How To Start Betting Shop In Nigeria
Sports betting business is booming in Nigeria. Apart from love and passion for sports by Nigerians, perhaps, notorious unemployment rate in the country, also played role.
The business is very profitable and is still very much viable in Nigeria. Most sport betting companies in Nigeria like Bet9ja and Nairabet has moved from web platforms to shops and physical outlets.
This market expansion has opened huge opportunities for masses to invest in the sport betting business.
In this post, Nigerian Informer will be discussing a detailed guide of cost and requirements for opening a sport betting shop in Nigeria.
We will draw most of our examples for this write up from Bet9ja and Nairabet, Nigerian’s two sports betting giants.
In general, the cost and requirements for setting up a sports betting shop is dependent on the financial capacity of the investor and the level of operation intended.
There are some sports betting outlets regarded as mega shops while there are smaller outlets.
The mega betting shops are the ones with bigger capacities for catering for higher number of punters unlike the smaller outlets.
Nevertheless, the market is large enough that profits of investors are to a greater percentage guaranteed irrespective of your operational status.
Cost & Requirements Of Sport Betting Business In Nigeria
In general, the cost of registration and setting up sports betting shop like Bet9ja and Nairabet shops will require a minimum of N250,000.
For those willing to open and operate sports betting mega or bigger shops and outlet, the project could engulf N500,000 and above.
Requirements For Opening A Betting Shop
#1. Registration & Sign-up Fees For Betting Business
Every sports betting company in Nigeria has a sign-up fee or registration fee which potential would be agent is expected to pay before being given authorization to operate.
This money is credited to the agent’s account. The registration fee or sign-up fee for Bet9ja is between N50,000 to N80,000 while registration fee for Nairabet is N25,000.
#2. Sizeable Shop In A Secure Populated Site
Getting sizeable shop where you will operate from is very important in starting up sports betting business.
The location must be a good site where there is heavy human movement and activities. Also, the location of the shop must be secure to avoid arm robbery attacks.
Above all, there must be no other sport betting outlet of same company within the street or close area.
Siting of betting shops far apart is one of the regulations of most sport betting companies. Capital should determine the type and size of shop to be rented.
#3. Desktop / Laptop & Monitors
Computers, either desktops or laptop will be required alongside monitors to duplicate the laptop view with the desktop monitor using DVI-D, DVI-I, Dual-Link DVI wire to enable 2 in 1 screen view between the cashier and customers.
As in most shops, cashier stays meters way from the punters and in a restricted area.
For this purposes, high end computers are not necessarily needed rather a good and decent computer systems and sharp monitors.
If you are sure of having massive customers, then is will be helpful to acquire higher number of computers and monitors especially for mega shops.
#4. Thermal POS Receipt Printer
This printer will be used to print out booked tickets and staked tickets. It is very important requirement. It cost around N15,000 to N20,000.
#5. Internet Services (wifi 3G/4G)
Installation of internet services is also a key requirement for setting up sports betting shop as the internet will be used to access the betting market using the computers at the betting shop or outlet.
It is always advisable to use wifi to connect the computers wirelessly and reduced too many wire connections in the shop.
#6. Electric Generator
Electric generator will provide power alternatives in event of power failure from power companies.
A medium sized generator is ideal in order to avoid and reduce incessant power outage.
An electric generator of N35,000 won’t be a no for this function.
One would ask of what use is television to starting up sports betting business. Sports betting have gone from live sporting events to programmed sports events, which is called virtual games.
This is where the use of television comes in as it will be used to preview the virtual games and its results.
Virtual games are important aspect of the business as punters can come in and bet on games even when there are no live games and sports.
If the television is two sets it will be ideal as one will be used to entertain and keep some customers busy and relaxed.
Buying used television for this purpose won’t be a bad idea.
How Lucrative It Is Becoming Bet9ja Agent
Being a Bet9ja agent and opening Bet9ja shop is very profitable and high paying.
Your profits will increase and be higher if you have higher customers base or numerous punters staking through your shop.
So, profitability of the business is dependent on customers patronage. Bet9ja pays their agents on their turnovers.
This means as Bet9ja agent, you will earn money for every bet staked through your account.
How Lucrative It Is Becoming Nairabet Agent
Becoming a Nairabet agent is also profitable and lucrative. The betting company shared accrued monthly profits with the agent which can sometimes be as much as 50%.
However, where no profit is made during the month, then, an agent should expect nothing.
It is always advisable for potential sports betting investors to conduct some feasibility study especially with regards to customers base, location and brands before taking the final step.
This will help reduce avoidable mistakes and risks.