In our effort to answer one of the frequently asked questions by our readers, we had to adopt this article from My TopBusiness Ideas
If you live in Nigeria and you love sports, especially football; then you would realize that in recent times, sports betting companies have sprung up in various locations. Unlike the days of old when sport betting companies were only popular in countries like the UK.
In case you didn’t know, majority of sports lovers are no longer satisfied being just fans of a football clubs alone; they also love to make money while rooting for their clubs during football matches.
Sports betting is become popular and highly profitable. 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! This is indeed a booming industry and it is still very much open for more investors to come in.
If you are considering starting your own sport betting business in Nigeria, it is important that you act on your idea now because very soon, the requirements for starting a sport betting company in Nigeria will be reviewed and it might likely become more difficult for investors to come into the industry.
With the growing love for European football and especially the English Premier League, countless numbers of sports loving fans have been able to make millions of Naira from sport betting and that goes to show that sport betting companies are really thriving and generating huge profits in Nigeria. These are the steps you need to follow in setting up your own sports betting company in Nigeria:
Setting up a Sports Betting Company in Nigeria – the steps you should take today
1. Register Your Sport Betting Company
If you have conducted your research and are convinced that sports betting company is the right business for you to start in Nigeria, then you must visit the nearest corporate affairs commission to register your own sports betting company. Normally, it would take you less than 2 weeks to register and obtain your certificate of incorporation. With your certificate of incorporation, you are able to open a corporate account for your sports betting company, and you can also apply and get your Tax Payers ID.
2. Apply and Acquire the Required License
Before you can be permitted to start your own sports betting company in Nigeria, you are required to visit the National Lottery Commissions of Nigeria to apply and obtain a license. The National Lottery Commissions is the body regulating the industry in Nigeria.
3. Rent Your Office Facility
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. 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. The truth is that; you can only buy people’s trust if you have a standard betting office in Nigeria. That is why you must rent an office that befits the kind of business you are into.
4. Open Your Official Website
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. 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.
5. Create Easy Payment and Betting Platform
The advent of the internet has really made sports betting easier compared to the era when you would need to visit an outlet before you are able to place your bet. These days, it is easier to place your bet from your computer or from your smart phones. Hence, what is expected from you as a sport betting company is to create a secured and enabling platform where people can make use of their credits cards to place their bets. It is fact that if your betting platform has been proven not to be secured, you are likely going to lose most of your customers, that is why you must do all it takes to always secure your payment platform.
6. Franchise or Open Multiples of Outlets in Different Locations
The numbers of outlets your sports betting company has determines how successful your company can become. Even though it is expensive opening outlets in different part of town, it is very important to do so because majority of those who engage in sports betting in Nigeria prefer to physically visit betting offices to place their bets as against doing it online. If you know you don’t have the capacity to open the required outlets in various locations, you may want to consider selling your franchise to potential investors. This is one of the means of spreading your brand as a sport betting company.
7. Promote Your Sport Betting Company
If you are conversant with the sports betting industry in Nigeria, you would realize that there are quite a number of sports betting companies in Nigeria- especially in Lagos. So for you to make good success from your sport betting company, you must engage in continuous promotion of your sports betting company. Part of what you would have to do to promote your sports betting company is to sponsor sport blogs or websites like www.cheeronnigeria.blogspot.com or programs on radio and TV station, you can also place adverts on National newspapers, amongst other.
Just like starting any other company in Nigeria, starting a sports betting company in Nigeria comes with its own challenges; it requires dedication and hard work to stay afloat. There you have it, all you would need to do to set up your own sports betting company in Nigeria.