Since there are events on which you can bet, there are also sports bettors. If in the beginning, the gamblers had to go to the racetracks or betting shops, now, with the new technology, bets can be placed online, from anywhere, 24/7.
Betting sites have become the ideal choice for modern bettors. Betting on your laptop or mobile phone is faster, easier, and more convenient than the need to travel to a bookmaker, and more and more online bookmakers offer a wider variety of sports and events. it can also bet on new options such as virtual sports and e-sports. To keep up with the growing demand, more and more companies are opening online sports betting sites. Below, we will introduce you to the main elements of a high-quality online betting book.
Sportsbook Elements
Variety of bets
There is a huge variety of bets and wagers for gamblers to select from. The same kind of bet can be known by different names in different regions, and types of wagering that are popular in one country are sometimes virtually unheard of elsewhere.
Sportsbook operators will need in-depth knowledge of the different kinds of bets that their bettors will want to place, so before we dive into the technical know-how of running a sports betting platform, let’s quickly go over the bets themselves.
Win bet/Moneyline Wager/Straight bet. The most popular and most straightforward type of bet is a simple wager on who is going to win a game, race, or another event. The odds depend on the perceived likelihood of victory: the underdog’s success will bring the bettor a bigger payoff than that of the favorite. In sports where a draw is possible, bets can be placed on this outcome as well.
Point Spreads/Spread Betting. Gamblers betting on a point spread will not have to necessarily predict who will win a game or match. Rather, the bookmaker calculates a “spread,” or a difference in points, that makes both the underdog and the favorite worth betting on. Punters who bet on the underdog win if their team wins outright or loses by a margin smaller than the spread. Bettors who wager on the favorite win if the team wins by a margin greater than the spread. Bets are refunded in the case of a tie unless the bookmaker has a stated policy such as “ties win” or “ties lose”.
Totals/Over-Unders. Even less focused on win and loss, this bet is made on the total number of goals or points scored. Quite simply, the bookmaker sets the “line,” and gamblers bet either that the total will be higher (Over) or lower (Under) than the bookmaker’s estimate.
Proposition bet/Special bet. This is a bet made on something that does not necessarily affect the final outcome of an event, such as predicting which player will score, what team will score first, or the time until the first goal is scored in a match. The variety of proposition bets is practically endless, as even the smallest element of the sport can be analyzed and bet on. These events are typically quite hard to predict, so bettors that prefer this type of wager are experts in their chosen field and challenge themselves for the chance of a higher payout.
Parlay Bets. Parlay bets are when several wagers are grouped together. The payouts are big, but the risks are great. If the bettor puts his money on seven teams to win their next matches, if even a single team loses, the parlay is lost. Parlays can aggregate several different types of bets, such as spreads, win bets, and over-under.
Mutuel betting. This bet type is associated with horse racing and similar events. There are no odds set by the bookmaker. Instead, all bets are joined together in a pool and then divided among the winners. The betting platform typically takes a small part of the total for providing the service of accepting and processing the bets.
Gamblers usually wager on the winner, but there are many other bet types that call for higher precision, like predicting which horses will finish in first, second and third place, and in which order. Bettors can place bets on several races — similar to parlay betting.
Distinctions can also be made for when the bets are placed. In-play or in-running bets, for example, the bets are made after the event has already started. The convenience of devices like mobile phones and laptops makes them perfect for in-play betting, but unfortunately, it is against the law in many countries that otherwise allow sports betting.
We have presented some of the most known bet types, but there are many other varieties of bets specific to a particular sport or country. When the operator will look into new markets, it is very important to perform extensive research on betting practices in the region.
Coverage
Each sport has matches, races, local and international tournaments, and they attract a considerable number of players. Most bettors are dedicated to a single sport and represent a large part of the traffic of a typical online sportsbook. In addition to these, there is also a category of players who consider betting as a business, making a series of large bets on a variety of sports – betting volume.
Thus, these players bet on different sports, because they are played seasonally, not throughout the year. Some sports, such as football, have short seasons (the NFL season only lasts five months) and do not have a large volume of games, so bettors who do not want to take a long break from betting will have to look for something else until next season is coming. To please all players, you need to consider a mix of summer and winter sports, such as cycling, racing, and esports.
It is also extremely important to give players plenty of reasons to deposit their money. One of the best strategies is to promote events in the pre-match period and offer good odds and special offers to attract new bettors. For many people, the main barrier to betting on multiple sports is perceived difficulty and lack of knowledge, so you can simplify them and take steps to tell the public more about other types of events.
Transparency and convenience
Before betting, players need a lot of information – statistics, historical data, news, and insight.
In the online gambling industry, live feeds and real-time sports data (scores, schedules, and statistics) have become a standard. By giving bettors the information they need to evaluate the odds and decide which outcome to bet on, you can build the player’s confidence, which in turn helps you keep your audience. The fewer reasons your players have to leave your online sportsbook for another resource, the better.
Functionality and payment processing
Given that bets are placed online, the technical aspect is extremely important. You need to make sure that customer service is provided 24/7/365 and that every precaution is taken to prevent system errors, interruptions or delays – when bettors access your site during a popular event, the cost of such of inconvenience can be catastrophic. Make sure you manage (or even better – anticipate) any problem to solve them quickly and efficiently.
In order to be able to carry out your online gambling activity, you must choose the correct payment providers. Make sure your players can bet at any time by offering a variety of payment methods, including credit cards and bank transfers, electronic wallets, and accepting payments in a range of different currencies (including cryptocurrencies). Convenient and reliable payment systems are absolutely essential to win long-term sportsbooks customers, so cooperation with certified payment service providers is a must.
Customer support
The competition in the gambling market is fierce, and the winnings are not enough to make the public come back. In order to build a returning customer base, you need to provide special incentives on a regular basis. Free bets and sign-up bonuses will encourage potential customers to make deposits and place bets, while loyalty and VIP programs will keep long-term users happy even when they are at a loss.
Licensing and compliance
Operating an international gambling business is extremely profitable, but as an operator, you must follow the rules and regulations of each country in which you want to operate. In some countries, online betting is still relatively new and there is still no special legislation or taxation. But in order to operate in the largest markets in the world, sportsbook operators must obtain licenses.
It is also extremely important to note that in some countries land sports betting may be legal and online and mobile betting may not. Among these states, we find some US states, such as North Carolina (where the mobile segment is especially banned) and the Netherlands. However, there are also states in which we have the exact opposite; In Tennessee, only online betting is allowed.
Professional design
The first impression matters. A sportsbook must have a modern design, easy and intuitive to navigate, with a clear brand image, which helps to retain users. A good website should not contain pop-ups and loud noises, instead, it should offer an attractive color scheme and well-placed promotional offers. The sign-up buttons must also be very visible in order to be able to bet, and the player must not be more than a click away from the sport he prefers to bet on. Remember, if bettors don’t like looking at your site, they won’t want to bet on it either.
Marketing strategy
In order to be a major success when launching an online project, it is very important to stand out from the others. With the quality of digital advertising, marketing, SEO, and affiliates you can ensure the success of your online betting book. To keep up with your audience, you should constantly evaluate the performance of different channels, test new strategies, and make sure that all your efforts are tailored to the preferences of the market segments you are targeting.
It’s also important to follow the law closely, so make sure your advertising is legal in your target market. Governments of some countries impose restrictions on how online sportsbooks can advertise and what forms of marketing are allowed.
The online gambling business is a growing and dynamic industry. In order to meet the growing demand for their services, bookmakers, unlike their customers, need to do research and take calculated risks. But when all the boxes are checked, you look at a business with endless potential.
If you are new to the industry and feel lost or if your platform has reached its peak and needs new approaches to expansion – we are happy to share our hands-on experience.
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