Hi guys, today we will look at the multi-billion naira sports betting industry, and how you can get your share from it. For starters, we'd like to say sports is not just sports, and betting is not just betting. They are both normal businesses everywhere in the world. Just like any other trade, it is very lucrative if you know your way around. But if you don't want to waste a whole of money running from pillar to post, there are some very important things you need to consider.
So our job here is simple: How do you set up a sports betting shop?
How much will it cost me to set up?
Before you ask yourself this question, you need to understand your environment; the potential number of customers, their acceptance of betting, their level of awareness, and their disposable income. The success of a betting shop in Oshodi might be higher than what a shop situated in Ikoyi will get, even though the disposable income of those in Ikoyi will be higher than those in Oshodi. The potential customer numbers are more, awareness higher, and the poverty level is higher in Oshodi than Ikoyi, which makes betting business more lucrative.
Also, on a cautionary note, ensure you have a secondary source of income or leave aside a certain amount of money. This is will help you fund the day to day expenses of the business for at least a month before the break-even month.
To start, you will need the following. important facilities and equipment in setting up a shop: Shop rent, cashier counter, laptops, printers, chairs, TVs, internet modem and painting.
When renting a shop, take the next few lines as gospel.
- Rent a shop ONLY because it is rightly located. This will mean it is in a densely residential area. A mix of 70 residential/30 commercials is just beautiful. If you plan to rent the shop in a market or shopping complex, know that most of the time there are general rules and regulations you need to adhere to. These areas can be very profitable so you won't mind following the rules.
- Be VERY wary of rent. In big cities like Lagos ₦150K to ₦500K per annum is good enough, while in areas such as Ibadan, Ado, Ogbomosho, Kubwa,(relatively in the eastern part of Nigeria too) ₦40K to ₦300K per annum is just right. Let the “resident customer density" guide your assessment of rent, and not the “passing customers". In other words, a major highway junction will not be as lucrative as a minor “district” junction.
- The shop SHOULD be sizable. A 10ft by 12ft will be too small. Try to go for a 12ft by 15ft or bigger. The bigger, the better as your customers will be comfortable while they wait for their turns.
- If you decide to use an existing business’ shop, ensure the items on sale are not “handy”. There was once an agent who sold shoes and wanted to combine the business of sports betting. He lost 13 shoes in his first week; not pairs different legs. There was also another who wanted to do the business of video games together with sports betting, but he later went for one as both were conflicting.
What type of computer do you prefer - a laptop or desktop?
Desktops are preferable in relatively insecure environments and are cheaper, but tend to require a bigger generator to power. Two used laptops will go for between ₦50K and ₦70K depending on your taste.
Don't forget to build a shop cashier counter
A 10ft x 6ft x 1ft counter made of wood (preferably of a board), having this helps separate your cashiers (attendants) from your punters (customers). [₦30K to ₦150K] depending on the shop size. it's essential to let your customers be comfortable, you need some set of chairs depending on how big the shop is, [₦12,500 to ₦15,000] for a dozen. Do not forget branding, its one of the most critical aspects of your shop, and the first towards that is painting your shop in the colour of the brand you represent.
We recommend a decent 2.2Kva to 5kva generator will serve well. [25K to 120K] Please do not use the popular I beta pass my neighbour" generator. This generator is notorious for burning adapters. Please do not use it.
I recommend 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, and recently, wifi.com.ng is super where they have a good connection. If you do not fall within these areas, use the VSAT source of the internet an example is 'Yahlick' or if you can't afford VSATplease just go for 4G GSM providers. In order of preference, I recommend Etisalat, Airtel, MTN and GLO…and if those don’t exist. If you use laptops, get a modem that supports Wi-Fi for secure connectivity. [₦6K to ₦15K]
You can either go for pos80 or pos58, in my opinion, pos80 is preferable because it prints bolder and looks better. (Likely costs ₦23k)
Company to partner with
There are a lot of betting companies out there that you can partner with as an agent. We have looked at all the major players in the industry and can tell you without bias, that betBonanza is one of the best betting companies you can join.
Our Agents, our punters, and our business partners can attest to the fact that we are transparent and trustworthy.
Anyway, back to our discussion of the company you want to join. You most likely will be given the following items:
1. A Banner to advertise your business to passers-by
2. An account on their platform (You will pay a registration fee), and
3. A Satellite dish and decoders for virtual games.
Conservatively, setting up a shop can cost you on average between ₦500,000 to ₦2,000,000, depending on your location and how big you want the shop to be.
If you follow the advice we have given, you should be on your way to starting and being successful in the business of sports betting.
Now, we urge you to take a step now to begin your dream to run a successful betting business and make money.
To join us, you will:
2. Pay an initial training fee
3. Our Accounts Executive will call you to guide you step-by-step on everything we have mentioned above, and how to become a successful member of the betBonanza Tribe.