Sports betting is a booming phenomenon across the globe. Many sports brands and sports startups are planning to launch their sports betting website and mobile apps across the world. If you are also planning a sports betting initiative in your organization then this article is an important piece of information for you. This will help you in understanding the most important things that you should know before planning the development and launch of a successful sportsbook.
How big is the sport betting market
The sports betting market is all set to grow to USD125.18 Billion by the year 2023. The sports betting market is expected to accelerate at a CAGR of 10%. The biggest sports betting markets are APAC are EUROPE Followed by North and South America.
Soccer is the major Sport when it comes to volumes of bets placed, followed by basketball baseball American football. horse racing is also an important sport when it comes to sports betting. eSports is the most recent trend in sports betting. With MMORPG games like Dota 2, Counter-Strike, League of Legends, World of Warcraft and many more being the most important eSports games on which bets are placed.
Planning
This is the most important phase when you start planning any project. The same applies to sports betting project also. One has to do in-depth research on the target market, the local jurisdictions, and compliances, sports and games to be offered, and finally which development partner to select for the sports betting software development.
For example, if you are planning to launch a sportsbook in Nigeria, then you should be completely aware of the recent developments in laws imposed by the government on the betting operators.
Identifying Target Market
The second most important step is to identify, evaluate, and finalize the target market for your sports betting business. There are various things that place a very important role in this process like market maturity, existing competition, and local culture. In certain countries, gambling is not considered as good practice and that\’s why the local people are not inclined towards gambling and betting activities easily.
Sports Betting Laws and Licenses
Sports betting laws are different across different jurisdictions and every country has a different licensing process. The most important markets offering sports betting licenses are UK, Malta, Gibraltar, and Africa. The USA is a new entry to this list but not all states allow sports betting which makes the market more complex and complicated for now. Other factors like license fee and ease of acquiring a sports betting license also play an important role in your decision
Sports to be offered
Once you have finalized the targeted geography and the sportsbook licensing questions are answered you are now very clear on where you are launching your sports betting business. Now it\’s time to take a deeper dive into things. The next important thing is to list down the sports which are most famous in your targeted market. This plays a very important role in getting the right set of traffic on your sports betting website and mobile application
Sports Betting Software Provider
Once you are done with the above steps, the most important thing that you need to do is to identify a right Technology partner who can help you with the sports betting solution which makes complete sense in your target market and offers the final sports betting product which is acceptable in the market and scalable enough to accommodate user feedback and any changes in laws or product offering. There are multiple options available in the market today. Some companies offer white label sports betting platforms and at the same time, other companies offer custom sportsbook development services.
Both business model have their own pros and cons. On one hand, the white label sportsbooks are quick and easy to launch and affordable at the same time. The biggest drawback of this model is the dependency on the platform provider. You have to share revenues with the sports betting platform provider and at the same time, you do not have complete control of the system. However, on the flip side custom software development takes time and is not a cost-efficient option, But the biggest benefit of custom sports betting development is the complete control of the sports betting business, where you are not dependent on the software development company, was the software is developed and delivered to you. You can hire your own development team to take care of maintenance and update and at the same time, you don\’t need to share your business revenues with anyone else and have complete control over your users.
Marketing & Business Development
Once the product is successfully launched in the market the next important part is branding and marketing of the platform. This could be done in house or can be outsourced to a marketing team with expertise in the domain. Affiliates and Agents play a very important role in your Business expansion. This is highly recommended to hire a domain expert marketing team who can help you with business development
About Tecpinion
Tecpinion is a software development studio with expertise and iGaming platform development ranging from sports betting platforms development to fantasy sports software development to eSports tournament platform development. We have a team of sports betting Consultants and Technical specialists with more than 8 years of experience in the iGaming industry. Do get in touch with us if you\’re planning a new initiative in the iGaming industry. We would love to brainstorm with your project idea and share our thoughts.