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From Idea to Reality
Venturing into the world of sports betting can be an exhilarating and profitable endeavour for new iGaming operators. Online gambling is a vast industry. The entire market is predicted to exceed $110 billion by 2026. Sports betting accounts for around 30-40% of that, with year-on-year growth at around 10%. Setting up a sportsbook could lead to significant business opportunities.
Join us as we outline a straightforward, six-step process that will guide you from concept to launch, untangling the web of information to facilitate a smooth journey for your successful sportsbook brand.
A sportsbook is an online business that accepts bets on sporting events. Essentially, it’s a digital bookmaker. Odds are set on event outcomes, and users place wagers to win based on their predictions. Learn more about sportsbook terms in our Online Sports Betting Glossary.
Your business must be legally registered, compliant with local laws, and have a valid licence. First, consider your chosen market. Research the different legal requirements and costs. Gambling operations are subject to many laws and regulations that continually evolve and vary from country to country or state. One thing is for sure: you WILL need a gaming licence.
Obtaining a licence can be intricate, time-consuming, and costly. Register your business and understand the laws, regulations, and associated taxes. You will always need legal guidance, ideally from iGaming specialists. You must prepare for data protection, risk management, fraud prevention, and anti-money laundering. You must finalise your responsible gaming practices with policies and initiatives such as deposit limits, time-outs, and self-exclusions. Wagering requirements and terms and conditions (T&Cs) will be part of everyday business operations. Your chosen provider will be able to assist in this area.
Sound expensive? There will be a large initial outlay. Your budget may determine where you will operate, at least at first. Trying to cut corners at this stage will cost far more in the long run and result in hefty fines.
Your next step is defining your brand. The success of your sportsbook hinges on a niche that sets you apart from competitors. You may focus on specific leagues, regions, demographic groups, or types of bets. Whatever you decide, your brand must stand out from the crowd.
Start by researching your chosen market. Analyse the region’s most successful brands. What content are they providing? What features do they have? What sports are popular? What promotions are available? Conduct a thorough analysis.
Once you’ve identified your market niche and unique selling points (USPs), you must refine your branding. Reflect on competitors’ brands and identities. Choose a memorable name that reflects your vision. Your choice must be catchy and easy to spell.
The range of sports, events, and betting types you offer will impact attractiveness to users. You must ensure an appealing product for your chosen market, with customisable options.
Football (soccer) is the biggest money-maker for sportsbooks, accounting for over half of all online sports bets. Don’t limit yourself to your chosen market's leagues. Football is a global phenomenon. Include the big draws, such as the World Cup and European Championships, and international elite leagues, such as the English Premier League, Campeonato Brasileiro Série A in Brazil, and Serie A in Italy.
Include betting options from other popular leagues and sports worldwide, like the NFL, Formula 1, NBA, and MLB. Big draws include tennis, golf, basketball, hockey, cricket, and rugby. Remember, less mainstream sports such as darts, volleyball, or table tennis also attract users. Extensive coverage will draw in a diverse customer base with varying interests.
Access the latest technology for real-time updates, live events, and in-game betting options. User engagement relies on up-to-the-minute information. Live data feeds and the ability to quickly adapt increase excitement about unfolding action. Statistical data and historical performance metrics from a reputable sports data provider are crucial for setting odds and offering live betting. High-quality data ensures accuracy and enhances the betting experience, increasing profit.
Setting odds involves complex algorithms and sports data. Odds reflect the probability of variable outcomes in events. Be sure to offer various odds and bet types for novice and experienced users. The wider the range, the broader the appeal. Include options such as Parlay Bets, Parimutuel Betting, Special Bets, Micro Betting, In-Play Betting, Crypto Betting, and Cashout/Partial Cashout.
Integrate other iGaming products to boost your acquisition, engagement, and retention. Diversifying your range increases the profitability of your business. Research the latest trends. Add verticals such as casino and live casino games, eSports, fantasy sports, virtual sports, lottery, bingo, and free-to-play (F2P) games to expand your reach.
Casino is huge. Including casino and live casino significantly increases your user engagement. Add slots, crash games, jackpots, and more. Live casino games and game shows like blackjack, roulette, poker, and Monopoly Live work well. Lottery is popular due to its ease of play and versatility. Esports and bingo are growing, attracting users who may not enjoy traditional betting. Based on statistical performance and real-time simulation, fantasy and virtual sports give users an enjoyable alternative to real-life sports. If available in your jurisdiction, definitely consider free-to-play games. They’re a helpful data tool that unobtrusively introduces users to your brand.
Incorporating extra verticals broadens a user’s options and provides out-of-season engagement. Cross-vertical promotions and bonuses encourage users to try different types of games, increasing overall user engagement and the lifetime value of each user.
Success in iGaming relies on your website. You will need the help of a first-rate professional iGaming platform solutions provider that ensures fast market entry and supports the complex needs of iGaming operations with a secure, scalable, and user-friendly platform. The best iGaming solutions providers offer:
Fast time to launch helps operators capitalise on emerging market opportunities and technological trends. A provider that can quickly implement technological solutions and adapt to market demands ensures their operators remain relevant. Experienced market experts offer invaluable insights into legal considerations and market-entry strategies, helping operators tailor their content within compliance requirements.
Bespoke customisation and localisation are essential for addressing specific cultures and markets, making the experience relevant and accessible. Solutions must be fully scalable and adaptable for optimised interaction. Ready-to-go white-label solutions rarely stand out. Tailoring with ingenuity gives a personalised touch that’s far more likely to engage.
Consider your market. Does your chosen provider have a solid background in Latam iGaming if you’re starting a sportsbook in Brazil or Mexico? Can your provider offer an omnichannel solution with retail, online, and mobile capabilities if you’re branching out into Nigeria, as with WA.Africa?
A top-tier platform solution will excel in UX/UI design, incorporating feature-rich software AI to drive advanced personalisation and gamification to retain players and create an engaging environment. Features like real-time data analysis and excellent uptime provide operators with actionable insights for optimisation.
Managed services reduce the operational burden on operators; they help operators focus more on growth and less on day-to-day operations. Content management lets operators bring their dream brand to reality with ease. Security, legal, and risk management are paramount for protection. Casino, sports, lobby, and game management perfect your provision. While affiliate, player, and VIP management work alongside CRM and customer services to keep your important player base happy. Payment management services should cover various convenient payment types, including newer options like cryptocurrencies and local payment solutions like Pix in Brazil. Your brand’s customers are, after all, your source of revenue, which brings us neatly to our final step.
Effective marketing and a formidable customer base are the backbone of any successful iGaming brand. Ideally, your chosen provider will be your leading resource. Work with a provider who can guide and assist you with your long-term marketing strategy. Their market knowledge is worth its weight in gold.
A comprehensive Content Management System (CMS) enables the customisation of content and campaigns, supported by real-time data for agile adjustments. VIP programs and loyalty schemes, such as sign-up bonuses, deposit matches, free bets, and seasonal promotions, are vital to high engagement.
Set up an affiliate program. 74% of iGaming operators currently use affiliate marketing, with 69% planning to expand their affiliate networks. Affiliate marketing is a significant driver of customer acquisition, with 30-40% of new customers in the iGaming industry acquired through affiliation. Find out more about affiliate marketing in our recent article.
Success lies in strategy versatility, optimisation, social media, and SEO to enhance visibility and player acquisition. Reviews, testimonials, and user-generated content can significantly boost credibility, while targeted email campaigns, notifications, and promotional offers keep players engaged. Incorporating local market expertise and knowledge either in-house or via a platform provider can significantly enhance the relevance and effectiveness of marketing efforts. Once established, work on value added by incorporating tournaments, competitions, detailed guides, tutorials, and blogs to help educate new users and deepen the engagement of existing ones.
Starting a sportsbook involves a multifaceted approach that includes partnering with experts, understanding the market, complying with legal requirements, choosing the right technology platform, and implementing effective marketing strategies. By following these steps with advanced tools and services from your provider, operators can successfully launch and sustain a profitable sportsbook, ensuring an enjoyable experience for users while maximising business growth.
WA.Technology is an award-winning B2B iGaming provider offering a full spectrum of platform solutions, products, and expert-managed services. WA.Technology’s flagship WA.Platform empowers operators with state-of-the-art technological infrastructure and intelligent tools to launch their cutting-edge sportsbooks quickly and easily.
WA.Technology’s sportsbook product, WA.Sports is equipped with a rich array of 100,000+ pre-match events, 30,000+ live sports events, 125+ sports and virtual sports across 100+ global markets. WA.Sports’ range of adaptable features are fully scalable and customisable for complete, bespoke sportsbook creation. Its sophisticated sports data and integrated advanced betting features cater to a broad spectrum of users for maximum engagement and profitability for the complex needs of modern sports betting operations.
WA.Technology ensures ultimate uptime, advanced CRM systems, proactive marketing tools, and seamless integration across its WA.Sports, WA.Casino, WA.Lottery, WA.Fantasy, and WA.Poker verticals with over 70+ game providers, a library of 6800+ games, and over 80 payment methods that support multiple currencies.
WA.Technology’s extensive affiliate network, WA.Affiliates, provides operators with the power to attract and retain customers effectively and efficiently. WA.Technology is committed to security, legal compliance, and customer support for a secure, user-friendly experience for all, positioning WA.Technology as a trusted provider for sportsbook operators.
African operators can establish their successful sportsbooks with WA.Africa, a fully customised omnichannel platform solution combining online, mobile, and retail iGaming, tailored to African market needs. Discover more at watechnology.com or email [email protected].
W.A Technology Group Limited
Registered address:
19-21 Circular Road, Douglas IM1 1AF, ISLE OF MAN.
Email address: [email protected]
