Sports betting is gaining in popularity worldwide. Sure to say, a large number of sports brands & sports startups are working on launching their sports betting operations. If you are one of those individuals who are interested in launching a sports betting business on a personal or organizational level, then this blog post will help you understand the entire process in a simplified way. Planning, developing, and successfully launching a sports betting business is no mean thing and this article will go a long way in helping you achieve just that.
What is sports betting?
For the uninitiated, sports betting lets bettors bet on the various facets of real sports events and earn/lose money depending on the outcome. It comprises bets, which are commonly known as wagers in the betting world. Players can place bets on the outcomes of a variety of sports including tennis, football, mixed martial arts, track cycling, horse racing, basketball, rugby, baseball, etc. Before we start delving into the main topic of the blog, let’s acquire a concise idea of the size and scale of the betting market worldwide.
How big is the sports betting market?
The sports betting market globally is foreseen to grow at a CAGR of 10%, to an estimated USD125.18 Billion by 2023. Across the world, the largest sports betting markets are Asia-Pacific & Europe, succeeded by North America & South America.
Soccer is the chief sport as far as volumes of bets placed are concerned. Basketball, Baseball & American Football round up the Top 4. Another noteworthy mention is Horse Racing, which is considered to be a significant sport in the world of sports betting. eSports is the latest trend in sports betting, with MMORPG games such as Dota 2, Counter-Strike, League of Legends, and World of Warcraft among the most popular games on which bets are wagered.
Devising a Suitable Business Plan
A suitable business plan is one that concisely and precisely speaks on the various business strategies and goals that one is going to follow and work towards to successfully launch his/her business. It also elaborates on the expenditure that is expected to be spent on various business activities and how those activities are going to generate revenue & profits for the company. A professional & all-inclusive business plan document can help you get funding in no time. Let’s elaborate on this in the next section.
Acquiring Funding with a Comprehensive Sports Betting Business Plan
First things first, ‘adequate funding’ depends on the scale at which you want to kickstart your sports betting business. If you are happy with beginning your business with a few simple & easy games, then even a small amount of money borrowed from friends & family should do the trick. You can build a good-sized profitable business with these few games and expand over time as you earn revenue & profits. In case you are looking to start a large-scale business, then presenting your business plan to potential investors and outlining your future business outlook to them in an effective & concise manner would be critical in getting the required funding.
Planning
Planning is all about conducting extensive research on the target market, the local jurisdictions & compliances, sports & games that are popular among your target audience & most importantly, which development partner to choose for the sports betting software development.
It’s important to gain a thorough knowledge of the sports betting laws and licensing process in the countries you are looking to target.
For instance, if you are working towards launching a sportsbook in India, then you should be cognizant of the states that allow sports betting, latest developments in laws related to sports betting in the country and the most popular games in the states that you are looking to launch your business in.
Deciding on the Target Market
The process of identifying, assessing & deciding on the target market plays a critical role in the launching of a successful sports betting business. The things that matter most here are awareness, market maturity, existing competition & local culture.
When it comes to sports betting, the major markets across the globe are UK, Malta, Gibraltar, and Africa. Notably, the USA is making huge strides forward in the sports betting space.
Sports that you are going to offer
Once you finalize the target market/s for your sports betting business, the next step includes making a list of the sports which are the most popular in the regions you are targeting. This will go a long way in garnering the right set of traffic on your sports betting website & mobile application
Sports Betting Software Provider
The final step before launching a sports betting business is to identify & collaborate with a credible technology partner who can assist you with the sports betting solution which would be ideal for your target audience and flexible & scalable enough to incorporate user suggestions & any changes in laws or product offering.
Sure to say, there are a variety of sports betting software providers available in the market today. Few of the companies offer white label sports betting platforms while others offer custom sportsbook development services.
Dusane Gaming, headquartered in Mumbai India, is a technology consulting & development company in the gaming space that offers turnkey gaming solutions ranging from development to implementation on a wide array of gaming projects. Dusane has a global turnkey implementation experience of gaming solutions in 25 countries across 4 continents.
Dusane’s OCTOPUS iGaming Platform is designed to deliver high performance, robust security & complete fault-tolerance betting solutions with offerings traversing all types of gaming, including Sport (Pre-Game & Live), Lotto / Number Games, Virtual Sports, Daily Fantasy, RNG-based Casino Games & Live Casino.
OCTOPUS helps conduct betting operations across various channels comprising Retail, Online, Mobile, SMS & USSD platforms. Dusane Gaming stands out from the crowd of sports betting software providers by offering customized solutions, based on the betting operators’ requirements.
Additionally, the OCTOPUS iGaming Platform is integrated with all the services of SPORTRADAR to run a bookmaker operation, including pre-match odds services, live odds & live data services, risk & liability management services comprising Managed Trading Services (MTS), betting stimulation tools (including statistics & live scores), live streaming services, Premier Cricket & esports betting services.
Branding & Marketing your Sports Betting Business
Once you have partnered with the right technology partner and have launched your business in your target market, the next crucial part is branding & marketing the sports betting platform. You can carry out these activities in-house or can outsource it to a branding & marketing agency with proven expertise in this particular space. Ideally speaking, it’s best to hire an all-inclusive domain expert marketing team who can assist you in business development as well as branding & marketing activities.
Conclusion
Following and implementing the aforementioned steps will significantly help you in successfully launching a sports betting business and ensuring the right foundation for your business.