This guide will help you start a successful sports betting business
Sports betting industry has quickly become one of the most profitable industries across the globe. The industry today offers unlimited opportunities to entrepreneurs as well as to gamblers. Almost every single month, a sports betting business launches with all the strategies and schemes, just to entice customers and generate huge profits.
But unfortunately, only a handful of these succeed. Only a few make it to the list of quality sportsbook while the rest become lost in the world wide web.
So what is the difference between successful and unsuccessful betting businesses? Why only a few get preferred while others get ignored? What are they doing different?
This guide is exactly about that. If you are confused about getting started, don’t know your first steps, or have a great idea but don’t
know how you can succeed, this guide will help you get clarity and get organised while equipping you with insightful information. Interested? Keep reading.
Is sports betting legal? Alright, first things first. This is one of the questions that gives aspiring as well as the accomplished entrepreneurs nightmares. Why? Because it’s confusing. There are so many jurisdictions to begin with. And each has varying laws. Well, to simplify things, let’s take a look at those where sports betting in legal.
European Countries: European market is dominated by some of the most elite sports betting groups. Each European country has their own laws and both, online as well as offline betting is regulated.
Argentina: Argentina allows betting, but with some restrictions. Recent betting legalisations have opened more options for bettors such as esports, horse races etc.
Australia: Australia has no restriction on betting and renders a myriad of options for bettors. Online betting as well as betting parlours are also extremely famous among the punters.
Brazil: Brazil is new to betting, hence bettors rely on offshore sportsbooks to place bets.
Canada: Canada allows sports betting but every state has a varying set of rules.
China: Betting is legal in Macau and Hong Kong are immensely popular for horse racing and greyhound racing.
Ghana, Costa Rica, and Columbia: Ghana is a blooming market where betting activities are legal. In Costa Rica, betting is faciliated via online sports betting platforms. Columbia has legalised betting and has transformed into one of the most lucrative markets.
Philippines: Philippines supports offshore online sports betting platforms and also allows betting. Since the current market is rich as well as competitive, wagering platforms offer various bonus offers to new customers.
Mexico: Mexico has made it to the list of fasted growing markets around the globe that supports retail as well as online sportsbooks.
New Zealand and Kenya: Thought these have only allowed six sportsbook for legal betting, offshore online betting is also gaining popularity.
Peru: Peru is another destination that is the home to thriving in the sports betting business. The best part? Peru gives all the freedom to bettors to bet on various sports such as football, soccer, baseball and much more.
South Africa: Like Canada, each state in South Africa has their own set of rules.
The United Kingdom: The UK is famous for William Hill and several sports betting parlours.
Recent Legalisation in USA The recent legalisation in the U.S.A have opened doors to countless opportunities. 22 Several states have legalised gambling, 9 bills are close to legalising gambling, and 17 states have initiated
legalisation. Only three states currently haven't shown any legalisation activity.
Starting a Successful Sports Betting Business From strong foundations to cutting-edge strategy, every factor either pull you towards the success or away from it.
Outline goals and budgets: Sports betting businesses require investment, resources, time, and so much more. Before you proceed and make an investment, it is important to outline all your goals and budgets for various departments of your business.
Choose a reliable sportsbook provider: There are several sports betting software providers that will render you a functional platform. But, while looking for a sports betting software provider, look for a highly functional platform and also look for additional services. Services like on-demand customisations, maintenance services, customer support, updates installations, etc.
Understand the third parties involved: Software integrations from third parties will be included into your sportsbook. These will
include payments, analytics and stats, KYC, odds and much more. Hence, having a clear understanding of these will provide you much more clarity and will give you complete control of your platform.
Understand licensing requirements: Every country amd every state has various set of rules when it comes to licensing. There are some where betting is illegal, some where sports betting thrive and some where offshore betting is legal. Hence, it becomes crucial to be informed about the jurisdiction you are planning to expand in.
Marketing strategy: This is one that you cannot afford to miss. The marketing strategy. The better your marketing strategy is, the more customers you will reach and more customers you will acquire. Don’t forget to do your research on affiliated marketing, advertising, social media marketing, loyalty programs, refer and earn programs, sign up bonuses, email marketing and much more.
Apart from all the factors above, make sure you also enquire about sports betting mobile apps. Investing in sports betting mobile apps can easily help you hike up your number of users by
40%. Make sure you ask your online sportsbook provider about the type of software solution they provide, the services that are included and sports betting mobile app development services.