What Is A White Label Sportsbook Solution?
White label sportsbook solutions are a popular choice for people who want to start their own online sportsbook. They can be easily set up in a fraction of the cost and time it would take to develop the technology yourself. Continue reading this article to learn more about white label sportsbook solutions.
So what makes them so popular?
Developing sportsbook software in-house requires an extensive amount of resources and takes a considerable amount of time. In order to build a sportsbook in-house, the development cost will require a full team of software engineers, UX designers, and partnerships with data providers such as Sportradar. From a time perspective, it takes years to get a sportsbook that is fully functional, bug free, and meets the certification requirements of your data provider partner. This is why the vast majority of sportsbook operators utilize a white label software solution.
A white label sportsbook solution is an iGaming solution designed to provide iGaming operators with a fully functional sportsbook complete with their branding, back-office, sports data feeds, payment solutions, technical support, and risk-management. Essentially it provides operators with everything they need to run an online sportsbook without having to develop the software themselves. We wrote extensively about the benefits of choosing a white label solution rather than developing a sportsbook platform yourself in a piece titled The Case For Outsourcing Your Betting Technology.
How To Start An Online Sportsbook
If you have ever considered starting your own sportsbook, it’s likely that you have come across white label sportsbook providers. These are companies who have invested the time and money into developing the technology that supports online sportsbook around the world. You might be surprised to learn that some of the most popular sportsbook available today didn’t develop their own platforms, and instead chose to outsource to a sportsbook solution provider. Many of the world’s largest online sportsbooks work with a betting technology provider not only for the faster go to market that using a ready-made product offers, but because of understanding their strengths. A well known quote from Socrates best describes this: you can be a jack of all trades, or a master of none. Acquiring and retaining users in the iGaming industry is a competitive task, and operators need to ensure that they are fully dedicating themselves towards that purpose if they wish to succeed. Even for companies with extensive revenues and resources at their disposal, it is an unrealistic expectation to succeed as both a technology company (i.e. building their own technology) and succeed at acquiring and managing players.
However, there are risks associated with some platform providers that you might not be aware of. Some of these risks include lack of compliance, layouts that are not mobile-friendly, and the inability to accept new payment methods such as cryptocurrency. Choosing a technology partner is one of the most crucial decisions an operator can make, as the operator is relying on them to provide them with a product that consistently works, and is able to accommodate their users technical expectations from a platform. To learn more about these risks, read our article titled, The Risks Operators Face With Outdated Sportsbook Technology.
What to know about sportsbooks and gambling licenses
While enlisting an iGaming platform provider that offers white label sportsbook solutions is a great jumping off point to start an online sportsbook, it doesn’t cover everything operators need. For example, iGaming technology providers won’t provide you with the gambling licenses necessary to ensure your operation is compliant within the countries you wish to take bets from. It’s critical that you make sure that you have the appropriate gambling license secured before you start taking bets from players. Many iGaming providers will be able to point you in the right direction or introduce you to connections they’ve established with different licensing regimes to ensure that you are compliant. In fact, reputable iGaming providers won’t work with sportsbook operators who don’t have licenses. If a sportsbook provider tells you that you don’t need a license to run a sportsbook operation then you’re probably dealing with an unreputable provider. Check out our blog titled, Gaming Licenses: Everything iGaming Operators Need To Know to learn more about gambling licenses and the options available.
Choosing a sportsbook solution provider
We’ve already touched on what to look for when choosing a sportsbook provider. It’s important to ensure that their technology is compliant, that the platform runs smoothly from mobile devices and smartphones, and that they can accept newer payment methods like cryptocurrency. But there’s also more that you should know when evaluating white label sportsbook providers. Download 20 Questions To Ask Betting Technology Providers by clicking here to be confident in the conversations you’re having with prospective vendors.
If you are wondering if your existing sportsbook provider has the tools and features you need to succeed, you should download 10 Questions to Ask Your Existing Technology Provider. If you’re interested in learning more about Lion Gaming Group’s sportsbook solutions, you can contact us here or email us at [email protected] We’re happy to show you how our technology can help you start an online sportsbook today.