7 things you need to run a successful betting agency
1 months ago, 17 Oct 12:09
Whether you’re a fan of it or not, it’s impossible to ignore the phenomenon that sports betting has become in Kenya.
The expanding betting space has seen entrepreneurs invest in different ways in the sector, including setting up sports centres to air matches, and selling odds and match highlights.
To reach more people, some betting companies are opting for the franchise route. Here’s how to get started if that’s an investment you think is right up your alley.
As part of the approval process, agents are required to part with a security deposit. Betting firm Betin Kenya pegs its deposit at Sh150,000, of which Sh100,000 has to be paid immediately, while the remaining amount can be paid in monthly instalments of Sh10,000 for five months.
You’ll need a shop that’s at least 50 square metres in size. The shop should be located on the ground floor and situated at least 100 metres away from the nearest main church and nearest main school. You’ll be required to carry out general renovations to fit your shop with branded counters, wiring and furniture, among other requirements. The betting firm will, however, often provide the equipment for your tills.
You’ll need a stable Internet connection with minimum download speeds of 5Mbps (megabits per second). For this kind of bandwidth, expect to part with about Sh5,000 per month.
You’ll need a general trading licence from your county to operate the shop, as well as a licence from the Music Copyright Society of Kenya.
You must have a back-up generator with an automatic switch over. Check if the building you plan to host your shop in provides one; if not, consider buying your own.
To follow sporting events, your shop must have TV sets that can stream sports channels. You’ll need a decoder to air most of these matches. A DStv decoder, for instance, will set you back Sh5,000, including a month’s free subscription. To access premium channels, you’ll need to pay Sh7,900 a month.
You’ll earn commissions based on turnover. You earn from every bet you print. You’ll also make money on business generated by all online and mobile customers registered by your tellers. Betin pays a 20 per cent commission on the monthly net profit you generate.
Category: business news