Situation on the sports betting market in 2024
Bridge research predicts that the sports betting market will add capital in the next few years not only in the US but also in Europe, Asia-Pacific, and South America. But, as in professional sports, an operator is unlikely to win without the right team — the Sportsbook solution and its powerful back office.
The focus on sports betting in 2024 is more intense than ever. There will be the most high-profile events in the world this year: continental soccer tournaments of African nations in Cote d’Ivoire, Super Bowl LVIII in Las Vegas, the summer T20 men’s cricket World Cup, and the Olympic Games in Paris, where more than 10,000 athletes will compete for the title of champion in 32 sports. The foundation for betting has been laid, all that remains is to set up the online betting platforms correctly.
Houston, we have a problem!
- Regulatory changes. Global regulators are constantly changing the terms and conditions of sports betting, impacting the legality and profitability of the business.
- Competition. The popularization of sports betting is increasing the number of operators and partners competing for player attention and market support.
- Need for innovation. Betting platform operators must constantly improve their services and offer innovative solutions.
- Information security. The protection of players’ data and the prevention of cyber attacks is becoming increasingly important for operators.
- Adapting to new technologies. Some operators may have difficulty adopting augmented reality, blockchain, and other tech in sports betting.
All these problems determine the dynamics of the industry. Without knowledge and experience, it’s often like organizing a match between an amateur team and professional athletes. When there is a lack of experience, the result is easy to predict. Cross-platform and self-service betting store solutions can help solve these problems.
6 advantages of sports betting
- Tech support: developers and the IT team ensure the smooth operation of the platform.
- Financial integration: Sportsbook supports all currencies, Visa, and MasterCard, including from fiat betting to cryptocurrency.
- Consultation & Maintenance: advice and technical documentation are provided throughout the launch and service of the betting company.
- Multilingual: the platform is accessible to a wide audience and supports a wide range of languages.
- Loyalty system & bonuses: both sports bonuses and free bets are available. There is also a cashout feature for users to settle their bets before the match is over. The functionality of its own and free bets can be supported.
- Regular updates: the software chosen by the operators is constantly updated, ensuring that the betting platform process is up-to-date and secure.
When the customer is already satisfied and interested in sports matches, the operator aims to increase the efficiency and performance of the sports betting platform. This is where customized technologies such as back office are crucial.
Back office for Sportsbook: from expertise to innovation
- It gives you the ability to create new events, markets, and outcomes. The standard platform reacts quickly to market demand, increases the variability of bets, and sets the odds for new events and markets
- It allows you to set odds on new events and markets. Operators can accurately reflect market conditions and manage risk more effectively, multiplying profits and reducing the likelihood of losses.
- It searches and calculates bets, significantly reducing the time and effort operators spend managing customer accounts.
- It controls the management of liabilities. A back office with access to detailed information on customer odds and liabilities enables operators to accurately manage risk and make informed odds/risk decisions.
Key aspects of the back office
- A well-organized back office with access to real-time data
- Stable and secure technological solutions
- Secure payment system
- Design & user-friendly interface of the platform
- Up-to-date and competitive odds
- Wide range of betting options and a large number of sporting events
- Full compatibility with mobile devices
- Efficient support
The stability and reliability of the technical infrastructure provided by a single back office have a significant impact on customer confidence in the platform.
