Is Sport betting legal in Nigeria?
Sport betting is a form of gambling and gambling in Nigeria is regulated by the National Lottery Regulatory Commission. The National Lottery Act of 2005 legalized gambling in Nigeria. Examples of gambling that are legalized include sports betting, casino, and lottery. However, legalized it may be, persons less than 18 years of age are prohibited by law from sports betting.Of course if you're an addict think about quitting gambling, you can get help here.
What made Sports betting to grow astronomically in Nigeria?
Although the first sport betting operators in Nigeria came to limelight in 2007, the projected number of Nigerians participating in sport betting is estimated at 60 million. Availability of internet facilities, and access to internet-enabled mobile phones in Nigeria contributed to the growth of sport betting. For both online betting and physical betting done in agency shops, advances in mobile payments gave room for betting companies to expand their reach.
This development of growing more customers is traceable to technology. Taking into account the high rate of unemployment in Nigeria, sports betting benefited from the menace of unemployment, because young, agile youth, full of potential see sports betting as an enviable source of income. Going by the complex statistical models and the difficult odds, one needs to cross in order to ensure profits, sports betting companies rather use inchoate simple models which appears enticing as an explanation for first-time customers. The role of continual population growth at above 2.5% gives room for a huge business market in sports betting.
Are sports betting a profitable business in Nigeria?
If we are to go by statistics, sports betting is an extremely profitable business in Nigeria. Looking into the financial reports of two popular sports betting companies (Bet9ja and NairaBet) in Nigeria, Bet9ja rakes in $10 million monthly while NairaBet on a monthly basis records about $5 million. Because it provides sport loving fans the opportunity to earn profits from their passion, about 60 million Nigerians of the age span 18 to 40, are involved in sports betting and spend about 2 billion Naira daily.
How to begin a sport betting business in Nigeria?
Due to the change in the times and seasons, when starting sports betting business in Nigeria, it is best to acquire the necessary licenses from different operators. Such operators like Nigerian Investment Promotion Commission (NIPC), Special Control Unit against Money Laundering (SCUML) will get you the needed licenses. Great emphasis must be paid to online platforms. This will necessitate that you get a professional sports betting website.
In addition to this, employing the services of a good website developer may attract people to your site. A good payment system provider is important for each transaction. Because of fluctuations in service, it is best to have multiple payment providers.