How to Start Your Online Sportsbook In 5 Easy Steps (2019)
A sportsbook is an area or venue where gamblers can place their bets or wager on a number of different sports. Among the most common sports being waged on in a sportsbook include baseball, basketball, boxing, golf, hockey, horse racing, mixed martial arts, and soccer.
Sportsbooks likewise have a rule distinct from the regulations implemented in the sports league. As such, the circumstances and conditions for when wages are paid may vary.
The industry of online gambling is continuously flourishing. With its continued development, delving into the digital arena of casinos and placing bets is no longer a surprise. Several gambling businesses have now shifted from their land-based operations to a more accessible, convenient and far-reaching virtual sports betting platform.
Following the transition to virtual gambling services is the establishment of online sportsbooks that enable a more seamless experience for gamblers and players worldwide.
For business owners looking to start their own online betting platform or sportsbook, they might feel a little intimidated by how complicated the entire process needed to achieve it may seem.
Thankfully, there are, in fact 5 quick and easy steps to establishing an online sportsbook that both new and experienced business owners can follow without breaking a sweat.
1. CHOOSE THE RIGHT PLATFORM PARTNER
This is perhaps one of the most essential requirements that must be accomplished before starting. To do this, business owners can either choose from external or internal resources. It is also advisable to employ a software provider with a vast knowledge of the gambling industry as well as a lineup of suitable services available for a long-term basis.
It is best for business owners to be meticulous in choosing a platform partner. They need to consider a partnership with the capability of providing tailor-made content for their services along with seamless customer service and experience all in one package.
Another thing to be taken into consideration is the team that will be employed to carry out the responsibilities of running and maintaining an online sportsbook. It is best to hire and work with a team of experts that can deliver consistent and efficient round-the-clock assistance.
Remember, choosing the right platform partner is a two-way street. Both the business owner and the software or platform provider must trust each other. Without trust, it can lead to serious operational and technical discrepancies.
Choosing the most suitable platform partner likewise leaves a positive domino effect on customer satisfaction. It enables online gambling businesses to provide unique, top-notch features that not all competitors are able to offer.
2. CAREFULLY CONSTRUCT A WEBSITE & PLAN ITS CONTENTS
Next to obtaining the best software provider is creating a website that will feature the sportsbook service and the business itself. This is also the best time to decide if other types of gambling games such as casino, poker, slot machines, card games and the like will also be offered aside from the sportsbook.
Will chatrooms be incorporated in the website? Will there be limited offers? How long will promotions and special features last? Will there be tons of reward programs? It is important to ensure that all the key features and promotions will be highlighted accordingly on the website. Not only that, users must be able to navigate around the website easily.
3. APPLY FOR AN ONLINE GAMING LICENSE
Obtaining an online gaming license is a must when starting an online sportsbook. It requires a series of processes and gambling business owners need to make sure that gambling, whether done online or through a physical store, is allowed in the country where they wish to run their business.
Among the usual countries where online gambling businesses are allowed and registered within specific legal frameworks include the UK, Malta, Antigua and Barbuda, Curacao and Costa Rica.
4. CHOOSE A PAYMENT PROVIDER
Having the best payment provider makes the process for generating revenue go smoothly, It also helps build customer trust in an instant. When choosing a payment provider, business owners need to keep in mind the following features:
- Anti-fraud protection
- Easy payment mechanism
- Multi-currency support system
With a seamless payment provider service at every business owner’s disposal, customer reach will expand and customer retention becomes more likely.
5. PLAN HOW TO BOOST CUSTOMER RETENTION
Platform Partner, check.
Awesome website content, check.
License, check.
Payment provider, check.
Once all the four primary requirements of starting an online sportsbook are settled, it is time to focus on another crucial aspect of running a sportsbook and an online gaming business: Strategizing marketing and customer retention. Planning how the services and features of the online sportsbook will be marketed directly influences both customer acquisition and retention.
What are some of the best methods to attract more players and keep existing players for online sportsbook and gambling services?
- Reinforce all the services offered to the players
- Stay updated with the latest service-related trends
- Be mindful of what features will be showcased every day.
- Offer promotions for both old and new players. Features and promos such as free spins, registration rewards or log-in rewards are very effective in attracting and retaining customers.
Establishing an online sportsbook requires a lot of focus and time. Business owners need to be wary of all possible consequences. It is indeed a game of give and take. It also requires providing the best lineup of features and services to help boost the services being offered along with the satisfaction rate of target customers.
Got more innovative ideas on how to start an online sportsbook? Leave it in the comments!
