I am Nitin Garg Founder of BR Softech PVT LTD - an Award-winning mobile game development company. We are armed with 180+ geeks & 2753 clients worldwide, I have driven by the spirit of entrepreneurship and dream to build a billion-dollar-company.
Are you a sports betting enthusiast? Sports betting platforms allow bettors to bet on various sporting events. Different sports betting platforms provide different types of bets. The industry is ever-growing and is becoming massive. It is already a billion-dollar industry with no signs of slowing down. Sports betting exchange is an essential part of this vasReadymadet market. Many investors are focusing on sports betting exchange platforms as these platforms offer better value and more opportunities to bettors than conventional sports betting solutions.
- The sports betting and lottery market was valued at $194.6 billion in the year 2021—a significant increase over last year’s $173 billion.
- According to Statista, there are over 25,000 sports betting businesses operating worldwide.
- The sports betting industry in the United States generated a revenue of over $4.3 billion dollars in the year 2021. (Source)
If we look at the market statistics, the sports betting industry is very promising and shows massive revenue potential. However, will the rising popularity of sports betting exchange software put an end to the popularity of sports betting platforms? Let’s find out.
Table of Contents
What is Sports Betting Exchange?
Contrary to traditional sports betting platforms, sports betting exchange software allows bettors to bet against each other instead of bookmakers. Betting exchange bets have lower fees and provide better odds than conventional betting platforms. Since it is a peer-to-peer platform, it provides better odds at lower fees. In a betting exchange, you can ideally bet on anything as long as there is another person who is willing to bet on the other side.
Sports betting platforms often don’t offer the bet you’re looking for because it is too risky. Sports betting platforms offer a wide range of bets with better odds and more value.
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Key Features of a Sports Betting Exchange Platform
A sports betting exchange platform is packed with features and offers a lot of accessibility to its users. Here is a list of the key features that are essential in a betting exchange software:
|Punters have the ability to cash out their bets during the match. A calculator that calculates the values of wagers is also present.
|The live streaming feature allows users to watch the match and place bets simultaneously. It allows users to make quick and informed decisions swiftly and also boosts user engagement.
|Back & Lay Odds
|The betting exchange platform must provide back and lay odds. A bettor must be free to choose whether he wants to back or lay a specific outcome.
|This feature allows bettors to see and review their past bets. A detailed report of every bet the user has placed is present in this section.
|Sports betting exchange software attracts audiences from several regions. You must provide multiple language options so the user can access the platforms in their preferred language.
|An integrated matching engine will ensure the appropriate matching of odds and bets.
|Safe and Secure Payment Gateways
|Payment gateways are essential to online betting exchange software. A secure payment gateway will help protect the user’s financial information and also provide multiple payment options.
|The online betting exchange software must have integrated cryptocurrency support. Crypto is becoming mainstream and more people are leaning towards crypto in online sports betting platforms.
|Advanced Admin Dashboard
|An advanced admin dashboard will aid in the seamless management and tracking of users, transactions, bets, and odds, along with other various aspects of the betting exchange script.
Advantages of Betting Exchange Software
The advantages of sports betting exchange software are abundant. It provides better odds and value than traditional sports betting app. Let us take a look at the various advantages of an online betting exchange platform
Betting exchange platforms are user-friendly. Since there are no sportsbooks to take a large portion of the cut, players get maximum value and earn better profits with a Sportsbook software provider.
In traditional sportsbooks, you can only bet against the sportsbook and at pre-determined odds by the Sports bookies. However, that is not the case with betting exchange software. The users can bet on either back or lay odds depending upon their preference. Betting exchanges are a two-way market.
Unlike sportsbook software, which only offers bets according to their preference. The bettors can bet on virtually anything as long as there is another person to take the other side of the action.
Online betting exchange platforms provide better odds than most traditional sports betting software. Since there are no bookies involved and players bet against each other, the betting odds are way better and punters can earn huge profits.
Betting Exchange Software Development Process
Identify your Niche
Most of the popular fantasy sports like cricket, football, basketball, hockey, etc. are preferred in gambling. You must pick a niche sport that you will offer to your audience. Identify which sports will get better feedback from the audience and ensure maximum ROI. However, if you want to reach a wider audience, it is best to include multiple sports in your betting exchange source code.
It is One of the most important steps in the development process. Conduct thorough market research to identify the strengths and weaknesses of your competitors. Proper research also allows you to know about the ongoing trends of the industry and the preferences of the audience. Also, try to pinpoint your target audience and the region where a particular sport is most popular.
Hire a Betting Exchange Software Development Company
If you want to build a unique betting exchange platform, you will need a reliable betting exchange software development service. By looking into various aspects like experience, testimonials, cost, and the portfolio of the company, you can make an informed choice. Make sure the company is equipped with all the tools that will help fulfill your requirements.
The choice of the betting exchange developer will also depend on whether you want a customized or white-label betting exchange software solution. It can be a challenging task due to the variety of options available but these factors will help you make an informed choice.
Design and Development
Although you might have hired the best software development company that will take care of the designing and development aspects, you still need to pay close attention to the workflow and details of the process. A complicated design will discourage the users, make sure the user interface is simple yet attractive.
In the development process, make sure all the necessary features are incorporated into your application.
Testing and Launch
After the development process is complete, your betting exchange software is ready for testing. Testing is essential to iron out the loose ends and refine the product to the extreme. Make sure to conduct all functional and non-functional tests like performance, design, compatibility, etc.
Once the testing phase is complete, your software is ready to be launched in the market. Deploy reliable marketing strategies and launch your software to the public.
Cost of Betting Exchange Software Development
The cost of sports betting exchange platforms is majorly affected by various factors. Factors like features, geographical location, development company, technology stack, cross-platform compatibility, etc. are the driving factors behind determining the cost of developing a sports betting exchange software.
The region of the game development team also plays a huge role in determining the cost.
- Indian-based Developers: $30-$50 per hour
- UK-based Developers: $70-$150 per hour
- USA-based Developers: $150-$250 per hour
On average, the approximate development cost of a betting exchange platform with basic features ranges from $30,000-$50,0000. However, if you want to develop cross-platform software with advanced functionalities, the price can shoot up to $80,000.
Top 5 Betting Exchange Software Providers
These are some of the most popular sports betting exchange software providers in the market today.
BR Softech is a leading sport betting exchange development company with over 10 years of experience. It offers customized and white-label betting exchange software solutions to its clients. We have a full-fledged development team of expert developers who strive to deliver quality betting exchange software solutions to clients. BR Softech has a vast portfolio and has prior experience in developing software of similar niches. If you’re looking for a betting exchange software development company, BR Softech is your best bet.
- Use of Innovative technologies like AR/VR
- High-RIsk Management
- Stunning UI/UX
- Zero Revenue Sharing
- 12+ years of experience
GammaStack is another big name in betting exchange software development. It is a veteran software provider with over 8 years of industry experience. GammaStacks also offers customized solutions with a focus on high-risk management.
The betting exchange software is packed with features and is available in over 10+ languages that will allow it to reach a wider global audience. It includes a plethora of sports and is incorporated with cutting-edge technologies to provide a higher revenue stream.
- 8+ years of experience
- High-Risk management
- Zero Revenue Sharing
- 10+ Languages
- Various Sports Covered
It is one of the leading betting exchange software providers in India. Betfoc offers bug-free solutions and on-demand customized software with a quick turnaround time. Betfoc’s primary objective is to build a robust and safe betting exchange platform that can help businesses generate higher revenues. It also offers a feature-packed white-label solution that can help your business scale higher. Betfoc also strives to provide 24×7 customer support to its clients to solve their queries and ensure maximum client satisfaction.
- Leading Software Provider
- Back-end Support
- Quick Turnaround Time
- Customized Solutions
It is a relative newcomer in the betting exchange industry. Gaming Geeks has made a name for itself through its innovative and secure betting exchange software. Gaming Geeks focuses on interactive and easy-to-use UI to generate a massive audience. It provides cryptocurrency support and has a reliable back-end management team. Gaming Geeks provide a robust risk-management module with innovative UI designs.
- Robust Risk-Management
- Innovative UI/UX Designs
- Dynamic Commission
- Crypto Support
- Built-in Sportsbook
SwissBet provides white-label and turnkey betting exchange software solutions. The features provided by Swissbet incorporate advanced features that drive user experience. It uses Betfair API for reliable sports data and management tools. The cutting-edge technology used by Swissbet will help you attract a loyal customer base and help scale your software.
- BetFair API
- Customized Solutions
- Back/Lay Bets
- Complete coverage of a variety of sports
It is a widely acclaimed software development company with over 10 years of industry experience. It was one of the first development companies to incorporate cryptocurrency support in its software solutions. SoftSwiss has been thriving in the market for a decade by focusing on security, stability, and scalability. With a large development team of experienced developers, SoftSwiss has a vast portfolio of online casino platforms and betting exchange software.
- 10+ years of experience
- Scalable Solutions
- Robust Security
- International Team of Developers
- Vast Portfolio
Why Choose BR Softech as a Betting Exchange Software Provider?
BR Softech is a leading betting exchange development company with over 10 years of experience in the industry. We offer reliable Betting exchange development solutions and our developers strive to deliver quality products by keeping our client’s requirements in mind. We offer customized and white-label betting exchange solutions. Our developers are experienced and well-versed in the latest technologies. We offer reliable services like-
- Bug-free Software Solutions
- Dedicated Backend Support
- Quick Turnaround Time
- Experience Developers
- White-label Solutions
- Customized Solutions
- 24×7 Customer Support
Sports betting exchange platforms offer a lot of additional benefits than sports betting platforms. These platforms provide better odds and more value to the customers. The users also don’t have any bet limitations. The betting exchange software is easy to deploy and provides higher scalability. Overall, the sports betting exchange platform provides users with a lot of benefits and provides higher chances of winning a hefty amount.How Blockchain Industry Can Change The Future Of Sports Betting?
Frequently Asked Questions(FAQs)
Q. What kinds of sports will you cover in a betting exchange software?
We cover all major sports in the betting exchange platform. Popular sports like cricket, basketball, hockey, baseball, football, horseracing, and more are included in our platform.
Q. Do you have a white-label betting exchange software solution?
Yes, we provide white-label as well as customized betting exchange solutions to our clients.
Q. Is Live match streaming supported in your betting exchange software?
Our betting exchange software comes packed with all the advanced features like live chat, back and lay odds, crypto support, etc. and also includes live streaming.
Q. Is Betting Exchange legal in India?
Yes, betting exchanges which use Indian rupees and are based outside of India are legal to use by the Indian audience.
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