Sportsbook Software: White Label or Develop Your Own?
So, you’ve decided to start a sportsbook. Congratulations! You’ve identified an exploding market, seen an opportunity to put your creative stamp on the industry, and are ready to get started. What’s next? The first step in launching an online sportsbook is building out your sportsbook software.
There are a few sportsbook solutions operators can choose from at this stage, with the two most popular being developing your betting technology in-house or outsourcing your sportsbook software to a reputable provider.
Both have their advantages and occasional pitfalls, though the vast majority of operators utilize a sportsbook software provider to develop their platform. We’ll take a look at and discuss the reasons why below.
Speed and efficiency – or not?
If you’re a software engineer or a developer, go ahead and skip this segment. You know full well how time consuming and expensive this process is. Developing online sportsbook software in-house requires considerable resources and time at your disposal. A team of software engineers, UX designers, and a strong partnership with a data provider such as Sportradar are the building blocks of a successful sportsbook. Couple that with years of development time to reach full bug-free functionality, meet certification requirements and full regulatory compliance and you’ve got a pretty compelling argument to contract a software provider.
A white label sportsbook solution arrives at a fraction of the cost and in a fraction of the time. The platform has already been designed, developed and tested by the provider, while being fully compliant with all necessary certifications. These solutions can arrive in as little as two weeks, allowing you to reach the market and start generating revenue faster.
If you’re new to the space, establishing a positive reputation quickly is a difficult but necessary task. It’s important to have your bettors minds at ease, and allowing them to have full confidence in your sportsbook software is an excellent way to achieve this. By selecting a reputable provider, you not only benefit from their expertise, but also their credibility as you build your own. Good providers have quality people leading the charge and a strong team behind them to ensure their product is the best it can be. Click here to download 20 Questions To Ask Betting Technology Providers as as guide to making an educated decision.
An added benefit of choosing a reputable provider is inherent stability and reliability. A positive reputation exists for a reason – your mind should also be at ease knowing that your sportsbook is operating as it should.
Scalability and mobile design for sportsbook software
A reputable sportsbook software provider should have scalable offerings that operate seamlessly on mobile devices and smartphones. The ability to have your sportsbook grow alongside your business is critical as your user base, reputation and presence in the marketplace expands. As your business begins to generate more revenue and your sportsbook must expand to accommodate traffic, a white label solution will be up to this task.
Furthermore, giving your bettors the ability to operate your sportsbook on their mobile devices is nothing short of critical. The amount of global web traffic originating from mobile devices is growing exponentially, meaning bettors are just as active on the go as they are at a desktop computer. A mobile first design doesn’t make concessions in performance as bettors run the sportsbook software on their devices. Opting for a white label platform takes this out of the equation entirely, as the best sportsbook software providers have this top of mind.
Sportsbook software needs a capable back office
A major component of bookie software is a fully loaded, powerful back office, where administrators are provided with the tools and features to manage their business. This accounts for things like bonus systems, powerful marketing tools, intuitive dashboards, and Player Account Management (PAM) systems, in addition to analytics and financial management.
A white label solution will have a back office built directly into the sportsbook, with all necessary features ready to go. Having these tools available and presented in an intuitive manner helps operators get moving quickly and efficiently while offering technical support.
What features does good sportsbook software have?
When narrowing down the list of potential sportsbook software candidates, operators should look for the following features when making their decision.
While a white label solution comes polished and ready to operate, software providers should allow for full customizations. This includes things like colours and integrated custom branding throughout the platform, in addition to access to the engineering and UI/UX teams.
Regulatory compliance and gaming license assistance
Sports betting software providers should have standard KYC (Know Your Customer) guidelines built seamlessly into their platform for fast, easy identity protocols. Furthermore, the best providers offer assistance in securing a gaming license, regardless of your market and needs.
Sportsbooks should have the best odds and margins built directly into their platform, by integrating sports technology companies such as Sportradar. This allows for unrivaled pre-match and live odd feeds.
Live betting ensures your players are completely plugged into your platform before and during events.
Providers should have coverage of hundreds of thousands of yearly events, and many thousands of live events per month over a multitude of leagues and sports.
Sportsbook software providers should take the world of Esports into account, again leveraging a company like Sportradar. League of Legends, Dota 2, Counter Strike and more are popular titles your bettors will look for with pre-match and live betting odds.
Modern bettors don’t just rely on credit card and bank transfers to make wagers anymore. Secure payment gateways that can also accept cryptocurrencies are a must-have for recruiting and retaining bettors to your sportsbook.
Bonus: betting on the blockchain
Consider a software provider that utilizes wagering on the blockchain. On-chain transactions offer an extra level of traceability, as the record on the blockchain serves as a public receipt of the wager.
Targeting emerging markets
An often overlooked component of a good sportsbook is the ability to appeal to emerging markets. These emerging markets offer the possibility of exponential growth, as sportsbooks and iGaming become increasingly popular with the expansion of mobile internet traffic.
Ready to take the first step?
Contact Lion Gaming today for a free demonstration of our white label sportsbook software. Our team of industry leaders and our unmatched tech can help you and your sportsbook hit the ground running!