The world of sports betting business happens to be a multi-billion investment with it existing in practically every country. Nigeria is in the thick of it: recent statistics has it that Nigerians sport lovers spend about 1.8 Billion Naira daily on sports betting; that is indeed huge for an industry that is still in its early growth stage.
Sports bet is not just about placing bets on football matches rather it could be any sports as a lot of sports betting software making vendors have seen the need to involve other sports which people watch just to attract more customers (sports betting players).
Steps To Start Betting Shop In Nigeria
1. Get professional betting software
This is the most important decision to make since you will be entering a long-term partnership with your sports betting (iGaming) software provider. Take your time to evaluate the existing options in terms of quality of services offered and price. You want to choose a software provider that has a deep understanding of the online gaming industry and experience in launching successful online betting platforms.
2. Get the Certificates And Licensing for Betting Shop In Nigeria
Obtaining a gaming license in Nigeria requires approval from several operators. The main operators are the Nigerian Investment Promotion Commission (NIPC), Special Control Unit against Money Laundering (SCUML), and the National Office for Technology Acquisition and Promotion (NOTAP).
Some operators are also required to secure a Capital Importation Certificate and liaise with the Federal Inland Revenue Service (FIRS) to get a Tax Identification Number and register for Value Added Tax (VAT).
3. Have A Website
Your official website is an important tool in this line of business, because it is part of what you will use to announce the various winners daily, and all the necessary information that you would want to pass across to your customers and the general public.
If you want to start your own sports betting company in Nigeria, you must endeavor to have an official website for your company where people can easily visit and know exactly how your sports betting company operates.
4. Choose a Good Location
Before you can be issued a license to operate your own sports betting company in Nigeria, you must have a physical address – that is an office where you operate from. Rent a shop only because it is rightly located. Therefore, you must make it a point of duty to secure an office facility where people can easily have access to place their bets, claim their earnings, or lodge their complaints. Your shop should be in a densely populated area in a mix of 70 residential/30 commercials.
5. Setup a conducive office
The more conducive your office is, the more customers you will attract. So, it is important to get the right ambience:
- Computers and TVs
- Fittings (where customers can relax)
- Extra source of power
- Strong Internet connection etc
As a cautionary measure, make sure you have a secondary source of income to fund the day to day expenses of the business prior to the break-even month.