The sportsbook software development has in-play betting and pre-match betting included in it. It is based on the revenue share model which comes out as a turnkey solution to reduce the operational cost and risk and offer several benefits to various types of operators. In this blog, we will elaborate on the building of sportsbook software in 2020. Here are some points you need to keep in mind before getting into sportsbook software development.
Choosing a Niche
The majority of the sportsbook software developers and operators operate on virtually all sports. You can compete with these if you have a lot of money to invest in a marketing campaign. If your budget is then it is preferred to go for a specific category or specific sport. To make the software more recognizable, one should target a small niche, this is going to create an enhanced user experience. The niche should also be chosen on the basis of the region you will work in.
Approach for the Development
Creating a sportsbook software development solution is not like a regular development process since licensing, credibility, and standardization of the software plays an important role here. The player must be ensured that his/her money will not be stolen and a proper level of protection is provided by the developer against unauthorized interference. There are three approaches to development –
1. A complete customized solution
2. Using white label
3. Become a Licensee
Starting a sports-based business software is not an easy task and requires a corresponding license. This license for sportsbook software cannot be obtained everywhere as in some countries it is prohibited and in some countries, the entrepreneurs and players both are punished for online betting. While choosing the jurisdiction, acknowledge the following –
1. The reputation of the state regarding corruption, rates, the stability of the regime etc.
2. Requirements of licensing for legal organizations and authorized capital.
3. The duration and cost of the process for obtaining a license.
4. Taxes and other fiscal charges.
Payment Service Provider
To initiate sportsbook software development, the operator has to enter into an agreement with some payment system providers. This gives convenience to the players to deposit and withdraw money very quickly from your platform. It is recommended to give a maximum payment option to the players for their utmost convenience. It is also required to opt for the payment services which understand the conditions region-wise and adapt themselves to those conditions.
Features of the Software
The sportsbook software must have the following features –
1. Fast Bet: This is popular in markets like Africa and enables you to place a bet using hot-keys.
2. Multi-Bet Cashback: This is offered in case of losing the multi-bet after meeting certain requirements and some percent of the bet amount is refunded.
3. Super Bet: This enables the customers to request a larger bet stake than the maximum available.
4. Multi-Bet Bonus: This feature allows the customers to modify their existing bet selection on multiples.
5. Taxation: It is a flexible configuration giving an opportunity to charge taxes from the sports bets.
6. Cash-out: The customer has full control of their bet giving an option to settle a bet even before the event has finished. This restricts the amount of loss for the customer.