Nigeria, Africa’s most populous nation is also known to be one of the largest online sports betting markets in the world. It takes the 7th position among other African countries. In this article, we will be exploring the nitty-gritties of sport betting in Nigeria, popular sports betting agents, how to start your sports betting business and some frequently asked questions.
The History of Sport Betting in Nigeria
Sports betting is a rather recent phenomenon in Nigeria’s market. It was introduced in 2009 by a certain Akin Alabi. He was the creator of Nairabet, Nigeria’s first-ever legal online sports book maker. Until 2016, NairaBet probably had the highest online users.
Dotun Ajegbile was also another successful sports betting agent. He founded the famous 1960-Bet which gradually rose to number one in the industry.
Bet9ja officially launched in October 2012, building on 1960’s foundation by opening company shops and creating agent/partnership portfolios. Bet9ja changed their strategy and decided to target viewing-centers and to support them with materials and training where needed. They continued to look out for more opportunities and realised that betters spend long idle hours in company shops, and so the idea of instant games was born.
Bet9ja introduced a state-of-the-art virtual dog race into the market through existing company and retail shops (outlets) and it became an instant success.
Since then, betting has become rather popular amongst the Nigerian lower and middle class.
The Pros and Cons of Sport Betting
Sports Betting, although now more technologically advanced, has its advantages and disadvantages. Winning requires the right strategies, skills and tools. Here are some of the common pros and cons of sports betting people experience;
Pros of Sport Betting
- Sports Betting doesn’t dwell in the realm of luck – well at least not all the time
Like most things in life, sports betting gets better with time and experience. You have an opportunity to sharpen your skills by adding to their knowledge of the particular sport they’re betting on. Luck will definitely have a role to play, but there’s at least something you can control.
- Many find it rather amusing
The thrill and excitement that comes from the game in itself is quite satisfying. While it can seem quite disappointing when one loses, it is still considered a fun game. But be sure to take baby steps before diving in fully!
- Options are varied
The good thing about sports betting is the number of available options to choose from. This can help you focus on your area or expertise or interest and increase your chances of winning.
Cons of Sport Betting
- Sports Betting can be addictive
One cannot deny the addictive power of sports betting, or any kind of gambling for that matter. This is why having a plan and actual knowledge about any sport you’re going to bet on cannot be overemphasized.
- It Gives a False Sense of Control
Knowledge and information about a particular sport is great and may increase chances of winning. However, it can be easy for people to become overconfident and think that they have a sure shot based on this. Discipline is key, regardless of how savvy one may think he is.
- In the end, the odds are usually in the favour of sports betting agents.
This may be in the “pro” category, particularly if you’re running a business. In the end, it is a business and has been fine-tuned for years to bring in profit for the sports betting agents. It is a viable industry that has been designed to reduce your chances of winning – unless you’ve cracked the code.
20 Popular Sport betting Companies in Nigeria
- Access Bet
- Naija Bet
- Winners Golden Bet
- Lions Bet
Sport Betting Frequently Asked Question
Can sport betting be a business?
Yes! You can decide to start your own online betting company or you can become an agent for some of the big wigs in Nigeria’s betting industry.
Difference between a betting shop and a sports betting agent?
A Sports Betting Agent is a person (or company) who makes betting easy for you, by betting on your behalf. Rather than having an account with several bookmakers out there and betting with them directly, you can bet through a betting agent who has an account with multiple bookies.
A betting shop on the other hand, is an establishment licensed to handle bets on races and other events. In simple terms, it’s a place you go to place bets.
Is sports betting a profitable business?
Sports Betting is extremely profitable, especially in a country like Nigeria.
How profitable is a betting shop?
With a thriving youth population actively involved in sports betting, the profitability of betting shops in Nigeria are by far unquestionable. Punters spend an average of 3000 on betting because of the unifying power of football. A 2016 report by KPMGrevealed that Bet9ja makes a whooping monthly turnover of $10m while its close competitor, NairaBet makes an average turnover of $3m to $5m with a 20-30% margin on profit.
How to start your own sports betting business
Starting your own sports betting business isn’t a piece of cake. Here are some of the processes to starting an online sports betting business
- Invest in professional software
This is probably the most important decision you will make when starting your business. It is essential that you do proper research as this will be a long-term partnership. Evaluate your available options based on what’s top-of-the-mind for you- in terms of quality of service and price. You want to choose a software provider that has a deep understanding of the online gaming industry and has launched successful online betting platforms.
- Get licensed
Before being able to operate your online betting business within Nigeria, you must acquire a gaming license from the Nigerian Investment Promotion Commission (NIPC), Special Control Unit against Money Laundering (SCUML), and the National Office for Technology Acquisition and Promotion (NOTAP). Some operators are also required to secure a Capital Importation Certificate and liaise with the Federal Inland Revenue Service (FIRS) to get a Tax Identification Number and register for Value Added Tax (VAT).
- Choose a reliable payment system provider
Your winning punters are going to have to be paid when they win, hence you must make a proper agreement with a payment service provider. Ensure you have several options so it is convenient for your punters. Also remember to have clearly stated terms and conditions.
- Invest in an attractive betting website
One of the major selling points of leading betting businesses is an attractive website that is also highly responsive on mobile, because this is what most people use to access the internet. Invest in your front end development, it makes all the difference for players and helps your business stand out.
SME Loans from WEMA bank
Wema Bank has a variety of small business loans that can get you started in your betting business. You can get working capital, asset finance or even school fees or health loans to ensure you’re in top shape to run your business.
How to get a SME loan from WEMA Bank.
To apply for an SME loan or any other loans from WEMA Bank, it is very easy. Simply feel free to visit Any Wema Bank branch closest to you, or visit ALAT By WEMA to take advantage of the instant loans without collaterals.
With ALAT, you can apply for loans quickly and easily, and with zero paperwork too! You can borrow up to two million naira without collateral.
Simple steps to get on ALAT;
- Download ALAT App
- Login to ALAT or sign-up if you don’t already have an account
- From the menu items, click on ‘’Loans’’
- Read through and understands the ALAT disclaimer
- Upon successful credit evaluation and checks, a loan offer is presented with duration and applicable interest based on the user’s current risk score
- Read through and accept the Terms & Conditions which will contain consent to having your account debited for repayment at loan due date and provide your debit card details to be debited
- Your account will be immediately credited.
At the payback date if the instant loan is still outstanding you will get a repayment notification after which your account will be automatically debited and you will receive a repayment notification. You may also wish to repay the instant loan before the payback date from the Bills Payment option on the menu.
If you’re a Bet9ja, Premier Lotto, Winners Golden Bet or Merrybet staff member, you can also take a low-interest collateral-free salary loan!
All you have to do step by step is:
- Download and sign up on the ALAT app
- Click on the “Take a loan” tab
- Input amount and loan duration
- Select industry (gaming)
- Then, select employer as KC gaming network and upload work ID
- Click on ‘Proceed’
- Select account where salary is domiciled
- Accept offer if qualified or eligible
- Proceed for disbursement of loan
via: Information Nigeria