Sports betting as a business in Nigeria is lucrative. There are several things to know about the business if ever to venture into it. These include How much it would take to start up said business and how much the business could make. The legal matters and licensing requirements and knowing about the online sports betting odds in Nigeria. Having this information and requirements set is key to a successful betting business.
The Nigerian Sports betting business is lucrative, raking in billions of Naira monthly. It is also an untapped gold mine drawing investors to the field to give a very expensive shot at it. To start a Sportsbook requires a lot of money and a lot more work even still. Here we'll talk about the things to know on starting up a Sportsbook or Sports betting business.
How to start a Sportsbook in Nigeria
There are step requirements in building a successful Sportsbook empire. Let's dive right into what they are.1. Registration
All founded businesses are expected to be registered legally, and a Sportsbook business is not left out either. To register, visit a Corporate Affairs Commission (CAC) office. One closest to you in your state should be good enough. Register your company's name and pay a sum for the CAC registration. You might be required to wait about two weeks or more before approval. Meanwhile, it is advisable to create a corporate bank account for the business and apply for a Tax Identification Number (TIN).2. Licensing
Licensing is another requirement of industries needed. In Nigeria, there's a regulatory body for the sports betting businesses. The National Lottery Commission (NLC) holds the responsibility for licensing. This commission grants a license to all companies involving Sports betting in Nigeria. Although if the company is to be based in Lagos state, it is imperative to get another license issued by the Lagos State Lotteries Board.3. Lease an Office Space
During the process of licensing, you'll be required to tender an address of the physical location of your office. This has to be done before your company is permitted approval. The standard to be met by the office space is to accommodate at least a hundred people easily. It is also advisable to consider a strategic location close to your target audience.4. Official website
A website is a must-have in this sort of business if you're to try to beat the competition. Not only that but also to utilize the level of tech advancements we're at globally to your aid. Sports betting doesn’t have to be done at the physical office location. Most gambling happens online. It'll give room for accessibility to a wider range of users. Check for compatibility with different devices that users would commonly use.5. Payment gateways, franchise outlets, and promotions
A payment gateway is required to allow users to place a bet on the site with your company. It should be safe and secure and have multiple payment options for ease. Franchise outlets refer to shops distributed more locally across the states or country. Promotions are very important because the public will need to know about your company's existence. This'll include billboards, jingles, social media sponsored posts, and even TV and radio adverts.Final thoughts
Building a Sportsbook from scratch is a Herculean task. It costs about 5 million Naira to get registered and licensed by the National Lottery Commission and Lagos State Lotteries Board. In the case that you don't have the capital, the next best thing is to become an agent for an established sports betting company. If done right, it can yield positive returns over time.
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