Winning Big with Online Sports Betting Software
Winning big as an operator in the sports betting world often comes down to the technology at your disposal. The online sports betting software you choose can have a major influence over your business, whether it’s built from the ground up or purchased through an iGaming software provider. As the industry swells, the demand for cutting edge, high quality betting solutions is greater than ever, which is where online sports betting software comes into play.
In this post, we’ll take a look at why the sports betting industry has undergone such growth in recent years. We’ll also discuss the benefits of partnering with a software provider and how it can translate to bigger wins for you and your business.
Why has sports betting become so popular?
Sports betting has become immensely popular in recent years, particularly since 2018. That year, the United States Supreme Court overturned a sports betting ban introduced in 1992. Five years on, over 30 US states have legalized sports betting, with Canadian province Ontario following suit this past year. In addition to the growing legalization of sports betting, the industry has grown exponentially as a result of the following factors:
- Convenience: Players can now place wagers from their smartphones, tablets, or computers instead of a brick and mortar bookie shop. Most online platforms also offer bettors options such as parlays, teasers, props, futures, and live betting.
- Availability of information: Sports bettors have access to a wealth of information and resources that help them make informed decisions like never before. Advanced data is now available from the NHL and NBA, which players can use to create instant analysis.
- Covid-19 lockdowns: During the height of the pandemic, in person events took a back seat to online activities. This drove bettors and sports enthusiasts alike to online betting platforms for entertainment and social activity.
A culmination of these factors has led to the global sports betting market growing at a rapid pace. The digital age has contributed to this growth significantly, giving the industry accessibility and convenience like never before. However, as sports betting gains popularity, the competition has become fierce for sportsbook operators. In order to stay ahead, operators need more than just a solid business plan and a passion for sports. They need an innovative platform, featuring state of the art technology and the highest standards of security and user experience.
Building your own vs. partnering with a provider
For entrepreneurs, the idea of building a sports betting platform from the ground up has plenty of appeal. It grants you the ability to design and create a completely custom platform, totally unique to the rest of the market. However, building a sportsbook from scratch comes with some immense challenges. Here, we’re going to discuss why partnering with a reputable sports betting provider is the smarter choice for you and your business.
Developing a sportsbook in-house can be extremely costly. Hiring teams of skilled developers, designers and testers is one thing, but you’ll also need to invest in infrastructure, licenses, and ongoing maintenance. These combined costs are a considerable financial burden, whereas purchasing white label online sports betting software is much less expensive. The up-front costs may seem large, but pale in comparison to the financial strain building a platform has. Furthermore, opting for a white label solution gives you a fully developed and fully tested platform, loaded with all the features you need to hit the ground running. Speaking of which…
In any business, time is of the essence. In the world of online sports betting, this rings especially true as the industry continues to expand and gain popularity. Developing a fully functional platform can take months or even years to complete. This extended timeline can result in missed opportunities or potential customers lost to your competition. However, working with a provider offering online sports betting software can get your platform up and running in a matter of weeks.
Expertise and industry know-how
Creating a successful platform isn’t just about writing code and design. It requires a deep understanding of the industry, including regulatory compliance, and the ability to adapt to market trends. By working with an established, experienced and reputable online sports betting software provider, you gain their real world experience. They’ve already navigated the complexities of the iGaming world and can offer valuable insights into how to be successful. You can benefit directly from their industry know-how to avoid costly mistakes.
Working with an online sports betting software provider grants you access to their technological innovations well. Their white label platforms are highly customizable, intuitive, and loaded with features. Lion Gaming offers a range of solutions, from fully on-chain platforms designed with the highest security standards in the industry, to platforms loaded with web3 integrations. This includes integrations with digital wallets, airdrop functionalities, and the ability to accept thousands of cryptocurrencies and tokens.
Ongoing support and updates
For successful iGaming operators, the work doesn’t stop once your sportsbook has launched. Maintenance, continuous updates and customer support are all essential to keep your platform running smoothly and the needs of your customers met. A reputable software provider offers updates, customer support and improvements as a part of the package. This means you can focus on things like business development and marketing, while the software provider handles the technical side.
Risk mitigation and building a reputation
Launching your own platform can be a risky endeavor. From technical issues to legal pitfalls, there are numerous obstacles that can derail your hard work. Furthermore, it can be difficult to build a positive reputation quickly as a new operator. However, you can offset these risks and build a reputation quickly when working with an online betting software provider. The provider’s experience and established infrastructure mitigates the likelihood of something going wrong. Furthermore, by partnering with a reputable provider, you can send a message to the industry that you mean business and are operating above board.
In iGaming, the key to winning big goes above and beyond having a great idea for a betting platform. It’s about making smart choices, particularly when it comes to your online sports betting software. While building your own platform is a noble endeavor, it comes with a laundry list of challenges that can derail your efforts.
Working with a reputable, trusted software provider like Lion Gaming streamlines the process tremendously. In addition to receiving a fully loaded, tested platform, operators gain access to decades of combined experience, industry leading technology, and unmatched customer support and maintenance. Taking this approach will allow you to focus on growing your business instead of the technical nuts and bolts that go into running a platform.
So, are you ready to get started? Contact Lion Gaming today and let our team be your trusted guide on your sportsbook journey.