How to Start a Successful Sports Betting Business in 2021-22
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As per the research conducted by Eilers & Krejcik Gaming, LLC, in the year 2017, the sports betting market was worth $270 million, that too, in the United States alone. According to the recent research conducted by PRNewswire, the sports betting market is expected to grow by $134.06 Billion! These are the reasons why several industry leaders are rushing to invest in the lucrative industry through online sports betting software solutions. How to start a sports betting business has successfully become one of the most searched queries on several search engines in recent times.
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What Is Sports Betting?
Before we dive into how you can build a successful sport betting business, let’s take a look at the basics terminologies and bet types of sports betting, crucial for a clear understanding of the industry.
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Sports Betting Basic Terms
- Action: The activity of placing bets is called action.
- Punter/Bettor: The person who places the bet is called punter or bettor.
- SportsBook/Bookmaker: Sportsbook or bookmaker is an establishment or organization that accepts bets.
- Wager: Any type of bet placed on the specific outcome is called a wager.
- Buck: A buck is a $100 bet.
- Dime: A dime is a $1000 bet.
- Buck: Any bet that is not a straight bet is known as exotic.
- Future: Future is placing bets on a long-term winner, usually on the champion of a particular sport.
- Live Betting: Betting on events in progress is called live betting.
- Limit: The maximum amount of bets that are allowed by a sportsbook.
- Nickel: A $500 bet is known as nickel.
- Stake: The sum of money wagered on a specific outcome of an event.
- Sharp: A professional punter is often referred to as “Sharp”.
- Underdog: The side that has the chance to lose in the event.
- Ticket: A receipt for the confirmation of the bet placed.
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Bet Types in Sports Betting
- Parley: Parley involves the link between two or more bets and to win the bet, the bettor must win all the wagers that are present in the parley.
- Round Robin: Round Robin bets are a series of parlay bets.
- The point spread: Point spread is used to even the odds. Generally, this situation arises between two teams that are matched unevenly.
- Straight Bet: Straight bets allow bettors to bet on one game that supports a total, money line, or a point spread.
- Outright: The concept of outright betting is simple. Players place bets on a tournament’s or competition’s outcome.
- Moneyline: Bettors pick the result of a particular game.
- Progressive parlay: Progressive parlays allow the punters to win even when they lose few selections.
- Full cover bets: Full cover bets have several types and these cover every possible outcome.
- Over/Under: These bets require punters to bet on under or over a specified number.
Is Sports Betting Legal?
Here is the list of countries where sports betting is legal:
- European Countries: Sports betting is regulated and is legal in European countries and comes with several strong laws. Each country has its own set of laws. Both real-life and online sports betting are regulated and the European market is heavily dominated by some of the biggest sports betting groups and small businesses.
- Argentina: Argentina enables bettors to place bets, but there are some restrictions. Betting on horse racing is legal all over Argentina but Buenos Aires will render you several more options. With the recent legalization of online sports betting, bettors can now place wagers on horse races, esports, and many more.
- Australia: The land down under provides no restriction on the sports betting and offers a plethora of online sports betting websites as well as betting parlors where punters can place wagers.
- Brazil: Brazil is also new to the sports betting industry and for now, the country relies on offshore sportsbooks for facilitating sports betting.
- Canada: Though sports betting is legal in Canada, every province has its own set of rules and regulations. How these provinces render the sports betting experience to the punters is different.
- China: Hong Kong and Macau are two destinations that enable bettors to place wagers. Macau is also one of the destinations where greyhound racing and horse racing are popular.
- Ghana, Costa Rica, and Columbia: Ghana is a growing market and sports betting is completely legal. In Costa Rica also, sports betting is licensed as well as legal and most of the sports betting activity is facilitated via sports wagering software platforms. In Columbia as well, sports betting is legal and provides one of the most lucrative markets for international sports betting businesses.
- Philippines: Sports betting is legal in the Philippines and several offshore online sports betting software platforms are also popular. Since the market is rich and quite competitive, several online sports wagering software platforms provide bonuses as well as rewards to new registration.
- Nigeria: In the past few years, Nigeria’s sports betting market has witnessed tremendous growth. Online sports betting software and several sports betting businesses have gained massive popularity in recent years, turning Nigeria into one of the booming sports betting markets.
- Mexico: Mexico is one of the fastest developing sports betting markets that renders high flexibility to punters by providing them rich retail sportsbooks as well as a plethora of online sports betting software platforms.
- New Zealand and Kenya: Though only six sportsbooks are legally allowed to facilitate sports betting, offshore online sports wagering software solutions are popular. In Kenya as well, offshore sports betting software platforms have gained popularity as the government does not place any restrictions on them.
- Peru: Peru is one destination for thriving sports betting businesses and in 10 years, several sportsbook betting software platforms have emerged. In addition to this, Peru gives complete freedom to punters to place bets on a wide range of sports such as baseball, soccer, football, and several more. It is one of the most lucrative markets for offshore sports betting platforms as well.
- India: In India, everything depends on the state you are living in. Most bettors rely on offshore sportsbooks to place bets. Horse racing, casinos, and lotteries are legal in a few states of the country.
- South Africa: In the year 1994, sports betting was established and since then, several online sports betting software platforms have emerged. And just like Canada, each province in South Africa has its own sets of rules and regulations.
- The United Kingdom: The United Kingdom is home to several online sports betting websites, sports betting parlors, and major betting organizations such as William Hill.
Recent trends and countries moving towards the legalization of sports betting can open doors to new and fresh opportunities for sports betting businesses.
And below, you’ll find all the details and crucial information on what the future holds for the sports betting business.
Scope Of Sports Betting Business 2020 - 2026
In addition to this, the increasing curiosity of people and more and more punters willing to make money online are also giving a boost to the industry. The increased number of female bettors is also one of the factors that are contributing to the growth of the sports betting businesses and industry.
As mentioned before, it is predicted that between the year 2020-2024, the betting market will be worth around $136.08 Billion and the CAGR will also witness a growth of 10%.
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Scope Of Sports Betting Business 2020 - 2026
Following are the building blocks that result in understanding successful sports betting business model:
- Goals and Budget for Your Sports Betting business: Every business requires an investment. And sports betting software is no different. The good news is that several online sports betting software providers can help you in acquiring an online sports betting platform. But before you invest, it’s important to outline all your goals, your strategies, as well as the terms and conditions of your sports wagering software.
- Reliable Responsive Sports Betting Platform Provider: There are several online sports betting software providers who will equip you with a betting platform software solution. But, while building a sports betting business, it’s important to focus on glitch-free and bug-free solutions.
In addition to this, the platform must be user-friendly so that bettors can navigate across the platform without any hassle and must contain reliable payment modes. Minor glitches and bugs can easily take a toll on the credibility of your platform which can drive users away.
- Obtain Gambling License: Every country has its own set of rules and regulations when it comes to sports betting. There are several countries and provinces where gambling is banned, there are some countries where the market is dominated by few sports betting businesses and then, there are some countries and provinces where offshore sports betting is legal.
Hence it’s important to gather all the crucial information about the countries and their provinces where you are planning to set your sports betting business and operate.
- Marketing Strategy for promoting betting platform software: The last step to building a successful sports betting business is to create a marketing strategy. And there are several methods of marketing your business effectively.
Social media marketing, affiliated marketing, advertising, loyalty programs, registration bonuses, refer and earn programs, and email marketing is some of the proven ways of marketing your sports betting business effectively.
Sports Betting Mobile Application
How Can Gammastack Help You Build Successful Sports Betting Business?
Need a custom sportsbook betting software solution that comes enriched with all the features of your choice? GammaStack provides custom sportsbook betting software that comes equipped with all the features you require so that you can build your platform with all the functionalities and tools desired by you.
Want to launch your online sports betting software quickly? We’ve got you covered. We provide you with feature-loaded online sports betting software solutions that come with all the latest functionalities and tools, all designed and tailored to entice the bettors on the platform and render a best-in-class betting experience. Our white label sports betting software and turnkey sports wagering software get ready for launch quickly.
GammaStack provides a series of sports betting software solutions that cover almost every sport to cater to your needs. Following are some of our offerings:
- Sports Betting Website Development Company
- Cricket Betting Software Development
- Sports Betting App Development
- Numbers Betting Software Development
- NBA Betting Software Development
- Kabaddi Betting Software Development
- Hockey Betting Software Development
- Casino Betting Software Development
- NFL Betting Software Development
- Volleyball Betting Software Development
- Virtual Sports Betting Software Development
- College Football Betting Software Development
- Stock Market Betting Software Development
- Parlay Betting Software Development
- NCAA Basketball Betting Software Development
- Golf Betting Software Development
- Tennis Betting Software Development
- Football Betting Software Development
- BetRadar Betting Software
- BetConstruct Sportsbook Software
- Pool Betting Software Development
- Pinnacle Sportsbook Software
- Weather Betting Software and many more
Looking for cutting edge solutions that come at highly cost-effective prices? Want to discuss or need help with your sports betting business ideas? Contact GammaStack today!
Frequently Asked Questions On How To Start Sports Betting Business
Yes, sports betting has been legalized in the United States. Now it’s up to individual states to pass the bill. 22 states have already legalised sports betting, whereas 9 states have already signed the bill. The remaining states except Utah, Idaho and Wisconsin are also moving towards the legalization of sports betting.
White label software solutions are ready-made solutions that can be launched quickly within a few weeks. The white label sports betting solutions enable customers to make all the crucial changes as per needs and are ready to use by the end-users.
Sports betting mobile apps enable you to acquire new users and provide an outstanding betting experience. The mobile apps enable you to provide seamless access and also allow them to place bets on the go anytime, from anywhere. The more flexible your sports betting platform is, the more it is preferred by your customers.
Absolutely! Most gamblers make use of cryptocurrency to make transactions while gambling. In addition to this, Blockchain ensures security and immutable data enables you to stay transparent with your customers. Having cryptocurrency support also expands your payment options and provides complete flexibility to your customers in making deposits and withdrawals.
A sports betting software must support round-robin, straight bet, parlay, point spread, outright, progressive parlay, Moneyline, Over/Under and full cover bets.