The Most Important Factors to Consider When Choosing From Sportsbook Software Providers
iGaming operators who want to outsource their sports betting technology need to consider a few things before selecting from all of the sportsbook software providers available. If you’re wondering whether or not you should develop your sportsbook platform yourself, we recommend that you check out our article titled, The Case For Outsourcing Your Betting Technology before reading on. This article pertains to both new and existing operators who are either evaluating sportsbook technology to start an online sportsbook for the first time or those who are looking to change sportsbook platform providers.
Now let’s jump right into it.
Since there are so many sportsbook software providers out there, you need to be diligent in your decision making. Here are several key criteria that you should know when selecting a sportsbook provider.
Product Fit
The first place to start is determining whether a provider’s sportsbook software enables you to accomplish your goals. It’s important to have this conversation early on with potential white label sportsbook providers so you know exactly what you can expect going forward.
Here are a couple questions you should think about to determine whether a sportsbook software provider’s product is the right fit for your sportsbook and iGaming operation.
What do I want to offer my players?
This might seem like a simple question but it’s critical in determining the right white label sportsbook provider for you. If you want to start an online sportsbook then you need to look for providers who can give you access to the best odds and margins for the sports you want to offer your players. If offering your players esports is essential for you, make sure to ask the sportsbook provider if they can include esports in their offering. If they can, you should also ask if esports betting comes with any additional costs on top of what you are paying for the sportsbook. You should also know that esports betting has become a standard offering from sportsbook providers and that it should be available.
If you want to give your players the option to play casino table games as well then you need to make sure your sportsbook platform provider has either built out or can integrate the popular table games that players want.
How do I want to accept payments?
There’s no point in running a sportsbook or online casino if you can’t accept wagers. Think about the way in which you want your players to bet on your site. Is it in Dollars, Euros, Rubles, Pesos, etc? Do you want the ability to accept payments in any fiat currency or just a select few?
Also, the rise of digital wallets and blockchain technology has created significant demand from players who want to wager in cryptocurrencies like Bitcoin, Ethereum, and Litecoin to name a few. If you’re considering offering your players the ability to wager in cryptocurrency, you’ll want to make sure that your technology provider has developed a secure process to enable these types of payments and payouts. In fact, one study shows that the use of cryptocurrency in sports betting has increased by 116% year over year in the first quarter of 2022. With that said, it’s important to consider adding crypto options for your sports betting audience.
Product Compliance
Gambling regulation and compliance issues are unique across different countries and jurisdictions. Something that you should consider when evaluating a sportsbook or online casino technology provider is whether or not they have built their product using a compliance-first approach.
You might think that a particular provider has all the bells and whistles that you’re looking for, only to discover down the road that their product doesn’t follow the regulatory and compliance protocols of the jurisdiction that you want to operate in. Out of the gate, make sure to ask potential providers whether or not they are licensed to operate in your market.
Another thing to consider is how recently a technology provider has updated their product. In an industry that’s changing constantly, you want to make sure that the sportsbook provider is up-to-date on compliance issues. It’s very possible that providers were compliant in a particular jurisdiction at some point in the past, but haven’t caught up to changes made to the regulatory environment in recent years.
Product Reliability
Few things will deter a bettor more from using your sportsbook or casino than an unreliable product and a poor user experience. As an operator you want to make sure that your sports betting technology provider can handle the volume you’re expecting on your website. This is particularly important during big sporting events like the World Cup, March Madness, or the Super Bowl. If a player logs in to make a bet and they can’t due to system and capacity overloads, it’s unlikely that they will return to your platform in the future.
The notion of product reliability also extends to the live-betting space as well. Quick access to betting lines and odds for in-game betting is critical for exceptional user experiences. You should be comfortable knowing that your sports betting technology is providing your players with the hassle-free live-betting experiences they demand.
In summary, the three things that you should consider when evaluating sportsbook providers are product fit, product compliance, and product reliability. If the provider you’re evaluating doesn’t meet the criteria you’re looking for then that should be a signal to look elsewhere.
Want to learn more about Lion Gaming Group’s white label sportsbook solutions? Contact us today or send an email to [email protected] to get the conversation started.
