SWISSBET Corporation – a Swiss-based provider of programming solutions for sports betting industry – is opening its own set of articles dedicated to the issues of starting and maintaining online betting enterprises.
Throughout the world sports fulfill an important social, economic and entertaining role. Sporting events attract the attention of millions of fans all over the world, who deeply empathize with their favorite teams and sportsmen. This results in the constantly growing popularity of sports’ betting, that is now by far the most developed type of gambling on the planet.
Sports betting industry takes many forms: online sportsbooks, local betting shops, betting exchanges (Betfair and the likes) and many others. A sportsbook is by far the most widely spread form of a betting enterprise, where the bookmaker delivers and controls the odds offered to the player. Any of the active and established bookmakers could find numerous reasons to start a sportsbook, but the 5 most prominent ones will sure be the following:
1. Global Turnover.
The global online sports betting market was estimated to be worth €9.6 bn in GGY in 2011, an increase of 6.9% as compared to the previous year. According to many financial reports, this growth is forecast to continue, with the market worth an estimated €528 billion by 2015.
2. Advances in Betting Legislation.
This is also one of the major milestones on the way to your own betting business. The online sports betting market is subject to strict control on the part of state authorities. Plus, it is not possible to open merchant accounts with reliable payment processing companies without proper licensing. Business conditions in the continental countries are quite severe, that is why the overwhelming majority of contemporary bookmakers seek the warmth and convenience of the off-shore jurisdictions like Alderney, Malta, Curacao and others. The latter also vary depending on the price and allowed types of betting activities. The off-shore jurisdictions are by far the only option for beginners, unless their budgets are estimated in millions. Yet, basically, this market can’t stand humble budgets, and small profits either .
3. Diverse and Flexible Jurisdictions.
Online gambling licenses are now issued by a number of governments worldwide. They may vary significantly with respect to license pricing, payment types (one-time/recurrent) and allowed product set.
4. Quality Software.
Nowadays there are tens of IT companies working on their own sportsbooks and other types of betting platforms that can offer turnkey solutions allowing to go online in weeks or even days.
5. Odds Supply.
Creating and maintaining your own betting lines and feeds may require large numbers of qualified specialists. Popular and well-established betting odds suppliers (like Betradar, Betting Promotion, DonBest, etc.,) provide complete and thoroughly compiled odds packages covering tens of sports, hundreds of leagues and thousands of sports events from countries all over the world. One can also order integrated fixture, score and statistics feeds that will contribute to a complete and highly informative online betting service.
All of the above proves the high level of development and efficiency to be found in the global betting market. Starting an online sports betting enterprise requires getting a complete set of technical, judicial and licensing services to be procured in order to get a complete and working project. Business of this sort also needs thorough analysis, good business planning and a high level of financial literacy. It is sure quite complex and multifaceted, but it will sure pay off to take your shot, since you aim at getting a portion of the €528 billion pie.