Sports Betting Software
Sports betting software can mean different things depending on who you talk to. For some people, it could mean a product that analyzes the statistics of players, matches, teams, etc. that helps them make decisions on placing bets. That type of betting software is centred around sports analytics. For another person, sports betting software can mean the websites or the products that they use to place a wager. In other words, the software that they are looking for would be an online sportsbook. The focus of this article, however, is sports betting software that allows someone to start an online sportsbook. This type of software often comes packaged in turnkey or white label solutions.
What do you need sports betting software for?
The reason why entrepreneurs, investors, or business people want to buy sports betting software is so they can start a sportsbook. Starting a sportsbook allows businesses to accept wagers on different sports and esports events. The global market for sports betting in 2021 was valued at over $76 billion USD. Plus, the market is expected to grow at a compound annual growth rate of 10.2% until the end of the decade. With such a large market, and one that’s expected to continue growing at a steady rate, it’s easy to see why there are many people looking to get into the sports betting business. In fact, in the United States alone, there are thousands of online searches each month for people looking for software to start an online sportsbook.
White label sports betting software
White label sportsbook solutions are a popular choice for people who are evaluating sports betting software. They provide everything that you need to start a sportsbook and allow you to get up and running quickly. White label software such as the kind built by Lion Gaming offers powerful back-office tools, integrated payment methods, player account management systems, analytics, email marketing, the ability to accept wagers in crypto, bonus systems, affiliate management systems, fully customizable websites, and much more.
The two main benefits of white label solutions are speed-to-market and cost. By taking advantage of white label sportsbook software, you can have a fully functional website complete with your unique branding and start accepting wagers in as little as a few weeks. You can reduce the time it takes to get to market from years when you build your own software to just a few weeks when you choose white label solutions.
The other benefit that sportsbooks get when they choose white label solutions are the upfront savings. By eliminating the costs associated with hiring sportsbook software developers, lawyers, computer engineers, compliance experts, and managers to oversee the development of your sportsbook, you can save hundreds of thousands of dollars by choosing a white label sportsbook provider to support your operation. To learn more about the other benefits that sportsbooks can realize when they choose a white label solution instead of building their sportsbook software in-house, read our article titled The Case For Outsourcing Your Betting Technology.
Crypto sportsbook software
Many sportsbooks these days offer the ability for players to deposit, wager, and withdraw using different cryptocurrencies and tokens. Potential sportsbooks often wonder if they need separate solutions to accept cryptocurrency instead of fiat currency on their websites. If you were developing your sportsbook technology from scratch, this would be a strong consideration to make. Once again, however, there are benefits to white label sportsbook software. Lion Gaming offers white label crypto sportsbook solutions in addition to our traditional sportsbook software. The great news for sportsbook operators is that they don’t need to choose between the two. We’ve integrated crypto payment methods and traditional fiat payment methods to our white label sportsbook software so our partners can take advantage of the growing trend of betting on sports using cryptocurrency.
There are also some considerations to make about the level of blockchain technology that you want to use in your sportsbook. Many sportsbook technology providers today offer the use of crypto as a payment rail in their solutions, but Lion Gaming is the leader in the industry when it comes to using blockchain technology to its fullest capacity for sports betting. We offer sportsbooks the ability to execute each wager on-chain using smart contracts. To learn more about the way that on-chain wagering is the next evolution of sports betting, and how our crypto sportsbook software is different from anything else in the market, check out our article titled, The Difference Between On-chain Wagering and Crypto as a Payment Rail.
What else should I look for in a sports betting software provider?
We previously mentioned the fact that white label sports betting software comes with all the tools that you need to manage your sportsbook in the backend. But you also need to look for important customer-facing features. Some of the most important features of sports betting software include live betting options for players, comprehensive event coverage to ensure that the sports your players want to bet on are available, parlay betting, player props, esports coverage, and a flawless betting experience from mobile phones. To explore Lion Gaming’s suite of bleeding-edge sports betting software, contact us today or email us at [email protected] We’ll show you the impact that our powerful sports betting software can have on the success of your operation.
