How to Make a Betting Website? Starting Sportsbook Site Guide

Starting a sports betting website might sound like an outlandish and potentially difficult idea. But anyone with a strong entrepreneurial spirit, a passion for sports, and a sufficient budget can launch a sportsbook. It is a potentially profitable venture that has become even more lucrative in recent years thanks to the growing popularity of the sports betting industry. 

Of course, like any endeavor, starting a sports betting business comes with its own risks and pitfalls. In this article, we’ll provide a comprehensive guide to building a sportsbook site from obtaining a license to sports betting development.

• The growth of the online sports betting business can be attributed to several factors including the rise of sports betting websites and apps. 
• Building an online sports betting website opens up an immense opportunity for operators to stand out from the competition within their industry by offering a seamless gaming experience to players.
• All standard sports betting sites should have basic features like bet placement, personalized dashboards, payment processing, and security. 
• Creating an online sportsbook requires thorough planning, resources, and important collaborations.

Overview Of The Sports Betting Industry

It’s 2024 and the global gambling industry has never been bigger. The industry has been experiencing explosive growth over the years thanks to various favorable technological, economic, and regulatory factors. 

According to a report by Transparency Market Research, the global sports betting industry was valued at $302 billion in 2022. With a cumulative annual growth rate of 9.1%, the industry is expected to be worth $664 billion by 2031. 

Businesses in the online sports betting sector are projected to make a combined yearly revenue of about $45.43bn in 2024 (based on stats from Statista). This revenue will grow at an annual growth rate of about 7.47%, resulting in a revenue volume of about $65.14bn per year by 2029.

The growth of the online sports betting business can be attributed to several factors including the increased adoption of betting by users and the growing number of sports options that are now available. According to Statista, the number of users in the online sports betting market is expected to exceed 182.5m by 2029.

The growing adoption of technology, which has led to widespread accessibility and availability of sports betting, is another significant contributor to market growth. The ongoing digitalization trend backed by constant advancement in sports betting software development is enabling operators to simplify their platforms and deliver a more enjoyable experience to players. Additionally, governments all over the world have been relaxing the frameworks and regulations guiding the sports betting industry.

Why is a Sports Betting Website Crucial in 2024?

As mentioned above, technological advancements are among the most significant factors shaping the gambling industry. The recent explosion and massive growth of the sports betting industry have been linked to increased internet penetration and mobile phone usage. In the past, bettors had to visit an offline bookmaker to place bets on selected games. 

The advent of mobile betting websites revolutionized the way consumers engage with betting platforms, providing real-time betting opportunities and convenience. Today, 72% of betting traffic comes from mobile devices. This stat highlights the need for operators to build an RWD sports betting website to tap into the opportunities it presents.

For operators, it opens up an immense opportunity to stand out from the competition by offering a seamless gaming experience to players. As such, learning how to start a sportsbook online is a vital step for anyone looking to get into the online betting business. Sports betting websites now come loaded with a wide range of betting options across multiple sports, live betting, and real-time odd updates. These features enhance user engagement and keep them coming for more. 

In addition to providing easy access to players, operators will find it considerably easier to manage their sportsbook business online, with digital tools that provide easy bet tracking, payment processing analytics, and even customer service built into the backend of their site. Security concerns have also diminished due to advanced security measures meant to protect user data. In summary, for anyone looking to go into the sports betting business in 2024, having this type of website today is not an option but a necessity. 

Must-Have Features Of Betting Sites

Thanks to modern advances in software development, it is now possible to equip sports betting websites with a wide range of features. While some operators prefer to add some custom features to help their platforms stand out or even integrate casino games and other game options, the following are the standard features expected on any betting website in order to function correctly.

Bet Placement

Your website wouldn’t be an online betting website if it does not have an option for bet placement. This means there’s a need to integrate various sporting events and wager options for players to bet on. In most cases, the more the game options, the more attractive the site will be to players. The site will also have to display odds for the different options to be useful to players. 

Registration and Login

Payers can’t place bets as visitors. They need to be able to register and manage their betting accounts. On most sites, players only need an email address and password to set up an account. However, age and location verification is necessary to operate an online account which means players may need to upload supporting documents to use their account. 

Personalized Dashboard

Players need a panel or dashboard from where they can manage an account. While this can vary from one online platform to the other, the basic framework of the user dashboard includes their profile details, account balance, ongoing bets, history, and a settings panel to adjust their preferences. Some sites may also modify this board with analytics, recommendations, guides, and other features for a richer betting experience. 

Live Game Broadcasting

A sports betting website should have some form of live broadcast for each game. This can be as simple as a scoreboard that displays live results or as robust as a live screen that streams all (or selected matches) live. A live broadcast function will allow players to track ongoing games they’re betting on but this serves as an attraction to players even when they’re not placing bets.

Payment Processing

To place bets with a sportsbook, players need to be able to deposit money and withdraw their wins. This means integrating a payment processing feature into the betting website. Cards and traditional bank payments are the most common payment processing options, but some sites now support e-wallets and even cryptocurrencies to process player deposits and withdrawals. The options to deploy depend on player preferences, convenience, and of course the local regulations in the jurisdictions you intend to operate. 

Community Features

When building a sports betting website, it makes sense to add features that allow players to interact with others such as chatroom, instant messaging, forums, or simply the option to comment on games. Promoting sharing and conversations this way creates a sense of community that can help you build loyalty for your site. 

Help

When it comes to playing bets online, customers need all the help they can get. To assist users in navigating your site, offer instant help through FAQs, betting tips, guides, and betting trends. Players should also be able to contact customer care for more complicated issues with registration, deposits, withdrawals, fraud reports, and so on.  

Security

Since you will be accepting payment and storing user information on your site, you’ll need to invest in robust security. Players will feel confident to register and play on your site only when they’re certain their personal data is protected on your secure platform. SSL data encryption can protect information and financial transactions on your site against cyberattacks and fraudulent activities. 

To sum it up, your online sportsbook needs to have robust features that promote a seamless user experience and also help you stand out. In addition to these basic features, you should consider adding other elements that set your site apart from other online sportsbook websites in the business like casino games, live dealer games, and other online betting solutions. 

Steps On How To Start a Sports Betting Website

Planning and Licensing

Every business venture begins with a plan. So the first step to starting a sports betting website is to draw out a comprehensive plan for it. You need to work out what your site will be about, the business model, what will set you apart from the competition, and your financial projections. 

With a plan worked out, you can proceed to the next crucial step which is to obtain a license. Despite the growing popularity of legal sports betting, it is still not completely legal in some places. Even in places where it is allowed, you’ll still need to obtain a license to run a sports betting business. 

You can obtain your license from local authorities, or choose any of the popular international licensing bodies like the Curacao Gaming Licensing Board, Malta Gaming Authority,  Isle of Man Gambling Licensing Authority, and so on. Research each of these jurisdictions and their regulations to identify the most suitable option for you.

Note that the process of obtaining a gaming license to operate gambling websites can be lengthy and difficult. In some cases, you may be able to start operation before obtaining a license, but it’s always best to start the process as soon as possible so you can have it ready in time. 

Setting Priorities and Budget for Development

As mentioned above, creating an online betting website requires thorough planning. It’s going to require a lot of resources, so planning your budget is a crucial step. You’ll have to estimate how much each stage of the process will cost and allocate your budget accordingly especially if you’re on a tight budget. This way you avoid running out of funds after your project begins. 

Choosing a Domain Name and Hosting

This is the actual first step in building your own sports betting website. The web host is like a house where your website files will reside on the internet when they’re ready while the domain name is the address pointing to that house.

You’ll need to choose a reliable web hosting service preferably one that’s familiar with handling high-traffic websites like an online gambling website. Your hosting plan should also offer sufficient storage, bandwidth, and security features. Choose a simple, attention-grabbing, and memorable domain name suitable for your brand for your site. Most people get domain and hosting from the same service provider, but some operators use a separate hosting service.

Partnering with Sports Leagues and Data Providers

A sports betting website is not a static site. It has a dynamic interface fed with data from various sports, leagues, and ongoing events, all of which determine the bets, odds, and live results broadcast on the site. To achieve this, you’ll need to integrate comprehensive data APIs provided by companies like Stats Perform, Genius Sports, or Sportradar into your website. 

Selecting a Betting Software Platform

Next, you’ll need to select the type of sports betting software that will power your site. For this, you can choose to build proprietary software in-house. This is the costliest and most complex approach, but it promises the results in terms of control and flexibility. You can also plug into white-label solutions if you want to launch quickly or modify open-source software if you’re looking to save cost. Expectedly, each approach has its unique pros and cons so you should weigh your options carefully and make a decision. 

Design and Development

For the design and development phase of your online sportsbook, you can either hire a team of developers to work in-house or outsource to a third-party developer or company. Either approach has its benefits and downsides in terms of cost, flexibility, and convenience.

Note that you’ll have to hire separate professionals to design the user-friendly interface, front-end, and back-end of your site if you choose to hire in-house. Most people find it more convenient to simply hire a third party with all of these teams already on board. 

Ensuring Security and Payments

The next stage of your development process is the integration of key systems and tools into your site. The biggest of these is the security and payment processor. A fully-fledged online sports book should be able to accept payments and process withdrawals seamlessly. In addition to the payment systems, you’ll also need to install fraud detection tools, encryption, and other security systems to ensure a safe betting experience for players. 

Marketing and Promotion

Once you have completed the technical aspects of your sports betting website development, you’ll need to work out a plan for promoting your site. The online sports betting market is quite saturated, which means you already have your work cut out as far as attracting traffic to your site is concerned.

You can attract visitors through direct social media promotions, search engine optimization, content marketing, affiliate marketing, and even offline ads targeting your target audience. Offering bonuses, loyalty programs, free bets, and lowering bet limits for new players can also help bring traffic to your site. 

Launch and Optimization

Finally, with all the technical and non-technical aspects of your sports betting website in place, you can proceed to launch your sports betting business online. Note that the process of building your sports booking business continues even after launching officially. You need to track the performance of your website, take feedback from players, and optimize the platform accordingly. Regular updates are also required to keep your site fully operational. 

How Much Does It Cost To Start an Online Sports Betting Site?

From the section above, it’s easy to see that an online sports betting website will cost quite a fortune to build. It might be difficult to estimate the exact budget since the cost typically depends on a combination of factors, especially the complexity of the site and the features you intend to add. For a simple site with the most basic features, you can expect to spend between $15,000 to $20,000. Sites with medium complexity may cost between $25,000 to $40,000 while a full-featured sports betting website may cost over $40,000 on average. 

Conclusion

As we have discussed in this article, creating a sports betting website is a complex multifaceted process. You’ll have to carefully create business plans for your project, and obtain a license before proceeding to design and build your own sports betting website. You’ll also have to integrate your site with various third-party systems and partner with other companies in the business such as leagues and data providers. Following each of these steps diligently is crucial to the success of your sports betting platform. 

Create Your Own Betting Site With CrustLab!

CrustLab partners with businesses to bring their ideas to life. This includes operators looking to create sports betting apps or sites. We have a qualified and diligent team of developers with expertise in developing remarkable sports betting solutions to meet the unique requirements of your business. Contact us to get a trusted partner for your sports betting website development needs.