How to Launch a Crypto Sportsbook
As iGaming has shifted from a niche market to a global phenomenon, sports betting has gained incredible popularity. Legalization, regulation and advancements in technology have breathed new life into the industry. Blockchain technology has been on a similar trajectory, with cryptocurrencies playing a major role in the sports betting landscape. For prospective operators, incorporating crypto and blockchain technology into their sportsbooks has become a serious consideration. If you’re one of the many entrepreneurs looking to venture into this market, this guide will walk you through the essential steps for how to launch a crypto sportsbook.
What is a crypto sportsbook?
Before we cover how to launch a crypto sportsbook, we first need to cover the basics as to what they actually are. In short, a crypto sportsbook is an online betting platform built on the blockchain, where players can bet on various sports and Esports events using cryptocurrencies. Beyond this basic capability, crypto sportsbooks often feature web3 integrations to enhance the user experience. Some even feature on-chain wagering solutions, where each wager is executed directly on the blockchain. This enables both operators and bettors to have the highest standards of security and transparency with the use of smart contracts.
At Lion Gaming, we believe crypto sports betting is the future of the industry. Crypto sports betting has numerous advantages over their traditional counterparts, such as reduced costs, more security and transparency, and faster transaction speeds.
What are the necessary steps?
If you’re wondering how to launch a crypto sportsbook, look no further. We have rounded up 10 essential factors to consider when getting started.
Every business venture requires market research. The sports betting industry is no different. It is highly competitive, so careful consideration is required in order to get off on the right foot. It’s critical to understand who and where your target market is, what their preferences are, and how your crypto sportsbook can fill their requirements. Research your competitors and find out where their platforms are lacking. Use this information to find an edge and unique selling proposition to give yourself an advantage!
2. Study the legal and regulatory requirements
Once you’ve discovered your target market, you will need to have a complete understanding of the legal and regulatory landscape. Make sure you consult legal experts in order to make sure you’re adhering to all necessary licensing and compliance requirements. All forms of online gambling are strictly regulated, so expert advice is key.
3. Find your software provider
Here’s where things can start to get exciting. Partnering with a reputable software provider like Lion Gaming significantly streamlines the process of launching a crypto sportsbook. The right provider will have a variety of white label and turnkey solutions available for purchase. These solutions include access to a wide range of sports and live betting markets, payment gateways, a powerful back office and even data analytics bundled together. Plus, these solutions are fully customizable, allowing you full control over the look and feel of your sportsbook.
Furthermore, working with a software provider allows you to lean on their technical expertise, in addition to licensing where applicable. It also gives you access to the latest industry trends, ensuring your sportsbook appeals to changing player demands.
Once you’ve decided on a provider, it’s important to consider web3 integrations for your crypto sportsbook. This includes things like wallet integrations, which allow users to connect their cryptocurrency wallets for seamless deposits and withdrawals. You should also consider airdrop functionalities, which allow operators to reward loyal users and promote specific events.
5. Marketing and player acquisition
Once you’ve settled on a platform provider, it’s time to market your sportsbook. Marketing is an essential part of how to start a crypto sportsbook, as it is key for attracting and retaining players. Utilizing marketing strategies, such as email marketing, pay-per-click (PPC) and search engine optimization (SEO) can have a significant impact on your success.
For a complete breakdown of iGaming marketing, check out The Ultimate iGaming Operator Marketing Playbook today!
6. Customer support and security
Offering comprehensive customer support can be a difference maker for your platform. Every business has hiccups every once in a while, but it’s how your business handles bugs and player problems that matters.
Furthermore, customer security is also critical. Your players need to trust your sportsbook operates fairly and they will be paid out promptly. One way to achieve this is to implement on-chain wagering software. For more information on on-chain betting solutions, click here!
7. Responsible gambling practices
Incorporating responsible gambling practices is more important than ever as the popularity of online gambling increases. Operators should implement features such as deposit limits, self-exclusion options and readily available information on gambling addiction. This will provide your players with useful tools while boosting the reputation of your crypto sportsbook.
8. Ongoing development and innovation
In order to remain competitive in a saturated market, operators should look to continuously improve and update their platform. This is where working with a great software provider can help, as you have access to the technologies at their disposal.
9. Analytics and data analysis
Operators need to utilize data and analytics to gain insight into their community of players. Your software provider will be able to supply you with this information, which can be used to guide marketing efforts, improve player experience and inform your decision making.
10. Scaling and expansion
As your crypto sportsbook gains traction and you find success, it’s time to consider scaling up your operation. Ideally, your software provider will be able to guide you in this process, helping you identify new markets and opportunities. This can entail new licenses, offering new features like a casino, and diversifying your offerings.
We hope this guide has helped answer how to launch a crypto casino. It requires careful planning and a commitment to legal compliance. It also requires operators to utilize the latest industry trends and have a strong focus on customer support and experience.
With the right strategies in place, and the right white label or turnkey sportsbook software provider by your side, you can carve out a niche for your business in this competitive landscape.
If you’re ready to dive in and get started with a crypto sportsbook, contact Lion Gaming today. Our team of crypto experts have engineered the Fer0x Engine to power our industry leading crypto sportsbook and can help guide you on your journey.