Businessman Vaino Nghipondoka has joined the betting and casino business, saying his company bought over 400 machines.
Nghipondoka, previously known as a state tender magnate, says he is shifting towards self-funded business models as part of a strategy to reduce self-reliance on tenders.
Speaking to The Namibian yesterday, he said the betting market is a unique space, requiring only little capital to enter. He said he joined the industry though his company Ubetting, which is part of the Profile Investment Group.
He said unlike tender-based operations, the betting business allows his company to invest directly in assets such as machines, enabling independent operation.
“It is self-reliant and doesn’t depend on other factors. The approach allows the company to grow at its own pace” he said.
He stated that he already invested in the betting infrastructure, having imported several containers of gaming machines from outside Europe.
He said he owns over 500 betting equipment units such as casino machines, with additional units being rolled out across the country.
Nghipondoka added that he has over 80 betting shops nationwide, with more in the deployment phase.
“I am not moving away from the tender space but diversifying into a business that I can control,” he said.
He said the estimated overall rollout is about 35 to 40% complete, with more locations expected in the coming months.
In addition to the physical betting outlets, he said he is onboarding an online platform where customers can place bets remotely.
“You can bet even when sleeping or when driving. You don’t need to go into the shop,” Nghipondoka said.
Addressing concerns around gambling addiction and taking advantage of poor communities, he said the system is designed to return about 90% of the winnings to players while the company will only retain 10%.
“When you look at that ratio, whoever walks in there has a 90% chance of winning. We only take 10% of that. The systems are designed like that,” Nghipondoka said, adding that it will reduce financial impact on customers.
He noted that the company is not in a position to make community investments yet, but plans are in place to support sponsorships and community initiatives once full deployment is achieved.
Nghipondoka runs a business empire with interests in sectors such as construction, information and communication technology, property and real estate, security services, building materials retails, agriculture and telecommunications.
Sport betting has been a popular gambling platform across Namibia.
In southern Africa horse racing, slot machines, roulette, poker, blackjack, and baccarat are the most popular gambling activities apart from sport betting.
The value of global sport betting was estimated at N$3.2 trillion, according to research firm Polaris.
Namibia has a booming gambling industry.
Data from the Namibia Statistics Agency shows that over N$300 million worth of gambling machines were imported into the country between 2010 and 2021.
According to statistics obtained from an industry player, Nghipondoka’s Ubetting has a monthly turnover in excess of N$1.4 million on average, and a yearly turnover of more than N$17 million.
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