Sports betting is a well-known market, and you may create a very successful company out of it. Let’s use an actual instance to illustrate what we mean. There are currently over 200,000 workers employed by more than 30,000 distinct sports betting companies. Can you picture how many of the multiple bingo halls, casinos, and betting shops would need to employ in order for them to operate sustainably? Also, how much money would these establishments need from their regular customers?
Many nations throughout the world allow gambling. The global market for sports betting is estimated to be worth $210.85 billion. It also keeps expanding. How come? Simply because betting is now accessible on both mobile platforms, Android and iOS, and desktop devices. Technologies ‘weaponized’ gambling, boosted the industry’s popularity to a completely new level, and helped draw and keep even more frequent gamblers.
Therefore, we would like to give you some advice on how to create your own sports wagering app in this blog post. We will also go through what constitutes an excellent betting platform, just like those at Bookmaker-Expert.com, list a few essential features, and estimate the exact cost of creating a system specifically tailored to your needs, wishes, and specifications.
Everything You Should Know About Developing Sports Betting Software
It is hard to say that developing any software solution is a no-brainer, regardless of how simple it may seem at first. Due to the numerous procedures, you ought to take care of, there is a lot more to it than meets the eye. You must carefully think about and consider a great number of factors. Therefore, we have created a list of important steps you must follow along the process and the checkboxes that must be marked. Let’s immediately examine them more closely.
Select a Niche
The first step you must do if you have decided to engage in sports betting app development is to choose your specialization. This does not imply that you should limit your attention to a single sport, such as basketball, football, cricket, horse riding, auto racing, or any other. Even so, initially concentrating on a handful of sports will undoubtedly be beneficial, particularly if the early resources (i.e., finances) at your hands are relatively constrained.
You can definitely draw in a sufficient audience that will commence actively placing bets on your website by picking a few of the most well-liked games. Then, you can utilize that as a foundation upon which to build. Additionally, specialist solutions improve user experience and aid in stronger brand recognition.
Ensure That a License Is Given
Only those who have a permit from an appropriate agency in the country where they conduct business are allowed to engage in the betting industry. Please do not put it off; getting one of these licenses typically takes roughly six months. There are numerous places where you can learn everything you need to know about laws, legislation, and the locations where gambling is completely prohibited. In order to obtain a license, you must essentially apply for one in the relevant jurisdiction and await for the officials to review/process your application.
Be sure to pay close attention to the following factors while selecting a jurisdiction:
- The general attitude of the nation about corruption, rates, etc.;
- General license specifications;
- Taxes or potential yearly fees;
- The average length of the license application process;
- The overall price of getting such a license.
- We have put together this comprehensive infographic containing summarized information, which is up-to-date, on some nations to show you true examples of where you may get a license, how much it can cost you, and what you will get:
Pick a Payment Provider
Your top priority should be choosing the appropriate payment processor for your sports betting platform. Due to high volume turnover, the potential for money laundering and fraud high website traffic, and unresolved chargeback rates, finding a trustworthy provider may be challenging in the gaming business.
Therefore, bear in mind the following factors and specifications while selecting your payment provider:
• Quick transfers and affordable costs. You must do everything possible to cut down on the time users spend dealing with payments if you hope to keep them as customers and earn their loyalty. And the costs should not be excessive.
• Many payment options. Some people still choose traditional payment methods, but others may want to use their account deposits, bank transfers, digital wallets (connected cards or cryptocurrencies), or something else entirely. Users of your site will always value the ability to make payments in numerous currencies.
• High standard of security. It is unnecessary to stress how crucial it is to ensure the safety of all financial transactions. As a result, your payment provider ought to provide highly sophisticated risk and fraudulent management.
Other Factors to Think About
In addition to the factors we have mentioned above, there are a few additional very important things you ought to take care of. Consider the following in advance if expanding your solution beyond just entering the market is one of your objectives:
- Security precautions. All betting websites should preferably employ 128-bit encryption and frequently offsite backups of user data and information. If your solution fails in this scenario, you will be able to retrieve a lot of important data.
- Dedicated server. You need to guarantee your betting website’s consistent performance and reduce the likelihood of any hiccups or lags because the number of users there is expected to keep increasing. As a result, you must pick a server that can scale to handle increasing user numbers.
- Business account. A unique merchant account is necessary for gambling websites in order to handle credit cards securely. So choose carefully and do not forget about this crucial factor!
Features That Any Sports Betting Platform Must Have
In general, there are two categories of features on a betting platform: those for the platform owner and those for users. Owners receive the statistics, their share of the winnings from each wager, and a client database from which they can extract customer data for use in marketing campaigns. On the other hand, end users, or betters, receive a location to follow/watch online games, read the most recent sports news, place wagers, pick up new strategies, and connect with like-minded individuals.
Let’s now talk about the elements that are constantly in demand and that can assist you that your online betting site maintain its competitiveness.
Fans of sports, and bettors, in particular, must stay current. To get as much knowledge as they can, your following base must read a lot of news stories about the most recent occurrences and search via many sources. Making a financial commitment like a bet should be carefully considered, right?
Why then wouldn’t you maintain all those customers near to your platform so that they have an emotional as well as financial ‘investment’? You can include sports news right on your betting website enough so customers can quickly learn the standings and place a wager without ever leaving the site.
Online Game Watching
A good touch that will increase the stickiness of your platform and make it more appealing to customers as a one-stop shop is going further and allowing your users to watch the games directly on your betting site, say, via streams. Such an all-encompassing platform would undoubtedly be valued by consumers, win you a devoted clientele made up of frequent visitors, and draw new clients consistently. Making wise wagering choices has never been simpler.
By the way, you must consider incorporating the most recent trend of live streaming, as doing so can draw in a younger audience. You could, for instance, work with sports bloggers to live-stream significant events while promoting your platform. Alternatively, you may stream live events right on your website.
Tips for Betting
Share some betting strategies, fads, and laws with your users to attract visitors to your website that are not only seasoned pros. This helpful information may also draw people eager to place their first wager and try their luck on any sport. By showing them how to do it correctly, you can convert them into devoted customers who feel confident and secure in placing bets with you.
Support for Cryptocurrencies
Given how widespread cryptocurrency transactions have now become (even some traditional retailers accept them), your company must be proactive and allow customers of your betting website to wager only if they have cryptocurrency to use as collateral. You can accept all the popular cryptocurrencies and methods of payment, including Bitcoin, Ripple, Litecoin, Ethereum, and increasingly Dogecoin.
Isn’t this the fundamental component of every betting website? As a result, this operation must be as simple and quick as feasible. How can gambling be seamless? First, configure the payment service so that users do not have to repeatedly submit their payment information (the system needs to offer a “remember” option). Then, add as many different kinds of bets as you can to provide people with a range of bets and chances to win money and also have enjoyment.
Additionally, you can enable public betting to keep people informed of current trends and give them a chance to follow them. For novices who are still learning all the secrets, this tool could be quite useful. For instance, they could take part in a well-liked wager to guarantee success. You can also provide an indication as to how much money someone might win if they place a particular wager and it turns out to be a successful one. For instance, if the wager is unpopular, the potential profit is bigger, but the hazards are also.
Never undervalue the power of communities while attempting to create a sports betting website. You might make far more money than you might anticipate by establishing one on your online betting site.
Users can, for instance, watch games, comment, chat, and share reviews. By including more social features, you may develop a robust community of sports fans rather than just a straightforward betting facilitator. These folks like debating games, bets, and competitors with one another. Instead of looking for and seeking out new betting websites, they would likely devote more time somewhat to platforms with like-minded individuals and remain there for their actual betting.
The Price of Building a Sports Betting Website
You might be asking by now how much cash is actually required to create a profitable sports betting site. It will cost you between $100,000 and $140,000. Actually, the total might be even more; it all depends on the complexity of the platform as a whole, the number of hours needed for development, the experience level of your developers, and the integrations and services from third parties that will be employed.
To finish your project, you generally need the following specialists:
- Front-end coders;
- Back-end developers;
- Business Analyst;
- Project Manager;
- Manual and automated QA specialists.
Although creating a sports betting platform requires a big investment, you should not forget that it can pay for itself and earn you a sizable additional revenue. An increasing number of millennials are starting to bet, and if your solution is creative, well-thought-out, and easy to use, you can quickly attract plenty of new customers.
Let’s return to the topic of how much it actually costs to establish a sports betting platform. You can examine these actual numbers by looking at them.
To Sum Up
You have the chance to join the enormous, multibillion-dollar sports betting business by creating a betting platform. Because intrigue and excitement are inherently human traits, consumers will constantly be intrigued by watching games and placing wagers. You must keep in mind, though, how very competitive the market is. There is indeed a lot of work that needs to be done if you would like to become a star.
Making a website for betting is not a simple undertaking. It is not sufficient to have a fantastic concept in mind and the necessary funds to carry it out. You require a trustworthy and knowledgeable team of software developers to do all of the technical work on your behalf.