Thinking of starting profitable online sports betting business in Nigeria? You are in the right place. And in this article, we’ll show you how you can join the betting industry and stand out.
Nigeria is a blessed country with so many resources and over 200million people. One of the noticeable resources is human resources with a greater per cent of youths. Because the majority of the population is youths, makes it a greater opportunity for any online betting company to thrive in the market.
History of online sports betting in Nigeria.
The Nigeria gaming industry has since the PwC in April 2016 grown to expand across Africa.
The adoption and growth in technology, which opens the way for internet-enabled devices is one of the driving force behind this expansion.
Football remains one of the most loved sports in Nigeria and many people have over the year develop strong enthusiasm for the game. Although, other sports are gradually coming up. Sports like Hockey, Tennis, Volleyball, Basketball, and even cycling – are among the sport that is gaining popularity in the country.
Popular football matches both international and domestic leagues provide bettors with the opportunity to stake and earn big while they support their favourite teams.
There are millions of English premier League supporters, Spanish La Liga, German League, and Italian league.
NairaBet is the pioneer and one who laid the foundation for other sports betting companies in Nigeria. They started well before the likes of Bet9ja, BetKing, Betway started. However, when Bet9ja was introduced, they together changed the face of the Nigeria gaming/ sports betting industry.
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Is sport betting legal in Nigeria?
All forms of gambling in Nigeria, including sports betting are regulated by the National Lottery Regulatory Commission. The lottery was legalized with the National Lottery Act, 2005 and gambling is defined by Chapter 22 of the Criminal Code Act enacted in 1990. It is important to note that all forms of gambling are restricted to all citizens of Nigeria below 18 years of age.
To ensure control and regulations, the Lagos state government set up a regulatory body called the Lagos State Lotteries Board (LSLB). And allow them to operate under the laws of Lagos state Cap L89 2004. These laws guide and regulate Lottery, sports betting, casino, gaming machines operations, pools betting, scratch cards and interactive games, promotional competitions and other gaming activities within Lagos.
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How to start a sports betting business in Nigeria
Now let’s go straight to how you can start an online sports betting business. The following steps will guide you to a profitable betting business:
1. Acquire the necessary licenses
You cannot start or operate a betting business in Nigeria without a licence. So, therefore, you’ll have to register your company and acquire the right licences. You’ll need to register with CAC, obtain a tax identification number from the FIRS. And in the betting business, there are bodies who give licenses e.g., Special Control Unit against Money Laundering (SCUML), National Office for Technology Acquisition and Promotions (NOTAP), and also Nigerian Investment Promotion Commission (NIPC).
2. Get professional betting software
For anyone going into the sports betting industry, the very first thing is to enter the market and research the available options interns of the betting software company to partner with. You’ll have a lot of third-party software companies but you must be careful about which one you select. Whichever you choose must have an understanding of the online gaming landscape.
3. Choose payment Methods
Here, I said payment methods because to succeed in this business, you must have multiple payment options for your customers to better their experiences with your betting site. This will allow you to easily accept payments (deposit) and payout funds (withdrawals) to your customers.
4. Build and launch your betting website
Consider hiring a web developer and designer to make your website. Anyone doing this job has to be well versed in programming and designing because the layout must be compelling and aesthetically pleasing, while the overall site is well functional.
5. Advertise your newly created betting site
Marketing is the soul of successful business and you must plan your marketing strategy very well. Remember you’re entering a competitive market where the existing companies are constantly hiring the market with new promotional offers and pushing it out to their audiences through advertising. So, to stay competitive you have to plan ahead of how you’ll market your business and gain a competitive edge in the betting industry.
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