The opportunity to earn money by simply making bets and watching sports and social events has attracted courageous and gambling-loving people since deep antiquity. The modern development of information technology has made this process more streamlined and accessible.
Advantages of starting an online business
With the help of the internet and its penetration in lives of people, bookmakers are becoming more informative and functional, allowing customers to make bets from mobile devices, not even leaving their homes, from anywhere in the world.
The sportsbook, organised online, has a number of significant advantages over a similar function, open in the traditional offline way:
- Savings on renting or buying a room
- Finding a profitable location
- Savings on the maintenance of the point of interest and equipment
- Savings on salary payments to staff (cashier, cleaner, security guard)
- The ability to use a ready-made script
- Existence of an extensive client base from different cities and even countries.
Step-by-step action plan
To start this business, you need to hold a number of activities. Obtaining a license is the most difficult stage in organising an online operating sportsbook service. The presence of a license is obligatory, but it can be obtained only with “sufficient experience of the applicant” in this type of activity. The paradox is that bookmaking, to some extent, is an art, the basics of which the pros pass on to a future specialist. If there is no experience in running the betting business, you will have to take an experienced partner in a share or choose a White label. The license can be obtained from licensing authorities within the geographical or country area of operation. The application is reviewed over a period of time determined licensing authorities and country in question thorough checks are carried out, along with the assessment of the profitability of the future business. The main difficulty lies in the compliance of the applicant’s financial capabilities with the licensing conditions. This requires a share capital, a bank guarantee, and assets. Of course, independent registration of a company with licensing will not suit every entrepreneur.
If all the conditions are met, then a package of documents is prepared for obtaining a license for the activity of betting company with online operation:
- An application for licensing;
- Information about employees;
- The characteristics of the hardware and technical support of the betting company;
- Information on the size and sources of authorised capital;
- Calculation of net asset value;
- Confirmation of a bank guarantee.
Choosing the right software
To start a bookmaker’s business, it’s enough to download or develop a script, buy a domain name and hosting. Then create your website with online rates and the possibility of payments through electronic payment systems. The development of the gaming site can be made independently or entrusted to specialists. On the internet, there are offers to sell ready-made sports betting platforms on a turnkey basis, but this may be unsafe. It can be purchased from competitors, but it is risky. It can be ordered from independent companies, which would be the best option. The choice of software depends on the type of competition, on the results of which the office will accept bids.
Software for organising online betting business should have the following characteristics:
- Increased stability of the software package;
- The function of working in real time and offline;
- Reliable protection of the website against hacker attacks;
- Availability of the analytical function of the bookmaker;
- Intuitive interface, etc.
The sports betting services is a profitable and promising direction of business development.