The Sports Betting industry has registered a uniform growth within the past few years with more and more sports betting software providers entering this industry. This means that it’s getting more and challenging to stay ahead of your competitors and differentiate yourself. There is a huge competition in the sports betting industry and your sports betting software must have USP to survive in the market i.e. to develop a unique and highly differentiated sports betting site by choosing the right sports betting software providers.
According to a report, betting holds about 71% of the global gambling revenue, which is more than any other sector, including those of casinos, and poker. Technological advancements also helped this market to reach new heights. sports betting market is all set to accelerate to USD125.18 Billion by the year 2023. The sports betting market is expected to grow at a CAGR of 11%. The biggest sports betting markets are APAC are EUROPE Followed by North and South America.
Why Sports Betting Software?
Online betting continues to increase in popularity. Online sports betting has been constantly evolving for many years, and betting sites today have so much more advanced than they used to.
Nowadays almost everything is done online, and the betting industry has certainly not been left out. But, some people still prefer to visit betting shops or retail betting to place bets. However, there are a lot of benefits that gamblers can get from online betting platforms than offline.
Gambling online gives you all the privileges that you don’t get from traditional or offline betting. You can make bets from anywhere in the world.
Most betting websites offer many payment options with credit cards and net banking transfers and e-wallet etc. Punters and Gamblers can begin betting without worrying about how to make deposits.
5 Must-have Features of Sports Betting Software
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Multiple Bets:
Multiple betting market support is one of the top essential features of sports betting software. It allows markets allow your customers to explore the markets and choose from a variety of place bets and odds like Traditional Bets, H2H betting, Parlay Bets, Each Way, Over/Under bets, Pool Betting, and many more
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A wide variety of sports:
Your software for sports betting must be scalable to accommodate any number of sports as per your specific needs. It gives new users an opportunity to explore sports and know what they like.
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Retail Betting:
In retail betting or betting shops, users get an extensive variety of sports to place at the wager. This helps in the smooth management of your bet shop.
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Bonus cash:
This is one of the key benefits of online betting. Users can get hundreds of bucks in free bets, deposit bonuses, and VIP programs simply by choosing to bet online. It helps to attract new customers and encourage inactive customers to come back.
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Risk management:
Risk management is the most essential feature of a sportsbook solution. It helps to ensure service providers for minimum risk by altering them. It also helps you to set the best odds. You must include this in your checklist before choosing sports betting software developers.
Additional Features of Sports Betting Software:
- Live Score Updates:
This is the topmost feature of sports betting software development. Live score updates help users to make decisions quickly during the match.
- Multi-Lingual Support:
As your Sports betting solution grows and you start serving multiple geographies, there is a need to offer multilingual support to punters. Language cannot be a barrier anymore.
- Notifications:
Notifications are a great way to keep your users updated about events, win, loss, offers, and discounts. It helps to increase the visitors to the application.
- Payment Gateways of customer’s choice:
Betting platforms must be flexible to accommodate any payment gateway of your choice. It enables bettors to make transactions in their own currency
TOP 10 Sports betting Companies
- Bet365 – Bet365 Group Ltd is a British online betting company based in the UK. They have a vast range of betting options and products to their solution over the past several years
- Pinnacle – Pinnacle Sports is famous in the bookmaking world, both offline and online. They have the largest betting limits in the world and the sharpest odds.
- GVC Holdings: GVC is one of the largest sports betting companies and iGaming groups. With its best proprietary technology platform, GVC offers casino, poker, bingo, and sports betting.
- International Game Technology: International Game Technology (IGT) is a multinational gambling company that produces spinning or slot machines and other gambling technology.
- 888 Holdings: 888Sport is one of the oldest bookmakers present in the online sports betting and iGaming market. It is Regulated by the UK Gambling Commission and, it is one of the most trusted sports betting sites
- William Hill PLC: William Hill plc is one of the world\’s biggest bookmaker provides bookmaking services in the UK. The Group, which operates licensed betting offices, and online betting.
- Ladbrokes: Ladbrokes Coral is a British iGaming, betting, and gambling company. it was acquired by GVC Holdings in 2018.
- Betway: is an international online gambling company with a number of brands including Sportsbook, Casino, Vegas, Bingo, and Poker
- 1xbet: They offer a great selection of betting opportunities not only on sporting events but also on TV games. 1xBet Sportsbook includes over 1,000 events daily.
- BetAmerica: BetAmerica.com is considered as one of the most legal and secure sports betting companies based in the US. Their most popular event is Horse Racing.
Impact of Covid-19 on Sports betting Industry.
The effects of COVID -19 on sports betting have taken a big hit with cancellations of many international and national leagues around the world. One of the biggest examples is that the Japan Olympics are postponed, and EURO 2020 has been delayed until 2021.
The industry is facing unpredictable challenges, and the spread of Coronavirus is continuously increasing. Therefore, No one can say with any certainty when national and international sports will resume. The topmost countries are under quarantine, lower league football teams are already facing financial difficulties. As a corollary to the containment measures, there has been a migration from offline to online.
gambling activities. In response to the closure of many gambling establishments, several operators have gone digital. the case in Norway, where bingo operators have moved their offering online.
Nowadays wagers want to bet literally on everything. There is a rise to new forms of betting like esports betting, weather betting, celebrity betting and, They are also gaining popularity.
Conclusion
It is very essential to enrich your solution with the above features. We have made it easy by compiling in-depth research for you. Knowing what is best to look for in an online betting software is the first step toward choosing a great one. Do your research on competitors and explore what\’s best suited for you.
We at Tecpinion, help you to launch successful sports betting software developers for various sports such as football, basketball, hockey, volleyball, golf, Horse racing, and several more with advanced features. Our team analyses your performance and provides you with the best solution.