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Online Sports Betting Software Business in 2022 - Guide | Altenar
Building a sports betting business plan, that incorporates your chosen form of White Label Software Development doesn’t have to be as complicated as it might seem reading through the countless articles, guides and so forth, filled with sports betting jargon and a host of tech-savvy wording, when all a potential operator wants is the bread and butter, straight-to-the-point guide of how to attain and design white label sports betting software.
With the growing demand and popularity for sports betting, and the online vertical growing exponentially day by day, the need for customisable and nuance-ready software increases at the same rate. As the global sports betting industry is roughly valued in the billions, it’s easy to see why you’re reading this guide and why white-label software development might be your chosen way into the sports betting honey pot.
With sports betting software providers like Altenar, operators can access white-label software development and build and sports betting business plan that not only creates a flexible and stable foundation to build from, it also propels newcomers into the same stratosphere as majority market shareholders, with access to the same sports content, data providers and more.
So, without further ado, let’s take a look at Altenar’s guide on building a sports betting business plan and white label software development.
The Underpinnings Of Your White Label Sports Betting Software
In the early stages of your sports betting business plan it’s important to do your research on the sports betting industry as this will greatly inform you white label sports betting software and its development. You can start your research by looking at Altenar’s wealth of industry reports, articles and case studies, as well as, pursuing industry-based media that will offer you great insight into sports betting trends, what’s new and what is predicted to blow-up in the coming months.
It’s important to compile your own image of the sports betting market, from the kind of content you can offer, who consumes this content and where in the world it is consumed most. From this market analysis an operator is able to make an informed, profitable decision that will stand them in good stead moving forward in the process of white label software development.
Choosing what you will offer can be daunting, especially with the wealth of content available to operators through sportsbooks software providers like Altenar, this is potentially the perfect opportunity to take a look at the current operators and how their success has been partly curated through the content they offer. It’s in this kind of research where an up and coming operator might be able to recognise patterns in the market that will inform their niche market, or influence the operator greatly as to what works well.
Some points to consider when compiling your sports betting business plan ahead of your white label software development are as follows:
- The sports content and events you will offer players to bet on.
- Will you add more to your software than sports betting? Will you add other gambling services?
- Will you offer Esports and Fantasy leagues as they grow in popularity?
- Will you take betting outside of sports and add wagers for social, economic and political issues?
After understanding the market trends, your position within the sports betting world, and the type of content you want to offer your players, it’s then prudent to know where in the world you want to implement your sports betting business plan.
Each country or region of operation will have its own nuanced existence within the sports betting field, and it’s in having access to sportsbook software providers like Altenar, that brings with it a wealth of information to inform the white label software development process and your sports betting business plan overall.
In Sports Betting White Label Software Development You Need To Travel
The geographical location of your sportsbook can inform what types of content you display, the pace in which the market changes, payments and other intricate details that ultimately inform whether you’d prefer to operate in a mobile-first and mobile-only market, a terminal-based market, or ones that are historically known for their love of sports betting.
Knowing your market is one of the sharpest tools in your arsenal when entering a fast-paced, ever-changing market that is sports betting … This early stage of market analysis will build a habit of always keeping up-to-date with the market and the latest tech and software developments to ensure your operating site is moving with the times and this will only bring a deeper knowledge of your new industry.
This information will come with research, market analysis and Altenar’s breadth of sports betting industry experience, knowledge and the company’s history in white-label software development and sports betting business planning.
How To Start Your Sports Betting Business Plan
Once the process of research and market analysis is complete the nitty-gritty fun parts of building a sports betting business plan and beginning the underpinnings of your white label sports betting software can begin.
There’s nothing like keeping records in black and white, so one of the top methods for building your white label software development is to outline your sports betting business plan in a document including the steps you want Altenar, your white label software developer, to take from app developers to fund management and licensing … down to the content you had decided on from the previous step outlined above.
Being able to find all of this in one sports betting software provider is rare but not unattainable, and as a result, many operators come to Altenar for this full-service full-solution experience that not only ticks all of the boxes you require in the early stages of white label sports betting software development but will continue, should you so choose, offer consultancy through the life of your operating site.
Along with this written-down, documented sports betting business plan, you will need a financial plan as a part of your overall strategy, and this mandatory step will reduce the risk for you moving forward with your white label software development.
Summing up the entire cost, production, revenue, services and customer values in line with your own, Altenar, can begin to build your white label sports betting software from the blueprint you have outlined and offered to the sportsbook software provider. Make your sportsbook vision as clear as possible.
From this most operators will begin to look at risk management plans, payment systems, licensing and marketing, all of which can be completed with the help of Altenar during the build of your white label software development.
Being the backbone, bread and butter, or the underpinnings of your sports betting business plan, risk management enables your business to soar and it’s in this safer gaming, risk reduction that Altenar shines brightly.
White Label Software Development Must-Haves
Helping to set up and support your risk management system is one of Altenar’s driving forces, having held numerous licences around the world and always finding new ways to improve their risk management system that will inform and underpin your white label sports betting software.
Being forward-thinkers in safer gaming and regulated gaming is one of the drawing features for operators to the blue light of Altenar and the sportsbooks software that adapts to the nuances of any given market and preference of style, content and operations.
Altenar’s risk management system currently entered its version 2 state and as a result has three new, key features, that are set to secure and reduce risk even further for Altenar’s customers. The new features include the following:
- Fully customisable risk management per user
- More options on overall limits setup
- Development of a new limitation approach
Helping to define the industry around them, Altenar’s risk management system opens up the doors for operators and their sports betting business plans, as well as deeply informs your white label software development.
Sports Betting Business Plan: Beyond Risk Management
Though, with risk management well and truly covered, it’s time to look at licences. It’s imperative that an operator and sportsbook software provider must hold a licence to operate in any given country and these rules and laws surrounding betting must be followed, without exception. Though it is within these types of licences that allow for safer gaming, local economy-boosting through betting taxation, as well as protecting both players and operators in a host of situations. Understanding and attaining these licences is of the utmost importance to Altenar for your white label sports betting software.
As your sports betting business plan required licences and risk management systems are taken care of, knowing how you can accept payments is another important process, because it can differ around the world depending on how your players like to pay for bets, some through bank transfers, others through prepaid cards, some operators will also accept crypto and fiats currencies as payment methods. Whichever you accept, or if you’ll take a mixture it’s important for your sports betting business plan for you to know the following two types of payment that hold the most weight when it comes to importance.
The two types of payment are as follows:
- Online payment method: An operator can take payment through credit cards, UPI, net banking and debit cards, you can decide which you prefer to take and this also might be dependent on your country of operation.
- Offline payment method: payments are made through cash, meaning you needn’t add online payments or a mixture of online and offline payments.
Using different payment systems and methods for your white label sports betting development, and overall sports betting business plan can add other beneficial layers of security and protection to your revenue, this is because systems like Paypal for instance have incredibly strong security tech in place, especially when removing bank details from the equation reducing the risk of identity fraud and theft.
A Note On Sports Betting Software Development Marketing
Knowing how you’d like to market your sportsbook and iGaming site will help to propel your success, you should always contemplate the languages most spoken in your chosen country and direct your marketing through these. Marketing is equally as important as the sportsbook you’re developing with the likes of Altenar.
Though, with all of these decisions in place, it’s time to look at the ins and outs of your white label software development and the processes that will underpin the creation and actualisation of your sports betting business plan through the genius of Altenar.
Sports Betting Software Development Models: White Label Software Development & Custom Software
Looking at white label sports betting software development should outline what an operator can expect from a sportsbook software provider like Altenar. Having the infrastructure built and customised to your needs means that you can add the betting content you’d like to the leagues and events your players love.
With utter control over the content, you as the operator can change and adapt to the demand of the market, all the while having that core blueprint and idea remain the same throughout.
So, without further ado, let’s take a look at the development process between custom software and white label software and the difference between the two.
Development Of Custom Software
- Wire-Framing: This is the blueprint of how your website will look once it goes live.
- Design: Make sure your website is user-friendly and visually appealing to customers.
- Development and APIs: This is the coding that underpins the inner workings of your website and how the code and the user interface interact with one another seamlessly for the user.
- Quality assurance: The proof is in the pudding, and quality assurance ensures that your website runs smoothly, looks how you’d like it, and offers the bettor an experience that was initially designed in the wire-framing blueprint.
- Deployment: Launching your website.
- Post-deployment maintenance and support: Helping your business to remain at the top of its game and adhere to any new laws and regulations.
The Development Process For White Label Software
- Select your theme: You can select your theme, and have greater control in the creation process of your sports betting software development.
- Add your brand logo and colour options: You embed your logo and create a site that’s uniquely yours.
- Further customisation: Adding greater personalisation to help separate your brand from others.
- Quality assurance: Testing the product for design and development.
- Deployment: Launching your website.
- Post-deployment maintenance and support: maintaining the smooth running of your website.
The Difference Between The Two Development Processes
- Data vendors: White label data providers are given to you by your provider, in this instance, Altenar has access to several data providers which are unique to them. With custom software, operators often have to seek out their data providers.
- Web hosting: Custom providers require operators to find their website for hosting, whereas, with white label providers, operators are given a website.
UI of the website: With white label software you can choose the look and feel of your website to ensure the user-interface is as tailored to your customers as it can be.
Contact Altenar today for the best sports betting software development and sports betting business plans today!