Sports betting combines the two biggest passion of Nigerian citizens: sports and an opportunity to win money. Sports betting is a risky endeavour for the bettors, but it can be a lucrative opportunity for aspiring businessmen. Here is how to start a sports betting agency business in Nigeria.
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1. Choose your type of betting business
Essentially, there are two ways to start your own sports betting business in Nigeria. You can start your own betting company from scratch and move up the industry ladder. However, starting your own betting business will require a lot of start-up capital and business knowledge, which you may not currently have.
That is why most new betting business owners in Nigeria prefer to open as a franchisee of another established betting company. By buying a franchise, you get to take advantage of the parent company’s reputation, recognizability, and guidelines for new betting business owners. You will need money to buy a franchise and start a business, but in this case, the start-up capital cannot even be compared to launching your betting business from scratch.
2. Choose the company and register your business
There are several major sports betting companies in Nigeria operating right now, and all of them offer novice businessmen a chance to open their own betting spot. The most popular options among betting franchisees are Bet9ja, Betway, Nariabet, Bet365, and BetKing. They all have different conditions for new franchisees, so it’s best to go to each of their websites directly and learn about their requirements.
Once you have picked your parent betting company, you need to make your business official by registering with the necessary government agencies. In case of a sports betting business, you will need to register at the Corporate Affairs Commission. If you are launching a betting company independently, there is a number of licenses you will need to get, but if you are opening a franchise, you won’t need any additional documentation as it will be supplied by the parent company.
3. Find a location for your business
Even if you are planning to do most of your services online, you will still need a physical location: it is often required by parent betting companies and makes your business more trustworthy in the eyes of the customers. Needless to say, the location for your betting business needs to have a lot of foot traffic nearby, be relatively far from the potential competitors, have an eye-catching design and sign to instantly tell people about the nature of your business, and be spacious enough to accommodate enough customers before the major sporting events.
Read more: How To Bet On Football Matches
4. Get the necessary equipment and software
A betting business is a business that heavily relies on technology, and while it doesn’t need any specific equipment, you will need a bare minimum to start. Here is what you’ll need to launch a small sports betting business:
- A computer with a steady internet connection
- A printer
- An uninterruptable power supply
- A monitor to display the bets and odds
- A TV set for broadcasting sporting events
- Furniture to keep your customers comfortable while they’re waiting
Additionally, you will need professional betting software. If you are operating a franchise, the software will be supplied by your parent company. If not, you will need to research the available software options in the market and choose the one that fits your need and budget. Finally, if you plan to mostly run your betting business online, you will also need a website with a payment system. Unless you have an extensive website development experience and knowledge, you should hire a professional to do it for you.
5. Launch your business
When everything is ready, you can begin operating your sports betting business. It’s best to open during the hottest sporting season when there are multiple events to bet on every day. To get ahead of the competition, you will need to invest in marketing, which can include newspaper ads, radio ads, banners, flyers, online ads, and social media marketing. You should also strive to run your business fairly, so that your pool of regular customers never stops growing.
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