How to Start Lottery Business in Nigeria… This content is a quick guide on how to start a lotto business in Nigeria and earn cool residual income every day.
Introduction
Considering the economic and unemployment situation of the country, I will tell you that you can earn cool cash from the lottery business here in Nigeria.
Unlike other businesses, the lottery business is a very lucrative line of business here in Nigeria despite the fact that it will require a strategy.
I can remember a young man that owns a lottery shop in my area, very early in the morning, you will see more than 20 people queuing to bet with him. Can you imagine how much he will make before the day runs out? Surely you can’t predict, but he makes more funds daily.
If you are planning to start a business that can skyrocket your income and therefore turn you into a millionaire overnight, I think the lottery business will be the best for you to start with.
One significant part of starting a lottery business in Nigeria is the technology that will power the business. It must be simplistic and reliable. Extensive research and analysis should be carried out on which technological platform is the best and will better your business.
You also have to know that improper planning for this business may likely lead to you not yielding your expected result from the business. However, it is a business that is not plagued by the lack of customers, as long as there is a great marketing tactic
In this post, you will learn all the intricacies of starting up a lottery business in Nigeria and becoming highly successful. We will also analyze all the startup requirements and marketing tactics to grow your business in a short time.
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Why You Should Start a Lottery Business
According to a newspaper report in 2018, it was estimated that Nigerians spent over a hundred billion Naira in 2016, on lotteries. The entire global lottery business is worth more than 50 billion dollars.
About 75% of the Nigerian populace have one time in their lives staked a lottery bet, while 45% are active lottery players (this includes football betting). The Nigerian lottery industry jointly made a profit of 7 billion Naira in 2016, and the number is currently growing.
So just imagine that all 1/3 of this amount is entering your business account, guess how much you will be worth.
Steps to Start Lottery Business in Nigeria
After carrying out thorough research on how to start this line of business in Nigeria, we came up with positive results which we are going to outline below.
#STEP 1: Feasibility Studies
A feasibility study will help you examine the practicability of your proposal. from all indications, it’s very important to have the catastrophe of your plans like doing your own research about the lottery business, by doing this it will help you to get the proper insight of what it will take for you to start up the business plan.
During your feasibility studies, I bet you that you will discover important ideas about what you need and also the type of lottery you will you should invest in.
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#STEP 2: Create a Business Plan
Another important thing is that you must prepare a business plan for your business project. The business plan will help you to see what the business will be like, how you will grow the business, how you will drive sales to the business, also the amount of money to be spent during the startup and lots more.
#STEP 3: Money Sufficiency
Yes, everything requires money and that’s why you need to have enough startup capital for your lottery business.
The reason why you need enough funds is that some of your customers will be lucky to win an amount of money that may shock you. You need to be prepared to pay them once they win to keep your business going forward.
NOTE: Raising enough funds for your lottery business will really help you in fixing so many things, some of which we will include here that require money.
#STEP 4: Business Registration
It is important to register your lottery business in Nigeria with CAC. Registering your business will not only build your business brand, but it will help to promote trust amongst your customers towards your business and make your business look real.
#STEP 5. Get a License
After your business must have been registered, and you have made all your payments, you will be certified as a business entity through the issuance of a license.
This will be your proof that your business is legal, and you can operate your lottery business freely in Nigeria. These licenses are usually renewed else your membership will denounce. Some licenses are renewed once every two years, once every five years and so on.
5. Rent an Office Space
This is necessary because it will serve as a point of service to customers. You can also have lots of outlets if you can afford it so that geographical location won’t hinder your business. Just like a license you need a physical house so that your customers will believe your business is legitimate.
6. Modes of Payment
This is necessary so that your customers can cash in on their winnings. It is necessary to minimize the use of cash as it puts your staff and customers in danger of being attacked. There are lots of good payments which are made online which could make the running of your business smooth.
7. Create a Lottery Software
Running on lottery software is the modern way to operate your business unless you want to operate old. To promote your business, you have to have online shops with this; users play their games in the comfort of their homes and your business will no longer be limited due to geographical location.
8. Implement Rules and Regulations
It is important to make rules and regulations so that your business will not look like a haphazard business. With this, your business will be characterized as a transparent business.
9. Have a Mobile Application
To promote your business, you need to have a mobile application because mobile applications are more optimized than websites, but they are no substitute for a good website.
10. Run Your Business Publicity/Promotion
It is very necessary to promote your business so that it will not fold up. In order to do this, you have to make adverts online, on the radio television and so on. You can also give discounts to the lottery account of customers each time they refer a friend. To promote your business, you can sponsor events, by this, you are informing people of your lottery business and increasing patronization.
Important Tips to Success on This Business
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- Lottery businesses in Nigeria target the following demographics: youth, adults, the elderly, university students, and income earners.
- When starting your lottery business, your mission will be to enable customers to place a bet, while aspiring to become rich. There are many types of lottery games that should align with your plan: draw, sports bets, Lotto, keno etc.
- Starting a lottery business in Nigeria requires a lot of hard work and diligence. The competition is cut-throat and adequate research will help your business. Lottery businesses are affordable to establish and require very few pieces of machinery to run. With the help of high odds and the power of the internet, there will be a level playing field for everyone.
- Adequate research must be carried out before your lottery business in Nigeria is established. You should have a great understanding of the dynamics of the Nigerian lottery industry so that you won’t engage in a wasteful venture.
- Consider the present Nigerian economy before kick-starting your lottery business. In a weakened economy, the populace is eager to spend less on entertainment. So in that situation, it is usually a good idea to devise a business cum marketing strategy that will push or attract customers to your business.
- Lottery business is not risk-proof, so it is important to ensure your business.
- Choose a catchy name for your lottery business.
- Don’t underestimate the power of internet marketing when starting your lottery business.
5 Best Lottery Websites in Nigeria
1. Premier Lotto Limited
112, Funso Williams Street (Formerly Western Avenue), Surulere, Lagos
email: [email protected]
2. Richwell Plaza
68, Funso Williams Street (Formerly Western Avenue), Surulere, Lagos
+2348037003258, +2341 2956246. www.richwellplaza.net, [email protected]
3. Gab Lotto Limited
4b Olutunda Street, Off Coker Road, Town Planning Way, Ilupeju – Lagos
+2348090990594, +2348127788855, +2347067119039, +2347063753890
[email protected], [email protected], [email protected]
4. Payday Lotteries Limited
No 15, Abdul Diouf St, Asokoro, Abuja
5. R & S Lotto Limited
53, Moorehouse St, Ogui, Enugu +2348033388889, +2348077888889
The Origin of the Lottery in Nigeria
Nigeria is a relative newcomer to the global trend of adopting and operating national lotteries. There is little known historical evidence of lotteries in Nigeria. However, signs discovered within Egyptian culture demonstrate that gambling games had been on the continent for centuries. The ancient Egyptians enjoyed dice-based gambling games. Around the 15th century, this curiosity evolved into card-based gambling games. Gambling and lottery quickly expanded across the continent.
Pools were most commonly played in Nigeria prior to 1999. Ghanaians brought these into the country. During this time period, the majority of lotteries were privately owned businesses. Although there were regulations in place, such as the Casino Taxation Act of 1965, better legislation for lotteries and pools, and gaming laws, they were all heavily unregulated. Any slot machine importation was prohibited, and the entire gaming business in Nigeria used coupon-based transactions with its clients. All of this resulted in a lack of accountability on the part of the business owners. Above all, the then-gaming business was unable to generate enough cash for the country.
The twentieth century saw a global shift in the gaming and lotteries sector. Many countries around the world were demonstrating and experiencing the socioeconomic benefits of a well-managed national lottery. Following in the footsteps of these countries, Nigeria changed its lottery legislation at the turn of the century. Following the adoption of the Federal Republic of Nigeria’s constitution in May 1999, the government began working on numerous legal reforms, one of which was the Casino and Gaming Law of Lagos of 2004. Soon after, in 2007, the National Lottery Regulatory Commission (NLRC) was founded. Two major steps were done as part of this process: the first was the privatization of lotteries, and the second was the partial removal of the ban on slot machines.
Many permits were provided following the founding of the National Lottery Regulatory Commission to encourage people to register as lottery operators. The lottery has acquired recognition in the country over time, allowing several investors and foreign lottery organizations to enter the Nigerian lottery industry. Nigerian lottery players spent an average of 154 billion nairas on lotteries and sports betting in 2016.
The lottery sector in Nigeria is increasingly a recognized source of employment prospects, particularly for young people who register as agents or work for lottery organizations. According to the National Lottery Regulation Commission, lotteries would earn 45 billion nairas in income and the gaming industry would generate 300 billion nairas yearly. Unfortunately, the gaming industry exceeded this projection. Today, the NLRC regularly encourages and reminds individuals to invest only in the national-controlled lottery. This would allow the state to generate cash while still offering gamers a chance to win money.
Many organizations now have licenses to operate lotteries in the state. Western Lotto and Plenty Millions are two of the more well-known lotteries. Western Million allows Nigerians to participate in certain overseas lotteries as well. Individuals have the chance to win anywhere between 10 million and 15 million nairas with these new games available on their platform. People can play Western Lotto and Plenty Millions online, making access to lottery games, participation, and claiming processes simple and fast. The Nigerian lottery industry is still in its early stages and has seen significant modifications since its formal legal inception.
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