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[http://Nigerianfinder.com/starting-a-sports-betting-business-in-nigeria/ nigerianfinder.com]Bet9ja mobile Promotion Code Bet9ja.com is now the biggest online wagering site, from Nigeria, which is now the biggest economy in Africa. This makes it an important operation that has a massive potential market, and they have delivered a 'full service' with sports betting, a casino, lottery, racing and virtual games all provided. As the biggest operator, they can also offer the biggest prizes, with up to 20 Million Naira in winnings possible, and you can start trying for these wins without having to find a [https://register.bet9ja.com/?promocode=yohaig Bet9ja.com registration] promotion code 2016. Whether you are in Nigeria or beyond, the great range of sports and casino games can be experienced when you sign up through JohnnyBet, with the Bet9ja betting site welcoming you with their biggest and best bonus deals. 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As it's pretty much restricted to those in Nigeria we can't mark it up massively, but it is a solid choice and it does look very good visually. So if you can, don't forget to use the Betnaija promotion code: MAXPROMO when signing up via bettingexpert. [http://Nigerianfinder.com/starting-a-sports-betting-business-in-nigeria/ nigerianfinder.com]BetNaija customer goes home with N13m win Is this luck or common what? A customer who placed a bet on a football match with N500 just landed himself a game windfall of N13m. Bet9ja prides itself as " the number one bookmaker in Nigeria. Sports betting odds, Casino, racing and virtual sports games." Bet9ja.com Marketing & Corporate Communications manager, Tunji Meshioye, in a comment on the winning said: 'Bet9ja.com is the leading betting brandwhen it comes to making huge pay days like this to our players. We don’t beat about the bush. You play on our platform, you win, we pay. No stories. Betnaija’s reputation is based on prompt payment and our players know this. We don’t waste time.' He did not reveal the details of the winner for confidentiality purposes. Sport betting in Nigeria: An unlikely source of revenue and jobs In Nigeria’s commercial nerve centre, Lagos, shanty wooden structures with a number of benches, a television and a satellite dish are common sight. These venues, popularly called ‘viewing centres’, offer a bulk of the football-mad population in the city a chance to watch the European football league games, usually for less than a dollar. As the popularity of these matches grew in the early 2000s, so did the presence of these viewing centres. On match-days, these places are usually packed with passionate fans sporting replica jerseys and rooting for their favourite teams but more recently, a keen observer might notice fans at viewing centres clutching a white piece of paper – a ‘ticket’. Tickets are printed copies of selected games on which bets are placed and since late 2012, they have become more prominent in the Nigerian football landscape as sport betting is now very popular.[https://www.bellanaija.com/2014/07/nigerians-spend-n1-8-billion-daily-on-sports-betting/ bellanaija.com] Despite the notion that sport betting kicked off in Nigeria only recently, the earliest sport betting firms recorded their first entry into the market in 2007. Generally, sport betting involves punters predicting the outcome of matches and getting their bets to correspond with the stakes. If the predictions are correct, the bets are rewarded with stipulated winnings. In Nigeria, where there are millions of incredibly passionate football fans, sport betting has found its proverbial home. Ultimately, fans began to explore the real possibility of not just watching football but also making money from these games played thousands of miles away. For fans who watch football as a leisurely pastime, the ability to make money out of it has presented an [http://Dictionary.cambridge.org/dictionary/english/opportunity opportunity] too good to pass up. Money is the name of the game Typically, fans are used to hosting heated discussions on the monstrous weekly wages of their favourite footballers but sport betting has turned that conversation on its head. Football fans now discuss their earnings from bets as the sport has become a viable source of income. Every other weekend, betting companies announce big winnings from bets placed with amounts as low as N100 (50 cents) The possibility of raking in millions from meagre amounts is enough motivation for punters across the country to bet on a daily basis and as a result, betting companies record hugely impressive numbers. Ademola Adebajo, CEO of Stakersden, a leading betting company in Lagos, projects that daily stakes run into billions of Naira. "Currently, we believe daily bets have reached five billion naira ($25 million) cumulatively across all the betting companies. Punters in the country are currently seeing this as a source of daily bread and it is not uncommon to see people appropriating a certain amount for betting daily," Adebajo said. Despite Nigeria’s high levels of poverty and unemployment, punters cut across various demographics regardless of earning powers. According to Adebajo, low income earning punters spend between N200 ($1) and N1000 ($5) on bets while high income earners, tagged ‘big ticket customers’ spend thousands more, although these big ticket customers are firmly in the minority. A pot of gold In recent years, as Nigeria has become a thriving market, sports betting firms have sought to latch on and capture market share to various degrees of success. The default business model sees the companies set up shop in a central working office while seeking to establish a wide network of affiliate agents who open brick and mortar shops where customers can come in to place bets. For their part in the business chain, affiliate shop owners, or agents as they are formally known, earn commissions on the bets placed in their shops. While the offline component thrives, sports betting companies also operate an online business model exploiting Nigeria’s internet penetration. Last month, the Nigerian Communications Commission announced that internet users in the country had reached 97 million. With more than half of the country online, betting companies recognize the need to establish viable online operations. For this purpose, websites are set up for punters to open personal accounts from which they conduct transactions ranging from depositing funds into an online wallet, placing bets and transferring winnings earned from bets to their bank accounts. While some companies explore both models aggressively, others like NairaBet simply choose to remain predominantly online models thus sidestepping the financial and logistical implications of setting up and running a large-scale offline model. The first step however, is purchasing a betting license at an annual cost of N10 million ($50,000) from regulators. Even though the cost of kick-starting operations is high, betting firms still require deep pockets to pay out winnings from punters which can sometimes run into hundreds of millions in a single weekend, cumulatively. In fact, the inability to pay up promptly after big wins has been known to cause major embarrassment for betting companies and on some occasions, eventual closure. Last May, on a weekend that saw few upsets and most predicted results clicking, punters on BetNaija, the market leader in the sport betting space were said to have garnered up to N700 million ($3.5m) in winning bets. To its credit, Bet9ja mobile paid promptly- a feat that cannot be matched by some other firms. However, weekends like those are few and far between and more often than not, the betting companies make healthy profits and record enviable numbers. Clearly, the business landscape is changing rapidly as betting firms compete aggressively for market share. According to Adebajo of Stakersden, betting companies with real goals of domination can no longer play small. "We started with a few local companies but right now, the business is moving from a low budget enterprise to one where scale is of the essence. Companies like BetNaija have come into the market to redefine how sport betting should be done and every operator is reacting to the developments," he said. "The business landscape has moved from trying to open a corner shop somewhere and offer betting services to people. The big companies are constantly innovating and upping the ante in the industry. New entrants will need significant start-up capital to measure up." The need for innovation has seen companies seek ways to make betting easier and less restrictive for punters as live phone betting services have been launched. Stakersden has also recently launched a new service in collaboration with leading telecoms firms. While some think the Nigerian market is already saturated and can no longer evolve, Adebajo says the next stage of evolution will be fuelled by foreign investment. "Foreign companies have been licensed to operate here and more are expecting to secure licenses or to partner with local operators. So in the next 5 years, we expect to see foreign companies taking a chunk of the shareholding of some of these companies to compete." An unlikely solution Given Nigeria’s high unemployment figures, the creation of jobs by the private sector is critical and in this regard, the impact of sport betting has been profound. With some big companies running nationwide operations, while other focus on maximizing their reach regionally, the industry has created thousands of jobs directly and indirectly. Big companies have staff strength running into hundreds but through their associate networks, they offer agents a source of livelihood through affiliate partnerships as they earn money through commissions. Joseph Chukwu, a graduate and shop owner in Ikorodu, says sport betting has been a lifesaver. "There are no jobs in the country even for qualified graduates," he said. "Rather than sit on my thumbs, I decided to set up my shop as an agent and earn money through commissions. Initially I thought of it as something to do while something bigger came along but now I’m focusing on building a chain of shops and being a mogul of sorts. It may sound crazy but I’ve gone from looking for a job to actually building a business." Adebajo thinks the employment issues and high rate of poverty means that the chance to earn a living from sports betting can hardly be ignored. "Majority of Nigerians live below the poverty line and any activity that can legitimately turn a small amount of money into large sums will always be appealing." Adebajo’s sentiments are backed by the many instances when Nigerians have fallen victim to fraudulent multi-level marketing and pyramid schemes. Given the legitimacy of sport betting, its appeal is ostensible. In less than a decade, the sport betting industry has grown vastly and become not just a source of income for many Nigerian punters but also large job creation vehicle. Ordinarily, Nigerians are happy to watch football and celebrate the goals and other magical moments but these days, they do so knowing that every goal counts for something and win, lose or draw the outcome of the game could matter for more than bragging rights. Watching and following football games are no longer just a simple recreational pastime, a late winning goal scored in the English Premier League or in the German Bundesliga is no longer worth just three points – for a football fan, it can pay for the next meal. N2million Bet9ja Winner Dies In Calabar The choice of celebrating with friends after winning in football betting has claimed it first casualty in Calabar as a man dies after being poisoned while drinking with friends. A Brainnews NG source gathered that one Mr. Orok who won 2million Naira at Bet9ja.com, a football betting company in Calabar died after celebrating with friends at a drinking joint. Mr. Orok (Surname withheld) who was also a staff of Betnaija was poisoned by an unknown human who claimed to be his friend, thereby terminating the future of this young man. According to a closed friend, Orok died after vomiting blood. The deceased is a native of Calabar South, a local government in Cross River State and resides in Mount Zion Lane. He was buried on the early hours of Tuesday, August 23 2016 at the Goldie Cemetery. Brainnews NG extends her condolence message to the deceased family and prays for God to give them the grace to bear the lost. Bet9ja rewards agents, staff In recognition of their partronage and dedication to making Betnaija Nigeria’s number one sports betting company, the company honoured some outstanding staff and agents during its 2015 End-of-the-year party and awards night in Lagos . In what was a highly thrilling and well organised event, staff, agents and customers of KC Gaming Network, operators of Bet9ja mobile, went home with various gifts and also received awards in various categories. In his address, the Chief Executive Officer(CEO), Ayo Ojuroye praised the company’s customers and agents for their loyalty and commitment in 2015. "We are very happy with your performance in 2015, hence the need to appreciate your efforts. Without your hardwork and dedication, we won’t be here today. You, agents, customers and staff have done absolutely well and we really thank you for this. We are excited that through your efforts, Bet9ja has grown in leaps and bounds. The Executive Chairman, Kunle Soname presented the employee of the year award to Ernest Abanum while Akin Akerele won the award for the Manager of the year. Ace comedian, Seyi Law thrilled guests with rib-cracking jokes to the delight of the guests, while music fan’s favourite, Sean Tizzle held the crowd spell bound with the rendition of various tracks from his top of the hit album, ‘Loke Loke’ Then Oritsefemi’s performance had everyone on their feet with his Double Wahala track and Igbeyawo as the guests asked for more from him. BetNaija has achieved tremendous success in Nigeria’s betting industry in less than four years of operation, with offices in more than 19 states and with the highest winning bonus. . Betnaija Rewards Winners In fulfillment of its promise to always reward her winners, sport betting company, Bet9ja, has doled out various cash prices to winners from last weekend. According to BetNaija CEO, Ayo Ojuroye, "we have paid all our winners from last weekend in line with our promise of paying promptly. We congratulate all our lucky winners that emerged over the weekend. We assure them that we will never fail to pay their winnings in line with our promise to them. In less than two years of doing sports betting business in Nigeria, BetNaija has displayed a high sense of integrity through prompt payment of winnings. He assured all agents and punters that they will continue to serve them with a high sense of responsibility. Ojuroye further said "We thank our agents for their hard work and dedication towards making the top sports betting company in the country. We will continue to protect them from undue risk. As we demonstrated last weekend, we will never deny them their benefits." Sports betting is big in Nigeria In our special report this week, we look at the cultural force the gambling has become for a helpless citizenry. Nigerians love their football. Local or international. Everyone knows that. And in the past few years, they have been putting their monies where their mouths are. In less than six years, Nigeria has witnessed a gigantic leap in the number of football viewing centers and an almost proportional number of sports betting shops that cater to the needs of thousands of fans willing to stack money on their favorite football club or team. The country has become home to an increasing number of neo-modern betting (gaming) companies that are taking full advantage of the high internet penetration in Nigeria and its large population of young (and not-so young) people that are not just passionate about football but eager at the possibility of making millions from a small amount of money. But betting is not limited to football only. In 2015, punters placed their bets on the outcome of the Nigerian presidential elections. The outcome of the 2013 conclave, which saw the emergence of Pope Francis I after the resignation of his predecessor, was betted on. As the American election draws closer, punter will also be interested in betting on who will win the election. In today’s world, everything can be gambled on. How it works "The whole system works on what we call odds -it’s like points. If two teams are playing the stronger team gets less point than the weaker team. If you’re banking on the weaker team, you’ll win more," Adekunle Adeniji, Manager of Virtual games at Bet9ja and owner of several betting shops, explains to me. Punters predict the outcome of a particular game, often stacking money on a particular event occurring during a march. Possible events to bet for in a game include: the final score, a draw, first to score, throw in, time of goal score, first to foul, amongst several other possible events in a game. On the surface it appears [https://register.bet9ja.com/?promocode=yohaig [https://register.bet9ja.com/?promocode=yohaig Click to register with Bet9ja] to [https://register.bet9ja.com/?promocode=yohaig register with Bet9ja].com] be a game of luck – almost like throwing a dice – but Adeniji points out that betting is all about skill and deep understanding of the game. "It just all about prediction," he says.[http://www.sportsbetting.Com.ng/sports-betting-sites/ sportsbetting.com.ng] "Before you can place a bet you must at least know the statistics of the team you are betting on." Correct predictions are rewarded with monetary winnings depending on the odds of the event predicted occurring in a game and the amount of money stacked. The odds are multiplied against the amount staked to arrive the prize money. Dotun Ajegbile, the Managing Director of 1960bet, points out that betting "is actually, more or less, like a game of skill. You can’t predict when some punters will actually make money." While most seasoned punters and gamers agree that not all punters will actually make money from bets, earning money from football games is an opportunity most football enthusiasts cannot pass up. The business of betting [http://venturesafrica.com/sport-betting-in-nigeria-an-unlikely-source-of-revenue-and-jobs/ venturesafrica.com]Other forms of betting, like pool and lotto, have existed before the introduction of modern sports gaming as we know it. In a few years, sports gaming have successfully eclipsed all other forms of betting both in the amount of revenue generated and the number of people it attracts. Betting companies, towing the line of their superiors in the west, have invested millions of dollar into the gaming sector and have set up infrastructures needed for gaming and an interesting affiliate/retail system that ensures that everyone, regardless of socioeconomic background and location, can have access to betting facilities. Springing up in several locations within urban and rural communities are retail sports betting shops that serve as affiliates for betting companies – a sort of middlemen between the companies and punters. "Somebody who owns a shop or is in the business should not play," Adeniji says. "It’s just like you’re selling marijuana, you are not supposed to take out of it because you’ll end up taking all of it. Most shop owners end up losing their business because they want to play." Aided by the massive increase in internet penetration within Nigeria, punters can now eliminate the middlemen and place their bets directly on the website of companies. But Ajegbile says that even though the "online penetration has really helped the industry," a vast majority of bets placed aren’t done online but through the retail outlets of the betting shops. He estimated a ratio of 70:30 for offline (through retail shops) and online betting. Who wants to be a millionaire? And Ajibile sees nothing wrong in any of it, for an industry that he claims has employed over 10,000 Nigerians – and created millionaires, literally overnight. "The industry is very profitable," says Ajegbile. "What shape the economy is taking, betting will forever remain betting. If the economy is good, people place bets. If the economy is bad, people will always place bet." Breaking down the numbers, he estimates that about one thousand bets pass through the system of 1960bets every five minutes but at pike periods – which are usually an hour to the games – it could go up to 1,500 bets per minute, with the amount stacked ranging from a hundred naira to millions of naira. [https://Www.Bellanaija.com/2014/07/nigerians-spend-n1-8-billion-daily-on-sports-betting/ bellanaija.com]Indeed, the News Agency of Nigeria (NAN), in 2014, estimated that about 60 million Nigerians bet over N1.4 billion daily. But as Ademola Adebajo, CEO of Stakersden, told Ventures Africa in 2015, punters stake about five billion naira daily. Five billion. Let that sink in. Regulating the market In Lagos, 10 million naira is the maximum possible win but outside of the state, the maximum is 50 million. "For now very few states does serious regulation," says the 1960Bet MD. "Very few states. Some states, especially in the east, gambling is not well regulated. The regulators are yet to get their acts right and it is really telling on the industry." He is quick to point out that regulation is not the anymore: "Some of us (betting companies) don’t want to work in an unregulated market because in an unregulated market everything goes." A regulated market checkmates gambling addiction by having companies monitor the betting pattern of punters and ensure that punters do not bring fraudulent money into the system. [http://Www.sportsbetting.com.ng/sports-betting-sites/ sportsbetting.com.ng]A gigantic increase in the amount of money staked by a punter usually sets off alarm bells about addiction or fraudulently obtained funds, so betting companies are expected to monitor for unusual pattern and bring it to the attention of authorities and also ensure that persons less than the age of 18 do not gamble. Also known as the Good Causes Fund, the Lagos State Lottery Distribution Fund (DTF) was set up by the Lagos state lottery board to administer "revenue generated from the gaming activities in the state." According to its website: "The DTF is applied to projects in the environment, education, social and health, and infrastructure sectors of the economy. Projects executed with the fund are called "good causes projects" while taxes paid from lottery sales are known as good causes money." In 2015, parts of the DTF was used by the state government to purchase three helicopters, fifteen armored personnel carriers (APCs), two gunboats, 165 vehicles and others security equipment at a cost of N4.765 for the state police. What the future holds According to a PwC report, the gross gambling revenue in Nigeria is projected to grow at an annual rate of 8.5 percent to reach $69.9 million in 2019, making it the fastest growing sector in Nigeria.[http://www.Nairaland.com/2232460/lists-top-10-football-betting nairaland.com] The report predicted that the [https://ecosia.zendesk.com/hc industry] will also outgrow the gambling industry in Kenya and South Africa. This is not going away anytime soon, wherever you stand on the side of the argument about its merits. [http://nigerianfinder.com/starting-a-sports-betting-business-in-nigeria/ nigerianfinder.com]"In the next three to five years, some of us are beginning to take the position of taking our companies public," Ajegbile says with a confidence that can be unsettling. "Betting is very big, very, very big."