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STARTING A BETTING WEBSITE?
Sports Betting is a popular industry, and you can build a highly profitable business around it. Let’s take a real example to prove our point.
The development of any software solution, no matter how simple it appears at first glance, is far from a “no-brainer.” There’s a lot more to it than meets the eye, and that’s because there are so many procedures to manage. There are numerous factors that must be considered and taken into account. As a result, we have developed a list of critical steps you must take along the journey, as well as boxes that must be checked. Let us now take a closer look at them.
All you need to know
If you’ve decided to engage in the sports betting business, the first step is to narrow your focus. This does not imply that you must limit yourself to a single sport, such as soccer, basketball, horseback riding, auto racing, cricket, or something else. Although focusing on a few sports would undoubtedly be beneficial at first, especially if your starting resources (i.e., budget) are somewhat restricted,
By selecting numerous popular games, you will undoubtedly draw a large enough audience that they will begin to actively place bets on your platform. You can then utilize that as a stepping stone to build on. Furthermore, specialist solutions provide a better user experience.
License or no license?
The betting business is only permitted if you have a license from the Gambling Commission or another competent entity in your jurisdiction of operation. Don’t put off getting such a license for another year. There are numerous sources where you may obtain all necessary information on laws, legislation, and places where gambling is completely forbidden. Essentially, you must apply for a license in the relevant jurisdiction and wait for the authorities to consider or process your application. While deciding on a jurisdiction.
Do i have to get a gambling license?
No, technically.
When you decide to start, you are purchasing the basic betting and casino platform from Altenabet; thus, whether or not you need a license is entirely up to you.
If you are applying for a license, pay close attention to:
- general country attitude towards rates, corruption, etc;
- overall license requirements;
- taxes or any possible annual fees;
- the typical duration of the procedure of obtaining a license;
- the ultimate cost of obtaining such a license.
License cost
To provide you with the real examples where you can get a license, how much it can cost you and what you’ll get, we have created this consolidated infographic with up-to-date summarized information on certain countries
Player deposits
Choose payment providers
Selecting the right payment gateway for your sports betting platform should be your priority. It may be hard to find a reliable provider for the gambling industry because of high volume turnover, risks of fraud and money laundering, heavy website traffic, and unsettled chargeback rates.
- Fast transfers and reasonable fees. If you want to retain your users and win over their loyalty, then you absolutely need to minimize the amount of time they will be spending on dealing with payments. And the fees should not be high.
- Different payment methods. While some people still prefer traditional payment methods, others may like using their digital wallets (linked cards or cryptocurrencies), account deposits, bank transfers or else. Your platform users will always appreciate the opportunity to be able to pay in different currencies.
- High level of security. Needless to emphasize how important it is to take care of the security of all financial operations. So your payment provider should offer a high level of sophistication in risk and fraud management.
Other things to consider
Apart from the aspects we’ve named above, you need to take care of a couple of other crucial things. If your goal is not only to enter the market but also to grow your solution in the future, then think ahead of time about:
- Security measures. It is preferable for all betting websites to use 128-bit encryption, and to perform frequent remote backups of customer data and information. In this case if anything happens to your solution, you will be able to recover a lot of crucial data.
- Dedicated server. Since the number of users on your betting website is meant to be only growing, you need to ensure its stable performance and minimize risks of any glitches or lags. Therefore you have to choose a scalable server that can accommodate growing usage volumes.
- Merchant account. Gambling websites require a special merchant account for secure credit card processing and gateway. So don’t neglect this important aspect and choose wisely!
Must have features on your sports betting platform
Sports News
Sports lovers, particularly those who wager on sports, must be informed. As a result, individuals must read a lot of news about current events and search through a variety of sources to gather as much knowledge as possible. Placing a wager with your money should be a deliberate decision, right?
So, why wouldn’t you keep all of those supporters closer to your company so that they are emotionally as well as financially committed? You can include sports news on your betting website so that customers can discover the scores and place a bet without leaving the platform.
Cryptocurrencies support
Given how widespread cryptocurrency payments have grown (even some ordinary establishments accept them), you should be one step ahead in your business and allow your betting website users to wager, provided they have some cryptocurrency to put up as collateral. You can accept all of the major cryptocurrencies and payment methods, such as Ripple, Bitcoin, Ethereum, Litecoin, and possibly even Dogecoin (which the world’s richest person is a fan of but is otherwise a meme crypto) or something else.
Placing bets
Isn’t this the most important element of any betting website? As a result, this function must be as simple and quick as possible. How can you make betting easy? To begin, configure the payment system so that consumers do not have to enter their payment information details each time (the system must have a setting that allows it to “remember” this information). Next, provide as many different types of bets as feasible to present customers with a diverse range of bets and chances to win money and have fun.
You can also enable public betting so that people are aware of popular trends and have the opportunity to participate in them. This feature could be quite useful for novices who don’t yet know all the secrets. For example, they could participate in a popular bet to secure victory. You may also give a sneak peek at how much money someone can win if they make a certain bet and it turns out to be a winning one. For example, if the bet is not widely accepted, the potential benefit is greater, but so are the hazards.
Community
Don’t underestimate the power of communities when attempting to figure out how to establish a sports betting website. Starting your own betting website can offer you far more money than you realize.
Users, for example, can watch games, comment, discuss, and share their opinions. By integrating more social functions, you can build more than just a betting platform; you can build a robust community of sports fans. Such people enjoy arguing with one another and debating games, bets, and players. They would probably remain around for their actual betting if they spent more time on the platform with like-minded people rather than searching for and seeking out new betting websites.
Build from scratch development cost
By now you may be wondering how much money you actually need to build a successful sports betting platform. Well, it will cost you $100,000-$140,000. Actually, the sum can be even bulkier, everything depends on the overall platform complexity, required development hours, seniority of your developers and third-party integrations and services that will be used.
To conclude
Creating a betting website allows you to become a part of the massive, multi-billion-dollar sports betting market.
If you have the time and money, you could design your own platform from scratch, or you could just buy a ready-to-go, ready-to-configure online betting script from our shop and be up in a matter of days.
Betting & casino scripts
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Start your own betting and casino
website with our ready to go betting scripts.