Sports and betting have always shared a love-hate relationship! On one side, it presents lucrative opportunities for statistically sound people to earn money based on mathematical data that they have gathered over time regarding the performance of players and teams. On the other hand, it also opens up opportunities for match-fixing and spot-fixing.
However, it cannot be denied that with the online revolution, sports betting has been constantly and consistently growing. The Esports industry has been quite a big revenue generated through game betting that involves games with global popularity like football, cricket, golf, and horse riding.
A few jurisdictions have been quite flexible and understanding of the growing popularity of sports betting and rather than criminalize it, they have decided that they will regulate it, reducing the possibilities of fraud. This meant that the sports betting industry got a new surge of encouragement from the legal system. It is estimated that the sports betting industry will breach the coveted $100 billion mark by 2025 with a coveted CAGR of 11.5% between 2019 and 2025. These numbers can never be underestimated.
It might not be an exaggeration to say that there are professional online sports betters! Their only source of revenue is through sports betting, and they do it with a group of statisticians and mathematicians who work on probability theories to arrive at the best team or best player for batting in a particular match that is played at a certain venue during a certain time of the year and during a certain time of the day! Does it not remind you of the movie ’21’?
The scope of the sports betting market
One of the biggest contributors to the success of the sports betting industry online is gimmicky advertisements. A lot of online sports betting app development companies reinvest 70% of their revenues in advertising making their business popular. When they attract more users, the revenue of the sports betting brand is expected to grow. They have even roped in celebrities to endorse their brand, and the portfolio of celebrities includes those who are considered superstars in the sport for which they provide the online betting platform.
Another big factor of enticement for users is the prospect of winning real money. The end users have always been allured by the prospect of investing a little and winning a lot! The online sports betting market is open 24/7, and they also facilitate payouts through safe payment gateways. The taboo outlook of the sports betting industry has gradually started to disappear because of the legalization efforts and the endorsements of celebrities.
There are a lot of desktop-based gambling platforms available, and they can be easily installed in a few clicks. The availability of desktop-based betting opportunities has enticed a lot of users to take part in such activities. Sports betting app development companies do not only confined themselves to mobile apps but even create desktop apps for a more immersive experience, especially for professional gamblers who do not do it sitting in a bus during the commute but rather in an air-conditioned room with two or three people around them working the mat for them to place the bet.
Just like the steady growth in desktops, the consumption in mobiles has also been growing but with a greater degree of intensity. It might not be an exaggeration to say that it is only because of the involvement of mobile applications that sports betting and online gambling became increasingly famous. There are some apps that can be found in most of the mobile devices of these sports enthusiasts especially during certain tournaments that are considered to be landmarks in that particular sport. Dream11 during the Indian Premier League can be portrayed as a perfect example of these situations.
What does it take to build sports betting app?
Sports betting applications present lucrative profit opportunities for any entrepreneurs, and with the availability of clones of such applications, it is not difficult to create perfect sports betting app. However, the legal aspects need to be considered and you will need to establish your credibility as a company before you can do so.
As a sports betting app, you are expected to provide certain features and they need to be incorporated as a part of your online sports betting app development process.
- The app should provide real-time statistics on the games that are happening at that moment, and if possible, the app should be able to live stream the match, so the users who have placed their bets can see how the match happens, and also calculate the possibilities of them winning.
- Users should be able to quickly and easily sign up for the services by using classic login systems like email and phone number, or legacy login credentials like Facebook and Google. Using Facebook login brings a small advantage as your wins can easily be broadcasted to the social circle of the user with a single tap on the phone.
- Users should be able to easily place their bets on the players and should be able to make payments by using multiple payment instruments like credit cards, debit cards, wallets, and internet banking. Similarly, they should also be able to easily withdraw their winnings and transfer them to their bank accounts. This is going to be one of the biggest factors that determine the success of your app.
- Another important feature for your sports betting app is ensuring top-notch security. This will ensure that the identity of your users stays away from malicious forces, and it will also do a great deal in making sure that you don’t get mired in legal turbulences.
With the growing recognition popularity, sports betting will be the global Las Vegas! With the breaking of barriers where a person in a village in India talks about the next UEFA Premier League match, the numbers are only expected to grow. Therefore, the time is ripe for an aspiring entrepreneur to invest in sports betting app development. With the availability of white label solutions, it is just a matter of time before you approach one of the leading online sports betting app development companies to create your app and customize it for you, so you can launch a profitable business at the earliest and at a time when it is relevant and recognized!