The online gambling industry has grown extraordinarily over the last few years. In 2019 its global market value was estimated at 58.9 billion US dollars, and it is expected to grow up to approximately $565 billion by 2022, according to the latest report. With that in mind, now might be the perfect time to enter the industry yourself. And the best way to do that is through sports betting.
In fact, nowadays, building a successful sport betting business has never been easier. There are plenty of software providers to choose from, and obtaining a license shouldn’t cause much trouble either. Of course, there are still many things to consider, as the industry has become highly competitive. And to help you with that, we have prepared the following guide.
Below, you will find some information on starting your sports betting venture, including setting up your budget, creating an app, and marketing strategies.
Setting up Your Budget
The first thing you should do before you even think about starting your sports betting business is to set up a budget. You need to be aware of what resources you have at your disposal and how much additional investment you will need to make. So, where should you start?
Firstly, you will need to estimate the amount of money you will need for the initial start-up stage. This includes creating an application, getting a license, setting up a website, or developing an app. The cost of all these things differs from provider to provider, so it’s essential to do some research beforehand.
Once you have the initial investment covered, it’s time to think about marketing campaigns and other needs. If you want to build a successful business, you will need to find ways to market your product. However, this doesn’t mean you have to spend a fortune on it. There are many ways to promote your brand without breaking the bank – for example, using social media marketing.
Creating an App
To provide your future clients with convenience and a better user experience, you should invest in developing an app for your sports betting business. In order to create a user-friendly app, you should meet several requirements:
- Get a license (we describe this step more thoroughly below).
- Publish your app to the Play Market and App Store. It will allow you to attract a bigger target audience, such as the Betfred app for Android and iOS users altogether.
- Implement several payment systems to provide the players with fast and comfortable transactions.
- Pay attention to user interface design and add must-have features (login and registration, notifications, list of wagers, menu, wallet) as well as additional ones (customer support, additional languages, bonuses, etc.)
Getting a License
If you want to run a sports betting business, it will be necessary for you to obtain a license. And in order to obtain one, you will have to submit an application that will include a number of details about your venture. The relevant authorities issue this license, and the process of obtaining one is usually quite tricky. However, with some preparation and help from an experienced provider, it shouldn’t be too hard for you.
When applying for a license, it’s crucial to follow the instructions provided by the authorities carefully. Not paying enough attention can lead to mistakes that might ruin your chances of getting one.
To start with, you will have to provide contact details for both yourself and your company. Secondly, you will have to answer questions about your company’s structure and activities. You will also need to provide information about your employees and indicate if your business is involved in another gambling venture at the moment.
After that, you will need to specify which types of sports betting you intend on offering. You will also be asked about your future plans regarding your business and how you plan on ensuring customer satisfaction. Additionally, some details about your financial situation might be required as well.
Additionally, it is essential to be transparent when answering the questions contained in the application form. Don’t try and deceive regulators because that could cost you your license later on down the line. And it’s not something that most people want for their sports betting business – or any business.
Once you have obtained a license and created an app, it’s time to start thinking about marketing strategies. This is one of the most crucial aspects of running a sports betting business. If you fail at marketing your venture correctly, there won’t be anyone willing to place bets on your site. And that could cause trouble for your profits later on down the line. So how can you ensure success?
Before anything else, it is necessary to develop some kind of marketing strategy – and possibly even a marketing plan – before starting your business. In fact, doing so is highly recommended by most software providers since it can help establish some clear goals for your venture.
As far as finding customers is concerned, there are plenty of options available for you. One of them is SEO (search engine optimization). While this option isn’t particularly cheap, it can lead to great results if implemented and maintained correctly. Another option worth considering is social media marketing. This method may prove to be even more effective than traditional forms of advertising in some cases.
The Bottom Line
Starting your own sports betting business can be overwhelming, but there is a chance to minimize the risks if you approach budgeting, planning, and marketing strategy thoughtfully.
However, obtaining a license and creating a user-friendly betting app should be your top priorities. Then, you can move to implement additional features and promote it through social media channels.