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10 September, 2021

The Case For Outsourcing Your Betting Technology

Whether you are already running an iGaming operation, or want to start an online casino or sportsbook, the betting technology used to power your business is of the utmost importance. Given the vital role betting technology plays in the success of an iGaming business, this article highlights the importance of outsourcing your betting technology in order to maximize the efficiency and profitability of your business.

There are a number of reasons outsourcing technology is an attractive option for iGaming operators. Here are a few of the biggest reasons that you should consider.

Capital requirements and cost of betting technology

Developing betting technology is a time consuming and expensive process. The first question you should ask yourself is this:

When do I want to go-to-market?

Building scalable, dependable and market ready betting technology is a years long process. Assuming that you do not want to wait years to start an online casino, you need an online casino software provider who is able to help you accelerate your business. The opportunity cost of not launching in a specific time-frame can be hard to quantify, however it is important to keep in mind that while you are developing your own casino or sportsbook software, competitors will be launching in their target markets using white label betting solutions and gaining market share.

The next question that you should ask is relevant to all businesses, and for both existing and prospective operators:

Are our expenses and burn rate sustainable?

Software development is extremely expensive, particularly when working with newer technologies that can accommodate cryptocurrency and digital assets. Before you ask yourself if you even need to accept crypto for your iGaming business, the answer is yes.

The competition for talented casino software developers is fierce, and you should expect to spend multiple six figures each year for just your technology team if you decide to develop your betting technology in-house. If you outsource the betting technology that powers your operation, you can keep overhead to a minimum, providing more flexibility in the case of an unexpected downturn, and the ability to allocate your resources to other parts of the business such as player acquisition, which will be detailed further in this article. Additionally, the dollar costs of licensing white label casino solutions and white label sportsbook solutions are lower than costs developing in-house.

Features & reliability of betting technology

While a marketing strategy is essential to the success of your operation, the reality is that players have access to more online casinos and sportsbooks than ever before. As a result, you cannot rely purely on marketing initiatives in order to attract and retain players. You must offer competitive features and have a reliable product that players will enjoy. Some of the features you need to consider are web3 wallet integrations, multiple payment methods, PAM software, airdrop functionality, on-chain wagering, and customer support portals to name a few. All of these features need to be developed independently and work together if you develop your own betting technology in-house rather than outsource it.

Is your betting technology accessible for your players?

Technology has progressed at a rapid rate for several decades now, leading to unprecedented market opportunities. People who previously were unable to access iGaming platforms due to being “unbanked” or lacking a desktop computer are now able to wager through the use of cryptocurrency and mobile devices.

In order to tap into this new massive pool of players you need to use technology that is mobile friendly and able to facilitate crypto transactions. Even if you wish to solely target more traditional iGaming bettors, you still need to figure out how you would handle payment processing and remain compliant with anti-money laundering laws. Technology providers such as Lion Gaming have white label and turnkey betting technology that enable you to reach these players. Our Fer0x Casino and Fer0x Sportsbook solutions are a great choice if you want to reach the next-generation of players.

Can your betting technology inspire confidence in your players?

For upstart or unlaunched casinos and sportsbooks, the lack of an operating history creates a catch-22 for acquiring customers, as a lack of reputation prevents you from gaining bettors that they need to establish a reputation. Thanks to the latest technologies, it is possible for you to provide players with peace of mind even without established brand recognition.

Through the use of blockchain technology and provably fair shuffling methods found in our iGaming solutions, you can empower your players to independently verify the fairness of their wagers. This technology leverages smart contracts that let bettors retain control of digital assets, have receipts on public ledgers, independently verify that their wager was fair, and eliminate fees and delays which thereby increase profit margins for you. You are able to harness these technological advancements through our white label and turnkey online casino software and white label sportsbook solutions powered by our Fer0x Engine.

The final question you should ask yourself when considering building your own betting technology is…

Will your betting technology work?

The worst case scenario you could face is spending significant capital and time developing casino and/or sportsbook software, only to have it not work when deployed, or to malfunction when onboarding players. Outsourcing technology means that you are able to work with a provider who has a proven track record of reliability. Choose a provider like Lion Gaming that has a proven track record of launching and maintaining operational online casinos and sportsbooks.

Focus & efficiency

One of the hard truths in life is that it is impossible to be good at everything. If you are developing your own casino or sportsbook software, you are allocating resources and capital that could have been devoted to other segments of your business. Instead of spending significant capital and time building out a technology suite, you could outsource their technology and go with a white label casino or white label sportsbook solution; freeing up your resources toward acquisition, retention, customer support, marketing, expansion, and other areas that drive growth.

If you think that outsourcing your betting technology to reduce costs, stay up-to-date with technological advancements, and focus on growing your business seems like the smart choice, contact Lion Gaming today. We are happy to show you the way that our online casino and sportsbook software can turn your operation into a roaring success.

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VP of Operations
c.lewis@liongaming.io

Christine Lewis

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      Our address
      Lion Gaming Group Inc.
      855 2 St SW #3500
      Calgary, AB
      T2P 4K1 Canada
      Our address
      Lion Gaming Group Inc.
      855 2 St SW #3500
      Calgary, AB
      T2P 4K1 Canada
      Our address
      Lion Gaming Group Inc.
      855 2 St SW #3500
      Calgary, AB
      T2P 4K1 Canada