As the number of betting sites in Nigeria have increased, starting a betting shop is one of the ways you can use to make money from football. Just like the earning as an affiliate to a betting company, you can also make money from football by starting your own shop.
How Profitable Is Sports Betting Business In Nigeria
- based on the fixed commissions on sales you generate
- the total amount of money people lose
Depending on your location, you can make good money from bookies on a regular basis and even more on football periods. Also, sports betting is not only for football marches, people can stake on other types of sports and even virtual games. This is one of the reasons opening a betting shop is a very lucrative business anyone can start.
Betting Business In Nigerian And Its Market Structure
Different betting companies pay different commissions to their agents based on sales and profit made by them. Merryybet, according to their website bay their agents 50% of weekly sales generated by them while Bet9ja offers a 10% commission.
How To Start A Sport Betting Business In Nigeria
LovingBet, MerryBet, MegaBet, SureBet247, NaijaBet, BetDey, 1960Bet, AccessBetor any other betting site.
There are many betting shops in Nigeria so you need to learn the best tips on how to setup a betting shop or how to improve a betting shop if you'd like your business to flourish very well. If you visit all major Nigerian cities like Lagos, Owerri, Aba, Awka, Port Harcourt, Onitsha, Abuja, Umuahia, Kano or Calabar, you'll notice hundreds, if not of thousands of betting shops.
So if you want to start a betting business in Nigeria, you'll have to take the following steps:
- Learn the skills for running the business
No one can excel in the betting business without knowing the basic skills. You can work in an already established betting shop for a few months to gain this knowledge. Also, there are many online and offline training available and you can easily pick one, they'll help teach you how to attract and keep your customers.- Get the license for running a betting shop
As a new person in the business, you should sign up for a franchise with a betting company. This will give you the permission to use their logos, name, software, reputation and any other things that will be needed for running the business. You can easily do this by visiting the official website of your choice company. My best is NairaBET because of their positive reviews from their users.- Finance needed for running a betting shop
Depending on your location, you might need to budget from ₦200,000 to ₦500,000 or more. This money will cover for the equipment, shop, registration and initial start-up capital. With time you can expand the business.- Equipment/Tools/Machinery needed for running a betting shop
To successfully run a betting shop, you'll need the following:
→ A shop: Depending on your area, a suitable shop can be anything from ₦100,000 to ₦200,000 or even lower per year. The bigger a shop is, the better for your customers.
→ Computers: These can be laptops or desktop computers and the prices depend on your budget. You can check out the different laptop prices on Jumia and Konga.
→ Chairs: For your cashiers and other workers. You can also get benches for your customers. Check out the prices of chairs on Konga and Jumia.
→ A decent generator: You'll need a decent generator that will be able to power the computers due to the epileptic nature of the Nigerian electricity. There a lot of generators to choose from on Jumia and Konga and their prices range from ₦15,000 to anything you might think of.
→ Modem(s): You can preferably go for the universal modems to save yourself the stress of having to crack them. On Jumia and Konga, a good universal modem can be seen for anything between ₦2,000 and ₦4,000. They make way for flexibility but you can preferably go for a portable WiFi too depending on your capital.
→ A 10ft x 6ft x 1ft wooden counter for separating your cashiers from the customers and providing a platform to write on.
Also, if you pay the sign-up fees that the companies require, they might provide you with the following:
→ A banner for advertising your business
→ An accounting software on the platform
→ A thermal receipt printer, you can also get them on Jumia and Konga
- Best location for setting up a betting shop in Nigeria
In choosing a good location for a betting shop, you should go for a densely populated area. Most betting companies will inspect an area to know if it's a good fit, and they don't allow setting up betting shops near an already established one from the same company. For example, NairaBET shouldn't be near NairaBET or Bet9ja near Bet9ja, so check for this before paying for a shop.- Start-up tips for launching a betting shop
You should have a source of income for supplementing the business until you gain your stand financially. Just like other commission based businesses like affiliate marketing, it requires patience and good marketing strategy.
In addition, you can combine other business like phone charging business with the betting business to help maximize profit.
How To Promote A Betting Shop In Nigeria
Every business needs promotion in order to flourish very well, so you don't just have to create the shop an abandon it. You should do a proper market research to know what the people in the area are truly interested in.Some people will prefer virtual games over the real ones because the computer will have to decide their scores, while o others it's a NO-NO. Also, showing free life marches will attract young people to your shop very well and they might eventually start betting with you.
These are a few tips on how you can successfully run a betting business in Nigeria. The major secret to succeeding in any business is being creative and consistent. If you have ever thought of starting a betting shop in Nigeria, then this tips should guide you through it.
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