Sports betting has always been a vintage business from decades; it has covered almost every sport right from football, rugby, basketball, tennis to cricket.
However, the audience always has a love-hate relationship with this concept as in some countries; it is legal, and somewhere it is considered as illegal. But the arrival of online sports betting has completely changed the whole scenario.
After that, the industry has never looked back, and today, it has become one of the lucrative businesses with its new concept of Sports Betting Software Development.
Earlier bookies or other people used to visit betting websites or physical sites to place their bets, but today, they are not required to do such things. With just one tap on their smart devices, they quickly put their bets.
Let’s take a glance at its market-
Market Growth of Online Sports Betting
The market size of online sports betting is jaw-dropping. In 2019, the market size was valued at $53.7bn. But, according to the latest market reports- it is expected to grow by USD 155.49 billion at a CAGR of 8.83% during 2020-2024. The potential size of the U.S. online betting market is $8.1bn.
Currently, sports betting is legal in the U.S., U.K., Italy, Denmark and other European countries. And by 2023, the other 25 cities of U.S. sports betting will be legalized. Many other governments across the globe are now planning to legalize online gambling and sports betting, which opens doors of new opportunities for the businesspeople.
Now, after seeing the market potential of this lucrative industry, you might understand that it is the best time to invest in sports betting app development.
Why does your business require online sports betting applications or software?
Today every product or service comes with a digital solution, and this approach is excellent as it is the demand of the present time. It not only makes that business accountable but friendly for all its existing and new users. Similarly, sports betting software or application will help you with the following benefits-
- Wide range of online sports
- Potential users
- Lucrative revenues
- Secure and reliable
- Multiple bets at a single platform
- Data security
- Multi-currency accessibility
- Multiple language support
- Transactions history
- Robust marketing tool
Hence, after reviewing such immense benefits, you get an idea of how innovative and profit-earning business is. So, start investing in Sports Betting Software Development and create your own betting site.
Are you planning for sports betting app development?
Well, if yes, then let us tell you how you can build a robust sport betting application. To build a sports betting app, the most important and influential factor is its features. An app with active and powerful features is successful in winning the hearts of its users. Following features will help you to create a prevailing application-
Login- It is the first and the most common screen that pop-ups on your user device. Here to create an account, your users need to put essential information required by the platform. Users can sign in with their mobile number, email ids or with social media accounts.
Betting Guide- This feature helps your users to understand the comprehensive concept of betting. It is most beneficial for the new users as they will get an exact idea about the benefits, playing pattern and winnings over your platform.
Real-time Feeds- Under this feature, users will get the ongoing status of the match and events right on their devices, it will help them make more competent betting strategies before participation.
Secure Payment- One of the most critical and essential factors for sports betting apps. Make sure your app must integrate a secure and reliable payment gateway. A safe payment platform will help your users to rely on and spend more.
Player Details- With this feature, the user can get all the detailed information about the player, he put a bet on. The details include its past performance reports, his strong and weak points. It helps your user to place a straight bet.
Match updates- Under this section, users get updates about all the upcoming and running events and matches. It will help them to prepare their bets accordingly.
Multiple bets- It allows users to place multiple bets at a single time. Users will find a wide variety of betting modes and patterns. They can pick one or multiple according to their convenience.
FAQ’s – It helps your users to get straightforward and quick solutions to their queries they are facing while playing.
Multilingual- Sports betting is prevalent across the globe, so your app should also be compatible with multiple languages. It will help users to navigate the app in their native language and enhance their interest for your platform.
Admin Login- To manage and control the activities over the application, admin also requires to sign up with the required details. With this feature, admin can quickly access and keep an eye on users’ activity.
User management- This feature helps admin to manage the total number of registered users. Admin access the user’s information as to how many bets a single user can place or how much amount a particular user wins.
Reward Management- Under this feature, the admin manages the total money received from overall users. An admin is responsible for providing the winning amount to users according to the types of bets he placed and the tournament in which he participated.
Bookies Management- Admin can control and make direct communication with bookies under this feature. Bookies will get notification from admin about the start and end of any match. Admin also receives the odds from the bookies. Also, if any bookie violates the terms, the admin has a right to eliminate or remove that user any time.
Contest Management- Admin manages all the updates related to forthcoming and earlier matches. The admin can also control the daily feed so that users never miss any latest update related to betting.
- Live streaming
- Live commentary
- Multiple sports
- Real-time Analytics
- Live Notifications
- Customer support
Cost of Sports Betting Software Development
Costing of sports betting app development depends upon various factors, including the platform, app size, features and functionalities. Moreover, the prices also vary according to the regions like-
- U.S. based developers: – USD 60 to USD 240 per hour
- Eastern Europe based developers: – USD 50 to USD 130 per hour
- Japan-based developers: – USD 50 to USD 200 per hour
And if we evaluate the average costing for sports betting app development in India, then an app with basic features will cost around USD 20,000- USD-40,000. And an app with the advanced feature will cost around USD 60,000-USD 70,000.
So, these are essential features which you need to consider while developing competent sports betting application. To create a successful app, it would be best if you hire a Sports Betting Software Development company.
You can entrust us for your project, apart from sports betting, we also offer intuitive solutions in fantasy sports app development and cricket betting app development. Contact us and get the best app for your betting business.