Trading in sports is quite similar to trading in stocks. To avoid the risk of losing money, investors place wagers on athletic events.
The primary appeal of sports trading is that investors or bettors don’t care who wins or loses the event, but are rather interested in the price changes. There is no need to choose a winner in order to win.
Is sport trading in Nigeria profitable?
In Nigeria, the industry of sports betting is hugely lucrative. Between the ages of 18 and 40, an estimated 60 million Nigerians participate in active sports betting.
Nigerians spend an average of 3,000 Naira a day on bets. Fans of Nigerian football may make money betting on their favourite sport. Every street in Lagos has a sports betting shop, and new ones are opening up every day.
A recent Gambling in Africa study tallied some stunning figures for the Nigerian sports betting market.
With an average monthly revenue of $10 million in 2016, Bet9ja was Nigeria’s top sports betting firm, bringing in an average of $3 million to $5 million in revenue, with a profit margin of 20-30 percent.
How to be a successful sport trader in Nigeria
Remain abreast of developments in the sport world
Nigeria’s athletic business is as volatile as any other. One team wins today, the other team wins tomorrow. As a result, it’s recommended that you keep tabs on how specific teams do in a given league and do some added research if necessary.
You can keep up with current events by watching athletic events and even watching qualifying teams compete.
Be a cautious trader
You must use caution while placing a wager in order to avoid going overboard. When placing a bet on a sports team, use caution and play it safe. Betting is a risk in and of itself, thus blindfolding yourself is a bad idea. You’ll end up losing more money than you’ll make if you do this.
Remember that you might lose in the same manner you want to win. Furthermore, if you put a significant amount of money, no one but yourself will be held responsible.
Set a budget
When first starting out as a sport trader, the likelihood that you will lose more than you win is more likely than not. That’s why it is extremely important to budget for your sport trading endeavours with the understanding that you will only bet an amount that you can afford to lose.
Once you have gathered a bit more experience your ratio of wins to gains will possible increase, and by having a budget you will have become a regular winner without having lost more than you could afford to during your learning curve.
Do your research
For your own benefit, you should conduct a more thorough investigation into the sport’s recent history as well as learn about the regulations and how the game is played.
As a result of this, you’ll have a better understanding of each player’s strengths and weaknesses going forward. You’ll have a better idea of how the game will conclude certain players aren’t featured – and if you’re a seasoned gambler, this is critical.