Online Sports betting is one of the activities that has spread like wildfire across Nigeria since it’s inception. In this article you will learn how to start online sport betting business in Nigeria.
This online Sports activities include poker, casino and Sports betting. The Nigerian Sports betting and gaming industry has grown tremendously in the last few years.
The increased access to Internet and the large population of the Nation can be ascribed to the rapid growth of online sports betting in the country.
Since the inception of Nairabet, the first indigenous online sports betting website in Nigeria, many other sports websites have commenced their business these includes surebet, sportybet, Bet9ja, Naijabet etc.
One may ask is sports betting a legal business in Nigeria? Sports betting and other forms of gambling in Nigeria are regulated by the National Lottery Regulated Commission (NLRC)
Chapter 22 of the Criminal Code Act 1990 has a provision for gaming houses and lotteries. National Lottery Regulated Commission (NLRC) was established by the National Lottery Act 2005 and signed into law on 30th March, 2005.
Lagos state has set up a body known as Lagos State Lotteries Board (LSLB) for state level.
Lagos State Lotteries Board was established by the Lagos State Lotteries Laws Cap L89 2004 Laws of Lagos state and it is responsible for regulating lotteries, sports betting, scratch card and interactive games, casino, gaming machines operations, Pools betting, promotional competitions and other gaming activities within Lagos state.
It is important to know the law guiding the age for gambling which is 18years and above.
How profitable is sport betting business in Nigeria?
Approximately 75 million Nigerian between the ages of 18 and 45 are involved in active sports betting. Sports betting is a highly profitable business in Nigeria.
An average Nigerians stake about 5,000 Naira everyday on bets. Sports betting has given lovers of sports who are also gamblers the opportunity to make money from what they enjoy doing.
A report published in 2016 on gambling in Africa by KPMG let out some surprising numbers on the sports betting industry in Nigeria.
The forefront sports betting company in Nigeria, Bet9ja made an average amount of $10m while the second betting industry, Nairabet gathered an average turnover of $3m to $5m with a 20-30% margin on profit as at 2016.
An evidence of the profitability of sports betting in Nigeria can be noticed as to how sports betting shops and outlets are being spotted on the street in every city in Nigeria.
Why you should start sports betting business
More operators are venturing into online sports betting business in Nigeria because of the profits generated in the business. The industry has registered tremendous growth in the last few years.
This is to say that it is becoming more fun and challenging to stay ahead of the competition and unique in your own style and way.
How to start online Sport betting business in Nigeria
You will need the following guidelines to help you open an online betting business;
1. Have a professional betting software
This is the foremost important step to take before you begin an online sports betting business. Bearing in mind also that you will be going into a long-term partnership with your sports (iGaming) software provider, therefore you need to possess the necessary equipments needed for this business.
In terms of quality of services offered and price, you need to relax to assess these options to find out if they are suitable for you.
Of course you would choose a software provider that has a vivid understanding of the online gaming industry with a better experience in launching successful online betting platforms.
2. Get the necessary licenses
You need to procure a gaming license to cover you as you venture into the business. This license is the legal document that officially permits you to carry on your business without fear. There are several operators who issue this license.
These operators are: Nigerian Investment Promotion Commission (NIPC), Special Control Unit Against Money Laundering (SCUML), National Office for Technology Acquisition and Promotion (NOTAP)
You may also be required to secure a capital importation certificate and consult the Federal Inland Revenue Service (FIRS) to get a Tax Identification Number and to register for Value added Tax (VAT)
3. Choose a system of payment
When you begin an online sports betting business, you need a payment provider that can make your transactions fast and easy for optimum satisfaction of your customers. You need to come in agreement with a good payment service provider that can deliver quickly.
For maximum satisfaction and convenience purposes, it will be recommendable to provide multiple payment option for users choice
4. Build and Launch Your Gaming Website
Choose an attractive design for your website develop it, and invest in your front. This is because customer consideration should come first since players choose among many similar betting websites. The appearance of your website is very important.
Another important thing is to be sure that your website is responsive and easy to access on mobile devices because this is where a considerable number of spectators abide