In the risk-filled game of sports betting, the house always wins. But what does it cost to run a betting establishment? Is it even a good idea now that there are so many betting sites in the world? For starters, here are the essentials:
- sports betting software
- gambling license
- business license
- website and a dedicated server
You need at least €10000 to get all of the products mentioned above. In some cases, it could cost a lot more to acquire a license alone. Money aside, here’s an overview of what you need to do to operate a successful betting website in 2020.
A Reliable Sportsbook Software
A software provider can make or break your betting business. As such, take time evaluating multiple options before you settle on a specific company. Choose an operator with rich experience providing betting software to established websites.
Look for a customizable program that allows you to tweak it to meet the needs of your target market. Ensure it can support multiple payment processors and has helpful add-ons. For example, you should be able to mark games add them to your tab conveniently before you bet.
If you also decide to provide casino games, work with renowned providers. These companies offer the best games online—the type your customers will want to play. This guide to Casushi casino provides more information. The website works with Microgaming, Netent and Play’n GO, the most respected software providers in the iGaming sector.
What’s your Unique Offering?
If you enter the betting market with nothing unique to offer, chances are that your business will fail. There are hundreds of betting sites, some which target the same markets you have in mind. So, figure out how you want your business to stand out and make it a focal point of running your bookie site.
For example, you could become a bookmaker that prioritizes in-play betting. For the uninitiated, this involves wagering on sports after games start. It’s a trending niche in the sports betting industry.
Alternatively, you could create unique bonuses. Some bookies, for example, allow you to cash out your money ten minutes before the game you wagered on is over. Others boost your potential profits if you bet accumulators.
Create a unique offering and centre on it when marketing your business. If it solves a problem or boosts their gaming experience, they will most likely use your site to bet.
Get Licenses for Multiple Jurisdictions
The sports betting industry is increasing around the world. So, if you can acquire licenses that allow you to target multiple countries, you’ll have a broader target audience. Britain and Europe are two of the biggest betting markets in the world.
But with the USA having taken measures to license online bookies in 2018, it could become a massive market in the next five years. Canada, South America, Africa and Asia are also potential targets, notably because you don’t have to acquire licenses from each country.
With a license from Malta, Curacao or Gibraltar, you could provide betting services in dozens of countries. However, you must acquire a special permit from the UKGC to target British customers. Sweden and US states also require licenses before you can target their residents.
Ideally, acquiring licenses from each country you target is the best way to start your bookie site. You’ll get support from governments, get an allowance to advertise locally and gain the trust of local customers. If it’s not an option, though, you can work with globally recognized permits.
Create a Solid Marketing Strategy
After you acquire licenses build a stylish website, you’ll need to figure out how to market your betting site. There’s the common strategy of advertising your platform. But unless you have a bottomless pit of cash, a better idea is to grow your site naturally.
Compare several new betting sites and casinos to determine how they are marketing themselves. To find the latest information about new casino sites in 2020, we recommend that you visit https://casinoonline.casino/new-casino/. As a hint, most of these sites have elaborate bonus programs to reward both new and existing customers.
Bonuses work efficiently for betting and casino sites. For one, they involve giving people money to bet. Most people will claim the offers and wager a few games to evaluate your website. If they like it, they will usually wager with real cash.
Of course, you don’t give out bonuses without a strategy of getting your money back. Most sites have wagering requirements that ensure customers spend real money before they cash out bonus profits.
When coupled with blogging and referral marketing, bonuses can help expand your small betting site into a trusted brand.
Choose Payment Processors
Take a look at any betting website. Head over to the payment providers and count the number of processors supported. No betting firm works with a single payment processor. Instead, they work with some of these companies:
- Visa and MasterCard
- PayPal
- Skrill
- Neteller
- Wire transfers
- Sofort
- Trustly
- Pay safe Card
As you can see, there are companies you probably know and use for regular payments. They are known for their top-notch security, fast payments and low fees.
Some sportsbook software providers can make your work easy by providing a platform that supports quick integration with payment processors. They could also support multiple currencies and fraud protection.
Feature a User-friendly Website
How your website looks like contributes to your business’ success tremendously. Bettors love sites that load fast. Some prioritize impressive visuals, and more importantly, quick navigation. So, invest in front end development to build your website in a way that makes betting easy for your clients.
In your bid to create a beautiful website, ensure you don’t overdo it. Precisely, don’t fill your site with graphics and animations that slow it down. Instead, keep it neat and well-organized. The objective is to have a website people can use to bet fast and smoothly.
Of course, don’t forget to make your website mobile responsive. Over 50% of online bettors wager through their mobile devices. That means you could lose up to half of your potential customers if you don’t customize it to suit mobile device players.