The digital betting industry is a growing market that has experienced a significant boom in recent years, driven by increased access to the internet and mobile devices. The digital betting sector consists of various forms of online betting, including sports betting, casino games, lotteries, and poker. The global online gambling market will reach $92.9 billion USD by the end of 2023, according to Statista, driven by the increasing popularity of online gaming and the rise in sports betting.
Online sports betting has become increasingly popular, particularly in countries where traditional sports betting markets are heavily regulated or illegal. Various types of sports betting are available, from fixed-odds betting to live betting and daily fantasy sports. As of January 2023, 36 US states have legalized sports betting, up from 32 in 2021, according to the American Gaming Association. A total of $73 billion USD has been wagered legally on sports in the U.S. in the first ten months of 2022. Data Bridge market research forecasts that the sports betting market will be on a meteoric rise not only in North America but also in Europe, Asia Pacific and South America. Digital betting platforms are a game worth playing, but just like in professional sports, you cannot win without the right team.
Practice makes perfect in the sports betting software game
With so many moving parts coexisting together, from software and product development, adhering to the highest security standards and compliance regulations, to creating customer-centric solutions, the right people for the job remain crucial. Working on sports betting software without knowledge and expertise can be compared to setting up a match between an amateur team and pro football players. If you lack experience, it is easy to predict the final score.
Since skills and practice are so significant in the “betting field”, let’s focus on some of the key features that we developed for our sports betting clients:
Cash Out functionality – a feature offered by online sportsbooks and betting platforms that allows users to settle their bets before a match has concluded. Essentially, this enables betters to make profits or reduce their losses before the outcome is known. This functionality benefits those who want to reduce the risk of losing their entire wager, as it lets them end the bet early and walk away with a portion of their initial stake.
Build your Bet functionality – a solution that allows users to create custom bets by combining different options within a single game. For example, a user could choose to bet on the number of goals scored in the first half of the match, the final score of a match or the number of yellow cards issued during a game. Build your Bet functionality offers users greater flexibility and control over their betting, as they can tailor wagers to reflect their unique insights and predictions.
Free Bet functionality – a special feature offered by online sports betting or gambling platforms where customers can receive free bets as a bonus or promotion. Users can use these free bets to place wagers on certain events, without having to risk their own money.
Customers need to be rewarded by betting platforms
In any professional sport, a team is worth nothing without its supporters. Online sportsbooks and betting platforms are no different. Without customers using it daily, a platform will quickly lose its popularity. The team responsible for developing and designing a better, user-centric platform needs to create a campaign that rewards customers with free bets based on triggers. In order to fulfill that, a betting platform would typically need to implement key solutions described below.
Trigger system: A system designed for tracking specific customer actions that can trigger the awarding of a free bet. Some examples include making a certain number of bets, reaching a specific wagering threshold, or participating in a particular promotion.
Free bet allocation: Once trigger conditions are met, a platform needs to automatically allocate the free bet to the customer’s account. Such an outcome might involve setting up a specific amount of bonus funds that can only be used for free bets or applying a discount to the customer’s next wager.
Campaign creation: In order to create a promotion or campaign that awards free bets, a platform needs to have a user-friendly interface for creating and managing campaigns. How can it be solved? By establishing specific trigger conditions, determining the amount or value of the free bet, and setting the promotion duration.
Right communication system: Finally, a platform needs to communicate the details of the promotion or campaign to customers, via email or using features offered by the betting platform. Implemented solutions can send out notifications or alerts when customers meet the trigger conditions or highlight the promotion on the platform.
Based on our vast development experience, it’s safe to say a robust, free bet functionality with campaign creation functionality can be a powerful tool for driving customer engagement and retention in the competitive world of online sports betting and gambling.
Traders are the all-stars of every betting platform
If customers are already content and engaged, the challenge for online sportsbooks and betting platforms traders is to develop a solution that significantly enhances the efficiency and effectiveness of a sports betting platform. Bespoke technologies can make all the difference. One such example is our Backoffice for traders, an in-house solution developed from scratch by our developers. What features and benefits does it bring to the table?
Event, market, and selection creation: By empowering traders to create new events, markets and selections, a platform can quickly respond to market demand and expand the range of betting options available to customers.
Price setting: With the ability to put prices on new events and markets, traders can accurately reflect market conditions and manage risk more effectively. Such a feature helps to increase profitability and lessens the likelihood of significant losses.
Bet search and settlement: The ability to quickly search for and settle bets significantly reduces the time and effort required for traders to manage customer accounts and resolve disputes.
Bet referral: By allowing traders to refer bets to other traders or departments within the organization, this feature ensures that all bets are handled in a timely and efficient manner, reducing the risk of errors or delays.
Liability management: With access to detailed information on customer bets and liabilities, traders can more effectively manage risk and make informed decisions about pricing and exposure.
How to win in digital betting?
The digital betting industry will continue to get larger in the coming years, driven by factors such as increased internet access, the proliferation of mobile devices, and the rising popularity of sports betting. The global sports betting market accounted for $83.65 billion USD in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 10.3% from 2023 to 2030, as highlighted in the Grand View Research report. The industry is also likely to benefit from technological advancements, such as virtual reality and blockchain technology, which could revolutionize the way people gamble online. As the industry continues to grow, it will be necessary for regulators and industry stakeholders to work together to ensure that consumers are protected, and that the industry operates in a responsible and sustainable manner.
As established, becoming a winning team in sports betting software solutions requires a trusted and experienced partner. If you want to improve your customers’ experience and provide traders with the right tools, contact us by using the form below.
Read also: Sports betting app development
Questions and answers:
What programming languages are used for betting sites?
Betting sites use various programming languages based on their requirements and technologies. Here are the most commonly used programming languages.
Python – utilized for backend development, particularly for tasks such as data processing, odds calculations, and integration with external APIs.
Java – employed as a foundation for backend systems in betting sites to handle transaction processing, user authentication or database management.
PHP – used to provide robust support for handling betting users’ input, database interactions, and extended session management.
Are there any specific regulatory considerations that need to be taken into account when developing a sports betting platform?
Regulatory considerations that need to be taken into account when developing a sports betting platform are licensing requirements enforced by the regulator in the country where you register your business, age restrictions to prevent minors from accessing the platform, implementation of responsible gambling measures, adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations, compliance with data protection and privacy regulations in force, and due diligence when it comes to current advertising constraints. Companies must demonstrate their commitment to responsible gambling practices, comply with all the region-specific regulations and provide high trust and transparency for their customers.
How can a sports betting platform ensure the security and privacy of user data, including financial transactions?
Sports betting platforms can ensure the security and privacy of user data, including financial transactions, by implementing several security measures. These include developing solutions dedicated to user authentication (multi-factor authentication) and authorization (access privileges) and enforcing robust encryption protocols. It is crucial for the security team of a sports betting platform to frequently perform security audits and vulnerability assessments to detect any potential security flaws. Experts advise collecting only the necessary user data to minimize the impact of potential breaches. Sports betting platform owners should take all the required steps to bolster the security of user data and always adhere to the highest security standards.
What are some essential sports betting solutions that can contribute to the success of a betting platform?
Sports betting solutions that can contribute to the success of a betting platform are real-time data access, stable and secure tech solutions, user centric UX and UI design and a secure payment system. Incorporating up-to-date odds and data feeds provides users with accurate information, which supports them in making better-informed decisions and positively influences their experience. The platform owner assures a better engagement level thanks to offering a wide range of betting options. With a top-notch UX and UI design, players can enjoy an intuitive and easy-to-navigate experience. Bolstering the security of user data and adhering to the highest security standards assures users their safety is the highest priority for the platform’s owner. It’s also worth delivering the best possible customer service and full mobile compatibility as more and more users place bets using their mobile devices.
About the authorAlexandru Oana
Software Delivery Director
For the past 6 years Alexandru has been working as a software delivery director, specializing in the betting industry. Cooperating with clients from all over the world on various betting platforms projects, Alexandru is a team player and leader with strong interpersonal skills. Devoted to delivering projects with the three "ons ": on time, budget and quality, he is effective working under pressure and always pays attention to details.