Currently Browsing

March 19th, 2012

What you need to start your Online Sportsbook : Part 1

The Sportsbetting industry is growing in revenues every year! Already a multi-billion dollar industry, the online sportsbook software is growing in popularity as more people are finding placing a bet online an easier deal. With constant updates and changes in real-time on the spread and odds, owning an online will ensure that you rake in big as people begin to respect and trust you.

Before you open your online sportsbook, know which Sports to target

Well, the world Is a big place! There are 100s of sporting events occurring around the world, from the NFL in the US to the just finished Australian Open and what’s more, individual countries have their own favorite games running from the EPL to Seria A and UEFA. When you choose to start your online sportsbook, breakdown your targeted audience in a way that will help you in understanding the likes and enthusiasm shared for a particular sport.

Your target audience is nothing more than those people who would help you in breaking even say, in a year or two depending on the investment and other costs. Now, this is a big step, for you should choose a region which holds people who follow multiple sports, or launch prior to the biggest sporting event! Now, the sports followed are a separate study in itself. For e.g. in Europe, Football (Soccer for US) is a major sport and luckily across Europe, it is played nearly throughout the year. Come to Asia and Cricket takes precedence, but don’t forget the locally favorite games such as Table Tennis, Badminton etc. This Intel will help you when you have to choose the sports to run on your online sportsbook spread.

Online Sportsbook is functional only if you pay money on time

Deposits and Payments is a pretty crucial factor and will help in clinching that particular niche of bettors. Take the time to know the online payment processors, their rules, restrictions and know what online payment systems are favored by your bettors. Here, it is good to do recon with some locally favored forums, reviews and of course the software provider’s insights will help you in a great deal. Ensure that integration of the payment processors, whether land based (as found in Eastern Europe) or online (MoneyBookers, NeTeller etc) is possible in a swift way and it is always better to go with an online sportsbook solution provider who’s done it in the past and integrated special payment processors for their clients, a good online sportsbook provider will provide this information at the outset.

A lot of online sportsbook spend time on doing Due Diligence and Risk Profiling, while this is very very very important, know that as a bettor, you wouldn’t care too much about these things; you would only be concerned with the money hitting your bank. Similarly, ensure that the services provided, such as Risk Management, Transaction Management, Payments, Customer Support etc, are integrated well and are provided by experienced professionals who know that working together is the fastest way to pay a bettor.

The Online Sportsbook industry has a big hurdle to cross in terms of payoffs! With the correct work-force management scenario, you can sail through this uncertainty.

Keep an eye out for the second part of this article to learn more ….