Sports betting industry is very big. It is estimated that it will register 9% growth, according to some statistics. To make the best of the existing opportunities, business owners may think of venturing into this space. They can start a betting site of their own. Let’s explore all the aspects of starting a betting site and understand how the site can flourish.
- Choose a particular niche for betting
If you try to compete with the existing brokers, you may not have much chance. It is because they have the resources to offer betting support for almost all kinds of niches. They may have all sports enlisted and the casino games may also be added to the list. To start as a beginner, the newbie may select a particular niche like football.
2. Develop the site
Once you have selected the niche, you move to developing the site. For this, you may avail a developer’s service. The service provider may design the web app or mobile app for you. There is the provision for white label business too where the site owner is franchising the existing brand. The third approach involves becoming a licensee. In this role, you are working as a traffic generator for another site. All these approaches have their specific costs, which you can find from the experts of the field.
3. Select the country to get the license
Betting is not allowed in all parts of the world. So, you have to study all facts pertaining to license. You can visit gambling compliance site to find the possibilities. While choosing the area of jurisdiction, take an account of the following:
- Licensing requirements
- Cost and time involved in getting the license
- Attitude of state towards giving license
- Taxes involved along with other charges
Curacao, Costa Rica and Isle of Man are the three main jurisdictions from which the license can be obtained. Of these places, Curacao offers the most hassle-free experience. The easy approach is to house the servers in the country of jurisdiction. It makes easier to get the protection of laws and to carry out the business process smoothly.
4. Select the payment service provider
In the betting site, ecommerce features are needed. Thus, payment service providers are to be sourced. The business owners have to enter into a contract with the service providers and agree to offer them the percentage of deposits made by the punters. With the help of payment service, the punters can transact on the platform easily.
Stripe, PayPal and Authorize.net are the three main service providers that can be chosen for the purpose.
Stripe supports all major credit cards, Apple Pay, Android Pay, ACH modes of payment. It also supports Bitcoin checks. Authorize.net supports credit cards and electronic checks. PayPal accepts credit cards and its own interface for transactional actions.
5. Design the user interface
User interface is the front end of your betting site. It is made of the following components:
- Login: There are three ways in which login can be designed. First is the login and password. Second one is asking for email and the password. Third one is social media login.
- Bet choice: Once the customer logs in, the betting options will appear. The options can be team, a player, an event, a tournament or sport of the choice. These features will change as per the sport chosen.
- Live streaming: The user may be given the convenience of watching the match live through video streaming. It allows the site owner to create more opportunities for earning in the form of in-stream ads, etc.
- How to bid guide: It is an onboarding feature. The users are given information about each team and their statistics. The process of bidding may be demonstrated with the help of video. Information on how to bid and withdraw money is also provided. Sometimes, a tool guide system is also used
- Player/team information: Along with the bid, the main points of a team or a player are published. This information may be used by the punter to form decisions regarding choosing the side. Information talks mainly about the strengths and weaknesses and the past performances of the teams or players.
- Schedule: The match details of the upcoming events are provided to the punter through this feature. On clicking the relevant option, the required schedule pertaining to the chosen sport is displayed.
- Payment system: The user must be able to deposit or withdraw money in one or two steps. Payment gateway is integrated for the purpose.
Design the admin interface
The main admin panel features are:
Login: Owners’ and employees’ rights differ. The employee rights should cover the moderation activities needed for the site management. Crucial information changes should be out of reach of the employees.
User management: With this feature, the site manager is able to manage user profiles. All user data such as rate type, amounts, profile data, etc. are accessed through this feature.
Bookmakers’ input data: Bookmakers input information about the matches and the betting data to give better opportunity to bettors to win money
6. Choose the rate system
A betting site needs to follow a rate system. The rate system talks about the probability of winning the bet. The site designers may include European System, Hong Kong system, the British System, American system, Malaysian System and Indonesian System to decide the winning amount of the bet.
7. Income projections
Taking into account the number of registered users and the growth percentage, the income projections may be found. The betting site may attract more customers by affiliate programs. Bettors usually bet with friends and increase the affiliate base. It forms the main source of growth. With an effective marketing campaign, the site may earn $30, 000 a month approximately.
To conclude,
You can take a clue from the site footballtipster.net to understand how to start a betting site. This business demands huge investment and needs expertise of technical kind. A lot of number crunching is involved too. The interface has to be user-friendly and the policies should support better user experience. With these pointers in consideration, one can start a betting site; though tough, it is not impossible!