Some stats for Sportsbook
- Growth of the online sector due to improved Internet infrastructure and an increase in the number of online users in various regions (Africa, South America, South Asia)
- Creation of multimedia and mobile-friendlier products (WhatsApp, Instagram, TikTok, etc.).
- Liberalization of markets previously closed to sports betting
- Attraction of the youth audience through the development of new sports (virtual and cybersports, martial arts)
A significant share of the betting market belongs to Europe and accounts for almost 40% of the total volume for 2023. The European market is not going to slow down in the future, it will grow every year by about 10%.
Pros and cons of Sportsbook
- Sportsbook VS Slots. Increasingly, people want to achieve success through their own knowledge and skill rather than through good fortune. This makes sportsbook a more attractive product in relation to casinos and slots
- Emotional factor. Sportsbooks offer a new opportunity to empathize with your favorite team
- Social engagement. This means that people actively participate in sports betting and communicate with other members of the community on the topic, analyzing, betting and winning
- Variety of bets. Sportsbook has a wide variety of betting types and options, which means there are plenty of opportunities to place bets on different sporting events. You can choose bets on team wins, totals, forfeits, specific events in the game and much more. There is a wide variety of their types and options with high probability of outcome but low winnings, and vice versa
- Top Profitability, Total Returns. Sportsbook is built on working with a product with no shelf life, no repair costs. It also won’t need large premises and equipment for the online industry. You can even start such a startup from home, online.
- Difficulties with the launch and legalization of the gambling business. Today, the control of the gambling market is going through some changes and it can be difficult even for professionals to stay on top of the new rules and regulations.
- Start-up costs. Specific costs always depend on the size and ambitions of the operator, regional and legal requirements. Before launching Sportsbook, it’s advisable to draw up a detailed business plan and consult with experts in the field.
- Global competition. The gambling market is annually filled with the largest top betting platforms. Hence, new costs for product promotion and improvement, line expansion and other features.
The Importance of Financial Planning When Launching a Sportsbook
- Licensing and regulatory requirements. Licensed operators are able to advertise their platforms in accordance with the regulation of the jurisdiction where they operate: Curaçao, Malta, Canavake, Isle of Man, etc.
- Advertising. Creating a recognizable brand without investing in advertising is like playing hockey without a stick. By the way, push notifications, inexpensive pops, Direct Click are best perceived in the Internet environment. Additionally, it is necessary to plan a budget for sportsbook promotion (advertising, work with affiliates, budget for bonuses and freebet)
- Risks. Setting up processes to manage risk and minimize financial loss is an important part of Sportsbook. For proper functioning of the business, invest in analytical tools, insurance, creation of risk management strategies and maintenance of a huge staff of employees: analysts, controllers, traders, etc.
How Will SoftGamings Help the Launch of Sportsbook?
We’ll demonstrate for you the flexibility and individual approach in creating the product, as well as offer advanced tools for odds trading. They’ll help operators:
- Take into account statistics, analytics and current market conditions
- Optimize and manage their odds
- React to changes and make adjustments in real time
- Improve the betting offer
- Provide a better user experience
- Stay competitive in the betting market
