Like any other venture, establishing a sports betting business can be challenging, especially if you have less or no knowledge of gambling and technology.
As a leading sports betting software development company, we have an in-depth know-how online betting business. We wish to share this knowledge with entrepreneurs and business enthusiasts like you to help you bring the dream venture into reality. Here, we have created a detailed guide to starting an online sport betting business that may simplify your journey a little. Let’s start with some basics about the sports betting market.
Sports Betting Industry
The sports betting phenomenon is quite conventional. However, technological advancement has given a new facet to this marketplace, adding the next level of fun and convenience to the betting. Now, punters can wager on their favorite sports from the comfort of their place, using their Smartphone or other mobile devices.
Due to the ease of access and fast-paced operations, bettors are more included in betting online. More than ever, people are betting on their favorite sports.
The current market size is around 60 billion US dollars and is expected to get double in the upcoming years. Thus, your decision to set up a betting software business is worthwhile.
Now, the only concern left is how can you get started. So, let’s get to discussing this.
A Guide to Start an Online Sports Business
In-depth Market Research
Thorough market research lays a solid foundation for any new business. For successful online sports betting business, you need to study both sports and gambling market in detail.
In this research, identify and understand the below aspects:
- Sports
Find out sports that are most popular in the betting arena and can get you a maximum audience. You can offer these sports on your betting platform.
- Geographical Region
Find out the countries or states where the chosen sports are played and loved the most. Also, you need to identify the geographical location where you can set up your betting business without legal issues.
- Betting Trends
Identify the latest trends in the betting market that you can use for your online betting platform. Staying abreast of the latest trends can get you an advantage over your competitors.
- Target Audience
Identify the type of audience you want to attract to your sports betting business. You need to analyze the age, gender, and interest of the audience. Also, find out expectations and needs for a particular audience that you can fulfill with your platform.
- Competition
Competition analysis is one of the curtail aspects of successful betting business. You need to identify how many betting businesses are offering the same sports as yours and what strategies they are implementing.
License and Certification
Different countries have different laws for sports gambling that you must know about. You must be aware of all the legal requirements, including licensing and certification for your targeted geography region. As a license is indispensable for operating a sports betting business, you must apply for the same in the chosen jurisdiction.
When choosing the jurisdiction, consider factors like time and complexity for getting the license, reputation, cost, taxes, and more. Gibraltar, Malta, UK, Africa, and the USA are the most popular jurisdictions for gambling licenses. You may also require gambling certificates from a particular jurisdiction.
Betting Code of Conduct
Being a licensed wagering operator you must follow the appropriate gambling code of conduct, as per the Gambling Regulation Act 2003. You need to implement a code of conduct that complies with a certain set of standards described in the Ministerial Direction.
Choose a Reliable Online Merchant
In the online betting business, you need to deal with a lot of transactions daily. Thus it is essential to integrate fast and secure payment gateways on your platform. Choose the trusted online merchants offering swift payment service equipped with the latest security protocols. Bettors should be able to perform seamless transactions while ensuring high confidentiality of their information. Below is the list of the most reliable payment gateways that are widely used for sports betting platforms.
- Neteller
- AstroPay
- Skrill
- Paypal
- Instabill
- Ikajo
- Cardinity
- PurePay
- First data
- Latpay
Sports Betting Software Development
Once you are done with the legal terms, market research, and other prerequisites, it’s time to focus on the software development part. The success of your gambling business will mainly depend on the quality of the software. Thus, you need to invest enough time, money, and effort into it. You have a couple of options to build the betting software, i.e. custom and white-label development. Let’s see how both options work so that you can choose the best for your business.
Custom Sports Betting Software
If you have enough time and patience and want to build fully personalized software in line with your customer and business requirements, then custom software development is the best choice. You can develop your sports betting software from scratch with innovative UI/UX, functionality, and features.
With custom build software, you can offer multiple sports or matches, or events to the players to gamble on. Here is the process you need to follow for custom sports betting software development:
- Wire-Framing
Wire-framing is a screen blueprint of content layout in software design. It gives you a rough idea of the final look and feel of your software.
- Design
It’s time to design the UI/UX for your sports betting software with the wire-frame. The interface design should be highly attractive, yet user-friendly so that it can drive and retain a maximum number of users. Don’t add rare and complex design components as it may confuse users.
- Development
This is the crucial step in deciding the quality of your betting platform. As you are developing from scratch, ensure to choose the right frameworks and technologies. Also, focus on writing high-quality and systematic code to get a scalable product. You must also emphasize multi-device compatibility so that users can seamlessly operate your software on any device.
- Quality Assurance
Any hindrance in between the betting game can cause a significant loss. Thus, you must offer bug-free and high-performing software to your audience. For this, you need to test your software thoroughly for various aspects including compatibility, performance, usability, security, and more. Perform all the functional and non-functional tests to find out and resolve any bugs and errors.
- Deployment
Once you think you have developed bug-free, flawless software that can match user expectations, you can launch it in the market.
It is intelligent to hire experienced sports betting software developers who can help you build high-quality, personalized software as per your expectations.
White Label Software Development
If you want to launch a sports betting platform within a few days or don't have enough time to focus on the entire development process, this is the right option. A white label solution helps you get fully managed and ready-to-use software that is easy to install and requires minimal operator infrastructure.
Also, you can choose to customize the software as per your requirements for sports, security, design, development, features, payment methods, and more. You can add your brand logo and design to the software.
Now that you know which option to go for, you need to choose a reliable company who can help you with the same. Let’s see how you choose the best software development company for your sports betting software requirements.
Choosing a Sports Betting Software Development Company
Here are a few aspects you need to consider and evaluate to find one of the reliable software development companies.
- Experience
Know much experience the company holds in the gambling software development area. The more the experience, the better quality service/product you will get.
- Team of Professionals
The company must have an in-house team of skilled designers, developers, QA, project managers, and other professionals. Also, the professionals must have ample experience in developing software for gambling businesses.
- Reviews
Check the reviews of the company on Google and websites like Clutch, GoodFirms, and more.
- Testimonials
Check what the former clients have to say about the company's services and how their experience was.
- Turnaround Time
Know how much time the company takes to deliver the final software product. The company must be able to meet your deadline while maintaining product quality.
- Support
Make sure the company offers dedicated support and maintenance for the sports betting software so that you can ensure seamless operations.
Features and Functionalities To Cover
A feature-rich betting software can attract a better number of customers to your business and keep them engaged. Check out the below key features and functionality you must include in your software.
Admin Panel Features
- Player Account Management
On-Boarding and Sign up
User Payment Details
User Management
Game Management
Reporting and Analysis
Analytics
Wallet Management
- CMS
Risk Management
User App Features
- Bonus and Loyalty Program
Multiple Sports
Multiple Bet Types
Live Odds
Live Streaming
Social Media Sharing
Multi-Currency Support
Live Stats and Analytics
News Feeds
Final Thoughts!
From getting the license to choosing the right sports niche to building a powerful software, you have to pay close attention to every aspect to set up online sports and get success with it. While you can’t do it all alone, you must seek assistance and guidance from professionals like sports betting software developers.
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