Sports betting moved right into the mainstream with the advancement of wireless technology, so now there’s no need to argue about online sportsbook’s global presence which lies beyond gambling spectrum.
From the consumer’s perspective, what makes wagering on sporting events so special?
Online sportsbooks turn spectators into players, bringing out totally different, yet somewhat familiar emotions. The feeling of pressure bound up with joy when you see your team is making an effort towards success, - there’s nothing else like it.
From the vendor’s perspective, what makes an online sportsbook so special?
Sportsbook can be managed for a greater gain for those who seek value in the sports marketplace, want to diversify player groups or an array of Casino game options.
Having a high-calibre sportsbook software is a great opportunity to capitalize more swiftly on the growing demand for a robust online gambling market and higher return expectations.
Since major sports bookmakers make their money on sports bets by collecting a commission on losing bets, called Vigorish or Vig for short, the main goal is to have the betting as even as possible. Fairly ideal is to balance bettors on either side of a bet by having a clear 50/50 betting percentage so that the aforementioned Vig comes with zero risks.
Profit is generally determined through competition, meaning that both estimated costs and revenues vary depending upon whether the sports betting site is competing in an open market (low barriers to entry) or as a monopoly.
The next generation sportsbook should meet at least 5 criteria:
- Live-betting games and multiple betting options
For a broad coverage in targeted regions, operators have to incorporate into their sports betting platform offering live odds for national streamed sports events, including football, volleyball, basketball, hockey and etc.
In addition to live betting experience, multiple betting (an accumulator from a double upwards) is a commonly-searched attribute in sportsbooks. New players fancy betting on the winner of two games.
- Bonus system and retention tools
In the long run, a bonus system (with a common practice of 10 to 20% incentives) is a crucial element of sportsbook’s marketing strategy and a powerful player retention tool that has been validated by many aggregators.
- Types of sportsbook bonuses for new players differ, yet the similarities are quite salient:
- Sign up bonuses (for newly joined ones and given regardless of players’ betting performance)
- One-time deposit bonuses (up to 100%) for a certain sum of money
- Free bets/odds
- Non-cash awards
To keep betting fans from leaving, it is wise enough to encourage loyalty with these retention tools:
- Frequent player points
- VIP loyalty points
- High-stake spender points
- Festive points (Christmas championship, Easter, Halloween, etc.)
- Personalized content offers (custom gaming content available to a certain number of active players from a particular region)
- Betting assistance (sportsbook instructions, notifications and term clarifications)
- Tailored design
The design is a fundamental identity pattern of any betting site.
In order to achieve commercial acceptance, principles of a good template-based sportsbook design should include:
- Mobile-compatibility
- Ability to fit within the gaming context
- Ease of navigation
- Responsiveness
- Eye-opening data insights
In order to respond to errors, bias, online behaviour or trend-related, sportsbook operators need to have an access to intelligence data, making the unpredictable changes way more predictable.
- Fast deposit methods
Having flexible deposit and withdrawal options are crucial for sportsbook and betting sites alike. No question that online payment methods (credit cards, seamless wallets, vouchers, cryptocurrency) should be reliable, globally-recognized and fraud-free. It is advisable to employ an all-in-one service for smooth transaction processes.
What else needs to be done in order to launch a sportsbook product?
- A sports gambling platform should be built (independently carried out or by certified professionals)
- Verified payment systems should be adopted
- Legit in-game content should be purchased
- The need for several bet types and in-game purchases should be fulfilled
- A team of bookmakers, professional online traders, analysts and customer service agents should be formed to calculate odds, promote and sell the product, maintain customer relationship
