There are many businesses doing well in the market even during the Covid-19 outbreak. The sports betting business is one of such businesses that have seen phenomenal growth in the last few decades. The sports betting business allows people to place a bet on a variety of sports events.
Research conducted by Eilers & Krejcik Gaming, the market value of the sportsbook business was estimated at $270 million in the year 2017, that too, alone in the USA. The market value is further expected to touch down the mark of $87.75 billion by the end of the year 2024. This is the reason why many startups and entrepreneurs are hastening to invest in lucrative sportsbook software solutions.
But what do you think? Are you also willing to invest in sportsbook solutions to make a profit from it? If yes, then you are on the correct page. We will let you know everything that you need to know to launch your own successful sportsbook business.
What is a Sportsbook?
A sportsbook is a place where individuals place bets on their favourite sports, including cricket, soccer, golf, basketball, baseball and so many others. The method of placing a bet varies depending on the sport and the type of sports. The chief attraction of the sportsbook software is that it allows gamblers to earn a lot of money. In such a sportsbook, business bets are usually made based on the tournament results.
Gamblers can place their bets using the sportsbook website. Before we move ahead, we would explain to you the different types of bets used in sports betting.
Parley bet is a combination of two or more bets, and to win the bet gambler needs to win all the bets that are available in the Parley bet.
Round Robin bets are the advanced version of the parlay bet.
The Point Spread
The point spread comes in action to make even the odds, this situation mainly comes when two teams play the matches unevenly.
This is one of the most commonly placed bets, in which gamblers bet on one game.
In such a bet, gamblers bet on the match outcomes.
Gamblers choose the result of a specific game.
Progressive parley bet provides the gamblers opportunity to make money when few of their selections go wrong.
Full Cover Bets
This is one of the comprehensive types of bets which covers every possible outcome.
Growth of Sportsbook Business
After Covid-19 some industries went down, while some other industries remain unscathed and shown unpredictable growth during the Covid-19 tough time. Also, various countries including the USA, UK, India, Denmark, and several others have taken initiatives toward legalizing sports betting. This will bring more growth to the sportsbook business.
As per a report of Legal Sports Reports, around 20 states of the USA alone have legalized sports betting. This legalization has shown a very positive effect on the growth of the sports betting business.
A report by Statista’s says that the revenue from online sports betting is expected to grow to USD 8 billion by the year 2025, which was somewhere around USD 85 million in the year 2019.
Legal Countries for Sportsbook Software
While launching an online sportsbook business, the first question that comes to mind is what are the legal countries that allow the players to place the bets online. Here are some of the countries where sports betting is completely legal.
Europe Pacific Countries
Most of the European countries have legalized sports betting a long time ago and imposed plenty of strong laws to offer a secure game environment to gamblers. Different countries have different gambling laws, but all of them are made to regulate the gambling market.
Argentina is mainly known for horse racing. Thereby, the government legalized horse racing to draw the attention of international gamblers. Along with the horse country also has legalized Esports betting.
Australia has legalized all sorts of sports betting and gives birth to plenty of sports betting websites that allow gamblers to place a bet.
Brazil emerges as the new favoured destination of all online sports betting lovers. Country facilitates the wagers to place bets.
Canada has set its own laws and regulations to enhance the sports betting experience for the players.
Hong Kong and Macau are the two most beloved states which enable gamblers to place bets on a plethora of Esports.
The Philippians government has also legalized Esports betting which led to several sportsbook software provisions beginning their operations in the country.
In the last few years, Nigeria witnessed enormous success and become a newly favoured country for sports betting lovers.
Mexico is always known for the freedom it provides to the gamblers, now as gambling has been legalized in the country it is expected to bring a lot of business to sports betting.
>>>Read More: The Ultimate Guide of Sports Betting App Development<<<
India is also lined up on the way to make gambling legal except a few Indian states like Goa and Sikkim. The large population of India favouring this legalization and providing several opportunities for the sports booking website to grow.
The United Kingdom becomes home to sports betting in no time after the legalization has been made by the government.
New Zealand and Kenya
New Zealand and Kenya have laid off all the legal laws which prevent gamblers from place bets.
Sports betting is completely legal in Columbia, which makes it one of the most lucrative gaming markets for sports betting app development.
Besides the above-mentioned countries, there are a lot of other countries as well that have laid off all the legal boundation from sports betting. Some of these countries are Peru, South Africa, Ghana Costa Rica, Japan, Turkey, Italy, Spain and so many.
Cost to Develop Sportsbook Software
Estimating the exact cost of sports betting development is not a straightforward task. However, we can estimate the average cost of sportsbook software development. The cost depends on the factors such as features, development platform, and the development company you are partnering with to get your sportsbook software developed. The following are the estimated figures of the development cost as per country.
- USA developers: $60 to $240 per hour
- Eastern Europe developers: $50 to $130 per hour
- Japan developers: $50 to $200 hour
Now as we are aware of the developer’s hourly charges, let’s take a step ahead to determine the average cost of sports betting development based on the following development stages.
- Technical Documentation: 40 Hours (approx $800 to $4000)
- UI/UX Design; 60 Hours (approx $1200 to $60000)
- Development: 400 Hours (approx $8,000 to $40,000)
- Testing: 80 Hours (approx $1600 to $8000)
- Bug Fixing and Deployment: 40 Hours (approx $800 to $4000)
The above information gives us a brief over the sports betting development cost. Sports betting applications with essential features cost you somewhere between $20,000 to $50,000. While the cost of developing the sportsbook solutions with the advanced features will cost you somewhere between $60,000 to $100,000.
The Final Call
Gone are the days when people have to rely on gambling clubs or bookies to place a bet. Also, this was an illegal way to make money and sometimes people have to face a lot of legal complications. But now when sports betting has been digitalized and allowing gamblers to place a bet anytime, anywhere, with the help of their smartphone. Just like creating an llc in illinois is difficult task, but with the help of a renowed firm could be done easily.
So if you want to gain profits from this lucrative industry then a sportsbook software provider like BR Softech could be your best bet. Contact us today to get your sports betting application developed by a bunch of highly experienced designers and developers.
BR Softech Pvt. Ltd. excels in providing cost-effective IT Solutions. Established in August 2010 with over 10+ years of rich experience. An Apex rated IT serving company around the world. Our team of innovative and creative designers deals in web designing, mobile/ software development and other digital marketing services intending to deliver outstanding digital outcomes.