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Leverage The Power of Sports Betting Sofware Development & Become a Billion-Dollar Gaming Business!
Betting and Sports both are popular for arousing thrill among people. Legends have combined both concepts and formulated sports betting to multiply the thrill by a thousand times. Additionally, the ultra-legends have exploited this opportunity with sports betting software development services!
Welcome to the 4th blog of our exclusive series that discusses the ‘Top Gaming Startup Ideas’. This time, we are introducing the most popular and most lucrative game development business idea of FY 2020-2025 which is Sports Betting Game Development. So let’s scroll down and know more.
What is Sports Betting Software and How It is Different from Fantasy Sports App?
When it comes to sports betting, there are multiple sports in the world that people enjoy watching, playing, and betting on. So, sports betting software is any mobile or desktop application or web app that offers multiple sports bets in a single app. However, one must not confuse sports betting software with a fantasy sports app.
Fantasy Sports Software and Apps allow the player to form a sports team and play online. Betting is optional in Fantasy Sports games. However, on the contrary, sports betting software does not allow users to play and form teams but bet on ongoing sports matches.
Launching this type of dedicated software or mobile app can prove a highly lucrative idea for you as a gaming business startup. Just like you earn from a fantasy sports app in the form of commissions and ad revenues, you can earn from sports betting software as well. However, the commission is not going to be in a few thousand. Rather, it will be in at least six figures.
Sports Betting Stats 2024
Now you must be wondering that there are many sports games all across the world. So which must be right for the sports betting software development? Well, unlike fantasy sports apps, you can offer sports betting on multiple games and live tournaments through a single software. To understand the benefits better, let us have a look at the important sports betting stats 2024 as per the latest data available-
- At present, sports betting accounts for 40% of the gambling market in the entire world.
- Statista predicts that India alone shall generate around US $1.97 Billion in revenue by the end of 2023.
- Furthermore, globally, Australia will generate the maximum sports betting revenue in the same year equivalent to US$9.7 billion.
- Whereas in India, Cricket Sports betting is more popular accounting for US$200 million wagered on each One Day International tournaments.
- On the contrary, the USA loves to wager on basketball with 53% of the betters wagering on the same followed by soccer betters (51%), Football (46%), and baseball (22%).
The Best Sports to Choose for Sports Betting Software Development
Based on the above stats, we can sum up the popular games to remember when getting sports betting software developed by a sports betting software development company as follows-
Cricket: Cricket is a popular sport associated with the pride, ego, and emotions of people across many countries. Especially in India, UAE, UK, Pakistan, Bangladesh, and Sri Lanka, Cricket plays on the national emotions. Eventually, cricket sports betting is usually in high demand for any sports betting app. Therefore, cricket betting must be the first-ever option in a sports betting app or software.
Football: The next popular sport worldwide is Football. Football is also associated with the emotions and national pride of many countries. Every year, people wager millions of dollars on Football Tournaments such as Barcelona and FIFA. Eventually, you can’t overlook football if you wish to make billions of dollars.
Apart from Cricket and Football, Tennis and hockey are also a great choice to include as they have high popularity across multiple countries. Remember, that if you wish to grow rich faster, then choose only highly popular games famous in multiple countries. This way, you shall be able to earn heavy commissions.
Must-Have Features in Sports Betting Software
As already discussed, Sports Betting Software is different from Fantasy Sports Apps, eventually, the features must also vary. So, when you visit a sports betting app development company to get the software developed, always emphasize on following features:
One Time Sign-Up
Do not forget to ask for a one-time sign-up and remember my options while taking sports betting software development services from a company. The complex sign-up process and the necessity to log in every time using the software or app, distract users due to inconvenience.
Profile Creation
Furthermore, let the end-users create their distinct profiles on the sports betting app. So that they may have a user account with all their bet history, money wagered, and money earned. This feature attracts more downloads due to the comprehensiveness and ease of users.
Live Betting
Sports betting is directly associated with live tournaments. Say, for example, the bet players are more thrilled and excited to wager during tournaments like IPL, ODI, FIFA, Barcelona, Wimbledon, US Open, Roland Garros, and Australian Open. So, the app or software must allow betting on live tournaments to keep the audience hooked to the app.
Multiple Sports Betting Options
As stated earlier, sports betting software must not target a single sport, rather, offering multiple sports to choose from for betting invites more downloads. Also, it enhances the chances of getting commissions from the different types of sports betting. So, provide at least 7-8 types of sports for betting and multiply your income streams along with the number of downloads. More downloads will also incur more Ads and Sponsorers to your app further doubling your income.
Betting Guide
Not everyone is a pro-better and there is a ‘first-time’ in everyone’s life for everything. Eventually, try to cater to the first-timers as well by offering an in-built sports betting guide in the betting software. This will invite fresh users towards your app and software. Also, a betting guide creates value before the users and your reliability increases as a value-driven and responsible business.
Crypto Sports Betting
Sports betting is an international affair. Due to sports betting being considered unethical in many countries, international monetary transactions through sports betting might put your business in trouble. However, the best way to combat this situation is to deal with cryptos. Therefore, Crypto Wallet integration is a great option if you wish to launch your sports betting app internationally.
Net Banking in Addition to UPI Payments
As in sports betting, people do not tend to wager in hundreds, but at least in thousands and usually in lacs. Such huge transactions may or may not be executed through UPI payments. Eventually, Net Banking integration will also be a mandatory feature to emphasize in the fields of sports betting app development.
Live Bet Updates and Analysis
To enhance engagement on the sports betting app or software, the betting software developers must also consider live updates through push notifications and regular data analysis on the bet being made by all the betters. This will maintain the thrill and excitement throughout the tournament and app engagement will increase. Also, the bet players will be able to get insights to play better.
Notifications
Live score updates, new bets made, and possibilities of winning and losing a bet are some kinds of notifications that the sports betting software must offer. This technique also enhances the app engagement and keeps the audience on tenterhooks throughout the tournament. More engagement results in more Ads and Sponsorers which in turn brings more revenues to your business.
Multi-Language Support
Betting software Developers must also emphasise on multi-language support in the software and app. It is because the bet makers may be from different regions of the different countries. Not all bet makers can understand English in spite of its being the universal language.
Countries such as Spain, France, Pakistan, China, and even Bangladesh have often demonstrated hostility towards the English language. However, we as a business must cater to every customer alike to generate more revenue. So, the sports betting software must support multiple languages. Do some research on your target audience and make a list of the languages popular among them.
Data Security & Tight Encryption
Sports Betting apps and software are meant for large money transactions. Eventually, tight encryption and ultra cyber security are the uncompromised features in the sports betting software development industry. So, always ask the betting app developers if they are well-versed with strong coding and data security techniques. Lay more emphasis on financial security and protection against cyber-attacks.
Also, Ask for Complementary Betting Website Development
Furthermore, only a sports betting app development is not your target. If you wish to establish yourself as a complete business in the field of sports betting, then you will also need a dedicated business website. So, if you are pioneering your business in sports betting, then let the company know.
Also, ask for a budget that covers betting website development in addition to the mobile app or desktop app or betting software targeted for any operating system. There are many betting website developers India that provide complete business packages with custom and template-based development options.
Sports Betting Software Development Cost
Sports betting software development cost is usually high due to its being a billion-dollar business. On an estimate, sports betting software development cost in India can range between USD 25,000 and go beyond USD 55,000 depending upon the number of features, UI/UX design, and the software complexities. However, one must connect with the developer company to get the final quote.
Concluding Remarks
To sum up, we can say, that sports betting is a gigantic business idea that brings revenues in six figures just within a couple of months of the launch. However, due to its app being complex in development and due to its popularity, sports betting software development is also an expensive process. Still, the spend will emerge a lacs of worth as soon as the software gains popularity among the bet makers. So, if you have a good budget and you wish to launch a gaming startup different from other fantasy sports apps, then you may consider sports betting to stand out in the market. So, connect with a betting site developer and software developer today and fulfil your aspirations today!
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