How To Start A Sports Betting Website In Nigeria
Sports Betting in Nigeria – Sports in general has become a force to reckon with, one that has the capability to unite people despite any other forces that might be pulling them apart. Nelson Mandela used it to unite a nation through the game of Ruby and till today many more nations are being more cohesive by virtue of various sporting events.
Also Read: Football Viewing Center Business Plan in Nigeria
Sports have evolved to the point where fans don’t just support clubs for nothing but also are able to make money from it and one of such ways to do that is through various sports betting sites. The common ones Nigeria include; NairaBet, Bet9ja, 1960Bets, MerryBet, etc.
If you desire to own one and also start making some good money while still enriching others, this piece will help you achieve that.
- Company Registration: There are businesses that don’t require one incorporating it before opening its doors to clients and customers. People normally do this for some years before they can officially become fully registered Nigerian companies. However, for some others one need to register them fully to gain credibility and one such is a sport betting website or business. The registration can be done with the Corporate Affairs Commission in any state in Nigeria and the process takes about 2 week presently.
- Getting the Required License: Just every society that is modern and controlled by laws and regulations, Nigeria has a body that is responsible for regulating having a business like a betting business. The body in charge of this is the National Lottery Commissions of Nigeria.
- Getting an Office Location: For a betting business which involves people giving or gambling with their money, an accessible office location will help earn you credibility and trust. This will make it easy for people to come and place bets; share their complaints, claim cash and whatever that comes with running this type of venture. You also need to ensure that your office(s) are in well secure environments as well.
- Setting Up a Website: This makes the business very easy both for owners and those betting. The different bets that are up can easily be posted and people can see them and also bet online without needing to come to the office. Some others have taken to another level by creating applications that run on various devices making it seamless for people to access their services. Most betting that happen these days are done online by tech savvy young people who also have other endeavours on the side.
- Easy and Secure Payment Platform: The best way to maximize the website you have set will be to make it possible for people to make bets online which means making payments also. In fact, they can also claim prizes without needing to come to the office. So if you are really going to go full-length in this business, you must incorporate a payment system that is seamless, secure and easy for users. Remember it must be secure and one way to do this is to get an SSL certificate for your website, which ensures confidential data of your users are secured on the website.
- Building a Franchise: This involves the expansion of your sports betting business from just a single outlet in one location to other different ones. This will not only increase your profitability but also increase the reputation of your business. Also, most sports betters prefer visiting the office rather simply betting online using their various devices. Opening franchises and outlets can really be expensive especially for a business that is just starting up but you can achieve this by partnering with investors who can afford to open the outlets in their choice locations based on well agreed terms between you two. If you can’t open these franchises in many locations, it will be advisable to start with popular cities like Abuja, Lagos, Kaduna, Port Harcourt, etc, that are known to attract or have a large concentration of young sports lovers and fans.
- Promotion and Gaining Traction: The business of sports betting has been around in Nigeria for quite some time. So, there are top players in the industry who are already established brands located in different parts of the country. They have built credibility and reputation for themselves over the years. As a startup company seeking disruption and to gain traction among top brands, there will be need to aggressively promote your new business; on radio, television, social media and every possible means. You can also try and introduce bonuses and freebies to your betters or as a way of attracting more people, ensure you pay on time and offer services that are better than those of your competitors. On the other hand, social media has become the second home of young people, so you can maximize this by running promoted posts on Facebook or Twitter for people to sign up and starting betting on your platform. There is also an option of running an affiliate program, where you pay or reward people for bringing in other people to use your business. The rewards can be in form of free betting tickets or waivers on purchases. You also need to expand your betting scope from just football to other sports. This will make you to be in business even when the football season is over or are on break. Investment in binary trading is also another way to make money for yourself and to keep your business running all year round while maximizing profit.
On a closing note, sport betting is one business that people can know when they win or loss. Everyone watches the matches/games and each one knows where he/she placed their monies on. On your part as a business, you must ensure that you reward winners and payout on time. Asides destroying your reputation and image, sports fans can be aggressive in supporting their clubs even when there was no betting system/business; but with their monies involved I guess the aggression will increase when they lose and when you (as a business) default on your part.
Photo Credit: www.searchpoland.com
How To Start A Sports Betting Website In Nigeria © www.businessplan.com.ng
I think opening a betting business in various states also require obtaining license in the relevant states. Can you enlighten us on how to obtain such license in Ondo, Oyo, Osun, Plateau, Rivers, Sokoto, Taraba, Yobe and Zamfara. Thank you
Betting Business says
Thanks for sharing your thoughtrs on starting a sports betting business.