. This is needed in situations where you don’t have fund required to start the business from scratch. This gives you the opportunity to use the company’s reputation, name, logo and even software.
However, you are required to pay a franchise fee. Some of the popular betting companies around includes Bet9ja, Nairabet, Netbet, Surebet, Merrybet, etc. Each of these betting companies have their own unique requirements and commission rate.
Get A Betting Shop
Shop location is key in this business. if you get it right, you are sure to make it in the business. The area where the betting shop is located most be accessible and an area with a large football fan base.
The size of the shop of the shop should also be taken into concentration. It is advised you have a betting shop that could accommodate at least a hundred people. However, if you can’t accommodate up to this number, it is still ok.
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.
How You Make Money From The Business
Betting companies pay commissions based om sales or net-profit made. Each company have its own commissions rate. For example, Bet9ja pay 10% commission rate on sales every week.
This means the more you make more money for them, the more you earn more for yourself too.