With so many online money-making opportunities, sports betting is surely one of them. Sports betting has achieved a steady growth of 9% per year thanks to the technology and digital revolution, where you can bet on your favorite matches at the comforts of your home. However, some people are scared to jump into this business just because they think is complicated.
Well, it is not as simple as creating a basic website, but it is definitely doable. In this article, we will go through the steps for creating your own sports betting website.
- Choose a Niche
The first step would be to choose the niche of your sports betting website. Many people try to compete with already established betting websites by creating general websites with betting options for all kinds of sports. This approach is wrong, especially if you do not have a large amount of capital to advertise your website. You should look for trends and choose a specific sport. Maybe you want to look into specific NBA free picks or instead focus on a variety of sports like BetAmerica?
By choosing a niche you will be able to make better user experience and create special offers for your targeted audience.
- Website development
Obviously, developing a sports betting website is not as easy as a regular blog. You have to deal with standardization, licensing and credible software to use. The best way to go for is buying already developed software from established companies. Do not make the mistake of trying to develop your own software, just because it will lead to a lot of trouble that will increase your costs.
Since this is a serious website, handling a lot of transactions, the website development will cost you from 80 to 100 thousand dollars plus the same amount for making an app for mobile. A more complicated website like Bet365 is estimated to cost 1-3 million to build.
The more options you’ll have, the more expensive the development will turn out to be. Features like multi-currency gateways, customer relationship systems, software licensing, various types of rates are only going to cost you more money.
This is also a very important part before you can go live with your websites. Building a sports betting website is not easy, just because you’ll need large amount of capital before you even start for licenses. You have to be aware that the license cannot be obtained everywhere.
Some countries in the Middle East and Asia have a complete ban on sports betting. Your company must apply for a license in the selected jurisdiction and the process lasts from couple of months to a year depending on the country.
You should search for the best countries for obtaining your license. Most online gambling companies go for:
- Costa Rica – Which is a stable country and offers cheap licenses for only $12,000 per year but you have to restrict your local access by blocking all IP addresses from the country.
- Curacao – The process is very simple and there are no restrictions or special requirements in order to obtain a license. Also the tax rate is 2% lower than other countries.
- Isle of Man – You can register all types of gambling. The cost of the license is a minimum $50,000 depending on the structure.
- Choose payment service
Choosing a reliable payment service is essential for building a successful online betting business. There are different things to consider such as fees, installation cost, integration, supported payments, and customer support. The best payment services to go for are Stripe, PayPal and Authorize.Net.
These are the first steps you have to do in order to establish your online betting business. After this process, you have to advertise your website which is also a complicated process and costly. However, once you built your online gambling machine, it is hard to stop. It is a complicated process that involves a lot of time and money to complete so be careful what are you getting yourself into.