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Sports betting application development is a flourishing and rapidly expanding industry. People around the world are passionate about betting and use these applications to wager and bet on their favourite sporting events. Many big companies are looking to invest in this promising market. In this blog, you will learn about the development cost of online sports betting apps and the various factors that determine it.
Sports betting has a rich history that can be traced back to the ancient Greeks. They were the ones who introduced the Olympics to the world. The introduction of sports also paved the way for sports betting, which later spread to Rome and other kingdoms.
Sports betting industry is a massive market. According to Statista, the online betting market was worth $194.6 billion in the year 2021. The United States of America generates a net revenue of over $4 billion alone. While online sports betting is still not legal in many countries, the worldwide market is lucrative and promising. The global market is expected to rise at a CAGR of 10.3% from 2022 to 2031. Source
What is a Sports Betting Application?
A sports betting application is a mobile app that allows you to bet on various sporting events. There are various sports betting websites that develop sports betting applications. The application has a live feed of various sporting events and enables the user to bet on the events via the app itself. Sports betting apps are gaining a lot of popularity because of the ease of access they provide to users.
With the help of these apps, the ability to bet on your desired sports is at your fingertips. There are a number of sports available on a betting application. Some of the most popular games in a sports betting application are:
- Horse Racing, and many more
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The popularity of these applications has increased the demand for betting mobile app development. BR Softech is a leading mobile game development company that can help you build your own betting app. Our expert developers can develop an app with advanced features that will help you penetrate and stand out in the competitive market.
Must-have Features of a Betting Application
Eye-catchy visuals are not enough. If you want to attract the user’s attention, your application must be packed with modern features. Sports betting application’s features can be categorized into two categories, i.e., Use Panel features and Admin Panel features. Keep in mind that these features also affect the building cost of the app.
User Panel Features
|App Onboarding||It allows the user to register and login to the app via email or social media.|
|Live Scores||Observe live scores and the progression of the match. You can also track the performance of players you’ve bet on|
|Sports List||The user can see the list of available sports that they can bet on. It is essential that you choose the sports that are popular with the audience|
|Chat Feature||The chat feature will allow the users to communicate with each other. This enhances the user experience. In the event of any issue, users can also use this feature to chat with the support team.|
|Safe and Secure Payment Gateway||It is essential to integrate a payment gateway that is safe and reliable. You should also add various payment options like PayPal, Google Pay, credit and debit card, etc.|
|Multilingual Support||Sports betting is popular worldwide. It is important to include multiple languages in your app so that anyone across the globe can use the app without any hassle.|
|Dashboard||A dashboard will allow users to track their bets, and see the match summary, upcoming matches, and sports-related news.|
Now let us know about the various essential Admin Panel features.
|User Management||The admin can supervise and monitor the actions of various users. In the event of any malicious activity, the admin has the power to ban the user.|
|Payment Management||This feature allows the admin to manage and supervise the payments received by the bettors and distribute them among the winners.|
|Dashboard||The admin can monitor all the user activity, betting rates, revenue, total bets, etc. from the dashboard|
|Bookie Management||A betting application can’t work without bookies. This feature allows the admin to monitor the betting process.|
|Content Update||The admin can remove, update or add new content to the app.|
|Revenue Management||This feature allows the admin to monitor and manage the revenue generated from the app. It ensures proper cash flow and transparency.|
|Game Management||Monitor the ongoing matches and the total bets on that particular match. The admin can also modify the betting rates and limits of a particular match.|
Read More:- Betting Management Software: An Ultimate Guide
Development Cost of a Sports Betting Application
The cost to develop a sports betting application is dependent on various aspects. There are many points to take into account before we can give you the exact amount it will take to develop sports betting application. It is tough to give an estimate before knowing the features and technology stack of the application. You also have to take your requirements into account. If you want advanced features, the price is definitely going to shoot up.
Let us go over the various factors that determine the cost to develop a sports betting app.
- UI/UX Design
- User Panel
- Admin Panel
- Advanced Features
- Backend Development
- API Integration
It is better to hire a professional team of developers as developing a betting app alone can be hectic and very time-consuming. However, hiring a team to build your app will also increase the cost of app development. Here are some professionals who are integral to the app development process:
- Project Manager
- Business Analyst
- 1-2 Android Developer
- 1-2 iOS Developer
- UI/UX Designers
- Backend Developers
Developers are the heart and soul of the app building process. You can’t develop a betting application without them. That being said, the cost of developers is largely dependent on their location. It differs from country to country
- India based developers — $15 -$80 / Hour
- Eastern-Europe based developers — $20 -$150 / Hour
- USA based developers — $50 -$250 / Hour
- Western Europe based developers — $30 -$175 / Hour
- Australia based developers — $50 -$150 / Hour
By keeping all these factors in mind, the cost of sports betting app development can range from $30,000-$50,000. However, if you want an application with advanced features and cross-platform support, the price can go up to $40,000-$80,000.
Technology Stack Required to Develop a Betting App
|Database||MongoDB, Postgre, HBase, Cassand|
|Third-party APIs||Donbest, BetRadar, Firebase, Sinch|
|Cloud||Azure, AWS, Google|
|Real-time Analytics||IBM, Cisco, Spark, Apache|
|Testing||Gitlab, Crashlytics, Jira|
Sports betting is a lucrative and promising industry. Investors are looking for ways to enter the market as it is guaranteed to grow exponentially in the upcoming years. According to Statista, there are over 25,000 businesses operating in the sports betting market worldwide.
In 2018, the Supreme Court lifted the ban on sports betting in the United States. Many states have legalized sports betting. The sports betting industry generated a net revenue of $4.33 billion in 2021. This figure is expected to cross $10 billion in the year 2028. (Source)
There are over 48,000 employees in the fantasy sports sector in the United States, and over $21 billion dollars were wagered in sports betting commercial casinos in the United States in the year 2021. (Source)
These statistics are enough to prove that online sports betting is a lucrative and promising industry that is worth investing in, and there has been a growing demand for online betting app development.
Online sports betting is very popular among the masses. It provides us with the ability to bet on our favorite sports from the comfort of our homes. The accessibility and ease of access it provides to its users is surreal. Statistics tell us that it is a promising and flourishing market that is sure to grow in the upcoming years. The growing demand for betting app development has opened the doors for various betting platforms to emerge in the market.
If you’re wondering ‘how to create a betting app?’ Don’t worry, we’ve got you covered. BR Softech is one of the leading companies in the market that provides reliable sports betting software development. Our skilled team of betting software developers excel in online betting application development and strives to deliver a product that is packed with advanced features.
Frequently Asked Questions(FAQs)
Q. What are the top sports betting apps available today?
There are various sports betting apps available in the market. Some of the most popular apps are Bet365, PariMatch, etc. Read this in-depth guide about sports betting apps to know more. Top Sports Betting App: You Should Know
Q. What are odds providers?
Odds are provided through third-party APIs and incorporated into the application. Some popular odds providers are BetRadar, 1xbet, etc.
Q. What is the market scenario of betting applications?
The market for sports betting apps looks very promising. It is a billion dollar industry and there are over 25,000 businesses operating worldwide.
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BR Softech Pvt. Ltd. is a prestigious IT company that specializes in providing cost-effective and tailored tech-enabled solutions for different industries and genres. Established in August 2012, we have over 10+ years of experience in mobile game development. Take your business to the next level with our feature-packed metaverse, casino, mobile game, sports betting and fantasy sports software development services.