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 already more than 197 thousand workers employed by about 31,000 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 by Statista. It also keeps expanding. How come? simply because betting is now accessible on both iOS and Android mobile 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’d like to give you some advice on how to create your own sports betting app development in this blog post. We will also go through what makes a great betting platform, 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’s hard to say that developing any software solution is a “no-brainer,” regardless of how simple it may seem at first. Because there are so many procedures you need to take care of, there is much 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 way and the boxes that must be checked. Let’s immediately examine them more closely.
select a niche
The first step you must do if you’ve 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 cricket, basketball, horseback riding, auto racing, or any other.
You can definitely draw in a big enough audience that will start actively placing bets on your platform 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 license from the Gambling Commission or another appropriate agency in the country where they conduct business are allowed to engage in the betting industry. Don’t 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 wait for the authorities to review/process your application. Be sure to pay close attention to the following factors while selecting a jurisdiction:
- general attitude of the nation about prices, corruption, 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 with up-to-date summarized information on certain nations to show you true examples of where you may get a license, how much it can cost you, and what you’ll get:
Maintain a payment provider.
Your top priority should be choosing the appropriate payment gateway for your sports betting platform. Due to high volume turnover, potential for fraud and money laundering, 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 shouldn’t be excessive.
- many payment options. Some people still choose traditional payment methods, but others may want to use their digital wallets (connected cards or cryptocurrencies), account deposits, bank transfers, 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 maintain the security of all financial transactions. As a result, your payment provider ought to provide highly sophisticated risk and fraud management.
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 games online, read the most recent sports news, place bets, pick up new strategies, and connect with like-minded individuals.
To sum up
You have the chance to join the enormous, multibillion-dollar sports betting business by creating a betting platform. Because curiosity and excitement are inherent human traits, people will always be interested in watching games and placing wagers. You must keep in mind, though, how very competitive the market is. There is a lot of work to be done if you want to become a star.
Making a website for betting is not a simple undertaking. It is not sufficient to have a fantastic idea in mind and the necessary funds to carry it out. You require a trustworthy and knowledgeable software development team to do all of the technical work on your behalf.
And GBKSOFT is able to assist you straight away with that! Stop wasting time and contact us right away to quickly enter the sports betting market with a superior solution.