The iGaming industry has been thriving in the 21st century. External events that hinder players from visiting brick-and-mortar casinos cause considerable surges in the number of online gamblers.
Aside from the conveniences associated with gambling from home, they also have the opportunity to explore many games they had refrained from playing before.
Nigeria has undoubtedly been affected by the iGaming industry. It is currently the most populated country in Africa and is expected to become the third most populated country in the world in the next few decades. What does this mean for the iGaming industry? They have a massive population of young players who would happily take part in online gambling activities.
Since there are only three land-based casinos in Nigeria, iGaming businesses have an excellent opportunity to expand their services in the country. Since the number of online casinos in the market has risen, they have to fight better to retain customers and earn their loyalty. Customers today have easy access to massive amounts of information and alternative choices, so online casinos must up their game regarding the services they provide for their existing customers. These companies have also realised how difficult it is to acquire new customers and have integrated various promotions with services that help with customer retention.
Gambling in Nigeria
The Nigerian law prohibits gambling of most kinds, with the exception of several skill-based games and the national lottery.
Still, there are three casinos in the country that gamblers can use. But when it comes to online gambling, the legal waters get a bit murky. The law does not mention this big industry and, therefore, does not regulate it.
Since there is no legal regulation of iGaming businesses from Nigeria, it is recommended that players choose offshore gambling sites.
Since these foreign online casinos are registered with reputed licensing commissions, players can raise complaints and issues.
A large percentage of the Nigerian population today owns smartphones. Mobile game developers discovered this to be a wonderful market to introduce their video games. Several developers even came up with localised versions of popular mobile games. This also paved the way for many online casinos and sportsbooks to establish themselves in the Nigerian iGaming space.
Since online slot games such as https://www.slotsformoney.com do not face any regulatory policies from the Government’s side, these have been expanding significantly. Creators of online slots are coming up with better ways to attract and retain customers. They are constantly upgrading the graphics, audio and other features of the games. The Return to Player percentage or RTP determines the amount the person could win from the slot machine, and since these games have been growing in popularity throughout the country, some of the latest online slots present players with an RTP of 99.
Online sports betting in Nigeria
Nigerians love their football leagues, and the massive number of football fans helped with the rise of online sports betting in the country. Reports show that Nigerians are extremely involved in sports betting, with over $2 billion wagered annually in this field.
While land-based sports betting in the country is rather heavily regulated, online sports bookmakers face no restrictions. The National Lottery Act, which was passed in 2005, introduced official regulations on legal sports betting in the country. In the city of Lagos, the Lagos State Lottery Board was set up to regulate numerous gambling activities, including sports betting, lotteries, casinos, etc.
International online sportsbooks can easily access this large population filled with potential online sports bettors. The Government has not done anything to interfere with the functions of any international bookmakers, and numerous sportsbooks licensed in Europe accept Nigerian bettors.
These offshore online bookies provide Nigerian players with bonuses and many types of sports wagers. Though Nigeria has hundreds of languages, the official one is English, and the apps, therefore, use English as the medium. Not every online sportsbook permits deposits and withdrawals made using the official currency, Naira. So, players utilise foreign currencies such as Pounds and Euros alongside various cryptocurrencies.
Nigerian laws strictly prohibit unlawful acts of gambling, and they fine or imprison those who are found guilty. But the country also has many exceptions when it comes to what is considered legal. Many skill-based gambling games, sports betting, and lotteries are perfectly legal in the country. With only three brick-and-mortar casinos, this country with a large young population is very much into online gambling. Though regular gambling is heavily regulated, there are no specific rules when it comes to online casinos. So, many offshore gambling sites have found a well-sized audience base in the country. Nigerians also enjoy football, as is evident by the huge number of fans in the country. This has contributed to the rise in the number of offshore online sportsbooks that cater to Nigerian bettors.
Things to Consider Before Starting an Online Casino Business
The online gambling market is increasing every year, and entrepreneurs are looking at this trend as a chance to establish their own online casino business.
Investing money in a proven system that determines your profit margin, and almost fixed costs once you are up and running sounds like a recipe for success.
But is it?
Well, starting an online casino business is a tough thing to do, especially when you consider all the competition you have to beat. The online casino business requires a lot of preparations, obtaining licenses, and hiring the right team just to make sure that you won’t run into trouble in the future.
In today’s article, we will take a look at some of the things that you must consider before perusing your casino business dream.
Trusted Software Provider
The first step of this journey starts with choosing the right software provider. This is the most important thing for your business, just because it will dictate how your website will work, its safety, payment options, and games that are included.
Since most of the things will be sorted by your software, you must choose a reliable software provider from a company with a high reputation. You should ask for developmental efficiency and cost-effectiveness from your service provider.
It is better to go for a more expensive software provider that will do a better job, than running with the risks of cheaper software providers that can destroy your business reputation.
Obtain an Online License
In order to start your online casino business, you must obtain your online licenses. Even though this process might be complicated at first, it will all be sorted out by your software provider and you don’t need to lift a finger.
This is also why choosing a reliable software provider is crucial, since they will assist you with many things until you open your business.
Think about Marketing
Building your casino business might seem like a complicated process, but it is nothing compared to getting customers through the front doors of your business. Since online casinos are delicate topics in terms of gambling, the advertising methods are very limited.
Most countries don’t allow TV casinos or even outdoor advertising. Additionally, social media websites also have regulations in terms of displaying casino ads on their platforms. This means that you need to come up with a strategy that will bring people to your casino without using the conventional methods of advertising.
Most casino companies are promoting their services through websites and blogs, and the best way to attract people’s attention is through bonuses and sign-up rewards.
The most common mistake people make is thinking about globalization with their online casinos and making it available in many regions in the world. However, there is a big issue with this plan just because each country or region has its own laws and regulations in terms of online casinos and you might run into trouble if you showcase the same model everywhere.
That’s why it is advisable to start locally and learn the requirements from other countries and slowly adapt the software to work somewhere else.
Safe Payment System
One of the most important pillars of the casino business is the payment options. After all, this business is all about money, where people invest and expect something in return.
You need a secured system that couldn’t be taken down even by the top 10 NFL linebackers of all time –edge.twinspires.com/nfl/top-10-nfl-linebackers-of-all-time/.
Establishing a safe payment system should be your top priority, and fortunately, most software companies can assist you with choosing the most reliable payment gateways and incorporate them into your website or app.
Nowadays, it is all about visuals and how the casino looks. This can be a deciding factor for users when they choose where to play their games, which means that you need to work hard on creating a unique website design that stands out from the crowd.
Additionally, every element you add to your website can slow it down and affect the UX, so finding the right balance between functionality and aesthetics is very important.
Titans Win 2021 Shitsuke Flag Football League
By Sodeinde Temidayo David
Titans have retained the 2021 Shitsuke Flag Football League after defeating Lagos Rebels by 61 to 41 in a tense match held recently.
It was a spectacular outing that was every inch a final after nine consecutive Sundays of nine teams going head-to-head.
The championship, in its 5th season, was sponsored by VBank, which prides itself as Nigeria’s digital banking platform and banking app of the year 2020.
For the last year, the platform, powered by VFD Microfinance bank, has sponsored one sporting event after the other.
The V Shitsuke Flag Football league season 5 recognised individual brilliance as Odunayo Komolafe and Vivienne John were awarded the Male & Female Most Valuable Player (MVP) plaques respectively.
Speaking on the championship, the Head of Marketing and Corporate Communication, VFD Group, Ms Efeturi Doghudje, stated that, “VFD as a corporate establishment believes in promoting social cohesion in our local environments and that is why sponsoring sporting activities will remain an attraction for us.”
“In addition to keeping people fit, team sports like flag football encourage more people to bond either by watching and cheering their favourite teams or by playing in the games.
“The Shitsuke league, in particular, is doing a great job of making flag football more popular in Nigeria and VBank will continue to support innovations,” she further said.
Last April, VBank had partnered with Lagos Country Club to host a 2-week snooker & billiards tournament where winners won a total of N600,000 in cash.
Prior to that, the digital bank had sponsored its maiden snooker tournament which was held at eBar in Lekki, Lagos steadily building its footprints in Nigeria’s sporting scene.
Ibadan Golf Club Praises Heritage Bank for Sponsorship
By Sodeinde Temidayo David
The prestigious Ibadan Golf Club (IGC) has commended the management of Heritage Bank for sponsoring its 30th anniversary held recently.
The event, which attracted several personalities, including the Governor of Oyo State, Mr Seyi Makinde, was also to honour pioneers of golf sport in Nigeria.
Captain of the Ibadan Golf Club, Mr Oladiran Ibironke, heaped praises on Heritage Bank and others providing financial support to ensure the success of the event.
“Special thanks to Heritage Bank Plc., the anniversary’s major sponsor for enlarging our coast financially in order to make the anniversary elaborate and eventful. You will forever be remembered in the history of Ibadan Golf Club,” he stated.
“We are celebrating 30 years today because some great minds came together and established what we are celebrating today.
“From the history that we heard, they started from Ibadan Recreation Club before moving over to where we are today in 1990,” Mr Ibironke added.
In her remarks, the acting Group Head, Corporate Communications, Heritage Bank, Ms Ozena Utulu, expressed the gratitude of the lender to support the programme, which had over 150 golfers, as well as to be associated with Ibadan Golf Club.
She explained that the sponsorship was hinged on its brand’s passion to support sports, especially golf in promoting health, wellbeing and nation-building.
Ms Utulu stated that Heritage Bank, as the sponsor of Ibadan Golf Club’s 30th anniversary, was working diligently towards achieving its vision of becoming a bank known for promoting healthy lifestyles and the general wellbeing of the society at large.
Like Our Facebook Page
Latest News on Business Post
- JUST IN: IGP Recommends Immediate Suspension of Abba Kyari August 1, 2021
- Legacy Funds: Relief as African Alliance Clears Debts July 31, 2021
- 53 Nigerian Students Grab Cambridge Awards July 31, 2021
- FG Lauds Ecobank’s Efforts to Boost Trade in West Africa July 31, 2021
- Standard Chartered Introduces Flexible Payment Plan for Customers July 31, 2021
- Wema Bank Unveils Tuition-Free Business School for SMEs July 31, 2021
- Rite Foods Pledges to Sponsor More Credible Platforms July 31, 2021
- Bolt Helps Drivers with New Cash Out Service July 31, 2021
- Jumia Supports Customers With Shopping Festival Campaign July 31, 2021
- Strong Appetite for Transcorp Shares Lifts Market by 0.16% July 31, 2021
Economy5 years ago
Kwara Disburses N1.7b For Projects
Feature/OPED2 years ago
Davos was Different this year
Technology8 months ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN
Economy3 years ago
FAAC: FG, States, LGs Share N655.18b in January
Banking3 years ago
Sort Codes of GTBank Branches in Nigeria
Economy5 years ago
How To Identify Fake Naira Notes
Economy5 months ago
MBA Forex Blames CBN for Inability to Return Investors’ Funds
General2 years ago
Ikeja Electric Explains How to Get Prepaid Metres via MAP