Cost and Requirements for Setting Up Sports Betting Shop in Nigeria
Setting up a sports betting shop in Nigeria is very lucrative because it’s a booming business in the country. The business is very profitable and viable in Nigeria today. Most sport betting websites like Nairabet, Bet Naija have moved from being an online platform to owning a shop and physical outlets.
The introduction of sports betting shops has opened the way for the masses to invest in the sports betting business. In this post, we’ll look into the cost and requirements for setting up the sports betting business in Nigeria today. On a general note, the cost of setting up sports betting business is dependent on the financial capability of the investor and the level of operation intended.
Some sport betting shops are regarded as mega outlets and some are referred to as bigger outlets. The mega outlets are the ones of bigger capacities for catering for a higher number of punters, unlike the small business outlets. The market is large because big investors are of greater advantage irrespective of their operational status. If you would want to start your own online sports betting company, check out our previous post on How To Start Online Sports Betting Business in Nigeria To get started.
Cost of Setting up a Sports Betting Shop in Nigeria
The cost of setting up a sports betting shop like Nairabet and Bet Naija in Nigeria today will require a minimum of N250,000.
For those willing to operate mega it bigger shop outlet, they are likely to spend a minimum of N500,000 to set it up.
Requirements for Opening a Sports Betting Shop in Nigeria
Before you can start the operation of sports betting shop in Nigeria, you’re required to meet the following requirements.
Registration and Sign up fees for sports betting business
Every sports betting shop is required to pay a registration fee before they are given the authorization to operate. The money is usually credited to the agents’ account. For Bet9ja, the money is between N50,000 to N80,000 while for Nairabet, the registration fee is N25,000.
Sizeable shop in a secured and populated Site:
In starting up a sports betting shop, getting a sizeable shop is highly required. The location must be a good site where there is heavy human movement and activity. The location should also be devoid of armed robbery attacks.
There shouldn’t be other sports betting outlets in that area or within the same street. Capital also determines the type and size of the shop you want to rent.
Internet Service (3G/4G)
Installation of internet service is key for setting up a sports betting outlet. The internet will be used to assess the betting website using the computers at the betting shop. It is also advised you use Wifi to connect to the computers so as to avoid too many wires in the shop.
Electric Generator
The electric generator will provide an alternative in case of power failure. A medium-sized generator is advisable so you can avoid power outages at all costs. According to the Current Prices of Generator in Nigeria, An electric generator would cost about N35,000.
Television
Television can be used to preview virtual games and their result. Sports betting has gone from live events to programmed sports events which are called virtual games. Virtual games are an important aspect of the business because punters can come in and bet on games even though they are not live games.
If the television is two sets, it’ll be ideal as knew would be able to keep some customer busy and relaxed. Buying used television for this purpose won’t be a bad idea.
Thermal POS receipt printer
This receipt printer will be used to print out booked tickets and staked tickets. It is a very important requirement and it costs about N15,000 to N20,000.
How Lucrative is Becoming a Bet9ja Agent
Becoming a bet9ja agent is very profitable and high-paying. Your profits will increase and will be higher if you have high customers based on Punters staking through your shop. The business is dependent on your customer’s patronage. Bet9ja pays their agents based on their turnovers.
As a bet9ja agent, you’ll receive payment for every bet staked through your account.
How Lucrative is Becoming a Nairabet Agent
Becoming a Nairabet agent is also profitable and lucrative. The betting company shares accrued monthly profits with the agents which can be as much as 50%. When a Nairabet Agent makes no profit in a month, then the agent should expect nothing.
Conclusion
It is always pertinent for potential sports betting investors to conduct a feasibility study, especially with regards to customers base, location, and brands before taking the final step. This will help reduce avoidable mistakes and risks.
