How do I start a sports betting business in Nigeria?

Is betting business profitable in Nigeria?

Sports betting is an extremely profitable business in Nigeria. Roughly 60 million Nigerians between the ages of 18 and 40 are involved in active sports betting. On average, these punters spend around 3,000 Naira every day on bets.

How much is a betting Licence in Nigeria?

Financial Requirements

Application Fee: N2,000,000 (Two Million Naira). Permit Fee : N100,000,000 (One Hundred Million Naira). Where the company is a member of the Association of Nigerian Bookmakers, a 50% (N50,000,000) concession is granted.

How do I get a betting Licence in Nigeria?

PROCEDURE AND STEPS FOR THE ACQUISITION OF BETTING LICENSE IN NIGERIA

  1. Completed National Lottery Regulatory Commission application form.
  2. An application letter stating the intention of the applicant.
  3. Non-refundable Application and Processing fee of N2,000,000 (Two Million Naira) payable to the Commission.

How much money do you need to start sports betting?

If you’re starting a local bookie operation that takes in $10,000 in bets a week or less you can probably start with $10,000. I suggest more, but it’s probably enough. If you’re launching a sportsbook in a busy part of town with a full media blitz and grand opening you might need a half million or more.

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How much do you need to start a betting company in Nigeria?

You have to register it as a limited liability company and the minimum share capital for the business is 5 million. So, it is imperative to know that starting a sports betting business is capital intensive.

How profitable is a betting shop?

The industry of the bookmaker business is one of the largest in the world in terms of turnover of money. The net profitability of the bookmakers industry, according to them, is from 7 to 15%, although, in fact, most likely, there may be much more.

How much does it cost to get a lottery license in Nigeria?

Lottery Licence: N2,000,000.00.

Is sports betting legal in Nigeria?

Gambling in Nigeria is regulated by the National Lottery Regulatory Commission. … The legal games are lottery, land-based casino, and sports betting. Roulette, dice games, and non-skilled card games are illegal. The law regulates slot machine activity and only licensed operators can provide slot machine gambling.

How many lottery companies are in Nigeria?

Licensed Operators

S/N NAME OF COMPANY
1 Secure Electronic Technology
2 Premier Lotto Limited
3 KC Lottery Company Limited (Lotto 9ja)
4 People’s Empowerment Lottery Limited