How to Start Most Powerful Betting Platform

Are you looking to start an online sports betting platform? Becoming a bookie has never been as easy as it now is, thanks to the development of newer technologies. You can now set up your sportsbook online and start offering a plethora of sports betting solutions.

In this article, you will discover the exact steps to take, the necessary collaborations that need to be made, and the benefits you stand to get from the venture.

What is Sports Betting and Why is it so Popular?

Sports betting is a type of Interactive Gaming (iGaming) that involves placing bets or wagers on the possible outcome of sports events. Players who also double as punters place their bets using different betting types. They bet on sports like basketball, football, rugby, and horse racing. They stand a chance of winning money if their bets were accurate or came out as predicted.

Guide to Starting a Powerful Betting Platform

Now, the development of a powerful sports betting platform needs dedication, money, and strategy. We will now go in-depth on how to start the platform and get every part of it to start working optimally.

1.      Make Your Findings

The first thing you want to do is to make preliminary findings to ascertain if the betting platform can work as you wanted. Here are some of the things you want to consider at this stage:

Outline Your Goals

What are the reasons or goals for which you want to start an online sports betting platform? Are you doing so because you want to solve some of the existing problems/gaps in the sports betting market or to make profits?

Map Your Strategies

You also need to map the strategies you intend to use to achieve the goals you have for the betting platform.

Pick a Niche

It would be difficult to cover the entire online sports betting market at the start. Therefore, pick a niche. Some of the popular niches are:

• Electronic Sports (eSports)
• Car/auto racing
• Football/soccer
• Horse racing/riding
• Cricket
• Basketball

Understand that You Need Partners

The best online sports betting platform is the one collectively developed and owned by different partners. Thus, you need to have a clear understanding of who and who needs to collaborate with you on this project.

These are usually third-party partners that help in different ways to make sports betting services readily available on the platform. These parties include:

• Payment gateway service providers.
• Know Your Customer (KYC) processors.
• Data analysis experts

2.      Tighten the Legal Ends

The legal ends of the business need to be secured. This includes obtaining a license to operate a sports betting platform in the jurisdiction and getting it registered as a business with the appropriate authorities.

When applying for a license, here are some of the things to have in mind and look for as well:

• The general perception of online sports betting in the jurisdiction. Are online gambling activities outrightly banned or strictly regulated?
• Fiscal charges, such as taxes.
• The specific requirements for issuing the license.
• The duration to process the license.

Isle of Man, Curacao, and Costa Rica are some of the jurisdictions where sports betting licenses can be obtained with ease.

3.      Cooperate with an iGaming Software Provider

Collaborating with an Interactive Gaming (iGaming) provider is also very important because you need the service to obtain game content. There are different ways to make this collaboration and it depends on the solutions you are looking to get and your budget.

Here are some of the best ways to partner with the software provider:

White Label Solution

This is the most popular form of developing software for online sports betting platforms. It involves choosing from the existing software solutions, instead of placing an order for a new one.

Turnkey Sports Betting Software

It is also called “Completely Customized Sports Betting Solution.” It involves placing an order for fully customizable software for your sports betting platform. Going by the customizability, you can request for specific features to be added to the software.

Working with Another Operator’s License

You can also become a “Licensee Licensee” meaning that you can use the existing sports betting software of another operator for your platform. At the same time, you can earn commissions for attracting other operators to use the same software.

Note: The disadvantage is that you wouldn’t be able to have much say in the management of the software.

4.      Hire Experts to Develop Your Sports Betting Platform

It is now time to hire professionals in different fields to help develop your sports betting website. Some of the professionals you need on your team are:

• Website developers (front-end and back-end developers/coders).
• Business analysts
• Product designers
• Graphic designers
• Mathematicians (especially those familiar with Random Number Generators).
• Project managers

5.      Integrate Everything that is Needed into the Platform

Every other thing that is needed for the growth of your online sports betting platform needs to be integrated. These include:

• Online payment gateways/channels.
• Match scheduling
• Multi-language support
• Login panel
• Administrative tools, such as panel with player information, player management, and login panel.
• An online community where the users/players can discuss, gain clarity on sports betting strategies and watch games.
• Live betting/streaming functionality

6.      Set Marketing Tactics in Motion

Start the pre-marketing tactics before the platform and increase the tempo after the launch of your online sports betting platform. Promoting the platform to the right audience at the right time and with the right message is one of the fastest ways to get more traffic in the shortest time possible.

The marketing channels and strategies you can explore are:

• Content marketing
• Paid advertising on Facebook, Google, and Twitter.
• Influencer marketing
• Getting mentions on high-ranking sports news sites and blogs.

Wrapping Up: Start a Powerful Sports Betting Platform in 2022

There you have it – all the information you need to start successful online sports betting business. Implement those strategies and you will be on your way to building a website where people will be interested to watch and wager on their favorite sports.