How to register a sport betting business in Nigeria

How to register a sport betting business in Nigeria

September 17, 2019

Thinking of registering a sporting business in Nigeria? Well, the process is simple.

To start a sport betting business, you must first register it as a company and the commission charged with registration of any company in Nigeria is the Corporate Affairs Commission.

The First process of registering a company with the Corporate Affairs Commission is to reserve a name. This reservation can be made in the online site of the Company Registration Portal (CRP)Affairs. To access this site, you are required to log you into https//services.cac.gov.ng/login and fill in the necessary details as the presenter.

The Minimum share capital for registering a sport betting company is N20,000,000 (Twenty Million Naira). You are required to have at least two directors, at least two shareholders and a secretary. The directors and the shareholders can be the same person. Either of the directors can be a secretary. The directors, shareholder and secretary must have a valid identification card

The second step is to get the required License to operate a sport betting company. This is regulated by the National Lottery Commission of Nigeria. In Lagos, the Lagos State Lottery Board is responsible for this and you can get your sport betting form online. The accompanying documents for the Licence, includes Certificate of incorporation, Memorandum and Articles of Association, CAC Form 2 showing the minimum share capital of 20 million and CAC 7 showing the list of company directors, business Plan, details of the planned game, financial information, detailed information on proposed technical topography, processes and systems quality assurance. To find out more on how to obtain this license, please check out our blog post on “How to obtain a sport betting license”.

When you have obtained the necessary permit, you can start your sport betting company.

If your need any assistance with the first and second steps, you can email hello@618bees.comor reach out to our dedicated Call Center on +234901719007. Lets get you started!

 

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached

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Frequently Asked

  • What additional documents do I require to file my Annual Returns?
  • What is the first thing I must do to register a business in Nigeria?

    To register a business in Nigeria; you would need to conduct a name search of the business. You can achieve this using your CAC-CRP account.
  • Why is mutual assent important in a contract?

    This is one of the key elements of a contract because is shows the meeting of the minds of both parties
  • What are the penalties for not registering my products with the SON?
      1. Seizure of goods by the Inspectorate and Compliance Directorate
      2. Payment of a fine.
      3. Prosecution

     
  • What is classified as personal data?

    Name, photograph, personal health/bio information, account/financial information, phone number, Address, date of birth, place of birth, Email address, etc.
  • Does a trademark search automatically reserve my trademark name?

    No, a trademark search does not automatically reserve that which is sought to be trademarked. A search ascertains whether that which is sought to be trademarked is available or violates any existing trademark.
  • Can I process/register multiple products at NAFDAC at the same time?

    Yes, you can process/register multiple products at the same time
  • What’s the difference between a business name and an LLC?

    • A business name is a sole proprietorship, usually owned and managed by one individual only. Legally, the sole proprietor and his business are one. It simply means an individual trading with an alias. The sole proprietor is personally liable for all business related obligations.

    • A limited liability company on the other hand is a separate business entity from the individuals that hold its shares and act as directors. Legally, it’s a separate business entity and a person on its own who can transact business, own property separate from its owners and can sue or be sued. 
  • What do I need for a trademark search in Nigeria?

    To do a trademark search you will need the name or/and logo (device) of the trademark to be searched and the Class of the trademark that accurately describes it.
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