Starting a Sports Betting Company in South Africa– Sample Business Plan Template
1. Register Your Sport Betting Company
If you have conducted your research and are convinced that sports betting company is the right business for you to start in South Africa, then you must visit the nearest corporate affairs commission to register your own sports betting company. Normally, it would take you less than 2 weeks to register and obtain your certificate of incorporation. With your certificate of incorporation, you are able to open a corporate account for your sports betting company, and you can also apply and get your Tax Payers ID.
2. Apply and Acquire the Required License
Before you can be permitted to start your own sports betting company in South Africa, you are required to visit the National Lottery Commissions of South Africa to apply and obtain a license. The National Lottery Commissions is the body regulating the industry in South Africa.
3. Rent Your Office Facility
Before you can be issued a license to operate your own sports betting company in South Africa, you must have a physical address – that is an office where you operate from. Therefore, you must make it a point of duty to secure an office facility where people can easily have access to place their bets, claim their earnings, or lodge their complaints. The truth is that; you can only buy people’s trust if you have a standard betting office in South Africa. That is why you must rent an office that befits the kind of business you are into.
4. Open Your Official Website
If you want to start your own sports betting company in South Africa, you must endeavor to have an official website for your company where people can easily visit and know exactly how your sports betting company operates. Your official website is an important tool in this line of business, because it is part of what you will use to announce the various winners daily, and all the necessary information that you would want to pass across to your customers and the general public.
5. Create Easy Payment and Betting Platform
The advent of the internet has really made sports betting easier compared to the era when you would need to visit an outlet before you are able to place your bet. These days, it is easier to place your bet from your computer or from your smart phones. Hence, what is expected from you as a sport betting company is to create a secured and enabling platform where people can make use of their credits cards to place their bets. It is fact that if your betting platform has been proven not to be secured, you are likely going to lose most of your customers, that is why you must do all it takes to always secure your payment platform.
6. Franchise or Open Multiples of Outlets in Different Locations
The numbers of outlets your sports betting company has determines how successful your company can become. Even though it is expensive opening outlets in different part of town, it is very important to do so because majority of those who engage in sports betting in South Africa prefer to physically visit betting offices to place their bets as against doing it online. If you know you don’t have the capacity to open the required outlets in various locations, you may want to consider selling your franchise to potential investors. This is one of the means of spreading your brand as a sport betting company.
7. Promote Your Sport Betting Company
If you are conversant with the sports betting industry in South Africa, you would realize that there are quite a number of sports betting companies in South Africa. So for you to make good success from your sport betting company, you must engage in continuous promotion of your sports betting company. Part of what you would have to do to promote your sports betting company is to sponsor sport programs on radio and TV station, you can also place adverts on National newspapers, amongst other.
Just like starting any other company in South Africa, starting a sports betting company in South Africa comes with its own challenges; it requires dedication and hard work to stay afloat.
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