Nigerian entrepreneur and founder of NairaBet, Mr Akin Alabi, took to his Twitter page to drop few hints on what entrepreneurs should consider before venturing into the sports betting business.

According to Mr Alabi, potential entrepreneurs in the field should be prepared to pay out as much as 90% to 97% of income to winners.

Bua group

He went further to explain that when running a sports betting company, one has to bear in mind that the market “stands at an average of 93%”.

What this means is that when sports betting platforms receives N100 million worth of bets, they pay out as much as N97 million to winners.

Making profits in sports betting business 

Mr Alabi added that a particular week can either be very profitable or otherwise. Whichever way, he said that sport betting platforms usually start recording relative profit after about three months to a year. This is because customers increase, making it possible to record profit.

Things to avoid as sports betting business owner

The entrepreneur also warned that business owners should very careful with the kind of deals they sign. According to him, no sports betting business owner should ever agree to a deal that requires him/her to be paying on the number of bets. If you do that, you will lose profit, he said.

Every business is has its unique challenges and is prone to losses and gains. That why it is important to garner enough knowledge, from mentors and career advisers before starting out one.

Believably, Akin Alabi has shed enough light on what to potential entrepreneurs should know about the sports betting business and what to and not do.

You can check his Twitter page for other information he might put off.

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.