How to Start a Sportsbook
As the world continues its surge into the digital age, sports betting is becoming increasingly popular. More bettors than ever before are trying their hand at wagering on their favourite team, sport or league, with sportsbooks and betting software becoming more readily available by the day. With the global iGaming industry value set to surpass $150 billion by 2030, many entrepreneurs have the desire to enter the sports betting space and are wondering how to start a sportsbook.
In today’s post, we’ll lay out a simple guide for how to start a sportsbook in the most efficient manner possible, so operators can spend less time worrying about their software and more time recruiting bettors to their site. Read on to find out more about the sportsbook solutions available.
The first decision you’ll need to make is whether you’d like to build your sportsbook from the ground up, or utilize a white label sportsbook software provider. The vast majority of operators opt for the white label route when discovering how to start a sportsbook. Some of the benefits of white label sports betting software are laid out below.
- Speed to Market: Developing your own sportsbook software can take months or even years. Building the platform from the ground up requires not only time, but a dedicated team. With a white label provider, you can launch your sportsbook within a matter of weeks, allowing you to focus on other areas of your business.
- Cost-Effectiveness: Developing your own software can be expensive. Not only is your own time valuable, but so is the time of all of the developers and engineers you’ll need to hire. By utilizing a white label provider like Lion Gaming, you can bundle all of your development costs together in a one time fee.
- Customization: Despite using a pre-existing platform, some white label sportsbook software providers allow a high degree of customization. You can tailor the platform to fit your vision by integrating your own branding and colours, setting your odds, and choosing the sports and betting markets you want to offer. However, the level of customization varies from provider to provider. If customization sportsbook is important to you (which it should be) then you should clarify the extent of customization available with each provider you evaluate.
- Technical Support: A good white label sportsbook software provider will offer ongoing technical support to ensure that your sportsbook runs smoothly. Remember, errors and mistakes happen. It’s the response to your bettors that will resonate far more than the problems themselves.
- Compliance: White label providers typically handle regulatory compliance, ensuring that your sportsbook meets all relevant laws and regulations. Entering a new market comes with enough challenges. By leaving regulatory compliance to your provider, you’re saving yourself at least one extra headache.
OK, white label it is. What’s next?
The next step in the process of how to start a sportsbook is to obtain a gaming license. Reputable sportsbook software providers will not work with your business without a license in place, making this piece absolutely critical.
It can seem like a daunting task, but securing your license boils down to determining which region you’re looking to take bets from and filling out lots of paperwork. A good starting point is to contact your local gambling and gaming authority to learn about the applicable licenses you’ll need for your operation. If you’re a little lost, you’re not alone. Contact us today and we can help you navigate this process.
Research and choose your provider
With the decision made to go with a white label provider and your gaming license in place, it’s time to find your software provider. It’s important to consider a few things as you research your options and ultimately make your decision:
Reputation and demonstration
First, ensure your provider is reputable, compliant, and has a proven track record of delivering quality results. Second, view a demo of their product and get a feel for their interfacing. It’s critical that the platform is easy to navigate for your players, and has an intuitive design.
How many events are available?
Next, take a look at the sports and events they have available to you. There should be a wide range of sports, events and Esports on their roster. Think about casting a wide net to prospective bettors – the more options you have available to them the better!
Customization options are also very important. A key step in how to start a sportsbook is to customize the platform to reflect your brand and target audience. You’ll want your sportsbook to be a reflection of your brand if it’s a standalone product, or if it’s in addition to your online casino, you’ll want it to integrate seamlessly with your existing platform.
Payment system infrastructure is another box to check. Your sportsbook should be able to accept traditional payment methods, such as credit cards and bank transfers, but also payments from e-wallets such as Skrill. Opting for a sportsbook that can also accept digital currencies is another consideration, as cryptocurrency’s footprint is growing in the sports betting space.
Technical and customer support
Finally, look for a provider with good technical and customer support baked in. You may wish to have your own support system in place, but having access to representatives of your provider is key to troubleshooting and resolving bugs.
Customize your sportsbook
As we briefly discussed earlier, having a custom sportsbook is very important. It will allow your sportsbook to stand out from the crowd in a highly competitive market by appealing to your target audience and creating a unique brand.
Customization also allows you to tailor your bookie software to your specific business needs. You can select the sports and events you’d like to offer your bettors, create custom odds and set betting limits. Furthermore, you can have influence on the interfacing, allowing you to create a streamlined and intuitive platform that appeals to your community.
In turn, customization allows for a more nuanced reach to your target audience, in addition to customer retention. Having a customized experience designed specifically for your users will help keep them coming back for more, building brand loyalty.
Choose a domain, start marketing and launch!
Your shiny new sportsbook is nearly ready. The anticipation is killing you. Hopefully, this next step is something you’ve been thinking about for a while.
Choosing a domain name may seem straightforward, but it’s the first thing that reaches your potential client base as you get your sportsbook off the ground and start building your reputation. Keep it short, keep it relevant, consider your target audience and make sure it isn’t taken.
Now you’re ready to launch. You can start marketing to potential customers using social media platforms, search engine optimization (SEO) and email marketing. If you’re looking for a comprehensive guide to marketing in the iGaming space, click here to download your copy of The Ultimate iGaming Operator Marketing Playbook.
Be responsive, be professional, offer excellent customer service and you’re off to the races.
Launching an online sportsbook is a significant undertaking that requires careful planning, execution, and ongoing maintenance. It’s essential to comply with all relevant laws and regulations and to prioritize customer satisfaction and security to ensure the long-term success of your sportsbook.
Contact Lion Gaming today and let us do the heavy lifting for you. Our team has decades of combined experience and industry leading expertise, and can help turn your sportsbook vision into a reality with our online sportsbook software.