How To Start Your Own Online Sportsbook Business?

The online sports betting industry is a multi-billion dollar market today so it’s a great opportunity for entrepreneurs to excel in this industry. But getting into this space isn’t that simple. Whether you’re a new operator or have an existing iGaming business, building a successful online sportsbook takes planning, tech, and market knowledge. Let’s explore what you need to get started and set up for long-term success.

What is a Sportsbook?

A sportsbook is a platform where users can bet on various sports, from football and basketball to niche sports like MMA and esports. Online sportsbooks replicate the traditional betting experience but with the added convenience of being online, more markets, and real-time betting like in-play.

What is a Bookmaker?

A bookmaker or “bookie” is the entity that sets the odds, takes the bets, and pays out the winnings. In the past, this was all manual and on the ground. Today sportsbook software has taken over the bookmaker’s tasks, automating everything from odds generation to risk management.

Market Size

The global online sports betting market is expected to reach $150 billion by 2030, driven by tech, increased internet penetration, and new sports betting jurisdictions. Emerging markets like Africa, Latin America, and parts of Asia are a big opportunity for sportsbook operators, especially those who focus on local sports and cater to local markets.

How to Start a Sportsbook

Do Your Research

Before you start a sportsbook, think like your future customers. Are you targeting experienced bettors in regulated markets like Europe? Or are you after high-growth, exciting markets like Latin America? Know your audience. What do they love- football, cricket, or esports? What do they like to bet on- live betting or quick mobile deposits via crypto? This will be the basis of your sportsbook.

Choose Your Sportsbook

A sportsbook solutions provider will determine how fast and how smoothly you get off the ground. White label sportsbook solutions are ideal for those who want to get started quickly. Pre-built platforms with all the essentials and you can add your branding for a fast and cost-effective launch.

For more control, choose turnkey platforms and get custom features, player account management and easy odd management solutions.

Build Your Online Sportsbook Software

A sportsbook must provide a seamless experience. Make it so simple even a first-time user feels at home. Add in-play betting, dynamic odds and bet-building tools to keep bettors coming back. Most importantly, your platform should handle big traffic on game day without a hitch and keep user data safe.

Get Licensed

Sports betting is fun, but the paperwork isn’t. Each jurisdiction has its rules and staying compliant is non-negotiable. Partner with a sportsbook solutions provider to get platforms that meet all licensing requirements without the hassle.

Offer Multiple Payment Gateways

Players want fast and easy payment options. Integrate crypto wallets to local payment solutions to make transactions smooth. Speed and security in deposits and withdrawals will win player loyalty every time.

Marketing for Your Business

Marketing is the game! From affiliate programs to loyalty rewards use everything at your disposal to get players in. And once they’re in, use CRM solutions to deliver targeted campaigns.

Why Choose White Label Sportsbook?

Launching your business with a white label sportsbook is the quickest way to get into the market. You can go live in weeks not months. Also, no development costs and a fully functional platform. You only need to customize it as per your brand identity to get started.

Top 10 Sports Betting Software Providers

When looking for a partner for your sportsbook business, a good software provider can make all the difference. Here’s the top sportsbook software to consider:

1. PieGaming: White-label and turnkey sportsbook solutions, in-play betting, multi-language support, localized sports events, secure payment integrations.
2. BetConstruct: Customizable platforms, odds management and player engagement tools.
3. SBTech: Advanced analytics and in-play betting.
4. Playtech: Casino and sportsbook solutions.
5. Kambi: Sportsbook platforms with scalable infrastructure.
6. EveryMatrix: Modular sportsbook solutions, pick and choose features.
7. Genius Sports: Real-time data and live betting.
8. Pronet Gaming: White-label for emerging markets.
9. SoftSwiss: Crypto-friendly sportsbook software.
10. NSoft: Intuitive designs and AI-driven solutions.

Final Thoughts

Starting your own online sportsbook requires strategy, technology and understanding of the market. Continuous innovation, player data analysis and compliance with changing regulations is key to staying ahead in this industry. Sportsbook solutions providers help you start a sportsbook with scalable, customizable platforms including white label and turnkey. Get in touch to build a sustainable business.