In case you are searching for how to open a betting shop/bet9ja shop, you are in the opportune spot. Today, I will discuss setting up a productive betting shop in Nigeria. The wagering/betting business, as you probably are aware, is a multi-billion-dollar industry. Betting has existed in various structures in Nigeria as far back as I can recollect. Nonetheless, sports wagering went standard around five years prior, and presently, there are betting shops on basically every well-known road you visit in our towns, towns, and urban communities.
Betting Shop in Nigeria and its Market Structure
This professional each and every other business has an incubation period prior to making back the initial investment and taking care of sunk capital. You should maintain the business from auxiliary pay sources until it can support itself. Betting organizations pay commissions dependent on deals, and here and there, net-benefit made. The net benefit is the distinction between gross deals and gross rewards over a period. Bet9ja, for instance, offers a 10% commission on deals made each week. Merrybet offers a half commission passing by what is on their site.
How Profitable is Betting Shop Business in Nigeria
Sports bet isn’t just about putting down wagers on football coordinates rather it very well may be any games as a lot of sports betting programming causing sellers to have seen the need to include different games that individuals observe just to draw in more clients (sports wagering players).
The guidelines for bringing in cash as a games betting specialist are straightforward. You bring in cash from your business whenever bookies bring in cash as well. Furthermore, in all actuality, bookies bring in cash each second because of the gigantic number of individuals marking games to a great extent consistently. As a games wagering specialist, you bring in cash either from the aggregate sum of cash individuals lose or in light of a fixed commission from your deals.
How to Start Betting Shop in Nigeria
Learn the Skills
One who intends to open a betting shop needs to have full knowledge of using simple computer software programmers and importantly how to run a business.
Get the Certificates and Licensing for Betting Shop in Nigeria
To begin in the sports betting business, you will need to sign up for a franchise with a betting company. This will allow you to use the company software, name, logo, and reputation which will help in reducing your risks as a newcomer. Most betting companies will require you to fill out an online form beforehand. Each betting company comes with its own unique guidelines commission rates etc.
Finance needed for Betting Shop in Nigeria
Conservatively, you will need between 250,000 to 400,000 to set up, depending on your location.
Also, read more on; How to Become a Bet9ja Agent
Tools Needed for Betting Shop in Nigeria
- A shop: 100k to 150k per annum is good enough for a shop depending on the location. Try to go for a 12ft by 15ft or larger shop. The bigger the better as your customers will be comfortable while waiting for their turns.
- Laptops or Desktop computers:
- A 10ft x 6ft x 1ft counter made of wood. This helps to separate your cashiers (attendants) from your punters (customers). [10k to 20k]
- Chairs (for cashiers) and benches for customers. [10,500k to 15,000k]
- A decent 2.2kva generator. [60k to 90k]
- Internet Modem. [2k to 6k]
- You most likely will be given the following items by the company if you pay their signup fee of about 50k to 500k:
- Thermal receipt printers. New POS-58 or POS-80 units come with a roll paper.
- A banner to advertise your business
- Accounting software on their platform
Choose a Good Location for Betting Shop in Nigeria
Rent a shop only because it is rightly located. Your shop should be in a densely populated area in a mix of 70 residential/30 commercials is just fine.
Technology Needed for Betting Shop in Nigeria
It is recommended that in choosing an internet modem, you go with any of the LTE providers as faster speed equals faster money-making. The likes of Spectranet, Smile, and Swift will serve well in areas where they have coverage. But where you do not fall within any of these areas, use the 3.5G GSM providers.
Startup/Launch Tips for Betting Shop in Nigeria
As a cautionary measure, make sure you have a secondary source of income to fund the day-to-day expenses of the business prior to the break-even month.
How to Promote Betting Shop in Nigeria
To boost patronage, you may need to confirm what customers usually play in your area to know which events to offer. Live football games also tend to draw more customers to your shop.
Now Glass Suite will advise making sure your shop is arranged in a space where there is sufficient power supply as you would save on generator and the other way around. Additionally, most bet shops go for month-to-month compensation. Notwithstanding, you can recommend utilizing a compensation + commission premise. This is great as it can build staff inspiration.