This is a detailed guide on how to start a betting shop in Nigeria.
Owning a betting shop is one of the most profitable businesses in Nigeria, as people come in on daily basis to stake their money on sports activities.
Starting a betting shop in Nigeria is not as difficult as people see it. All you need to do is follow the necessary steps on how to register, promote and manage a betting shop in Nigeria.
In this article, I will show you how profitable a betting shop is and also guide you on how to start a betting shop in Nigeria.
I will also show you the top betting companies you can work with, and how to promote and manage a betting shop.
Betting Shop In Nigeria
Over the years, sports have been the most talked-about topic among men and women who have an interest in sports activities whenever they gather together especially the male folk.
A betting shop in Nigeria is a licensed place where sports lovers go and stake their money on sports activities like football, etc, with the aim of winning more money in return.
Football is one of the most talked-about sports that people find interesting. There are different clubs in this sport, and when it’s time for competition between the different clubs or countries, fans gather at a betting shop to discuss who will win and place a bet.
By means of betting, more opportunities have been created for the owners of betting shops through the people that come to stake their money and predict that a certain club would win.
Looking at Nigeria today, the number of betting shops is on the increase, as it is in every state of the country and can be found in every street.
Along with the increase of betting shops the popularity of people who visit these shops is increasing on a daily basis owing to the fact that one can become rich by betting any amount of money even with ₦100 or ₦200 as long as the club you betted on won.
With the number of persons that patronize these shops, so many people have decided to venture into this business with the aim of making profits.
The rules of the game are simple as the person that places the bet is called a punter. The punter places his bet on a particular match by predicting the outcome of this match.
If his prediction goes well, the punter receives a particular amount of money from the company and if his prediction fails, the punter loses any amount of money he placed his bet with.
Well so far so good, few persons have had the fortune of winning and many have the misfortune of loosing and as a result of their loss the betting shop has gained more profit to its business.
How Profitable Is Betting Shop Business In Nigeria
The betting business is a very lucrative business in Nigeria to go into as the number of sports fans is increasing daily and they look for places to place their bet and try their luck to see if their prediction will be right thereby making money through this process.
There are two ways to make money in this type of business.
- You can make money in this business base on the commission of sales you generate.
- the amount of money people loses when they play their bet is an additional income to you.
Sports betting is not only for football games but other sports like, baseball, cricket, basketball, and visual games, etc, can also be betted on by people who have an interest in them.
Like I said before, opening a betting shop in Nigeria is a very lucrative business. So many persons that started this business have become very rich.
A betting shop business does not have any rule that a particular set of people can open it. It is a business that anyone can start.
Steps To Start A Betting Shop In Nigeria
In starting a betting shop in Nigeria, there are several procedures that you need to go through and also different types of equipment you will need to have.
Below are the steps to start a betting shop in Nigeria.
1. Choose A Betting Franchise
To start up a betting shop, the first step towards starting your own betting shop is deciding on which betting company to work with.
Making this decision needs thorough research and study on the several betting companies that operate in Nigeria before choosing which one to work with.
While choosing these betting companies that will be good enough for you, it is important to put into consideration which of the companies will suit your needs.
There are betting companies that help agents with shop equipment, some offer higher commissions than others, and some pay weekly while some pay monthly.
Also, different betting companies pay their agents commission. Some betting companies pay 50% of sales generated by their agent, that is betting shops under these betting companies every week.
While some pay 10% commissions to their betting shop agents. These commissions can be monthly or weekly depending on the rules of the company.
Before making a decision, research properly and go through the terms and conditions of the company and then choose one.
2. Apply To The Betting Franchise
After choosing the betting company you want to work with, the next step to take is to apply for a betting shop franchise.
The betting companies have different requirements before your applications will be approved. although, they have a similar tab on their websites stating ‘become an agent’.
If you click on it, you will be taken to a page where you can read their terms and conditions. Thereafter, you will be directed to an application.
However, after submitting your application, an account manager is expected to call you from the betting company and give you information on what you are to do next.
For your application to be approved, you will need to meet up with the requirements of the company cos if you don’t meet up, your application might be rejected.
It is advisable to try out other betting companies that offer the same benefits as the ones that rejected you.
3. Rent A Shop
Getting a shop is an important step in starting a betting shop. Having it in mind that you can’t get a shop from just anywhere, the location of your must be put into consideration.
It should be spacious enough to accommodate many customers as the more the customer, the more the money.
Before getting a shop, go on a survey regarding the environment, putting into consideration how many persons will know that a betting shop is in that environment.
Choose an environment where there are people and homes around, preferably a highly-populated area with young men.
It will be more profitable if your shop can be at the center of the road to enable everyone to see it.
By so doing, you can make good profits from bookings every day and you can make more during football periods like; Premier league, Laliga, UFC European champion league, etc.
Note that renting a shop is an important criterion a betting company takes notice of before thinking of approving your application.
4. Get Your Equipment Ready
Your equipment is an essential tool needed to start up a betting shop in Nigeria. It is a standard that needs to be met before applying for a franchise.
So it is expected of you to have a shop and equipment before applying to become an agent.
The equipment you need to have are as follows:
- A computer; a desktop or a laptop will do.
- A big generator; one that will carry your equipment
- A TV decoder that broadcast popular and live matches
- Television sets to show virtual games and life matches’
- Internet Modem
There are other equipment that will be given by the company after a certain amount is paid. They include:
- A POS machine with a roll of paper
- A banner to publicize your business
- An Accounting Software on their platform
Also See: 15 Best Platforms To Get Instant Loan Without Collateral In Nigeria
5. Quality Network
It is advisable to get a good network provider for your internet modem. Networks like Swift, Smile, Spectranent works well in areas they get good signals.
If you can’t get this, you can use a network provider with at least a 3.5GB or 4GB network.
In starting a betting shop in Nigeria, you will need to employ a cashier who will keep records of the customers’ money.
Cashiers will receive cash from the customers and help them print out their slips after a customer has placed a bet.
Note that when employing a cashier, he or she must be friendly, trustworthy, honest, and learn to exercise patient towards the customers.
When starting a betting shop, your shop should have something to show that it is a betting shop. That is the use of the banners gotten from the company.
Top 4 Betting Companies In Nigeria
There are top 4 betting companies in Nigeria.
You can choose from the list below the one you will like to work with and go through their websites to know more about them.
Betway is a betting company that has been registered in the Nigerian market. It helps punters in Nigeria have access to winning big games using small money to bet.
Bet9ja is the no.1 online betting website according to the rankings in Nigeria. It allows booking for all manner of games including; online casino, premier league, virtual and racing products, etc.
3. SportyBet. com
Sportybet is one of the latest betting sites in Nigeria. This site allows betting to be placed not only in football but also in ice hockey, handball, darts, tennis, etc.
This is another fast-growing betting site in Nigeria. It has its headquarters in Lagos State. Betking is focused on expanding nationwide thereby having several agents that will open shops in all states in Nigeria.
How To Manage A Betting Shop In Nigeria.
You will need to manage a betting shop well to be able to sustain it.
To manage it well, ensure that your cashier uses your network strictly for business, and to make your business move faster, you can employ more than one cashier if you have enough funds.
How To Promote A Betting Shop In Nigeria
In promoting a betting shop in Nigeria, find out what the customers in your environment like to play in other for you to know which game to air in your center. Also, live games/matches attract more customers to your shop.
Ensure that the area where your shop is situated has constant electricity to prevent extra spendings on fuel for the generator.
A betting shop is a very lucrative business in Nigeria. You can benefit well from it if you manage and promote your business well.
Starting up a betting business might be expensive but the benefits and profits attached to it are worth the expenses.
Choose a good betting company to work with and enjoy the rest of the benefits attached to this business.
Furthermore, just like every other business, patience is required to start up a betting shop because at the initial stage of the business you might not earn much from it until your shop is well known by people.
It is also advisable to have another job or business that will enable you to earn extra income to sustain you while waiting for your betting shop to start yielding profits.
Also See: Top 11 Investment Opportunities in Nigeria
That is all on how to start a betting shop in Nigeria.
I hope it helps?