Sports betting exchange being a more lucrative marketplace is gaining massive popularity amongst bettors than the traditional bookmaker system. It offers more value and better opportunities to the punters. With this in mind, it is a lucrative decision to invest in sports betting exchange software. You can reap enormous business benefits and a great ROI.
However, like other digital platforms, betting exchange software development is not as easy as it seems. You need to follow a thorough process and consider overall aspects to build and introduce powerful betting exchange software. But what if you have no or less knowledge of the technicalities and the gambling arena?
We have got you covered! Here we have created a step-by-step guide to simplify things for you. This post will help you understand how to build robust sports betting exchange software from scratch. Before that, let’s get into some basics.
What is a Sports Betting Exchange?
Unlike the bookmakers system, in sports betting exchange, punters can wager against each other rather (one backing and one laying) than the bookmakers. They can also generate their own odds.
As compared to traditional bookmakers, betting exchange yields more competitive and better odds. This is due to the peer-to-peer platform, which means the sports betting market is driven by demand and supply. Therefore, bettors can earn more from the same wager.
Due to the better odds and opportunities of making money, bettors consider switching to the betting exchange from conventional bookmakers.
What is Sports Betting Exchange Software?
Sports betting exchange software offers better convenience and more opportunities with a pari-mutuel betting experience to the bettors. It proves to be beneficial when placing bets on fast-moving sports like horse racing, as it refreshes odds quickly enough.
Also, the software comes with multiple, attractive bet options that let users wager as per their choice and interest. The software aims to offer a risk-free, flexible, and exciting betting exchange environment to the bettors. It acts as a perfect intermediator between all the bettors on your platform, offering them an unmatched betting experience.
The software covers all essential and advanced features required to simplify betting for users. Below, we have mentioned the curial ones that you must consider during sports betting exchange software development.
Important Features of Sports Betting Exchange Software
Live Betting
A sports betting software must facilitate players to participate in between the matches or events and place live bets.
Cash-out
Bettors on your platform must be able to cash-out their bets in between the match. You can integrate a real-time calculator into the software that calculates the live values of the users’ bets according to the market prices and then cash out their bets.
Live Streaming
Facilitate users to watch live streaming of matches and place bets simultaneously. Live streaming feature boosts the betting excitement and lets bettors make quick and wise betting decisions.
Back and Lay Odds Supports
A betting exchange software should support both lay and back odd format. The bettors should get equal chances for laying and backing a certain outcome.
Multiple Language Support
If you want to reach bettors across the world, it is essential to build multilingual software. Bettors from various geographical regions should be able to access the software in their preferred language.
Matching Engine
By integrating a matching engine into your software, you can ensure accurate matching of bet types, odds, and other aspects related to different players.
Bet History
The software should generate detailed reports of the user's betting history for easy tracking and management.
Multiple Currency Support
Like multiple languages, the software should support multiple currency options so that bettors from across the world can use it seamlessly to place bets.
Cryptocurrency Support
The software should support major crypto currencies like Ripple, Bitcoin, Litecoin, and more to offer better payment convenience and security to the users. Today’s bettors are aware of the latest technologies like Blockchain and Cryptocurrency and prefer to use them in real-time. Thus, it is indispensable to integrate such technologies into your software to satisfy customer’s expectations.
Additional Features to Cover
Besides the above key features, your betting exchange software can have the added features for improved operations and better user engagement.
- Multiple Payment Gateways
- Risk Management
- Announcement Boards
- Player’s Identity Cards
- Liquidity and Bet Limit Management
- Admin Dashboard
- Commission Rates Module Customization
- Multiple Sports and Popular Markets
- Liability Reporting and Tracking
- Social Media Sharing
Now that you are aware of all the basics, let’s get to our main subject, which is how to build sports betting exchange software.
Steps to Build Sports Betting Exchange Software
You have multiple options to get software for your gambling business. For instance, you can reach out to one of the reliable software betting exchange software providers. But if you want to build it with your in-house team, you need to follow a detailed process. Below, we have tried explaining the development process from scratch through nine easy steps.
- Select The Sports
There is a vast range of sports that are legitimate for betting, including Soccer, Table Tennis, Hockey, Basketball, Greyhound and Horse racing, and more. Your first task is to decide which and how many sports you want to offer on your betting exchange software. For this, you need to identify which sports bettors are more inclined towards. Based on the audience’s preference and demand, you can decide on the sport type. You can also offer multiple sports on your software to attract maximum audiences.
- Market Research
Once you have selected the type and number of sports, it’s time to do in-depth market research to identify the scope, competition, and trends. You need to find out regions where particular sports are popular, the type of audience for that sport (teenager, adult, or elders) and the legitimation of the sports, and more. This market study will help you get a competitive edge with your betting exchange software.
- Choose the Geography
Now you know the countries/regions where your chosen sports played and loved the most. It is time to select the right geography where your gambling venture can grow exponentially. This one of the factors that will decide the failure or success of your software.
- License and Jurisdictional Compliance
This is an indispensable part of sports betting, without which you can’t think of starting a gambling business. Sports betting is not allowed or is not easy everywhere. Thus make sure to choose the jurisdiction wisely. Choose the place where you can get a license within a short time and with no hustle. The most popular jurisdictions for sports betting licenses are Malta, UK, Gibraltar, and Africa.
Also, remember, different countries have different laws for sports gambling. You must know and comply with all the laws imposed by your targeted geographical location.
- Design
Bravo! You have done all the prerequisite things. It is time to start the actual making of your software. UI/UX design is the most essential factor of sports betting exchange software development. Well, this doesn't mean you have to pour all the creativity and come with some very distinctive designs.
Yes, you can use creativity and the latest design trends, but ensure to keep UI/UX intuitive and user-friendly enough. Complex and rare design elements may lead to confusion and cause users to abandon your software. Thus, emphasize creating easy to navigate, comprehendible yet attractive user interfaces.
- Development
To get started with the development part, you need a thorough understanding of front-end and back-end technologies and all the technicalities. Also, you need to choose the hosting service, online merchant for secure transactions, and other required aspects quite carefully. Make sure to cover all essential features and functionality when coding for the betting exchange software.
- QA/Testing
Once you think everything is done, and your final product is ready, get to the testing part. Test your software with several methods, including automated and manual testing. Ensure to do all functional and non-functional testings, including usability, performance, design, acceptance, compliance, reliability, compatibility, and more.
- Launch
Your software is now ready to roll out in the market. If you want a massive response on the launch of your software, consider investing in promotion and pre-launch marketing campaigns. With the powerful advertising and marketing strategies, you can inform your target audience about your upcoming software and entice them to use it.
- Marketing
Your actual work starts here that is post-launch marketing and promotion. You need to create and execute powerful marketing campaigns to reach the target audience and boost your business presence. There are various effective strategies, including SEO, social media marketing, advertisements, and more that can help you attain your goals. A professional digital marketing agency can better assist you in improving your brand recognition and increase your customer base.
It is important to follow all the above steps carefully to develop a high-performing platform. Seems difficult and time-consuming? Seeking professional help is the ultimate solution.
Why Seek Professional Assistance?
Besides requiring profound expertise with front-end and back-end technologies, sports betting exchange software development requires a lot of patience, effort, and time. You need to pay attention to every aspect to ensure best-performing, bug-free and scalable software. If development is not your specialized niche, you may require investing a huge amount of time and effort, which may affect your core business operations. Also, you might not be abreast of the latest technologies and trends required to make cutting-edge software.
Therefore, it is an intelligent decision to look for expert assistance. You can either hire a renowned software development company, freelance developers, or contact one of the best betting exchange software providers.
A reliable software provider possesses in-depth and up-to-date knowledge of the gambling market and development arena. Thus, they can offer you the most advanced software solutions. They can recognize your unique requirement and offer you customized software in line with your brand. Many companies also offer white-label, ready-made software to help you launch the software within a few days.
Overall, professional service is worthwhile as it helps reduce time, money, efforts, and your overall burden. However, it is essential to choose the betting exchange software provider intelligently to get a quality product/service.
Choosing the Right Betting Exchange Software Provider
Here are a few important things you need to consider when selecting a software provider for your sports gambling venture.
- Experience
Check if the company has ample, proven experience in sports betting software development. An experienced company can provide you with top-grade service/product, regardless of the complexity of your needs.
- Reviews
Check the reviews of the company on various online platforms such as Clutch, HubSpot GoodFirms, and more. You can also check the google reviews of the company before hiring it.
- Team of Professionals
The company must have talented developers, designers, and other professionals to help you build high-quality software. You can interview their team to understand their capabilities and skills.
- Turnaround Time
Ask the company how much time it will take to deliver you a feature-pact software. The company can meet your deadline and help you launch the software in a short time frame.
- Licence
If you don’t want to spend time getting a license, it is wise to choose a provider offering the same. Many companies offer ready-made software along with gambling licenses.
- Customization Flexibility
Make sure the company provides you with an on-demand customization facility. They should understand your business and customer needs and accordingly personalize the software.
- Quality of Services
This is the last but not the least factor you need to pay attention to. Check the testimonials and portfolio of the company to confirm the quality of their service and solutions.
On a Final Note!
Sports betting exchange software development is a significant investment. Thus, be careful with your decisions and choices. If you still have any doubts or difficulties in developing sports betting exchange software, our experts can help you with the best solution. Reach out to the Betfoc team to make the most out of your investment.
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