Why a Turnkey Sports Betting Solution is Right For You
If you are looking to become a sportsbook operator, then the first decision you have to make is if you want to build something yourself or use a turnkey sports betting solution.
For those new to the world of iGaming, it can be a daunting task to create a sports betting platform on your own. Having to negotiate with odds providers, hire a development team, build a backend system, and everything else that goes along with creating a sportsbook is both difficult and time consuming.
That’s why using a turnkey sports betting software can be you best option. Not only does it save your team time and resources, but having a professionally-built sportsbook backed by a team of experts can ensure profitability for your project. In today’s post, we’ll outline how to find your sports betting solution!
Why a turnkey sports betting solution is a great choice
There are a number of reasons why going with a turnkey sportsbook provider is beneficial to new operators in the space. Let’s take a look at why you should consider using one rather than taking on all the hard work yourself!
The most obvious and important reason why a turnkey sports betting solution is a great choice is the time, money, and effort that it saves you.
There is a LOT of work that goes into building a sportsbook. With so many moving parts ranging from odds data APIs to Managed Trading Systems to player management, it can take you several months just to research and sign contracts with all the necessary third-parties.
Then, having to hire developers and engineers to put them all together, you can be looking at several months of work and a lot of associated expenses.
By using turnkey sportsbook software, you instantly have all the technology integrations needed for a premium sportsbook in front of you. The turnkey provider has used their connections and experience to put together online sportsbook software that includes all of these and more, making your life that much easier.
Key Takeaway: Saving time allows you to launch in as little as one month, while saving money on hiring developers means you can put those funds towards marketing and player acquisition.
You can still have a custom sportsbook
One of the big misconceptions about using a turnkey sports betting solution is that your platform will just be a copy of other bookie software that sportsbook software providers offer
Luckily, that is not the case. A top turnkey sportsbook provider will allow you to have a certain level of customization ranging from the colours, fonts, layouts, and general look, which delivers the brand you want to portray to the world.
If you want to take it to the next level and make more customizations, then they will certainly accommodate you, just at an extra development cost. This flexibility means that you are not limited by what you start out with and can continue to grow your sportsbook offering as you generate revenue. Read more about the reasons why customization in iGaming is important here.
Key Takeaway: Don’t think that a turnkey sports betting solution limits you to a cookie-cutter look. You can still customize your sportsbook for a unique look that sets you apart from the competition!
Automated player management
Managing the people playing in your sportsbook is a key element to success. From treating your best players well to limiting those who are costing you revenue, staying on top of player management is vital to success.
By choosing the best turnkey sports betting solution available, you will have tools such as automated emails triggered by deposits, withdrawals, big wins, etc. to keep players engaged, as well as loyalty programs to reward those who continue to play with you.
To manage “sharp” bettors that can use techniques such as arbitrage, match fixing, and inside information to beat your book, an integrated Managed Trading System keeps a close eye on them at all times.
Key Takeaway: All of these tools are designed to retain the players that make your sportsbook money, while automatically reducing losses against those that are winning bets on a consistent basis.
Have a turnkey crypto sportsbook
With the popularity of crypto sportsbooks skyrocketing since 2021 and set to reach over $10B by 2025, there has never been a better time to get into the world of blockchain betting.
A turnkey crypto sports betting solution means that players can deposit and bet with the most popular cryptocurrencies in the world like bitcoin and ethereum, but also smaller coins and tokens including your own!
Even better, you can harness the power of blockchain for on-chain sports betting, meaning that each bet is actually recorded in the blockchain for unmatched player transparency. This builds trust with your players and delivers a unique selling point for those looking for the ultimate level of trust when they place their bets.
When choosing your turnkey sports betting solution provider, make sure they offer multiple payment options, especially cryptocurrency!
Key Takeaway: The more payment options the better and a crypto sportsbook is an innovative, forward-thinking solution that will open up a huge market for you.
Benefit from a turnkey sports betting provider’s experience
In the world of iGaming, having experience and expertise behind your product is crucial to longevity and success. By partnering with a turnkey sportsbook provider, you can tap into their years of industry expertise for guidance on your journey.
Make sure you look at the background of the executive team and sportsbook management team of the provider when making your selection. It is recommended that you choose a turnkey sports betting provider whose team has worked in the sportsbook space for other operators, as they will understand your needs and fulfill them.
Working with an experienced provider also takes the pressure off of your team and can help you easily navigate the world of running a sportsbook while you are starting out.
The difference between a turnkey sportsbook license and a white label sportsbook license
Many operators may not know that there are significant differences in the processes for obtaining a sportsbook license. Some jurisdictions can be costly and lengthy, while others such as Curaçao are cheaper and quicker. Sportsbook licenses can run anywhere from $20,000 USD to $400,000 USD depending on the jurisdiction, as well as take several months to obtain.
The main difference between a turnkey license and a white label sports betting license is the way that commercial terms are structured between the operator and platform provider. With a turnkey solution, operators bring a gaming license that they have secured independently to the platform provider. Using a white label sports betting solution opens up the possibility of operating under a platform provider’s existing license. The benefit to white label over turnkey is that you can skip all the red tape and legal fees by going directly with the provider’s license, which generally accepts players from over 140 countries worldwide. However, choosing a turnkey route when considering licenses generally gives you more control over your operation.
If you are like many operators that want to get their sportsbook platform up in a timely fashion, then setting yourself up under the umbrella license of a provider is the best way to go.
Key Takeaway: Turnkey sportsbook providers have legal teams which comply with the regulations of gaming control boards, keeping your operation compliant and safe at all times.
Start working with a turnkey sports betting solution today
If you are ready to launch a premium sportsbook in the most efficient way possible, then our turnkey sportsbook solutions are exactly what you need.
With over 100,000 events to bet on each month, a full live betting platform, integrated player management, and all the other elements required to take your sportsbook to the next level, Lion Gaming has you covered.
Our executive team has decades of combined industry experience and will work closely with you to not only launch the best sportsbook possible, but continue to help you grow on a monthly basis.
Contact us now for a consultation and demonstration of our turnkey sports betting product to see how we can start working together!