Figures have shown that the global sports betting market is valued at $83 billion in 2022. In the US alone, the value of this market is over $2.1 billion. It is estimated to experience exponential growth over a decade.
This is because sports betting has become legal in several US states. In essence, establishing a sportsbook in these times is a surefire ticket to getting a high return on investment. Caesars Sportsbook has been chalking great success as one of the first sports betting business to launch in Maryland, USA. For example, with their Caesars Sportsbook Maryland new user promo code, they are able to attract new users for their platform.
To be successful in the sports betting business, you need to know what works in attracting users. Here are some tips on how you can start up your online sports gambling platform:
Establish a business plan
A business plan is a document that helps you to navigate how you’ll go about the creation of your business. It also helps to map out various aspects of your enterprise, like business goals, strategy, the funds needed for different business activities, and how those activities will translate into sales for the firm.
If your business plan looks professional and it covers all areas of the sports betting industry with every contingency thought out and planned for, you should have no issue getting funding,
Secure funding with your business plan
Sometimes, entrepreneurs could find it difficult to get investors to fund their business. If you encounter this issue, you don’t need to give up on your dreams. You can begin by taking loans from friends and relatives.
Even with a small start-up capital, you can run your venture and build it up as you increase in profits. If your business begins booming, you could then seek funds from venture capitalists.
Build a sports betting application
The world is practically digital today, with many important decisions taken over the phone. Apart from getting funds for your startup, building a sports betting app is the most vital thing to do. This would help boost your revenue from the platform.
The best part about getting a smartphone app is that you wouldn’t need big funds to keep the software running. If your sports betting platform can get at least 200 active players, it can be considered successful. Though reaching this number isn’t too difficult, it could take some time to get to that level.
You need a well-designed sports betting app to attract users. You don’t need to be some tech nerd to build applications for your sports betting platform. You could hire a front-end and back-end software developer on freelancer platforms like Fiverr and Upwork.
Use pay-per-head software
Developing a conventional sports betting application is outdated since it is costly and poor at tracking users. You can opt for pay-per-head software since it is cost-effective and great at tracking players. In essence, your charges are based on the traffic you receive. If your traffic is low, your charges will be low.
Sports betting is becoming more popular in areas like the United States due to the ease of regulations. If you’re looking to establish a sports betting business, you have to create a business plan, build a sports betting app, and use pay-per-head software.