Find Your Blockchain Sportsbook Provider
The iGaming market is getting increasingly competitive. Sports betting in particular is enjoying a prolonged moment in the sun, with new markets emerging and the cultural acceptance of gambling growing by the day. In order to stay competitive, iGaming operators are looking for any edge they can find. Blockchain technology can represent that edge. By working with a blockchain sportsbook provider, you too can start a best-in-class sportsbook offering an unparalleled experience.
In this guide, we’ll take a deep dive into what a blockchain sportsbook is, as well as the role blockchain sportsbook providers can play in your business. Furthermore, we’ll explore the advantages of working with a sportsbook provider and some exciting web3 integrations operators can look forward to.
What is a blockchain sportsbook?
Simply put, a blockchain sportsbook is an online sports betting platform operating on the blockchain. These platforms go above and beyond accepting cryptocurrencies and tokens as payments. True on-chain sportsbook solutions, like the one offered by Lion Gaming, use the blockchain to record bets, transactions and wagers on digital, immutable ledgers. These ledgers are public, allowing for complete transparency of both sides of the wager.
Players and operators alike can reap the benefits of a blockchain sportsbook. These include best in class security and efficiency, as well as being significantly cheaper to operate than traditional sportsbooks. While the infrastructure is more costly up front, the running costs are facilitated by cryptocurrencies and are primarily automated.
Furthermore, operating a blockchain-based iGaming platform gives operators access to a global audience. As cryptocurrencies and the blockchain are decentralized, players from all over the world can engage with your platform.
What role does a blockchain sportsbook provider play?
Blockchain sportsbook providers offer white label or turnkey software solutions to their partners. These solutions are one-stop-shopping for iGaming operators, as they come fully loaded with all the features needed to run a successful sportsbook or online casino.
These solutions, while built on a general template, are highly customizable to fit the needs of various partners. They can be launched in a matter of weeks, and provider operators with expedited time to market and a vast array of capabilities.
What are the advantages of using a blockchain sportsbook provider?
Working with a blockchain sportsbook provider has many advantages which we have outlined below.
Time to market and reduced costs
As we alluded to above, working with a white label or turnkey sportsbook software provider is a great way to streamline the launch process. Instead of building a platform from the ground up, operators can lean on the power of a heavily tested, fully operational sportsbook. This not only allows a faster time to market, but reduces the likelihood of bugs, and cuts costs. While the software may seem expensive, the cost of a white label solution pales in comparison to creating one from scratch.
Let’s face it: the blockchain is complicated, even for those with a firm understanding of what it is and how it works. Couple that with the expertise needed to run a successful sportsbook, and even the most experienced iGaming veterans are going to have questions. Working with a blockchain sportsbook provider goes beyond acquiring a white label platform and gives operators access to a wealth of knowledge and experience. This can help them avoid common mistakes and pitfalls as they start their journey.
While a white label solution may sound like a one-size-fits-all approach, the opposite is true. These solutions are highly customizable, giving operators the ability to change the overall aesthetics of the platform, in addition to having custom odds and a tailored selection of events.
Arguably one of the most intimidating parts of running any kind of sportsbook is licensing and regulations. A blockchain sportsbook provider will help you navigate these waters, providing guidance on licensing in addition to regulatory boundaries for your sportsbook.
Like any business, reputation matters in iGaming. It can be difficult to build a positive reputation quickly, which is where working with a reputable software provider can help. Partnering with the right provider not only sends the message that you’re operating above board, but you provide a high quality product to your players.
The importance of technical support cannot be overstated. Giving your players access to a comprehensive customer support system is a fantastic way to boost their experience. If issues are resolved promptly, they’ll be far more likely to stick around or come back for more.
Scalability and technology
As your business grows, your sportsbook should be able to grow along with it. Working with a blockchain sportsbook provider will do just that, minimizing downtime and headaches along the way.
Furthermore, a software provider gives you access to their top of the line technology and innovations. This will include the latest market trends, in addition to powerful web3 integrations. Speaking of web3 integrations…
Here are some of our favourites. Web3 and the blockchain offers some serious benefits to sportsbook operators. With its decentralized nature, web3 gives players greater control over their personal data. This boosts security and limits fraud and hacking.
Some other web3 features to look for are the ability to integrate crypto wallets and utilize airdrop functionality. Accepting crypto wallets allows players to use over a thousand different cryptocurrencies and tokens as a payment method, giving your platform maximum flexibility. Airdrops allow operators to trigger rewards for players based on their gaming behavior, or to promote specific events with automated rewards.
If you’re looking to launch your own blockchain sportsbook, working with a software provider is a great place to start. While you’re evaluating your options, keep in mind the factors above to determine if they’ll be a good fit for your business. What kind of experience do they have, and what is their reputation like in the industry? Do they offer exciting customization options and innovative features? How quickly can they get you to market? These are all questions you should be asking while making your decision.
If you’ve started this process, contact Lion Gaming today and let us show you why we’re a trusted pillar in the iGaming space. Our wealth of experience in the blockchain and crypto, in addition to online casinos and sportsbooks, make us an ideal candidate to bring your vision to life!