How to Create a Competitive Sportsbook Platform in 2022

Are you interested in the sports betting industry? Already, projections are being made about the awesome opportunities in the industry. According to Applause.com, some of the trends to watch out for in the industry include cryptocurrency payments, the use of wearable devices and the proliferation of social betting strategies.

These trends in no small way prove how profitable it could be to start a sportsbook platform in 2022. On our part, we have made this guide to walk you through the process of setting up the platform and fine-tuning it for success.

1. Do the Background Work

The background work includes setting the goals for the sportsbook platform, drawing up an extensive and feasible business plan and making market research. You also want to spell out the terms and conditions, as this would help potential investors to understand what to expect from partnering with your sportsbook brand.

The strategies to be used for actualizing the goals also need to be set, while taking note of the budget for kicking it off.

1. Obtain the Relevant Licenses

Without a license, your sportsbook platform would be “null and void.” You want to be on the right side of the law, and create trust in the minds of prospective users of the platform. For this reason, obtain the relevant licenses that would help your sportsbook platform to start off on the right foot.

Among the many steps to take are:

• Finding out the availability of sportsbook platform regulations and or acceptance in the jurisdiction you want to operate.
• The type of sportsbook solution available in the jurisdiction – land-based/offline sports betting or online sports betting.
• The taxation policy.

1. Work with a Software Provider

A bulk of the game content to be provided at your sportsbook would be provided by the sports betting software provider. For this reason, partnering or working with a reliable software provider is very paramount to the success of the platform.

Here are some of the factors to consider when picking software provider to work with:

• Software Reliability: The software should be free of glitches or bugs.
• Reliable Payment Methods: Make sure that the sportsbook software provider integrates several reliable payment modes, as this would help the users to have lots of payment options to choose from.
• Experience: You also want to prioritize choosing a software provider that has been in the field for many years, as the experience is very important.
• Navigation Options: The software solution should also be user-friendly, making it easier for the users to navigate and pick the sportsbook content they want.

1. Consider the Content to Offer

Aside from the user-friendliness of the sportsbook software; another factor to consider is the type of content to offer. You don’t need to be confused at this point because there are several options to choose from.

Coverage

The coverage has to do with the type of sports content you want to offer. Consider integrating sports that attract lots of players, while considering the localization of the content as well. Pick sports that are peculiar to the jurisdiction you operate the platform, as this would attract more local players.

Examples of sports content to cover are:

• Summer and winter sports, such as eSports, racing and cycling.
• Matches
• Races, such as horse races and car races.
• Local and international sports tournaments.

Bet Types

What type of betting strategies do you want to offer on your sportsbook platform? This could be tricky because different punters use different betting variants to wager on their favorite sports. This is why it is pertinent to do in-depth research to understand some of the betting types that are peculiar to the jurisdiction where your sportsbook platform is cited.

If possible, ask some punters the type of bets they like to place. This can help you understand the different kinds of wagers that the punters would be willing to bet their money on.

Here are some of the popular betting strategies at sportsbook platforms:

• Spread betting
• Straightforward bet
• Parlay bets
• Over-Unders/Totals
• Proposition bets

1. Set-up the Sportsbook Platform Proper

Now is the time to set-up the platform where you would offer sports betting services. This step includes:

• Picking a domain name for your sportsbook brand.
• Partnering with a reliable website hosting service provider to keep the platform online 24/7.
• Hiring a website developer to handle both the front and back-end development of the platform.

1. Be Strategic with Marketing

Your sportsbook platform is a business and must be treated as one. Therefore, strategizing on your marketing tactics is very important. Some of the best ways to create a solid marketing strategy are:

• Email marketing/promotions
• Writing well-optimized blog posts to drive organic traffic via SEO.
• Digital marketing, including advertising on Facebook and Google.
• Introducing registration bonuses for new users and loyalty programs for selected existing users.
• Working with affiliate marketers who earn a commission per player/punter/user referred to your sportsbook platform.

Conclusion

Establishing a sportsbook platform is more practical and a bit complex in real-life than on paper. Yet, that doesn’t make it the most difficult thing to do, because the rewards are worth it. Take a cue from the ideas shared in this guide to create a competitive sports betting platform that will stand the test of time beyond 2022.