HOW TO OPEN A BOOKMAKER?
Posted by John Snow on September 7th, 2022
HOW TO OPEN A BOOKMAKER?
The sports betting business is booming. If you remember any major iGaming brand, it becomes clear that in the absolute majority of cases, projects tend to combine casinos and sportsbooks. Why? Thus, business efficiency and player engagement increase. Casinos amplify the betting business, and sportsbooks complement the casinos, becoming a real winning combination in the iGaming arena.
Why is now a particularly good time to become a bookmaker? The market volume is growing every year: according to some forecasts, by 2026 the online gambling market will overcome the mark of 110 billion dollars. It is also important that sports betting accounts for about 30-40% of this market. The stakes are rising.
SOFTWARE SELECTION
After deciding to become a bookmaker, it's time to choose the path of your professional development. There are two main vectors here:
- Develop your own platform
- Purchase a turnkey solution from a supplier in India (NuxGame Sport Engine is recommended. You can read the detailed description here)
Building a sportsbook platform from scratch
To develop a truly effective platform, an operator must have experience in running an iGaming business and know the current requirements for online gambling software. In this case, the responsibility for all tasks falls on the shoulders of the operator, and this requires a full-fledged team of developers, managers, analysts and other specialists.
Creating your own solution is a huge investment of financial and human resources, which does not always lead to the expected results. Bringing a solution to market requires at least a year of preparation, which can take even longer depending on the specific case.
Purchasing a turnkey solution
If the operator has experience in iGaming, platform development can be a good way to scale the business. However, for the first bookmaker, it is better to choose a comprehensive solution from a reliable supplier. The easiest and least expensive way to gain experience in sportsbook management is to use a ready-made solution.
SEARCH FOR A DATA PROVIDER
Bookmakers cannot function without data providers: no odds, no bets. It's important to choose a trusted sports data provider to help your new sportsbook capture market share.
Choosing a data provider is always risky. If an inexperienced bookmaker chooses an unprofessional supplier, incorrectly calculated odds or delays in settlement, financial and reputational losses will become a new reality for this business.
HOW TO OPEN A BOOKMAKER: MAIN CONCLUSIONS
- Every successful brand in iGaming combines the services of both a casino and a sportsbook with a single wallet for the player. This combination better suits the needs of the audience, so when launching your sportsbook, always consider the prospect of brand expansion.
- We have repeatedly touched upon the topic of the team, but it is worth mentioning it again. To create a full-fledged team from scratch requires a lot of investment and experience. It will be more effective to trust experienced experts and gain experience from them.
- Later, the operator independently decides which tasks his team can handle and which should be delegated.
From the very beginning, think over the direction of the development of your brand.
- Invest in VIP support, gamification and artificial intelligence.
DIVE INTO THE SPORTS BETTING INDUSTRY
Opening a bookmaker's office is a serious business that requires time, analysis and preparation. The success of a sportsbook is determined not by the colors of the site or the variety of bonuses, but by the competence of those who support it.
The experience of bookmakers shows that turning to a full-cycle team with iGaming brand management skills at all stages is the best way to open a bookmaker. If you decide to plunge into the world of bets and emotions, our team is ready to support you on this exciting journey.
