{"id":5220,"date":"2022-07-04T12:19:53","date_gmt":"2022-07-04T12:19:53","guid":{"rendered":"https:\/\/koriatlaw.com\/?p=5220"},"modified":"2022-07-04T12:19:53","modified_gmt":"2022-07-04T12:19:53","slug":"sports-betting-licence-in-oyo-state-requirements-costs-and-timeline","status":"publish","type":"post","link":"https:\/\/koriatlaw.com\/2026\/2022\/07\/04\/sports-betting-licence-in-oyo-state-requirements-costs-and-timeline\/","title":{"rendered":"OYO STATE SPORTS BETTING LICENCE: REQUIREMENTS, COSTS AND TIMELINE OF APPLICATION"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/koriatlaw.com\/2026\/wp-content\/uploads\/2021\/06\/5-1024x1024.jpg\" alt=\"\" class=\"wp-image-4561\" srcset=\"https:\/\/koriatlaw.com\/2026\/wp-content\/uploads\/2021\/06\/5-1024x1024.jpg 1024w, https:\/\/koriatlaw.com\/2026\/wp-content\/uploads\/2021\/06\/5-300x300.jpg 300w, https:\/\/koriatlaw.com\/2026\/wp-content\/uploads\/2021\/06\/5-150x150.jpg 150w, https:\/\/koriatlaw.com\/2026\/wp-content\/uploads\/2021\/06\/5-768x768.jpg 768w, https:\/\/koriatlaw.com\/2026\/wp-content\/uploads\/2021\/06\/5-650x650.jpg 650w, https:\/\/koriatlaw.com\/2026\/wp-content\/uploads\/2021\/06\/5-370x370.jpg 370w, https:\/\/koriatlaw.com\/2026\/wp-content\/uploads\/2021\/06\/5-75x75.jpg 75w, https:\/\/koriatlaw.com\/2026\/wp-content\/uploads\/2021\/06\/5-760x760.jpg 760w, https:\/\/koriatlaw.com\/2026\/wp-content\/uploads\/2021\/06\/5.jpg 1502w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>1. Introduction<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sports\nbetting&nbsp;is the gaming activity\nof predicting&nbsp;sports&nbsp;results and placing a wager on the outcome. With\nthe advancement of technology in Nigeria,\nsports betting services are now available online or through multiple technology-enabled distribution channels.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A &nbsp;<a href=\"https:\/\/www.premiumtimesng.com\/news\/top-news\/165856-nigerians-spend-n1-8-billion-on-sports-betting-daily-nan-investigation.html\">2020\nInvestigation by the News Agency of Nigeria<\/a> revealed that about 60 million\nNigerians between 18 and 40 years of age are actively\ninvolved in sports betting because of the high rate of poverty and unemployment, spending up to N1.8 billion on sports betting daily.\nNigeria has an estimated population of around 200 million with about 65%\nof Nigerians being below the age of 35, who constitute the critical mass of the\nsports betting players.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The major\nplayers in the Nigerian sports betting business are Nairabet, Merrybet, Bet9ja,\nNaijabet, Lovingbet, Surebet247, Supabets, 1960bet, Nairastake, Parknbet,\n360bet, Sportybet, Plusbet, Skybetnaija, 9jadollarbet, Visabet,\nWinnersgoldenbet, and few others.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>2. Sports Betting Licence in Oyo State<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sport Betting business in Nigeria requires two\nlicences: Federal licence and State licence. This article focuses on the State\nLicence of the Oyo State Government. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em><a href=\"https:\/\/koriatlaw.com\/2026\/requirements-costs-procedure-for-setting-up-a-sports-betting-business-in-nigeria\/\">Please read more about the Federal Licence HERE<\/a>. <\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Oyo State is a Southwestern State in Nigeria with\nabout 28,454 square kilometers and the 5<sup>th<\/sup> most populous State of\nthe country with estimated population of over 10,000,000. The State is bordered\nto the north by Kwara State, to the east by Osun State, and to the southwest by\nOgun State and the Benin Republic. Oyo State capital, Ibadan is one of the\nancient cities of the sub-Saharan Africa and the commercial hub of the old\nwestern region of Nigeria. Amongst other notable facts about Oyo State include\nbeing amongst the first State to enjoy free education under the late sage, Premier\nObafemi Awolowo; and being the host to one of the oldest, largest and most\nrespected tertiary institutions in Nigeria, the University of Ibadan, founded\nin 1932 (then as University College Ibadan). <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sports betting in Oyo State is regulated by the Oyo State Gaming Board. In Oyo State,\nthere are Four (4)\nlicensing\ncategories for sport betting\nwhich are as follows:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(i)\n&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <em>1<sup>st<\/sup> Tier Licence<\/em> \u2013<\/strong> for an operator\nhavingabove 100retail\nsport betting shops within Oyo State. Licence fee under this category is\nN10,000,000 and annual renewal fee is N5,000,000;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(ii)\n&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <em>2<sup>nd<\/sup> Tier Licence<\/em> \u2013 <\/strong>for an operator licensed to operate <strong>51 \u2013 100<\/strong> retail sport\nbetting shops within Oyo State. Licence fee under this category is N7,500,000\nand annual renewal fee is N3,500,000;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <em>3<sup>rd<\/sup>\nTier Licence<\/em> \u2013 <\/strong>for an operator with <strong>1 \u2013 50 <\/strong>retail sport\nbetting shops. Licence fee under this category is N5,000,000 and annual renewal\nfee is N2,500,000;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <em>4<sup>th<\/sup>\nTier Licence (Online Sports Betting)<\/em> \u2013<\/strong> for operator\nwho wishes to operate sport betting strictly online. Operators with this\nlicence are only expected to have an administrative office located within Oyo State\nand no retail sport betting shop is allowed to be opened by the licensee. This\nsport betting licence category is restricted to only online activities. Licence\nfee under this category is N3,000,000 and annual renewal fee is N1,500,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>3.\nRequirements for Sports Betting Licence in Oyo State <\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An entity seeking to be licensed as a sport betting\ngame operator must be incorporated with the Corporate Affairs Commission\n(\u201cCAC\u201d) with a minimum share capital of N20,000,000. <strong><em>See our article on the\nrequirements for incorporation <a href=\"https:\/\/koriatlaw.com\/2026\/costs-and-requirements-of-company-registration-in-nigeria\/\">here<\/a><\/em><\/strong>.\n<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The requirements for obtaining the sport betting licence\nin Oyo State are as follows:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(i)Application\nLetter: The application letter is addressed to Director General of Oyo state\ngaming Board;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(ii) Payment of\nApplication\/Processing Fee:The application fee for Sport betting, is N500,000\n(Five Hundred Thousand Naira);<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(iii) Documentation:<strong> <\/strong>the\napplicant is required to submit the certificate of incorporation and other incorporation\ndocuments of the company and a\ndetailed business proposal on the proposed\/existing sports betting schemes\ncontaining the following information:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>(a)\nBusiness Structure detailing:<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Address of registered office, outlets and proposed\nbranches.<\/li><li>List and details of all directors and key management\npersonnel.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Please NOTE that at least one director or management\npersonnel must have experience in the gaming (Sport betting) industry.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Tax clearance certificate of directors (at least one\n(1)) in the last one (1) year.<\/li><li>Descriptions\nof operations and management structure<\/li><li>SCUML certification and an analysis that demonstrates\nan understanding of the Oyo Gaming industry. The analysis must include the\nnames of major players and market share.<\/li><li>Current\ngaming licences held by the Applicant (if any)<\/li><li>Advertising and distribution plans.<\/li><li>Address of proposed office location, outlet (s) and\nbranches (lock-up stalls- booths ONLY).<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><em>(b) <\/em><em>Financial Structure<\/em><em> detailing:<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Management\naccount of your organisation.<\/li><li>Bank\nstatement of company for the last one (1) year in support of the financial plan.<\/li><li>A\nfive year projection on profit and loss account, balance sheet and cash flow\nanalysis. This should be provided for licence fee and monthly gaming tax.<\/li><li>Nature\nand magnitude of financing and capital investment. Indicate if foreign investment\nis involved in the business if any, the terms of investment.<\/li><li>Capital\nbudgets showing set up cost and asset schedule over 5 years.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><em>(c)\nDetails of Sport Betting Operations including:<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Details\nof planned games, <\/li><li>Suitable\nsport activity, <\/li><li>Approximate\nodds to be used, <\/li><li>Prizes\n&amp; price structure, <\/li><li>Number\nand Frequency of sports\/games&nbsp; <\/li><li>Operator\ngame rules and participants\ncode of practice<\/li><li>Accountable\ngaming policies.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><em>(d)\nFinancial Structure<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Management account of your organization<\/li><li>Bank statement of company for the last one (1) year in\nsupport of the financial plan<\/li><li>A five-year projection on profit and loss account,\nbalance sheet and cash flow analysis. This should be provided for licence fee\nand monthly gaming tax.<\/li><li>Nature and magnitude of financing and capital\ninvestment. Indicate if foreign investment is involved in the business if any,\nthe terms of investment.<\/li><li>Capital budgets showing set up cost and asset schedule\nover 5 years.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><em>(e)\nDetailed information about the applicant\u2019s bookmaker, betting sites and\ntechnical consultants.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>(f)\nDetailed information on proposed\/existing technical topography including a\nschematic diagram.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>(g)\nClearly illustrating the technical operational flow that includes:<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Architectural diagram clearly illustrating the\ntechnical operational flow<\/li><li>Proposed\/existing platform-self host or cloud based<\/li><li>If cloud based, the contact information of the hosting\ncompany<\/li><li>Details information on the type of servers to be used<\/li><li>Detailed information of firewalls, routers and other\nsecurity features<\/li><li>Redundancy implementations (if any)<\/li><li>Operating system<\/li><li>Database application specification<\/li><li>Process and System Quality Assurance<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>4. Ownership Requirement<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is important to note that a sport betting company cannot be wholly-owned by foreigners. Nigerians are\nrequired to hold at least fifteen percent (15%) of the shares in any foreign-owned companies, to achieve\nindigenous participation and local content requirement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>5.\nEstimated Costs<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A\nbreakdown of the applicable financial\nrequirements for obtaining an OSB license can be found in the table below:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"\"><tbody><tr><td>\n  <strong>Tiers\n  of Licence <\/strong>\n  <\/td><td>\n  <strong>Incorporation\n  Costs<\/strong>\n  <\/td><td>\n  <strong>Application\n  Fee<\/strong>\n  <\/td><td>\n  <strong>Licence\n  Fee<\/strong>\n  <\/td><td>\n  <strong>Renewal\n  Fee<\/strong>\n  <\/td><\/tr><tr><td>\n  TIER 1\n  <\/td><td>\n  N355,000\n  <\/td><td>\n  N500,000\n  <\/td><td>\n  N10,000,000\n  <\/td><td>\n  N5,000,000\n  <\/td><\/tr><tr><td>\n  TIER 2\n  <\/td><td>\n  N355,000\n  <\/td><td>\n  N500,000\n  <\/td><td>\n  N7,500,000\n  <\/td><td>\n  N3,500,000\n  <\/td><\/tr><tr><td>\n  TIER 3\n  <\/td><td>\n  N355,000\n  <\/td><td>\n  N500,000\n  <\/td><td>\n  N5,000,000\n  <\/td><td>\n  N2,500,000\n  <\/td><\/tr><tr><td>\n  TIER 4 (Online)\n  <\/td><td>\n  N355,000\n  <\/td><td>\n  N500,000\n  <\/td><td>\n  N3,000,000\n  <\/td><td>\n  N1,500,000\n  <\/td><\/tr><tr><td>\n  &nbsp;\n  <\/td><td>\n  &nbsp;\n  <\/td><td>\n  &nbsp;\n  <\/td><td>\n  &nbsp;\n  <\/td><td>\n  &nbsp;\n  <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The above are estimates only, there may be other\napplicable costs relating to documentation and miscellaneous expenses for the\nlicensing process. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Also, sports betting licence of the National Lottery\nRegulatory Commission has not been added to the above, without which a sports\nbetting company would not be incorporated by the Corporate Affairs Commission.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Please note that there is a requirement for the\napplicant company to provide a bank guarantee for the sum of N10,000,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>6. Estimated\nTimeline<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A gaming operator qualifies to be granted a gaming license from the Oyo State\nGaming Board through the following process:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>The Gaming operator would write officially to the Board applying for any of the\ngaming License. &nbsp;The letter is addressed to the Director\nGeneral of Oyo state gaming Board.<\/li><\/ol>\n\n\n\n<ul class=\"wp-block-list\"><li>Attached with\nthe letter is the evidence of payment of Application fee, Incorporation\ndocuments, evidence of Bank\nguarantee of N10,000,000 and other\nrequired documents for the specified gaming license.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Note that unlike\nthe procedure in other states which requires a gaming operator to first make an\napplication before filing the required documents, in Oyo state a gaming\noperator can file alongside with the application letter all documents required for whichever\ngaming Licence applied for in this case for sport betting licence.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Upon submission of application and requirements (and\npayment of not less than 70% of the total licence fee), the Operator will be\nissued with a temporary licence called <em>Approval\nin Principle<\/em> (\u201cAIP\u201d), which will be valid for 90 days. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Thereafter, the Gaming Board requires a minimum of\n10-14 working days to conduct due diligence on every application before issuing\nthe substantive licence. The substantive licence will only be issued on\nfulfilment of ALL conditions for licence. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Oyo State Gaming Board may advise the intending\ngaming operator to fast track the whole process by including a Gaming\nLaboratory International (GLI) certification. With the presentation of a GLI certificate,\nthe timeline for inspection which ordinarily is expected to be between 10 to 14\ndays may be reduced to 5 to 7 working days. It is believed that the GLI\nauthorities must have conducted an elaborate investigation on the activities of\nany gaming operator that has been issued with GLI\u2019s certification.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">All sports betting licences are renewable yearly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>7. Monthly Tax and Penalty for Non-Remittance<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A monthly tax of 2.5% of monthly sales is payable to\nthe Oyo State Gaming Board.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Oyo State Gaming Board has set aside a penalty regime for all operators that fails to remit the following levies (licence\/permit renewal, monthly\/weekly tax, pools agent licences) as at when due. The penalty attracts a 1% fine of total amount due to the Board (i.e. renewal licence, monthly tax etc.) on a daily basis. The computation of penalty starts 24 hours after the date of expected payment. The penalty MUST be paid within a seven (7) day period upon receipt of letter of non-remittance to the operator. Failure to comply will result in possible suspension or revocation of operating licence.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em><a href=\"https:\/\/koriatlaw.com\/2026\/requirements-costs-procedure-for-setting-up-a-sports-betting-business-in-nigeria\/\">Please read more about the Federal Licence HERE<\/a>. <\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Also, you can read about <a href=\"https:\/\/koriatlaw.com\/2026\/lagos-sports-betting-licence-requirements-costs-timeline-for-application\/\">Lagos Sports Betting Licence here<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>About KORIAT &amp;\nCO.<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>We are a growing\ncommercial law firm in Lagos and Abuja. The above article is not legal advice\nand does not automatically make our readers our clients unless they\nspecifically instruct us to act or represent them in any way.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Please contact\nKoriat &amp; Co. through admin@koriatlaw.com or 09067842241 if you require\nadditional information about or assistance in making the application for<\/em><\/strong>&nbsp;<strong><em>a money\nlender\u2019s licence.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>1. Introduction Sports betting&nbsp;is the gaming activity of predicting&nbsp;sports&nbsp;results and placing a wager on the outcome. With the advancement of technology in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[20,277,278,192,269,270,279,194,280,195,196],"class_list":["post-5220","post","type-post","status-publish","format-standard","hentry","category-publications","tag-company-registration","tag-gambling-licence-in-nigeria","tag-gaming-licence-in-nigera","tag-lagos-state-lottery-board","tag-lottery-business-in-nigeria","tag-mobile-lottery-licence","tag-national-lottery-regulatory-commission","tag-online-betting-game-licence","tag-online-casino-licence-in-nigeria","tag-online-sports-betting-licence","tag-sports-betting-licence"],"_links":{"self":[{"href":"https:\/\/koriatlaw.com\/2026\/wp-json\/wp\/v2\/posts\/5220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/koriatlaw.com\/2026\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/koriatlaw.com\/2026\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/koriatlaw.com\/2026\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/koriatlaw.com\/2026\/wp-json\/wp\/v2\/comments?post=5220"}],"version-history":[{"count":0,"href":"https:\/\/koriatlaw.com\/2026\/wp-json\/wp\/v2\/posts\/5220\/revisions"}],"wp:attachment":[{"href":"https:\/\/koriatlaw.com\/2026\/wp-json\/wp\/v2\/media?parent=5220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/koriatlaw.com\/2026\/wp-json\/wp\/v2\/categories?post=5220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/koriatlaw.com\/2026\/wp-json\/wp\/v2\/tags?post=5220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}