Choosing the right sports betting platform for the Nigerian Market
Look, I understand, starting a successful sports betting company is a complicated and lengthy process. But, to provide you guys with as much value as possible, I’m going to help speed up that process and show you how you can do it. I realized there is no content on the internet that is actually talking about this in details when it comes to Nigeria and the African market and So I have decided to create this Blog post to help empower and potentially wholly shift the way investors, Ceos and Directors of a soon to be launched sports betting company think.
1. Know the difference between a white label and a turnkey sportsbook software: A lot of people don't know the difference, and this always leads them into a real big issue in the near future.
Consider a 'white label' to be a branch of a tree, and anything you do with a branch of a tree affects the whole tree and consider a 'turnkey' to be the entire tree. When you cut a tree, trim it or do whatever you want to do with, that does not affect another tree beside it.
What I'm saying, in essence, is that, when you are using a ' white label' software, small changes take months if not a year to be applied, because there are a lot of branches within the main software you will be licensed to use. And making changes to yours will affect other companies also. The only to solve this issue is to understand what your needs are and go for the right software. Not to say white label software is terrible but it's not suitable for the Nigerian market, considering that most softwares are developed to suit the European market. For a company to succeed in Nigeria, the platform must be adjusted, re-developed to accommodate the Nigeria customers' experience, which most softwares out there don't generally have until its re-engineered.
2. Understand the business structure, know where your company wants to focus on. Is it retail? Online? Or both? Retail is currently 70% of the Nigerian gaming business, so when considering a sports book provider, check if they have any real experience on retail, and how many companies are currently using this software in Africa. This is very important, I'm sorry to say, but most software providers just want your business, they won't tell you the truth whether their software is right or not, it's your job to do the research on them to make an informed decision.
3. When you understand this, then you need to have a team in place headed by a CEO who actually knows what he is doing, who at least have a proven record in the Nigerian gaming scene or any other country but with a proven record and very open to new ideas.
When you have gotten the right software, don't forget that you need to take things slow, first to the market doesn't mean the biggest in the market.
Things take time, and you need to plan for that. I believe that instant stardom is actually a huge vulnerability.
But the issue is, people see others getting ahead in the short term at the expense of their long-term personal brand. And so, they get tricked. For example, I'm launching a sports betting company soon, and with massive followers of 230,000 on social media, it's easy for me to overgrow, but this is a brand that I have built over 7 years.
Instead of being patient, a lot of companies go for quick sales, huge marketing from day 1. They keep trying to convert customers on the first interaction. They try to extract money instead of creating an experience.
If you do things right in this industry, you will win, and you will last long.
I'm writing this based on my experience both as a formal employee of a betting company and also as someone who co-founded a betting company and is about to start another one.
I wish you all the best!
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