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Blog Summary:
This blog is an all-inclusive guide for sports business owners to provide them with valuable insights on the importance of developing sports betting software. It will cover all the benefits, features, tech stack, money-making models, steps to develop, and the cost before building their software.
Table of Content
Over the last few years, the United States has become the heartland of the online sports betting industry. Captivating thousands of participants, sports betting software development has emerged as a gold mine for entrepreneurs and owners. The Sports Betting Industry in The US will witness a CAGR of 40% until 2033.
The legalization of online betting across 30 American states also brought in a revenue of USD 57.2 billion in 2021. Here are the top sports on which the US fans place most bets.
As Sports Betting Software Development, along with its industry, experiences huge demand for betting platforms, business owners and leagues need an optimized software development strategy. In this blog, we’ll uncover how they can implement proactive measures for real-time updates and seize the potential.
Sports betting software is an application designed to facilitate the betting process on various sporting events. It allows users to place wagers on soccer, basketball, tennis, cricket, and many other sports.
These apps allow users to place bets through their smartphones or tablets on a wide range of odds, betting markets, and options. Sports betting software utilizes AI algorithms to allow users to carry out different betting actions and processes, predict match results, and place bets on the outcome.
Sports betting apps have high storage capacity, which makes them fast enough to display the top odds against the quotes by bookies. Some leading names in sports betting apps include RebelBetting, The Action Network, Bet365 Sportsbook, FanDuel and many more.
Let’s understand the different types of betting apps you can develop:
Daily Fantasy Sports (DFS) apps allow users to draft virtual teams and compete in daily or weekly sports contests, such as DraftKings and Yahoo Fantasy Sports.
Betting exchange apps enable users to bet against each other on sports events, offering competitive odds and P2P betting. Examples are Betfair Exchange and Matchbook.
Live betting apps allow users to place bets on ongoing sports events with real-time odds and updates. Some examples include Betway and 888sport.
Sports betting software provides extensive features for calculating odds, live events, and live score updates. For consistent cash flow and higher returns, sports businesses can leverage the power of sports app development by allowing users to bet on engaging sporting games.
Here are some compelling reasons why sports businesses need betting software:
Betting software provides interactive elements to increase fan engagement by allowing users to place bets on their favorite sports team players.
With real-time data and analytics, businesses can track betting trends, monitor performances, and place odds by adjusting the bets accordingly.
Having betting software ensures that your business is always in compliance with the local and international regulations for online gambling, including age verification and anti-fraud measures.
Sports betting software can scale to accommodate large data volumes and transactions during peak hours during major sporting events.
Build a sports betting software from scratch or integrate with existing apps and platforms.
In Super Bowl LV in 2021, technical issues and backend outages kept bettors away from placing wagers. Similarly, DraftKings faced performance issues, and users couldn’t access their mobile apps. Since the fans require quick and reliable statistics to ensure they place winning bets, building sports betting software should be able to provide the following benefits:
Betting operators can increase revenue streams by offering diverse betting options. They can also capitalize on real-time data and analytics, optimizing odds and promotions to maximize profits.
Online sports betting apps are equipped with engaging features like live streaming, in-game betting, and cash-out options. Unlike traditional betting, these apps offer seamless navigation without incurring a cost burden.
Betting operators have a lot of promotional opportunities because apps are built with a user-first approach to retain customers. They can offer free bets for new users and bonuses to old users to incentivize betting.
Online betting apps provide highly useful insights and content recommendations at each betting stage. Live chat features welcome a community of like-minded fans, providing support for new bettors and advanced analytics for seasoned players.
Sports betting platforms offer customization from multiple sports events, betting markets, and wager types to help users place and adjust bets accordingly. Real-time information on live scores match statistics, and odds updates also help create better betting strategies.
Since bets are made in real-time, businesses cannot afford any delays on their sports betting platform. However, users can experience latency due to heavy back-end operations or incorrectly configured software.
Hence, to enhance the capacity of your betting platform’s storage, we recommend a step-by-step deployment approach that optimizes database requests and configures additional servers.
Suppose you’re building a fantasy sports app that particularly targets the NFL and NBA basketball leagues. Your market research should focus on the platform you choose, from Android to iOS. High performance is the key here, and Amazon RDS for Aurora can increase this.
The next step is to define how you want to build a product that can quickly crunch the data gathered from the industry you want to target. It’s crucial to build an architecture with those critical areas that require fast performance while fetching real-time statistics during live games.
When starting the software development process, two essential things need to be considered:
However, in any of the options you choose, we recommend working with a sports app development company to navigate the process seamlessly. They’ll help you build robust front-end and back-end based on the specifications, features, data encryption, APIs, and more.
The NBA’s deal with the Vegas-based MGM gaming platform cost them USD 25 million because the leagues and teams claimed ownership of their data. The owners should learn from such instances and choose a software development partner that can provide them with an online gambling license that complies with the US regional regulations.
At this stage, developers check for memory leakages, connection closures, and interaction between system layers. Scalability testing, endurance testing, and soak testing are significant in measuring the platform’s ability to scale up during traffic spikes. Tools like AWS Auto Scale automatically maintain the aimed performance.
Once the software is deployed, it’s essential to integrate it with a sportsbook provider to display reliable, secure and updated betting-related information. The software also provides access to a diverse range of betting options, which requires maintaining live-streaming features and keeping customers always in the loop.
A robust sports betting software should be able to overcome the common challenges of login errors and the inability to place a bet. While speed matters the most in sports betting, neglecting the following features can decrease the chances of success.
This feature allows the user to log in to their account with the credentials they set up. It is one of the most vital features of a sports betting app, enabling users to start betting and place bets.
Sports betting apps provide a broad range of betting options for users to choose from different sports, such as Soccer, Basketball, Tennis, Formula One, etc. They also include teams and player names along with the betting rates.
Betting apps offer features such as live scores and match statistics that users need to help them place bets. Users can also live stream the match to plan out their betting strategy while tracking game progress.
Odds are the payouts for any match based on the probability of its outcome. To help users place a bet, the odds management feature allows them to base their amount of wagers on how they would affect the chances. (e.g., injury of a player or a change in team).
Integrating cryptocurrency and digital wallets allows users to pay lower fees and has bigger limits, leading to players placing almost 300 bets per second. However, it should be noted that only Nevada, New Jersey, and Delaware are the regions in the US that allow cryptocurrency betting.
There are many US regions where people speak multiple languages, making this feature significant. This feature can be implemented with fraud control and security measures to engage users for longer periods and prevent any illegal incidents.
Social media activities increase fan participation by providing a multi-layered interactive experience with live chat, commentary, play, comparisons, and match highlights. Live and near-live content holds the highest engagement on social media platforms.
In-game betting allows betting on almost any match result with advanced analytics and access to constantly changing odds. For example, FanDuel partnered with Simplebet to offer data-driven betting opportunities through machine learning and automation.
An admin dashboard features user segmentation based on historical betting data to send personalized messages by partnering with online ticketing vendors. Users can also monitor team performance and player rosters and get real-time updates.
Provide your users with the power of real-time data analytics to make betting decisions faster.
Developing sports betting software needs a technology stack that can bring audience engagement and strategic gaming to the center. It’s vital to understand the impact of technologies used on user experience, managing risks, and AI-automated processes to enhance the overall betting experience.
The tech stack you choose must be able to deliver an interactive user experience (UX), user interface (UI), and cross-platform compatibility. Some popular front-end technologies for sports betting apps include:
React is ideal for complex betting exchange platforms with real-time monitoring and updates. It also has a reliable component-based architecture and reusable components for easy post-app launches, along with pre-built solutions for routing and state management.
The Angular framework’s feature-intensive toolkit for routing and dependency injection can benefit complex betting applications. Moreover, it uses TypeScript for code maintenance and error fixing and has robust built-in tools for performance optimization.
The backend helps maintain data storage and business logic and communicates with databases through APIs. Some languages and frameworks you can use include:
Node.js is popular for building scalable applications with high capacity to handle high data volumes and repeat users.
Python is a general-purpose programming language providing unique syntax and semantics for readability. Flask and Django are two extremely efficient frameworks for building backends of sports betting apps.
Spring Boot is a Java framework that enables enterprise-friendly backend development. It is well-suited for mobile applications, making it a good choice for P2P sports betting software development services.
Any betting software must have a robust database management system that can store user information, betting odds, and transaction records for analysis and reporting. Some recommended database management systems include:
SQL database management is a reliable option to be used for complex querying with structured data. MySQL and PostgreSQL are two database options that offer Atomicity, Consistency, Isolation, and Durability (ACID) properties.
NoSQL databases handle larger requests for structured and semi-structured data. MongoDB and Redis are some of the recommended databases for mobile apps with high read/write loads and distributed storage.
White betting systems and strategies work on highly unpredictable outcomes; sportsbook companies factor in a commission fee while using them to help set accurate insights. Hence, creating betting software is a profitable venture no matter the match outcomes through the following monetization models:
A subscription model for your sports betting software enables you to double your app revenue, as viewers and users will keep a steady stream of incoming money on a monthly or annual basis. Seasonal subscription models can also be integrated to allow access to premium features.
While advertisements often seem like barriers to users interacting with your app directly, they can be placed more effectively to make the experience more engaging.
For example, ads could encourage bookies and sports enthusiasts to download a soccer betting app. You can also combine different types of ads through notifications, banners, and rewards.
Commissions are the charges placed on the bets that turned out winning bets, and vigs (Vigorish) are the charges taken by companies for all the bets placed by users. Both revenue streams can be substantial for sports betting companies.
However, to increase profits and maintain the fairness of the game, a company can also charge less Vig than other competitors in the market.
The cost of a basic betting app would range from USD 12,000 to USD 18,000. Similarly, betting software with medium complexity can cost from USD 20,000 to USD 35,000. Lastly, a highly complex app with advanced features can cost up to USD 45,000.
An experienced sports betting software development company works dedicatedly to build the app of your dreams. Even though it costs more, it provides even higher Returns on Investments (ROI) with the right ingredients:
Here’s an overview of the approximate cost for each development stage:
| Development Stage | Approx. Costs (USD) |
|---|---|
| Idea evaluation and analysis | 1,000 to 1,500 |
| UI/UX (Wireframes and prototypes | 4,000 to 6,000 |
| Front-end and Backend | 7,000 to 10,000 |
| Basic and Advanced features | 4,000 to 8,000 |
| Testing and QA | 4,500 to 8,500 |
| Project Management | 2,000 to 4,000 |
| APIs | 2,000 to 3,500 |
| Hosting | 1,500 to 2,500 |
| Compliance and licenses | Upto 2,000 |
| Payment processing | Upto 3,000 |
| Total Estimated Costs | 32,000 to 45,000 |
Do you want to join the ranks of winning sports and gaming companies by helping users make informed bets? Sports betting software empowers you with a valuable tool to complement your judgment and analysis.
Enable your gaming business, sports organization, media house, online betting exchange platform, sportsbook, and even fantasy sports platform to analyze mountains of data and turn them into winning bets.
Our custom sports betting solutions help you uncover hidden trends, allowing you to react quickly and capitalize on opportunities. Contact our experts today to develop betting software based on thorough research and become a force to reckon with in the sports betting market.
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Jayanti Katariya is the CEO of Moon Technolabs, a fast-growing IT solutions provider, with 18+ years of experience in the industry. Passionate about developing creative apps from a young age, he pursued an engineering degree to further this interest. Under his leadership, Moon Technolabs has helped numerous brands establish their online presence and he has also launched an invoicing software that assists businesses to streamline their financial operations.
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