About weeks ago, I wrote an article on how to start a football viewing center and that single post have amassed thousands of views. Today, I want to dwell on how to make money by starting a sports betting business. Recently, I discovered something very intriguing. Most football fans don’t go rogue because their team won, they dwell on the momentarily euphoric moment that at least, the game they bet on was well played and predicted. Over the years, the entertainment industry, especially the football industry is filled with millions and billions of dollars and football fans are looking for a way to tap into that crazy amount.
You can’t expect me to shout and scream whenever my favourite team score and expect me to go home empty-handed. What’s the use? Of course I need a place where I can earn from my passion and that’s why betting shops are profitable business start-up.
This is going to be a detailed business article on how to start-up a sports betting business and make money. You don’t need rigorous process to be a bet agent to any betting company.. In fact, there are a handful of betting companies where you can easily register online free, without any charge.
HOW TO START A SPORTS BETTING BUSINESS IN NIGERIA
1. SET UP A SHOP
Your betting shop business won’t go anywhere if your shop is at the wrong location. In almost all my business articles, I keep drumming it to the ears of those who care to listen that your business location sometimes determine your success in business. The same applies to betting business. If you’re going to start this business, also think of running it alongside a football viewing center, it’s indeed a nice combo and it increases patronage.
2. SIGN UP UNDER A BETTING COMPANY
There are many betting companies like Bet9ja, Merrybet, Surebet, 1960bet, Nairabet etc.. Find out the one that football fans prefer and sign up as a franchise. This will give you access and permission to use their logo, name, software and reputation which is very good for a new startup.
3. GET THE NECESSARY EQUIPMENTS
To successfully run a betting shop business, you need equipment like;
- Computer systems with an Internet connection
- Thermal printers
- Generator set
- Tv/cable subscription etc.
At least, 2 desktop computers is good for a start. As you grow, you can think of bringing in more computers.
COST OF STARTING A SPORTS BETTING BUSINESS
• The equipments needed to run this business can round up to a total cost of N300,000. That’s including the two desktop computers, generator set, cable, TV, thermal printer etc.
• Depending on your state, a shop can be rented between the price range of N150,000 – N200,000 for a year.
• Utilities like electricity and Internet connection is a must and can cost over N50,000 monthly. If your business location receive good power supply, then you’re on profit already.
TAKE NOTE: These are merely rough estimates and it projects worst case scenarios which means, the start-up cost might not be up to that amount. Conduct a good feasibility study to know the overall cost needed to start a sports betting business in your locality.
POTENTIAL PROFIT IN A SPORTS BETTING BUSINESS
Over 80% of football fans gamble, they don’t miss betting on their favorite team. As a betting shop owner, the bet company will pay you commission based on the sales and sometimes, the net-profit. A little research online proved that Bet9ja offers 10% commission on sales made every week while Merrybet offers 50% going by what was written on their website.
How To Promote Your Sports Betting Business
There’s no strict way to do this.. But betting shops where bookmakers or punters are known to win often are usually seen as the best betting shop to buck a game. You may not have control over who wins and who loses, but you can widen your chances of getting more sales.
- One of the factors that attracts potential customers is how attractive your shop is. Take a look at other competitors and try to do something differently.. Something that gives an edge.
When someone win a huge amount of money, don’t forget to broadcast it. Blow your trumpet very loud. This will help convince prospective customers to consider your betting shop whenever they want to buck or play a game.
Make sure you have an attractive and visible signpost. This is good, helps bring in new customers on a daily basis.
Sports betting business is a lucrative business and it’s fast rising here in Nigeria. People are ready to bring out millions of money to play and that’s why you need to be around, to tap into the commission that comes with that. Before you start-up your shop, make you research.. Have enough experience before you venture in. If you have any question, use the comment box and I will respond asap. Don’t forget to share this post.