Do you want to start an online sports betting business?
Nigeria is one of several African nations that has been hit by the online sports betting plague. Online poker, casino games, and sports betting are all examples of this. In the last two years, the Nigerian sports betting and gambling business has exploded. The country’s vast population and greater access to internet gadgets are to blame for this remarkable rise.
Nairabet was Nigeria’s first local internet sports betting platform. Many additional gambling websites have started shop in Nigeria since its inception, including Bet9ja, BetKing, MerryBet, SureBet, and others.
Is it legal to gamble on sports in Nigeria?
The National Lottery Regulatory Commission regulates all kinds of gambling in Nigeria, including sports betting. The National Lottery Act of 2005 authorized the lottery, while Chapter 22 of the Criminal Code Act of 1990 defined gambling. It is crucial to know that all kinds of gambling are prohibited for all Nigerian residents under the age of 18.
Lagos State has established a body known as the Lagos State Lotteries Board (LSLB). The Lagos State Lotteries Laws Cap L89 2004 Laws of Lagos State established the LSLB, which is in charge of regulating lotteries, sports betting, scratch cards and interactive games, casinos, gaming machine operations, pool betting, promotional competitions, and other gaming activities in Lagos State.
In Nigeria, how profitable is it to start an online sports betting business?
In Nigeria, sports betting is a very successful business. Between the ages of 18 and 40, around 60 million Nigerians engage in active sports betting. On a daily basis, these bettors spend about 3,000 Naira on bets. on the best betting sites in Nigeria.
Nigerian football enthusiasts may profit from their passion by betting on their favorite team. Sport betting shops can already be found on nearly every street in Lagos in 2019, and new ones are springing up on a regular basis.
KPMG’s study on Gambling in Africa, issued in 2016, revealed some surprising statistics on Nigeria’s sports betting sector. As of 2016, the biggest sports betting business in Nigeria, Bet9ja, generates an average monthly turnover of $10 million, while NairaBet generates an average monthly turnover of $3 million to $5 million with a 20-30 percent profit margin.
What is the best way to start an online sports betting business ?
In the last few years, the online sports betting business in Nigeria has seen remarkable expansion, with more and more operators joining the market. This implies that staying ahead of the competition and standing out from the crowd is becoming increasingly difficult.
How can you get started in Nigeria with an online sports betting business? You’ll need the following to establish an online betting business:
1. Purchase betting software designed for professionals.
Because you will be establishing a long-term collaboration with your sports betting (iGaming) software supplier, this is the most crucial decision to make. Take your time to compare the various choices in terms of service quality and pricing. You want to go with a software supplier who knows a lot about the online gaming business and has launched successful online betting platforms before.
2. Obtain the required permits
In Nigeria, obtaining a gaming license need the permission of many operators. The Nigerian Investment Promotion Commission (NIPC), the Special Control Unit against Money Laundering (SCUML), and the National Office for Technology Acquisition and Promotion (NOTAP) are the key players (NOTAP). Some businesses must additionally get a Capital Importation Certificate and work with the Federal Inland Revenue Service (FIRS) to obtain a Tax Identification Number and register for VAT (VAT).
3. Select a service provider for your payment method.
When you establish an online gaming business, you’ll need to work out a deal with a payment service provider so that you and your players can make transactions swiftly and simply. It’s a good idea to provide gamers a variety of payment choices to make things easier for them.
4. Create and start an online sports betting business
The appearance of your website is crucial. Because it is the most essential factor for your gamers when choosing from tens or hundreds of similar betting websites, you must choose an attractive design or invest in your front-end development. Also, make sure your website is mobile-friendly, as this is where the majority of your visitors are also employ latest digital promotion trends.
The rules will need to be revised in order for the country to fully profit from its expanding economy.
Nigeria’s top 5 sports betting sites
With so many domestic and international betting platforms available to bettors in Nigeria, selecting which bookmaker is the best is a difficult process. The top 5 sports betting websites in Nigeria, according to Alexa rankings, are shown below.
Betway entered the Nigerian market with the goal of providing a dynamic, simple-to-use betting product that Nigerians could utilize to win large on modest bets. This implies that you may anticipate minimal minimum bet requirements as well as enormous potential rewards that are much above the industry average.
Bet9ja is the most popular online betting website in Nigeria, according to the rankings, and the second most popular website in Nigeria behind Google. Bet9ja is the bookmaker for you whether you like the Premier League, online casinos, virtual and racing items, or the Super9ja jackpot.
Nairabet is the first online sports betting platform in Nigeria. Otunba Akin Alabi, a well-known Nigerian entrepreneur, founded the site.
4. 1xBet.ng (www.1xBet.ng)
1xBet is a gaming firm located in Cyprus with activities in Nigeria. Within a short period of time, the site has amassed enormous popularity.
Sportybet Nigeria is one of the newest betting platforms in Nigeria. Basketball, football, tennis, rugby, cricket, volleyball, ice hockey, handball, darts, and more sports are all available to wager on at Sportybet.
BetKing is Nigeria’s fastest-growing betting firm. BetKing, which has its headquarters in Lagos, is embarking on a countrywide expansion that would see the company open physical stores in all of Nigeria’s states.
The Nigerian gaming business is still in its early stages, but it is rapidly expanding. This is due to the fact that supply is now catching up to demand. Nigerians like betting and gambling, but due to a lack of facilities and internet choices, many have had to do so informally or illegally. Nigerians are increasingly able to access online betting and gaming services, with internet use approaching 50% and PC and mobile phone prices falling.
This is a pointer to start an online sports betting business
However, because gambling regulations haven’t been revised in 20 years, internet providers have been able to take advantage of loopholes, which means their clients may not always receive a fair service while also allowing them to avoid paying taxes to the government. The rules will need to be revised in order for the country to fully profit from its expanding economy.