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The sports betting industry is growing exponentially and there seems to be no sign of slowing down. Most of the countries have regulated and legalized sports betting, which is one reason behind this growth. However, technological advancement has a crucial role in the swift expansion of the sports betting market. Here we mean sports betting app development. With the emergence of sports betting applications, more and more people have started betting on sports. The reason? Added convenience and fun. People no longer need to visit the stadium to bet on their favorite sports. They can bet on different sports from the comfort of their home while also enjoying rewards and loyalty points. 

Seeing the massive response to online sports betting, many entrepreneurs and gambling businesses wish to launch their own sports betting software or application. But, many are still in doubt regarding the scope of online sports betting in the upcoming days. Will my sports betting application get the same response? Will people remain enthusiastic about sports betting in the future? Many such questions are bombarding their mind. If you are one such individual, this article will be of great help to you. In this article, we will help you understand the scope of sports betting so that you can make a wise decision. 

Current Sports Betting Market Scenario 

• The current value of the global online sports betting market is around $46 billion.
•  Around 70 billion dollars are spent on legal sports betting globally.
• Currently, Sports betting accounts for more than 40% of global gambling revenue.
• As per the legal sports report, the sports betting industry is now legalized and regulated and in 13 states of the US.
• The APAC part is responsible for 47% of global sports betting.
• Over 50% of US inhabitants admitted placing wagers at a sporting event at least once in their life.

All these revenue figures and stats prove sports betting to be a promising and lucrative industry. There will be immense opportunities for businesses in the upcoming years. 

List of Sports Popular for Betting 

It is important to know which sports are most popular in the betting arena. Not all sports are legalized for betting and not all receive the same benefits and popularity. Here is the list of sports you can consider for sports betting software development in 2021. 

• NFL Football 
• Basketball
• Baseball
• Soccer 
• Hokey
• Golf 

MoreoperBowl, MLB World Series, NBA Playoffs, and WWE Wrestlemania have grown significantly in recent years.

What’s in The Future? 

As per the research report of Technavio, the sports betting market is expected to grow by $144.44 billion between 2020 and 2024. 

This means in 2021 and upcoming years, many new and existing operators will get an immense response to their sports betting platform and attain success. Seeing the recent and future legalizations in the sports betting market there will be plenty of opportunities for new operators across the world. 

The latest technology trends such as Blockchain, Cryptocurrency, AR/VR, and more will have a positive impact on the online sports betting industry and will lead to its exceptional growth in upcoming years. Also, many pro leagues are in support of online sports betting and are looking for opportunities to make the most out of it. As per the statistics, the online sports betting market is expected to grow at a CAGR of 8.77%.

What’s the Scope of Sports Betting App Development? 

Mobile sports betting acts as an extra source of revenue for the sportsbooks and provides the next level of convenience to the bettors. Also, many states will decide to permit mobile wagering. Therefore, mobile sports betting is expected to witness a tremendous demand in 2021-22. Thus, if you are looking to make a sports betting app with a unique idea, you are on the right track. As the number of mobile users keeps on increasing exponentially, you can expect a massive response to your application. 

On a Final Note! 

Observing all the above information, we can say there is a tremendous scope of sports betting now and in upcoming years. However, the key to succeeding in this competitive market is to come up with a powerful software or application. A reliable sports betting software development company can help you build an innovative sports betting application that can bring you enormous success. 

Betting on sports has become more interesting, convenient, and fun than ever. And major credit goes to digital advancement. Bettors no longer have to visit a stadium oblor attend the match physically to wager on their favorite sports. They can simply do it from their home or other places of comfort using online sports betting software or sportsbook. The best part is they can place wagers while watching live streaming of the match. They can also enjoy the reward and referral bonus. They can get instant, accurate odds and make quick betting decisions. 

What's more? 

Well, the list of features of sports betting software is endless. A sports betting software development company can suggest more innovative features to make your software more engaging. However, in a quest for advanced features, you must not overlook the basic features such as multiple bet types. Yes, offering different betting options is essential to boost user engagement and make your software worthwhile for every user. Different bettors have different strategies for betting games. Your platform must cover various bet types that can support their strategy and enhance their overall betting experience. Here, we have listed ten must-have bet types you should include in your sports betting software to attract and retain maximum bettors. 

• Parlay Bets

A parlay bet refers to grouping together multiple bets into a single wager. They are also known as accumulators, combo bets, or multi. The odds are adjusted according to the total number of picks bettors’ group makes together. In this bet type, bettors need to win every single wager to win the game. If any single bet is lost, the entire parlay will be lost. Though parlay bet involves higher risks, bettors enjoy it thoroughly due to the higher payout benefit. 

• Straight Bets 

The straight bet is a basic type of sports bet every bettor is probably familiar with. These types of bets are most commonly placed on sports such as football and basketball. Thus, if your sports betting software covers these popular sports, you must offer straight bet options to the bettors. In this, a betting line often called the point spread is set. Players can either bet on favorites and abandon the points or place a wager on the underdog and earn the points. However, in order to cash in, the favorites must win the game with more than the set betting line. And the underdog must win outright or lose by less than the set betting line. Draws in this situation are referred to as Push, which means no money is won or lost. 

• Full Cover Bets 

Full Cover Bets are known with different names depending on the selection. Three selections is called Trixie, selection of four is called Yankee, five selections bet is called Super Yankee or Canadian, selection of six is Heinz, seven selections bet is Super Heinz, and eight selections bet is Goliath. Bettors love this bet due to the benefit of splitting the bet in multiple selections. By placing a bet in this type, bettors can earn the money even if they don’t win all selections. It is a less risky yet profitable betting option.   

• Over/Under Bets

Over/Under is one of the most popular and easiest types of bets in the sports arena. It is also known as Total line wagers, which means the wager depends on the total score of the particular match. Odds providers set a number for the combined last score of both teams and bettors then bet on the real score staying under or going above the set number. When it comes to basketball or football, bettors can often wager on a total line by each half of the match.

• Handicap Bets
  
  

Handicap bets are most popular in Football betting. However, other sports like Rugby, Golf, and Tennis often have handicap markets. These bets are also called the spread, points, or line betting. In this bet, bookmakers can even the field by providing advantages or disadvantages to some competitors. They can transform sports matches comprising different odds into even money matches.

• Future Bets

Future bets refer to wagering on the outcomes of events or matches that will occur in the future. For instance, it may involve betting on MLB world series, WorldCup, or football championships before they even take place. Bettors can place bets on the entire series or event. If you want to boost players’ engagement on your platform, then you must offer a future bet option as future bets can continue for weeks and even for months.   

• Money Line Bets

In money line bets, bettors need to pick a team that he/she expects to win. Bettors win the bet straight-up without any point spread. Also, the bets are represented in both positive and negative values. The negative values stand for the favorite team and inform the bettors how much they need to bet to win $100. And positive values represent underdogs. Higher positive values indicate that the teams are expected to lose based on the predictions of oddsmakers.

• Head to Head Bets

Head-to-head bets belong to the conventional group of bets. These bets are most popular in sports like NASCAR and professional golf. Bettors can bet on the head-to-head outcomes between only two teams. With head-to-head bets, punters can bet on wins, losses, and draws as well. Due to the simplicity, these bets are favorable among professional amateur bettors 

• Teaser Bets 

A teaser bet is similar to a parlay bet but there is a twist. Like parlay bet, in teaser bet, bettors can group two or more bets in a single bet. However, they can also make the betting line in their favor for a lower payout. If the sports betting platform offers a 6-point teaser bet then a 3.5-point underdog will now get 9.5 points. 

• Pleaser Bets

Pleaser bets are the opposite of teaser bets. In pleaser bet, bettors can move the point spread in the favor of a sportsbook, in exchange for better odds. This not only offers a better line to sportsbooks but also offers an opportunity for the punters to get higher payouts. The more points punters give away, the better odds they get. 

On a Final Note! 

These are the most popular bet types in the sports betting arena. Many sports betting software developers consider integrating these ten sports bet types to ensure better player participation. Providing all these bet options on your platform will also help you outperform the competition and increase customer retention. 

Sports betting has been there for many decades. However, today's sports betting market is quite vast. More than ever, people enjoy placing bets on their favorite sports. Thanks to sports betting software development for offering next-level fun and convenience to the bettors. People no longer need to be present in the stadium or shop to place bets. They can watch sports matches and place bets, using their Smartphone, tablet, or desktop, from the comfort of their place. Also, with the sports betting app, bettors can earn reward points and enjoy live streaming of their favorite leagues.  

Seeing the immense popularity and traction for online sports betting, many businesses are inclined towards building their own sports betting applications. Investing in sports betting app development is a lucrative decision, as one can reap enormous business benefits and great ROI. However, it requires you to have detailed know-how to build a powerful sports betting app. You must know how much money you need to spend on overall development and what features you need to cover. In this post, we will help you understand both aspects so that you can get started with your app idea. 

Before that, let's see some popular sports betting apps you can get motivation from. 

Popular Sports Betting Apps

1. Bet365

Bet365 is the most popular gambling company with around 53 million customers. With its feature-pact mobile application, the company got a new height of success. From live streaming to sports stats to personalized bets, Bet365 offers all amazing features that keep users hooked. 

2. 888Sport

888Sport is one of the renowned sports betting apps loved by millions of bettors. The app supports multiple sports including Tennis, Football, Horse racing, Cricket, Snooker, Golf, and more. Users can place both pre-match and live bets on a range of events as per their choice. 

3. William Hill

William Hill is another most loved betting platform with around three million customers. The app supports different sports including Football, Horse Racing, Rugby Betting, Tennis, Boxing, and more. It offers plenty of exciting features such as in-play-betting, cash-out, flashes odd, live streaming, and more that keep bettors coming back.

4. Betfair 

With interesting UI and features, Betfair is attracting a massive number of users. The app lets users enjoy betting on several sports including horse racing, greyhound racing, tennis, politics, golf, cricket, rugby, boxing, and lots more. It offers easy login with face id, live sports streaming, and more exciting stuff. 

5. Ladbrokes

Ladbrokes sports betting is a globally popular app letting users bet on multiple games such as Basketball, Cricket, Football, and more. The app offers guaranteed odds, easy cash-out, secure payment gateways, and many amazing features. 

You need to study the above apps in detail and understand how they function, what features they cover, and why they are successful. Apart from this analysis, you need to consider the below essential features to build an engaging sports betting app. 

Features of Sports Betting App 

User Panel 

1. Login/Sign Up

This is the most essential feature of a sports betting app ensuring secure access. However, the sign-up process should be easy so that users can get started quickly. For more convenience, offer a social media login/sign-up option.

2. Sports Categories

Offer multiple sports options to attract more users and keep them engaged. There should be multiple sports categories so that users can choose as per their interests.  

3. Betting Categories

Different bettors have different interests and needs for betting. Thus, your app must support multiple bet types such as single, head-to-head, totals, handicaps, each way, and multiples. Users can select their preferred category and start betting. 

4. Player Information

Users should get detailed information of each player so that they can make wise decisions about betting.

5. Complete User Guide

There should be a detailed user guide to help beginners, or new users to understand how the app functions, its features, and terms & conditions.

6. Live Streaming

Live match streams let users enjoy the match and place bets simultaneously. As users get live match updates, they can make quick decisions and create better strategies for betting. 

7. Multi-language

If you want to reach global customers, add multiple language options to your app. Users from different countries can choose their preferred language and use the app seamlessly. 

8. Multiple Payment Gateways 

There should be different payment options so that users can do transitions conveniently and quickly. Having a high level of payment flexibility and security boosts customer experience and improves retention rate.  

Admin Panel 

The admin panel should cover all essential features for seamless management of all the aspects of the app.

1. Admin Login

Admin needs to create an account and login to access user details and confidential information. 

2. Managing Users

Admin should be able to track and manage all the information of registered users and their activities. 

3. Managing Rewards and Loyalty Points 

Admin can manage referral and reward points allocated to the users. This ensures fair allocation of rewards to each user and entices new users to use the app. 

4. Managing Payments

Admin should be able to track and manage the payments by users and distribute them appropriately among the winners. 

Additional Features 

• Social Media Sharing 

Let the users share the games they are wagering on with their friends and family. Also, they can invite friends on social media to use your app. 

• Notifications

Send users the latest news and updates about the sports and betting market that they are interested in. Also inform users about the prices, reward points and money they have won, and bets they have placed. 

• Betting Tips 

Provide newbies with expert betting tips to ensure fair gameplay and increase retention rate. 

• Cryptocurrency And Fiat

Your app should support all the major crypto currencies and Fiat for improved payment flexibility, transparency, and security. 

• Calendar and Schedules

Users can check the upcoming events and plan their betting game accordingly. 

Above all, are crucial features you must consider for your sports betting app to attract and retain maximum users. Now, let’s see how much money you need to spend on developing feature-rich sports betting software.

How Much Does it Cost to Build a Sports Betting App?

Sports betting app development cost depends on several aspects such as licensing, UI design, features, functionality, back-end, front-end, and more. It may also vary according to your choice or requirement of the platform (iOS/ Android), marketing campaigns, hiring developers, and so on. Thus, it is difficult to mention the exact figure. Still, on average, the cost to build a feature-pact sports betting app may go around $33,000 to $ 42,000 including overall aspects. 

On a Final Note! 

Developing a sports betting app is a big investment. Thus, you need to be careful with every decision and choice, be it regarding features, functionality, or sports betting software development company. Make sure to reach out to an experienced company that can help you with any complex requirement.