The online sports betting market has become more popular in recent years. This comes as more and more sports fans are turning to digital websites to place bets on their favorite events and teams.
The development of technology, the spread of smartphones and improved Internet communications only contribute to this. BetB2B experts believe that the legalization of sports betting in various jurisdictions has attracted new players to the market, stimulated investment in innovative products and services, such as in-play betting and cash-out functions, which have improved the overall user experience.
Current trends in the sports betting market
One of the main factors in the development of the online sports betting industry is the growing popularity of live video broadcasts. At the same time, the integration of sports analytics data into betting websites allows players to make more informed decisions and participate in real-time betting.
iGaming operators are introducing content from less popular sports and eSports, guided by the principle of localization. These are the hobbies that are now particularly popular among players.
At the same time, the online sports betting market faces several challenges: regulatory uncertainty, cybersecurity risks, user privacy and fraud.
To address these issues and maintain their image, operators need to actively invest in responsible gambling initiatives, maintain transparent interactions with regulators.
BetB2B about online sports betting market statistics
Industry experts predict that online sports betting revenue will reach $43.55 billion by 2023. The revenue growth rate is projected to be 9.94% per annum from 2023 to 2027, leading to the overall market size of $63.62 billion by 2027. It is expected that the number of users of online sports betting by this time will be 174.5 million people.
Based on the data, the user engagement rate in this market is predicted to be 1.7% in 2023 and expected to increase to 2.2% by 2027. Average revenue per user (ARPU) is expected to be $0.34 thousand.
When comparing different regions, the largest revenues from online sports betting are expected in Australia, at $8.8 billion in 2023. The predicted level of attracting new users to this market will be 42.1%.
Given such global popularity, it is not surprising that the number of entrepreneurs wanting to try their luck in the iGaming business is increasing every day. Here the question arises: how to properly build a business on sports betting and which platform to choose for this?
Key factors to consider when choosing the right online sports betting platform? – BetB2B
Market analytics
One of the key aspects when deciding to choose a sports betting software provider is understanding their level of expertise and track record. The accessibility and convenience of the iGaming platform are also assessed. Analyzing information about which operators use it and what principles guide it can help make informed choices. This is exactly the position taken by experts from BetB2B, one of the iGaming platform operators.
Competition and security measures
The iGaming industry has always been highly competitive. In this regard, BetB2B experts argue that creating your own custom iGaming site can be a difficult task for operators. They explain why: maintaining relevance and developing a business in accordance with current trends is now extremely difficult. And in addition to the technical part, the complexity arises from the need for strict compliance with safety and legal regulations.
Last year, fines and sanctions were imposed on operators in various countries, including the US, UK, Australia, Sweden and the Netherlands, totaling $128.91 million. This figure, according to data from USA-Casino.com, increased by 166% compared to the previous year. The reasons for sanctions are varied, including anti-money laundering (AML) and operating without an appropriate license.
Because of this, when choosing a sports betting platform, it is extremely important to consider the security practices of the providers. In the modern iGaming industry, the implementation of KYC (client analysis) and AML (anti-money laundering and anti-fraud) procedures have become an integral part of ensuring financial security and compliance with laws.
BetB2B specialists argue that KYC and AML should be mandatory elements for iGaming industry participants. Establishing a legal business is key to the trust of clients who are interested in sports betting.
Client focus
Effective software solutions, attractive content and versatility are the set of characteristics that distinguish flagship sports betting platforms and attract the attention of clients. This principle is fully consistent with the approach followed by the BetB2B team. Here they study and take into account the needs of players and the iGaming business.
It is thanks to this approach that the company takes a leading position in the sports betting industry and always picks up new trends.
BetB2B says that in the field of sports betting it is extremely important to focus on the local needs of clients, taking into account the peculiarities of the popularity of various sports in different regions of the world.
For example, in India, cricket can be especially popular. In Africa, football is very popular at the amateur level. Therefore, when offering bets on the website, it is necessary to take into account not only international competitions, but also local events. This will allow players from different regions to follow the events closest to them.
Improving the player experience should be an important focus. Providing a variety of betting options, including pre-, online and live betting with 2D and 3D broadcasts, allows you to create a unique gaming environment.
To meet the needs of different markets, it is necessary to offer different odds formats such as American, English, Decimal, Hong Kong, Malay and Indonesian. We should not forget that the website for sports betting should be as accessible as possible to all interested clients. In addition to mobile apps for iOS and Android, Telegram and SMS betting can be used in regions with limited internet coverage, which helps expand the player base.
Additional incentives such as attractive bonuses, cashback and other offers also help attract enthusiastic sports bettors.
Versatility and individual approach
Platforms with more conservative views on business are accustomed to attracting clients with bets on traditional sports such as football, basketball, tennis, athletics, swimming and the like. But this is not exactly the approach that can attract players of the new format.
BetB2B experts recommend that betting website owners include in their content not only popular sports, but also options that stand out for their uniqueness and rarity. Here are some examples of content types, that BetB2B offers:
- In recent years, eSports has become a significant industry with a huge audience, especially among young people. The games League of Legends, Dota 2, Overwatch and Counter-Strike attract a huge number of new bettors.
- Virtual sports. Virtual events with realistic graphics attract with their special effects and provide the opportunity to place bets around the clock. This is an additional alternative for players that allows them to participate in events at any time convenient for them.
The introduction of unique and relevant betting options is one of the ways to promote the bookmaker business and attract new players. It is important to take into account the interests and preferences of a diverse audience in order to ensure long-term profitability and successful business development, BetB2B specialists emphasize.
Payment options for client convenience
A good iGaming platform is one that can provide a wide range of payment options to match the preferences of clients. To satisfy them, it is necessary to provide the most popular payment methods and alternatives so as not to create unnecessary complications. That is, in addition to traditional bank transfers and credit cards, popular operators offer innovative financial technologies in the form of electronic wallets and other digital variations.
For example, BetB2B provides a wide range of payment methods:
– Our product range includes e-wallets, mobile payments, cash payments, e-currency exchangers, payment systems, cryptocurrencies and e-vouchers. We believe that in order to remain competitive, companies must be flexible, introduce new payment methods, taking into account market conditions.
Client support
In order to constantly receive the necessary advice and support, iGaming industry experts recommend contacting BetB2B, and here’s why:
- Here you can count on the support of highly qualified specialists at all stages of work – from technical aspects to general operational issues.
- BetB2B provides the ability to contact players in 31 languages using a variety of communication channels, including chat, hotline and email. This promotes effective communication with players and attracts their attention.
- The company provides a wide range of localisation options to reach various markets.
Ultimately, the main factors when choosing a sports betting platform are to ensure that the content offered is safe, simple, accessible and attractive. It is also important to consider the legitimacy of the business. This will definitely affect the degree of trust in the platform. This point of view is shared by BetB2B, which is fully aware of the strong competition in the field of sports betting and is ready to take a leading position in it.
The online sports betting market will continue to grow in the coming years, provided industry players continue to strive to create a responsible and innovative environment for both new and experienced players.
DISCLAIMER – “Views Expressed Disclaimer: Views and opinions expressed are those of the authors and do not reflect the official position of any other author, agency, organization, employer or company, including NEO CYMED PUBLISHING LIMITED, which is the publishing company performing under the name Cyprus-Mail…more