How do you start a betting shop in Nigeria? In this post, I’d show you the steps you need to take to start a profitable sports betting shop in Nigeria.
Sports betting has become very popular in Nigeria. With football being the most popular sport in the country, it was only a matter of time before football fans in Nigeria caught up to the wildfire of sports betting that has been setting the sports world ablaze for a long time.
Although sports betting has its roots in football in Nigeria, people have grown to start betting on other sports, including Basketball, Tennis, Rugby, American Football, and others. Given that background, it does not come as a surprise that sports betting has become very popular in Nigeria.
Since the launching of Nairabet- Nigeria’s first sports betting company in 2009, a slew of other betting companies have come into Nigeria including the more established brands like Doxxbet and 1Xbet.
The arrival of these worldwide sports betting companies is a testament to how vibrant the sports betting industry is in Nigeria. It is not surprising therefore that sports betting shops are now visible on most streets in Nigeria.
One of the techniques that the biggest sports betting companies have used to penetrate the market in Nigeria is through the use of betting shops.
Betting shops are owned and operated by agents who are licensed by the sports betting company to do business on its behalf. Basically, a sports agent obtains a franchise permit to operate a shop with the name of the sports betting company and using its brand collaterals and software. The arrangement is usually that the agent takes a fixed percentage of the total amount made from bets for a month.
Consequently, due to high patronage and popularity, betting shops in Nigeria have become more popular as a business. Most entrepreneurs go into it knowing that they are guaranteed of making handsome cash at the end of the month. But how can you start a betting shop in Nigeria? I’d explain it to you in details next.
See Also: How To Start Sports Betting Business In Nigeria
Decide On A Bet Company That Pays Agents Well
The first step towards starting your betting company in Nigeria is deciding on a bet company that you want to work with. Deciding on a betting company entails you studying the various betting companies operating in Nigeria, then deciding on which one works best for you.
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The betting company you decide on is going to be due to the yardsticks that are important to you. Are you looking for a betting company that helps agents with shop equipment? Do you place premium on faster payouts? Are you more focused on the commission percentage? Whatever is more important to you, make sure that you research properly and read their terms before going ahead with them.
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Apply For A Betting Shop Franchise
After deciding on the right betting company for you, the next step is to actually apply for the betting shop franchise. Various sports betting companies have different requirements for applications, but more often, they have a tab on their website with the caption “become an agent”. When you click on that, it should take you to a page where you can read their terms and conditions, and also click to be redirected to an application form.
Typically, after you submit your application, an account manager should call you from the betting company and give you information on what to do next. If you meet their requirements, they will approve your application, but if you don’t they might reject you.
If a betting company rejects you, you should consider applying to another one that gives as much value as the one that rejected you.
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Rent A Shop
Renting a shop is an important step to take when starting a betting shop in Nigeria. This is true because the location of your shop is very integral to the success of your bet shop. As a matter of fact, when bet companies want to inspect your shop to make sure it meets their standards, they are take the location of your shop into consideration for their final decision-making. Therefore, make sure that your shop is located strategically.
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Before applying for a betting shop franchise, you need to have bought your equipment because that will be part of the yardstick on which you are judged. So make sure that you have already have your equipment on ground before applying for your betting franchise license. Here are some equipment that you need to start a sports betting shop in Nigeria:
What You Need To Start A Sports Betting Shop In Nigeria
- A shop
- A computer (Any decent desktop or laptop will do)
- A TV decoder that broadcasts popular matches
- Television sets to broadcast live matches and virtual games
Start Your Betting Shop
Now that you have gotten your betting shop franchise, it is time for you to start your betting shop. To start your new betting shop, you need to put some things in place. Let’s take a look at some of the important aspects you need to settle before finally starting.
You need to employ cashiers that will help receive cash from customers and help them print their bet slips after they place their bets. When employing cashiers make sure that you look for people that are friendly, courteous and trustworthy so that customers can feel at home in your bet shop.
Secondly, you need to brand your betting shop properly so as to attract customers to your shop. You cannot just open a shop, and wish that customers will just walk in to the store out of intuition. You need to make them aware that there is a shop there so that they patronise you. When registering, most betting companies will give you banners and other branding materials; the onus is on you to place them strategically.
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Starting a betting shop in Nigeria is pretty simple if you follow the steps that we outlined in this post. Make sure that you strategically study the many betting companies before you apply for a betting shop franchise from them. That is because the betting company that you opt for will ultimately affect how much you make in the long run.
Apart from sports betting, there are other amazing business ideas you can start in Nigeria. Want to learn about some of them? Then get our researched guide; 35 booming business ideas. It’s a strategic and financial breakdown of the most lucrative businesses in Nigeria. To keep track of our activities, follow us on Instagram.