Before we get deeper, let us begin by understanding what a lottery really is. Well, a lottery is a means of raising money by selling tickets, usually numbered and then giving prices to holder’s number at random. The people who conduct lottery businesses are among the ranked rich people.
A lot of people like participating in the gambling business so that they can try their luck.
This is how to start a lottery business in Kenya:
Step 1: Register Your Company
Before beginning any business in Kenya, you must first register the company name. If you are wondering how to create a betting business in Kenya, you must first pick an acceptable name, do a name search, and reserve it at the Registrar of Companies’ office if it is accessible.
In this scenario, you have the option of incorporating as a partnership or a limited company.
Step 2: Get Your Software
iGaming software is a betting site that is a reliable gaming software from a reputable provider.
This is the software that is needed to automatically update live matches, finished games, and forthcoming tournaments. Furthermore, the program assists in determining the odds for the games based on prior results. The software is very costly.
Step 3: Get Your Business Permit
The next step is to obtain a gaming license. This paperwork is available from the Betting Control and Licensing Board – Kenya (BCLB).
This is the department under the Ministry of Interior and National Government tasked for licensing, regulating, and controlling gaming operations in the country.
Step 4: Get Merchant Account
A merchant account is required to open a sports betting business. An investor will deposit significant quantities of money here in order to pay out winners who correctly estimate the odds for the games.
Previously, investors had to deposit at least Ksh 20 million into their merchant account, but current laws require a deposit of Ksh 200 million in this account before operating a gaming website.
Step 5: Get A Reliable Server
A dedicated server is required for the establishment of a sports betting website. This is due to the high volume of activities that will be taking place on the online gaming site.
For example, there are reputable web hosting firms such as Bluehost, Namecheap, and Godaddy that may be used. This server may not be shared with anybody else.
After completing the above procedures, one may begin and manage their online lottery business without difficulty.
Kenya Gambling & Lottery License
Gambling license cost in Kenya for a new Kenyan applicant is Ksh. 460,000 and for a foreigner it is Ksh. 910,000 per year. Gambling license renewal is Ksh. 110,000 while premises fee is Ksh. 155,000 per year
BCLB application form can be downloaded online through ecitizen portal license section. After the download, you will be able to read through the instructions and conduct the necessary application. The forms can be downloaded from the official BCLB online page.
BCLB Kenya is responsible for controlling the licensing of betting and gaming and the activities carried around betting companies. BCLB Kenya chairman is Mr. Cyrus Maina.
BCLB license cost is Ksh. 460,000 for locals and Ksh.910,000 for foreigner.
Kenya gambling is governed by gaming inspectors in Kenya. The gaming inspectors are responsible for carrying out all the gaming operations and ensuring security to all customers.
BCLB prize competition is 6% of the total promotion budget which is equal to the sum of advertising and cost of all prizes.
I am sure by now you have a clue about betting. I also hope that you got clear answers to the questions you were looking for. Good luck in whatever you want to do.