7 steps required for starting a lottery business in Nigeria
Posted on August 01, 2017.

1. Check Your Feasibility Studies   Before starting your own lottery business, you would do yourself a whole lot of good by first conducting your feasibility studies.  With the result you get from your feasibility studies, you can prepare a lottery business plan and make informed decision, especially the style of lottery to adopt, the odds, the location for your office and loads of other factors that can either make or break your lottery business.   

2. Register Your Company   Of course, you can’t run a lottery company without first registering the business with the government of Nigeria. So, if you have made up your mind to run your own lottery company, then you should approach the corporate affairs commission of Nigeria to legally register the business, and open the required corporate account with any bank of your choice.   

3. Apply and Obtain the Required Operating License   The truth is that you would require a license from the government of Nigeria to run a lottery company. It is important to note that it is somewhat difficult obtaining a license to operate a lottery company, simply because most countries own their own national lottery and it is managed by their government, so that they can afford to do all it take to minimize competition from private lottery operators. But if you are determined and patient enough, you can obtain your own license to start your own lottery business. For more details for obtaining licence for lottery business in Nigeria please click here.   

4. Get an Ideal Office Location   When shopping for a location for your lottery office, it is important to choose a location that is in the midst of a densely populated medium and low income area.  This is important because the people who play lotteries are basically found in this category of people in the society. You should also ensure that your office is well equipped and easily accessible to the general public. The truth is that if your office is not well furnished and equipped, people might doubt if you have the capacity to pay them when they win your lottery prize.   

5. Build / Buy Your Lottery Software   If you intend running your lottery business online, then you must work with software developers to help you build customized lottery software that you can use. You should ensure that your website is user-friendly and can easily be translated to different international languages.   

6. Choose a Secured and Easy Payment Platform   This is very important especially if you are running an online lottery business in Nigeria. If your customers perceive that your online payment platform is not safe enough, you are likely going to lose some or even most of your customers simply because no one would want to throw away their hard earned money to a fraudster. Subsequently, when shopping for an online payment platform to use for your lottery business, you should endeavor to use a secured, tested and easy to use online payment platform. It is also necessary to employ IT experts that can help you monitor hackers from compromising your online lottery platform.   

7. Advertise and Market Your Lottery Company   There are loads of lottery companies out there, especially online. As a result if you want your lottery business to do well, then you must fashion out ways to advertise and market your lottery company. The truth is that if your lottery company is always in the eyes of the public, they will be tempted to play.   You can use both print and electronic media to promote and advertise your lottery company, but you must ensure you check up with the government of your country to know the rules and regulation governing the advertising of lottery business. Part of what you should also do to promote and market your lottery business is to ensure that you post testimonies of past winners on your website and also on all your promotional publications.   Lastly, it is important to state at this juncture that starting a lottery business requires huge capital base in case you are not able to sell enough lottery tickets that can guarantee that you pay the winners and make profits. Do take note that if a winner emerges and you don’t have the money to pay, you can lose your license.