International Betting Companies Attracted By Nigerian Tax Policy

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How Italian Betting Company Finds Success in Nigeria’s Dynamic Market

 

When Betcorrect, an Italian betting company, began operating in Nigeria in October 2023, it was a leap of faith that yielded positive returns. The company has experienced massive growth in the Nigerian community within the nine months since it started operations.

 

Betcorrect prioritises its users, and it was evident in the sponsorship of two bettors to watch the Africa Cup of Nations final in Ivory Coast in January, fully funded.

 

In an exclusive interview with Sportsboom, Betcorrect’s Managing Director, Adriano Amadei, explained that Nigerians’ vast knowledge and the country’s technological development motivated their move.

 

“Before setting up operations in Nigeria, we recognised the immense potential and size of the Nigerian market. We identified it as a dynamic environment ripe with opportunities for innovative businesses like ours, particularly in the technology sector. Nigeria’s growing economy, large population, and increasing adoption of digital technologies made it an attractive destination for us.”

 

Adriano added that the company has been an answer to the long-term quest of the betting sites community with the introduction of AI technology to predict and suggest betting options for users.

 

“Since our operations began in Nigeria, we have experienced a vibrant and dynamic market environment. The response to our offerings has been positive, indicating a strong appetite for innovative solutions, especially those powered by AI technology.”

 

Government policies and business retrospection

 

Regarding government policies and business retrospection, Adriano noted that the government’s tax policies have been supportive.

 

“We have found the Nigerian government’s taxation policies to be supportive of business growth and development. The National Lottery Regulatory Commission (NLRC) has been particularly commendable in its efforts to establish a robust regulatory framework that fosters a fair and competitive environment in the gaming industry. Their proactive approach to taxation policies has provided clarity and stability, enabling us to navigate the business landscape with confidence.” Amadei told Betting News Site SportsBoom.com.

 

Despite challenges like fluctuating foreign exchange, Adriano believes the Nigerian market has provided ample opportunities for growth and expansion.

 

Creative approach

 

Meanwhile, the head of marketing, Wale Adejuwon, attributed the company’s success to its creative strategy, which has drawn millions of bettors.

 

“Our approach has been largely creative-led, using the creative dimension in our content, promotion, brand positioning, and product development. We’ve identified certain things missing in other brands.”

 

Mr. Adejuwon added that the company keenly offers user-friendly services.

 

“So we understood that to get users, it means that we have to take away from the existing pool of users from our competitors, and the only way to be able to do that is through the creative approach, making it fun and creating a stronger affinity for us and a better user experience compared to what they are getting from our competitors.”

 

Target for the next half of the year

 

Mr. Adejuwon also announced that one of the top actions for the next half of the year is for the company to give back to its pool of users by making at least one user a millionaire monthly. While this serves as a means of giving back to society, the company is also poised to announce a brand ambassador later this year to increase its marketing campaign.

 

“So with the season winding down, we will in the next few months, in fact, very soon be unveiling our brand ambassador. We also have more superb promotional offers that will further drive our customer retention as well as bring more people to our platform.

 

“We have what we call our correct millionaire promo, where we are going to make somebody a millionaire every month. We are making users millionaires every month. It’s not based on just betting but simply being an active user, and we could potentially be in action in a few months. Yeah, one millionaire every month is part of our campaigns. Our brand ambassador, which we believe is going to help us take us to the next level, is pretty much.”