The challenges and opportunities of launching a B2B betting platform in a regulated market in 2023
- GammaStack
- January 23, 2023
- 11:47 am
- Betting
TABLE OF CONTENTS
In the past years and upcoming ones, the online gambling and betting industry has been on fire. Indulging in B2B betting platform software solutions is rising as an opportunity for global gaming businesses that are existing and new. The sports betting industry witnesses tremendous growth and changes every day and year, the adherence and acceptance to which leads to many novel opportunities and challenges. Just as 2023 started, a new wave of B2B sports betting platform market growth has begun that businesses need to keep an eye on for a frugal start and sustenance. Here, to ease the understanding of the sports betting software industry for the coming year, we analyse and put forth the challenges and opportunities of launching a B2B betting platform in a regulated market.
B2B Betting Platform Market Analysis
There’s a robust increase in user preference towards betting online on sports, for which users need multiple sports betting platforms. In order to equate the demand-supply for these betting platforms, the global sector sees a great rise in B2B betting platform software solutions.
As per the reports carried out in 2021, the global betting and gambling market stood at a valuation of $74.2bn and expects to grow at a CAGR of 9.7%, leading, thus estimating $129.3bn by the year 2028. Considering the visible growth of gambling and betting sectors globally, it can be well understood that the B2B betting platform market growth is going to be tremendously fast and very well-regulated soon.
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B2B Betting Platform Compliance Requirements
The sports betting software industry does not only rely on providing worldwide gaming ease and engagement but also user security, safety, and authenticity. Looking at how the opportunities for B2B betting platforms in regulated markets are rising, the need for continuous improvement, information security and regulated processing rise too.
When talking about the challenges and opportunities of launching a B2B betting platform in a regulated market, one must not forget about the compliance requirements and regulatory needs put forth in regional or national and international realms.
- Absolut legal and regulatory compliance with national and international practices of betting.
- Compliance and adherence with internationally set standards such as ISO 27001:2013 for information security and management, and ISO 9001:2015 for international business quality management systems.
- Identifying, analyzing, and managing the potential risks or hazards associated with the B2B betting platform software solutions.
- Understanding, administrating and managing the challenges associated with user frontage like payments security, user data security management, technology protocols, and so much more.
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Opportunities For B2B Betting Platforms in Regulated Markets
The sports betting software industry is one of the trickiest industries as it involves many regulated activities for the sake of user security management, reputation, finance management, and much more. Nevertheless, when regulated, the B2B betting platform market analysis exposes much opportunistic growth.
Market Leadership & Competitive Edge
B2B sportsbook licensing in regulated markets makes the business or betting platform competitively advantageous. Regulated markets give an essence of safety hands to the sportsbook software providers and hence ease their leadership opportunities in the national and even international market, which, with strategic ideation, can be turned into a competitive edge.
Easy User Attraction & Retention
When sports betting market are regulated, they generate a higher environment of user safety and security in the domain. Eventually, the B2B sports betting platform regulations can turn frugal into increased user trust or belief, and hence retention.
Government & Legislative Support
With the aim to keep sports betting platforms secured and risk-free for users, different governments and legislative authorities keep amending the regulations as per requirements. To promote this act among the public in the least effort, government bodies end up supporting the B2B betting platforms software solutions which actively abide to the statements and hence creates an opportunity for uninterrupted and smooth support from the legal entities.
Benchmarking & Marketing Benefits
When regulated well, the B2B betting platform market growth aids in easy influencer marketing, organic results, and even benchmarking of the platform which leads to a good reputation in the industry and also higher marketing benefits.
Product Flexibility
The B2B sportsbook licensing in regulated markets raises the bar for making solutions that are flexible from all parameters. This aids the B2B sports betting software solutions to get multiple benefits when there is a need to change and refreeze the product model.
Strategic Partnerships
Regulated markets open the gate for strategic partnerships and alliances with other third parties or supportive businesses. B2B betting platform compliance requirements enhance the trust and authenticity of the platform, leading to more strategic benefits.
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Challenges Of Launching a B2B Betting Platform In a Regulated Market
If you are a new or existing B2B betting platform software solutions company, the region-wise variations in market regulations can be difficult to manage. The comment challenges that businesses face in the launch of B2B sportsbooks are important to be eyed on.
Readiness To Change
A number of B2B sports betting platform companies suffer challenges in keeping themselves forever ready for changes in the industry. Industrial renovations bring the rapid need for refreezing and hence disturbs multiple business pipelines which are backbreaker to the growth and progress of the business.
Cost Metrics
Every change of upgradation in the B2B betting industry demands cost additions and hence challenges the financial aspects and budget burdens on the business. Thus the B2B sports betting platform regulations raise the cost challenges.
Legal Processes
Even an existing B2B sportsbook licensing in regulated markets may have to reiterate their processes for legalisation in case of any new addition or upgradation of legalities. Dealing with regulated markets thus raises the bar for legal processes too, irrespective of the novelty or maturity of the B2B betting platform software solutions company.
Responsible Gaming Adherence
From market responsiveness to user security adherence, payments, regulations, laws, and everything, keeping the business adhered to every minute regulation is also tricky. It needs a lot of personnel, skills, and minds to manage multiple areas altogether for effective regulation.
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Tactics That Can Turn Challenges Into Strengths
In the rising era of competition, the B2B betting platform compliance requirements can be well understood and complied with using the tactics like
Technology Adaptation
Get your sports betting software platform well-ready for every technology upgradation. As we see, cryptocurrencies, blockchains, Artificial Intelligence, Automation, etc. transformed the market structure along with making the business ready towards the future. Hence, shaking hands with technology innovations is the right and foremost tactic to follow for advantages.
Dedicated Management
Ever wondered about the robust need for having good management control? Well, setting up a robust management system in the business using the best personnel, skills, and resources is always a saviour. The B2B betting platform market growth and changes can easily be tackled with the best management acts.
Continuous Market Analysis
Have you heard this before: keeping an eye on what’s happening around the world? Well, your B2B betting platform would never struggle with industrial issues if you know this truth. To tackle and get control of market regulatory challenges, knowing what’s happening around us can always be the best thing to do.
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Explore Regulated B2B Betting Markets Across The Globe
Many countries and regions globally have regulated their betting business and domains well. The B2B betting platform market analysis identifies some regulated markets for sports betting and gambling, let’s see if your is in the list or not.
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- The United Kingdom
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- United States
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- Italy
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- Spain
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- Switzerland
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- Belgium
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- Russia
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- Malta
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- Gibraltar
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- Netherland
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- Hungary
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- Portugal
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- Germany
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- France
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- Poland
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- Norway
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- Denmark
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- Australia
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- New Zealand
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- Japan
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- Philippines
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- Kenya
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- South Africa
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- El Salvador
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- Costa Rica
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- Canada
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- Brazil
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Developing B2B Betting Platform Software Solutions: Process
So, are you looking for starting a B2B sports betting platform that comes with all regulatory amendments but does not know where to start? Let’s go through the process we follow at GammaStack to help businesses develop their best and most outstanding sportsbook software.
Need Identification
Talk to us for the first step of your B2B betting platform software solutions development. This starts with understanding, analysing, and identifying the business needs and requirements to be edgy in the market. Businesses, whether new or existing, can identify and share their requirements in this phase.
Development Planning
The next is to identify or plan the further development process. For a new B2B sportsbook software development, the plan would start from scratch, whereas, this leads to direct upgradation or likewise stage in the case of an existing platform. The stage may include planning from multiple views like budget, market coverage, reach, quality, time, and so on.
Resource Gathering
The next stage is where tasks are delegated and resources are started to allocate for the effective development of the sports betting platform. Gathering the resources can include assets and information such as licenses, agreements, third-party systems, and many more.
Designing & Development
Now comes the most important part of our process - designing and developing the sports betting platform. The B2B sports betting platform regulations are to be kept in mind here as well to develop the best platform in all terms. This stage can include many other activities like customising the system, integrating third-party tools, deploying licensing requirements, etc.
Quality Testing
The process further moves to check the quality of the developed software from various aspects like quality, feasibility, responsiveness, speed, scalability, and whatnot. The stage may also diversify into analyzing the quality from the regulations’ mirror.
Launch & Post-Launch Aids
Finally, the B2B sports betting platform is ready to launch and use with fully regulated measures. Well, we do not just end it here as we believe in assisting the clients to post-launch services too such as upgradation, maintenance, marketing, and whatnot depending on what you need from us.
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Why Choose GammaStack For Your B2B Betting Platform Development?
GammaStack is the leading provider of B2B sports betting platforms which not only gets your business with the development but also ensures that you know the challenges and opportunities of launching a B2B betting platform in a regulated manner for full market understanding. We are developing sports betting software for many global gaming businesses and operators for more than 8 years now, and the excellence that we have crafted in form of our development skills, personnel expertise, and unique services takes us to the list of top providers.
Key Takeaways To Enjoy From GammaStack!
GammaStack is the sportsbook software provider which understands the importance of developing good and competitively amazing B2B betting platform software solutions and hence gives your business many exciting deals.
- Need further assistance to take your B2B betting platform to heights after development? We have got the most dedicated marketing support that takes your business to the next level in the race.
- Looking for assistance but want it to be self-service? Let’s hire the most skilled developers from GammaStack today and satisfy your development needs as you want.
- Want to enter other domains like B2B online casinos, live dealer solutions, slots, etc? We are the one-stop solution for all your queries.
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FAQs
Some challenges may include navigating regulatory compliance requirements, obtaining necessary licenses and permits, and facing competition from established players in the market.
Opportunities may include access to a larger customer base and the ability to offer a wider range of betting options and services, as well as the ability to operate legally and transparently.
Requirements may vary by jurisdiction, but generally include measures to prevent money laundering and fraud, as well as to protect the interests of customers and ensure fair and transparent operations.
The process of obtaining licenses and permits will vary by jurisdiction, but generally involves submitting an application, providing financial and operational information, and passing background checks.
In regulated markets, B2B betting platforms are able to operate legally and transparently, but may face more competition and stricter compliance requirements. In unregulated markets, there may be more opportunities for growth, but also a higher risk of operating outside the law and facing legal repercussions.
Factors to consider may include regulatory compliance, obtaining the necessary licenses and permits, competition, customer demand, and the ability to offer a competitive and appealing product or service.
Ensuring liquidity may involve partnering with liquidity providers, developing relationships with key industry players, or offering a wide range of betting options to attract customers.
Legal requirements for launching a B2B betting platform in a regulated market may include obtaining licenses and permits, following regulations on anti-money laundering (AML) and know-your-customer (KYC), and adhering to rules on data protection and customer protection.
Yes, there are many examples of successful B2B betting platforms in regulated markets, such as Gammastack Pinnacle, SBTech, and Kambi.
Technology can play a vital role in launching a B2B betting platform in a regulated market, it can help in compliance with regulations, ensure security and integrity, provide a smooth and seamless user experience and help with the efficient management of operations.
Sources
- https://www.globenewswire.com/en/news-release/2022/07/05/2473771/0/en/129-3-Billion-Global-Sports-Betting-Market-Growth-of-CAGR-9-7-by-2028-Rising-Digital-Infrastructure-is-Driving-the-Market-Sports-Betting-Industry-Size-Share-Growth-Market-Outlook-V.html
- https://www.b2bgamingservices.com/licencing-compliance/
- https://sbcamericas.com/2022/07/05/us-gaming-roundtable-new-market-entry-challenges/
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