Cost of Sports Betting and Lottery License in Nigeria
I have been wondering for a long time now about how betting company operates in Nigeria. As in the procedures, cost of setting up sports betting company and the license in Nigeria.
Many people will want to know what it entails and government requirements in Setting up sports betting in Nigeria.
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Setting up a sports betting and lottery business in Nigeria requires first approaching the National Lottery Regulatory Commission where the particular area of interest is fully stated. There is a comprehensive process of application and this begins by first applying formally to the Director General of the commission. There are different application forms for specific types of sports betting and lottery business. However, the form costs is not currently disclosed, as this would only be available during the application process.
In addition to the cost of getting the betting license, N10million annual license fee is to be paid to the National Lottery Regulatory Commission.
When returning the completed form, there are other requirements that should accompany it. These include evidence of your net-worth (provided by your financial institution), a detail of security, accounting and administration system, the profile of your organization, particulars of directors, a bank guarantee, the details of the set rules of your sport betting/lottery business, the evidence of clearance from relevant agencies, the evidence of technological equipment for placing of bets/lotteries.
After getting the necessary licensing or permit, you will be required to put in place a prize fund account (this is the money won, or offered to the winner). However, 20% of the proceeds from the business is to be remitted to the National Lottery Trust Fund.