The work of bookmaker’s offices: answers to the main questions
What is the required amount of funds?
How can an operator ease its dilemma?
- Utilizing cost-effective assets. Operators steer clear of expensive development and upkeep of their in-house team, and dealings with payment systems and data providers.
- Immediate deployment. Developing fundamental software for sports betting autonomously can consume a minimum of a year, whereas pre-made integrated solutions can be deployed in a matter of weeks.
- Reliability. Acquiring a ready-made solution means not only getting tested software but also a team of specialists, technologies, and a history of success.
Throughout history, humans have always needed food and entertainment, but when you add in the thrill and possibility of winning money, the results are not far behind. Sports betting has been known since ancient times, but since then, it has undergone significant changes and improvements, and modern technologies have made it possible to place bets right from home.
Why is sports betting so popular in the iGaming industry?
- It’s the net profit of a modern betting company, which accounts for 7-15% of its total revenue.
- It’s a way to increase initial capital quickly.
- It’s the future of online gambling that focuses on players and their interests.
- It’s the convenience and accessibility of online platforms that allow enthusiasts to bet on their favorite sporting events from anywhere in the world.
- It has a wealth of features, including live events with interactive elements.
In regions where online betting is legalized, the market and innovation in this area are flourishing (Malta, Curaçao, United Kingdom, Greece, Anjouan), while bans and restrictions encourage the use of unregulated platforms and multiply fraud. The level of income and consumer confidence significantly influence online sports betting purchasing behavior, while the digital transformation of the economy and the improvement of online financial transactions contribute to the further development of the sector
Gambling license: key stages and important nuances
Because of the gigantic penalties, almost every new owner of a betting shop acquires a franchise and operates under the name of another business. This way is legal, transparent, and economically feasible.
The rules have become stricter in the world of iGaming
- The Dutch Gaming Authority (DGA) consistently offers guidance on responsible betting strategies
- The Alcohol and Gaming Commission of Ontario (AGCO) prohibits the public promotion of perks, complimentary spins, funds, and other enticements through any means conceivable
- The UK Gambling Commission (UKGC) persists in its efforts to combat illicit money transactions and safeguard susceptible individuals
- In the United States, Georgia and Vermont are contemplating measures to authorize web-based sports wagering
- In Brazil, a federal statute concerning internet gambling and wagering has recently gone into effect and is set to expire on December 30, 2023.
The betting and casino market is alive and well, and legalization in it is not slowing down for a minute, literally becoming a trend in 2024. Operators need to know the local laws and the laws of the jurisdiction where they intend to launch their business.
What does a customer value most on a sports betting site?
- Betting with a focus on live betting. We can say goodbye to the days when betting shops could only offer individual sports such as the Super Bowl in the USA. Now customers are asking for more sports, leagues, props, and alternative odds, and they’re getting them.
- User-friendly platform interface. Without exception, everyone wants to log in, quickly find what they’re looking for, and place a bet with one click. For online betting to be successful, operators must create a clear and easy-to-navigate website interface.
- Sports betting websites with a well-designed back office. A big FAIL for a player is an unsuccessful attempt to access their betting account. This is terrible, especially at peak times when the games are about to start. An online bookmaker that promises smooth operations and advanced features without slowdowns is the key to a great betting site.
That’s why SoftGamings Sportsbook solutions come to the rescue for operators. They allow them to become part of an exciting business, scale, attract new players, and retain existing ones. The benefits of such a solution are:
- Providing clients with unique tools and services within the back-office to customize their sportsbook product, differentiating it from competitors.
- Assisting in conducting effective promotional campaigns with attractive bonuses, all focused on attracting new players.
- A rich platform functionality for self-managing risk management, a key factor for success in the industry.
- Increasing limits and improving odds, especially during major sports events such as the Super Bowl, and UEFA 2024
With a stable Sportsbook operation, managing odds and offers becomes simple. Ready-made solutions provide operators with all necessary risk management tools: from player profiling to fraud detection and risk parameter configuration. They help maintain balance and reduce the likelihood of unexpected losses. Another important aspect of Sportsbook operations is creating and planning events, right down to setting time frames for accepting bets.
Three steps in setting up Sportsbook
- Development of unique software. If developing it from scratch, a significant amount of financial investment will be required. It is more efficient to opt for a pre-existing Sportsbook solution and customize it. Franchisees often receive software from licensors. If you plan to operate online, your expenses will be significantly lower as you won’t need to rent a physical space, hire staff, or purchase equipment.
- Integration of payment systems. Before launching a full-fledged bookmaking business, it is essential to integrate payment systems into the platform to provide convenient and fast deposits and withdrawals for customers. Digital wallets, cryptocurrencies, and direct bank transfers should be considered.
- Sports statistics & odds. Bookmakers receive odds daily from experts, and analysts, or purchase them from third-party companies for analysis of sporting events. To attract new customers, it’s advisable to reduce margins and increase the chances of gaining an edge over competitors.
Successful launch of online betting platform
The experts at SoftGamings offer unique solutions to attract and retain users to the site. We work with the best providers, such as Betradar, to provide you with professional risk management and protect your business. Do not miss out on your profits as the global value of the online gambling industry is expected to grow to $213 billion in the next four years!
