Sports betting is a lucrative industry that has been around for centuries. However, betting on sports has evolved over recent years towards a more online experience accessible from anywhere.
The advantage of creating a sports betting website in current times is that there are fewer overheads. You won’t have rent, electricity bills, or even employed staff members (unless you’re growing rapidly). But, there will be significant efforts in the starting up process.
The other benefit of running an online sports betting business is that it can scale quickly. Because you’re not restricted to one location, companies offer betting services around the world.
Choose the right software
The first step is to choose the right iGaming software. You will have your work cut out for you if you attempt to create your own betting software — you will be seriously exposed if there’s an issue. A customizable software is ideal, so you can create a more unique sports betting experience, but choose a trusted provider so that the website is stable. One of the most important things for users is the markets and bets available, so niching down into specific submarkets of sports isn’t necessarily the way to go.
Consider including Casino Games
One way to take your profitability to the next level is to include casino games. These are fixed-odds games that users can play during the moments when sports aren’t on. Slot games, in particular, have been evolving rapidly — becoming gamified and more skill-based with fully fleshed-out stories and characters.
Again, unless the iGaming software you have opted for doesn’t provide casino games, it’s somewhat a no-brainer. It can be a great way to expand your demographic towards more females too, considering sports betting is male-dominated.
Responsiveness and design
Another huge way to stand out is through great website design. Having a flawless, interactive UI in which users can easily find the bets and markets they’re looking for is going to keep them coming back. Furthermore, a design that works flawlessly on mobile, either through a dedicated app or mobile website, will significantly increase your traffic potential — seeing as most bets that are placed are done on mobile.
Loyalty and retention
Next up is how you’re going to keep hold of the users that visit your site. Beyond great marketing (i.e. social media boosted posts), you will need to keep your users loyal. This can be done through loyalty programs, such as offering free bets every few weeks for active users, almost like “loyalty card points” in a retail store. Newsletters and email retargeting are also effective.
Furthermore, it’s incredibly important to have good customer service. Poor customer service is one of the biggest reasons players leave sports betting websites because problems involving money are incredibly time-sensitive. They’re not matters that can be left alone for a few days.
Payment methods
Finally, payment methods are an important part of a successful sports betting site. Users want security, no fees, and speed. If they sign up to a site, it’s likely because they want to place a bet right after — not wait 3 days for a wire transfer to clear.
Beyond conventional payment methods, it’s also worth considering Cryptocurrency or other alternative payment methods. This will completely change the landscape of the business, so it should be a decision made prior to the development of a site — but it can open a lot of doors. For example, crypto can allow users to remain anonymous, which is appealing for those that enjoy their own privacy and are worried about entities reading their bank statements. Likewise, it can be more efficient, with faster transactions.
Final Word
Beyond the market research and business planning that any business requires, sports betting websites are like any other company. In the long-term, sports betting can be very lucrative due to always being on the right side of the odds.
With GamingSoft Global iGaming white label solution and GamingSoft Connect iGaming API solution, you simplify the process of starting a successful and profitable sports betting website. If you’re looking at breaking into the cryptocurrency iGaming market, GamingSoft Global-C is right for you!
With GamingSoft’s massive partner network, you will be spoiled for choice when it comes to game and payment providers — the flexibility will be a massive advantage to your business!
