It’s never been easier – or potentially more rewarding – to enter the sports betting space. The biggest companies in the most lucrative territories currently enjoy the lion’s share of the market. However, there will always be opportunities for major media and leisure brands to launch sportsbooks, either as white label propositions or in partnership with experienced bookmakers.
In the betting industry, new features such as cash out can quickly become standardised and commoditised – virtually indistinguishable from one another. For that reason, small, agile companies with original ideas can often stand out from the crowd.
New approaches to loyalty schemes inspired by fantasy sports, peer-to-peer formats and new takes on in-play betting are just some of the ways bold new players have carved out profitable niches.
Nuts and Bolts
It is vital, of course, to have a deep understanding of the mechanics of sports betting. Many iGaming startups are headed up by people with years of experience in trading.
Some new companies, on the other hand, are driven by talent from the branding and marketing realms. They know the power of words, images and how to bring in business through a constantly evolving strategy combining various traffic sources.
Affiliates are well placed to cash in on their acquisition abilities too. They also have a wealth of knowledge about the competitive landscape, having spent years comparing and contrasting all the different offerings.
Whatever the background of the people behind a new sportsbook, they need the ability to make quick decisions as they adapt to a rapidly changing landscape. That’s where a robust iFrame Sportsbook solution really proves its worth. It’s essentially a complete management system for an online sports betting operation. The site owner can control everything from odds to promotional banners from the same platform. In a uniquely time-critical sector, it’s emerged as a must-have technology.
In terms of trading and risk management, new operators are often offered the choice of a fully managed, semi-managed or turnkey solution. The decision depends on the knowledge and resources available to the operator.
Many opt to start out with a fully managed package where the provider handles all bets. They then graduate to a semi-managed service, setting their own lines on sports and events where they have unique experience or insights.
However they choose to play it, with an iFrame Sportsbook solution, the power is in their hands.
That principle applies to promotional activities. All bookmakers perform competitive analysis mainly because they know that punters are continually comparing offers and prices on different sites.
When an operator needs to match a rival’s special offer on the Champions League final or the League of Legends eSports World Championship, they need the tools to create the required collateral quickly. With iFrame, creating a new campaign takes minutes instead of days.
Bonuses, free bets, features and extras
Most betting operators offer a wide range of deposit bonuses and free bets, particularly for new clients, as well as cashback insurance for losing bets.
A successful sportsbook should also offer a flexible cash out feature, allowing the punter to decide exactly how much of their stake to take off the table before the end of an event.
Accumulators are always popular, especially with newcomers, and a winnings boost feature, paying out a bonus for each additional selection, is generally seen as an essential asset. The other important thing to remember is that even the most avid sports fan is a potential casino customer. A platform provider should therefore be able to offer integrations with leading games studios, enabling the operator to profit around the clock.