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Gone are the days when people used to go to clubs and place their bets. With the Internet becoming a domestic necessity, one thing that it made easy for sports lovers was Sports betting.
With the rise of the internet and mobile devices, sports betting became popular, and developers and business enthusiasts saw an opportunity in the same sector.
Yes, you are right. We are talking about Sports betting Software Development.
Listen to these statistics. As per the reports by Forbes, the market size of the betting industry was around 80 billion US dollars in 2018 and is expected to reach 102 Billion US dollars by the end of 2023. Can you sniff the expected revolution?
Well, if you are one of those sports and business enthusiasts, looking to monetize the opportunity, we are here for you. In this blog, we will talk about how you can develop sports betting Software. This will be your ultimate guide to building sports betting software from scratch. So without any further delay, let us get into it.
The Market Of Sports Betting: The Opportunities And Possibilities Through Statistics
As per the statistics by iGB (iGaming Business) Despite a handful of states only allowing retail sports betting, over 90% of the handle is generated through online/mobile sports betting.
As per the report by Statista, the number of sports betting software users in this market is expected to reach 181.9 million users by 2028.
Another report by Statista has revealed that The average revenue per user (ARPU) is estimated to be US$0.35k.
Sports Betting Software Development- Steps
Developing the right sports betting software can be tough for many business owners without the right guidance. Take a look at this roadmap for Sports Betting Software Development.
1. Market Research And Planning
To take off any business, one of the crucial pillars is to do market research first. As deep as you know your target audience and industry, the better grip you will have on them.
Before you dive into the world of development, it is essential to understand the market and plan your sports betting software. As a potential sports betting software owner, this will help you to analyze the upcoming trends and needed features in your software. First of all, you can start by creating a consumer persona. This will help you mold your sports betting software as per your target audience.
Keeping an eye on trends will also help you undermine what sports betting you want to own. For example, currently, basketball is the most popular sport (53%) to bet on in the US.
Along with that, you also need to keep a tab on mobile software development trends to predict the upcoming impacts and changes in the industry.
2. Define Features and Functionality
Once you have done the required market research for your sports betting software, your next step is to define the features and their functionality. Your sports betting software will require some of the basic features. To attain them, you first need to jot them down.
Common features of sports betting software include user registration and authentication, sports event listings and live ods should be included. Additionally, consider including features like live sports betting and social sharing to enhance engagement.
3. Choose The Right Technology Stack
Selecting the right tech stack for your sports betting software is crucial for the performance, security, and scalability of your sports betting software.
First of all, choose a reliable backend framework and database system for handling user data. This will be the backbone of your sports betting software. Remember that, a good backend technology will also seamlessly handle your transactions and real-time updates.
For a front end, opt for responsive design principles and utilize modern Javascript frameworks like React Native or Flutter for cross-platform compatibility. Apart from that, you also need to implement two-factor authentication in your sports betting software. This will add an extra layer of user accounts and protect your users’ personal information.
4. Implement Secure Payment Processing
Payment security is one of the crucial pillars of building any sports betting software. While using any sports betting software, users want their money to be secure and not vulnerable to any kind of fraudulent activity. To ensure the safety of users’ financial transactions, sports betting software needs to state robust security measures.
This includes encrypting sensitive data, using secure payment gateways, and implementing multi-factor authentication. Along with that, regular security audits regarding the payment gateways must be conducted. This will ensure that sports betting remains secure against any threats.
5. Legal And Regulatory Compliances
One of the important things to building sports betting software is compliance with local and international gambling regulations. Your sports betting software must meet all the necessary legal and regulatory requirements. This should include age restrictions, responsible gambling measures, and taxation laws as well.
Consulting with a sports betting development company that ensures that your sports betting software complies with all the necessary regulations is a smart move to do things efficiently.
6. Launch And Market Your Software
Once your development is complete, the next step requires you to launch your sports betting software to software stores and other platforms. This will require you to develop a comprehensive marketing strategy to promote your software and attract users. It is important to keep in mind that the success of your sports betting software will depend largely on the marketing efforts you put in.
Therefore it is crucial to allocate a significant portion of your budget toward marketing and promotion. Utilizing digital marketing channels such as social media, and search engine optimization (SEO) is an efficient way to step into marketing your software. Along with that, marketing campaigns like influencer marketing can help you reach your target audience.
While this might seem like a hassle, we recommend you opt for a sports betting software development company that provides marketing in the entire package. One such example of a sports betting software development company is Vigorous IT.
7. Invest In A Sleek UX/UI Design
One of the best tips that you need while building a sports betting software is the sleek UX/UI design of your sports betting software. It can significantly impact the success of your business and product. A sleek design can help attract and retain players for a long time on the sports betting software. Along with that, it can also help you improve user engagement ultimately leading to higher conversion rates.
Remember that, a well-designed user interface not only looks aesthetically pleasing but also aids the users to navigate through the sports betting software easily.
8. Responsive Design Of The Software
Developing responsive sports betting software that can run seamlessly on different devices and screen sizes is essential for providing a great user experience. As a potential sports betting software owner, you should ensure that the software is designed in a way that is compatible with all the major devices. Including Android, iOS, and web browsers.
9. Quality Checks And Assurance Of Your Sports Betting Software
Quality checks are yet another bonus tip that you need to follow while building your sports betting software. Any software development process, including sports betting software, needs quality checks and assurance. As a user, you would want to be sure that your software is reliable, secure, and functional and provides a seamless user experience.
To ensure this, you need developers who are experienced in the niche of sports betting software. The developers will use various testing methods to identify and eliminate any bugs and issues that may affect the sports betting software development.
10. Real-Time Data Integration
Incorporating real-time data feeds, odds, scores and match updates from reputable sources is a crucial part of any sports betting software development. This will provide accurate and timely information to the users for an informed betting decision. Your sports betting software should offer comprehensive coverage of sports events across the globe. This includes live streaming of matches, sports news updates, and expert insights into the games. Your users should be able to view live scores, check the latest odds, and place bets in real-time.
Read Also: Sports Betting Software Development: Features and Benefits
Is It Safe To Develop A Sports Betting Software?
If you are struggling with this question, to begin with, listen to these statistics.
The global online gambling market has reached a remarkable value of $66.7 billion in 2020 and is anticipated to grow at a compound rate of 11.5% from 2021 to 2028. This showcases a secure and highly profitable opportunity for developers and sports betting software owners.
Along with that, you should that the industry is propelled by the exponential growth of mobile technology, that too with a staggering 7.1 billion mobile phone users in the world. These vast statistics not only underline the importance of the niche but also depict its immense potential. To avoid any legal stress, ensure compliance with all the terms and conditions.
Cost of Sports Betting Software Development
We understand that, as an aspiring sports betting software owner, you must be thinking about how much it costs to build sports betting software. To answer this question, let us take a look at the breakdown of the costs.
The costs of building sports betting software can vary depending on various factors. For example the complexity of the sports betting software, the features and functionalities, and the tech stack you use. If you need a detailed insight into it, take a look at how much it costs to build a sports betting software blog.
Partner With Vigorous IT To Build A Best Sports Betting Software
Vigorous IT Solutions is a leading technology company that offers its users top-notch sports betting software. With nearly a decade of experience in the niche, they have expertise in the field, they can help you build the best sports betting software. Vigorous IT meets the specific needs and requirements. Along with that, their team of skilled developers works closely to tailor your sports betting software to your requirements.
Vigorous IT has the latest technologies and industry best practices to build robust scalable and secure software that can handle millions of users without any downtime or performance issues.
The Final Note
Building sports betting software requires a lot of patience and effort. More than that, it will require you to have market research and robust security measures. If done correctly, it can be a profitable venture in the long run. With the increasing popularity of online sports betting software, well-designed and secure sports betting software will attract more users and players.
We have jotted down the roadmap and bonus tips mentioned in this article, you can easily build a sports betting software that provides exceptional revenue and stands out in the competitive market. With sports betting software developer companies like Vigorous IT, you do not need to worry about either sports betting software development or its marketing. You will have have best of both worlds. So what is stopping you now?
Go ahead and build your sports betting software.
I am John, Digital Marketer at Vigorous IT Solutions, a leading name in the gaming app development industry. Our company is dedicated to transforming visionary ideas into immersive gaming experiences. With a portfolio boasting over 450 successfully delivered projects across more than 5 countries, we have established ourselves as a trusted partner in the gaming world.
