How To Launch A Successful Sports Betting Platform In 2024?

In the high-stakes sports betting world,  fortunes can be made or lost as a result of a single match outcome. But what if we tell you that the real deal in 2024 is not merely about placing bets but becoming the house?

The global sports betting market is evolving at an unprecedented rate, expected to grow at a CAGR of 10.3% between 2023 and 2030. Considering this, the operators are eyeing the lucrative opportunities of starting their own sports betting platform. However, one significant question remains, what does it take to beat the odds in building a successful sports betting business? Let’s decode the answer in this blog!

Introduction to Online Sports Betting Platforms

Sports betting platforms are online websites/portals that allow bettors to wager on various sporting events. They offer a wide array of options for betting, from simple win/lose bets to more complex bet types. These platforms have completely changed the level of people’s engagement with sports, turning spectators into active participants.

Key features that a sports betting platform typically entails are:

• Diverse betting markets
•  Real-time updates on odds
• Live betting options
• Data analytics and statistics

Such platforms cater to both, casual bettors as well as seasoned ones. They typically operate in a highly regulated environment, with legal aspects varying by jurisdiction.

Why Should You Start Your Sports Betting Platform in 2024?

The online sports betting industry is up and running and, therefore, 2024 is the best year to start your own sports betting site. 

The revenues in the online sports betting industry are anticipated to hit US $1. 97 billion in 2024. Other indicators such as user adoption are also on the rise. Online sports bettors are expected to reach $18.9 million by 2029.  

The above statistics testify to the growth possibilities of the sector. By breaking into this industry in 2024, you as an operator will be able to take advantage of this upward trend and increase the players’ base as well as the revenues. 

Factors to Consider Before Starting Your Sports Betting Platform

Starting a sports betting platform requires a lot of planning and strategizing. It needs an analysis of what your competitors are doing and where the overall industry is headed while also navigating through the web of licenses and compliances.

In this section, let’s go over all the factors that you need to consider before starting your own sports betting platform.

• Legal Considerations

The sports betting market is highly regulated and different laws apply to different jurisdictions. The industry in the USA has different laws in different states. Thus, knowing and understanding all the legal requirements is crucial. 

Additionally, it is important to stay updated as the field is dynamic and the laws might keep changing within seconds. Thus, it is crucial to have constant vigilance and adaptability.

• Competition

Understanding your competition becomes important while launching a new venture. This is mainly because it provides insights into market viability and profit margins. Remember that your competition is focusing on certain products and services for a reason and you might want to understand it. 

Studying the competition can truly be invaluable, offering a window into the dynamics of the market and guiding your decisions throughout. This approach is particularly beneficial in highly competitive fields such as iGaming, where differentiating yourself while meeting the market demands is paramount.

• Budget & Finances

The first thing that anyone considers before starting any business is if they have the kind of funds available to start a business or not. The same goes for sports betting as well. Indeed, starting a sports betting business in 2024 is a costly affair. However, the growing market and potential for high returns make it an attractive venture for those who can navigate the financial and regulatory challenges effectively.

Therefore, consider exactly how much funds you need to allocate for each part of setting up your own sports betting platform.

How to Start A Sports Betting Business: A Step-By-Step Guide

All set to start on your journey to set up your sports betting platform? This section breaks down the process into a few easy steps. From initial planning to launch, and beyond, we’ll walk you through each stage.

1.) Market Analysis

Before you dive into the world of sports betting, conducting proper market research is vital. This step includes analyzing current trends, identifying your target audience, and understanding the overall competitive landscape. You can also study successful betting platforms to discern what makes them thrive. Pay close attention to regional preferences in sports and betting habits, as they can vary across markets. Further, try to familiarize yourself with legal and regulatory requirements in your target regions. This can greatly impact your business strategy as well as operational costs.

2.) Developing a Comprehensive Business Plan

Once you’ve gathered all the market insights, your next step of action should be making a detailed business plan. You need to prepare a document that will highlight all the crucial information about your company such as structure, financial projections, operational plans, and more. You should also include a clear value proposition that you think will differentiate you from the competition.

Address your funding sources. Also, consider all your staffing needs, the technology that you require, your risk management plan, etc. A well-rounded business plan will not just act as a roadmap to guide your efforts but also a crucial tool when seeking investments.

3.) Selecting the Right Sports Betting Software

Selecting the right software provider is an essential decision that will shape your platform’s capabilities and pave the way for a good user experience. There are several types of sports betting software that you can consider, such as:

• White-label betting platform: A pre-built platform that is ready to deploy
• Turnkey solutions: Similar to white-label, but often come with more customization options and ongoing support from the provider
• Custom-built platforms: Developed from scratch to your specifications, offering maximum flexibility but requires more time and investment

Apart from the type of software, also consider factors like scalability, the different integrations, user interface design, and more. Also, ensure that the solution complies with relevant regulations and offers robust security features.

4.) Optimizing and Fixing Issues

Once you’ve selected the software and set up your platform, thorough testing at this stage becomes important. This phase involves identifying and resolving technical issues if any to ensure a smooth user experience across devices and fine-tuning for performance accordingly. Pay special attention to:

Website/app’s loading speeds

Processing time for the transactions

Accuracy of odds calculations

User interface intuitiveness

Account security measures

You can conduct QA testing first followed by beta testing with a select group of users to gather comprehensive feedback. Use this feedback to make improvements.

5.) Going Live

Launching your sports betting platform can be an exciting milestone, however, it requires careful planning. For instance, you can choose a strategic launch date, possibly coinciding with a major sporting event to maximize initial interest. Ensure that all the systems are fully operational before the launch as well as take care of the training of customer support teams. You can also try a phased rollout strategy, starting with a soft launch to a limited audience before expanding. What this will do is it will manage initial user volume and address any unforeseen issues without having to put your reputation at stake.

6.) Implementation of Effective Marketing Strategies

Once your platform is live, focus on attracting and retaining bettors through targeted marketing efforts. Some of the effective strategies that you can use are:

• Social media marketing: You can leverage platforms like Twitter, Facebook, and Instagram to engage with sports fans and promote what you have to offer
• Content marketing: Create valuable content like betting guides, sports analysis, and more
• Affiliate marketing: Partner with sports websites, influencers, and bloggers to reach a much wider audience
• SEO optimization: Ensure your platform ranks well for relevant search terms to drive organic traffic
• Email marketing: Build a subscriber base and keep them engaged with personalized updates

However, make sure that you pay attention that your marketing efforts comply with the local regulations.

Why Choose PieGaming as Your Sports Betting Software Solutions Provider?

PieGaming is undoubtedly one of the best providers of online sports betting solutions. This can be attributed to the company’s focus as well as considerable experience in the iGaming space. As we have already worked in the industry for more than 10 years now, we have created a very strong technical base that can accommodate the needs and demands of many users. Further, our solutions are fully compliant, so you can operate worry-free. 

If we talk about what sets PieGaming apart then it would be our business-oriented approach. Our aim is not just to develop software, but to support you throughout your journey to success. We shoulder all the technical complexities, allowing you to only focus on business growth through marketing. Our intuitive user experience, be it on the web or mobile, creates a flawless betting environment.

PieGaming’s solutions are indeed feature-rich, with the latest functionalities integrated along with streamlined back-office operations. You can partner with PieGaming for a perfect blend of technical proficiency, industry experience, and a commitment to your business success. 

PieGaming By The Numbers

Wrapping Up

Launching a sports betting platform in 2024 presents a significant opportunity for the operators. While the process involves careful planning, considering the legalities, and strategizing, the potential rewards are immense. 

However, you must partner with experienced software providers such as PieGaming to set your business up for long-term success. As the online sports betting landscape continues to evolve, those who enter the market now with a well-prepared strategy and a strong foundation will be able to capitalize on this lucrative sector.

FAQs

• What legal considerations should I be aware of when starting a sports betting platform?

  Legal considerations vary by jurisdiction. You must research and comply with local laws, get all the necessary licenses, and stay up-to-date with the regulatory changes that might occur. You can also consider consulting with a legal expert specializing in such laws.

• What measures ensure fair betting practices on a sports betting platform?

  Responsible sports betting measures may include:    - Setting deposit limits    - Offering self-exclusion options    - Providing resources for addiction support    - Implementing age verification processes    - Displaying clear odds and risk information

• How much initial investment is required to start a sports betting platform?

  The initial investment that is required depends on different factors such as the type of software solution chosen, licensing costs, marketing budgets as well as operational expenses. It is advisable to have budgets ranging from hundreds of thousands to millions of dollars.