According to the latest research of the global sports betting market, it is expected to show intensive growth in the following 4-5 years. The global forecast shows that by 2026 the sportsbetting market’s CARG (Compound annual growth rate) will be around 5-10% a year. This unprecedented boom in the betting industry and the new opportunities that it has created attract many new investors and make well-established operators strengthen their positions on the global betting markets.
Today many entrepreneurs who have no previous experience in the iGaming business are ready to invest in a new sports betting project. Most businesspeople who invest in iGaming are expecting a rapid lift-off - to reach break-even and start generating income fast. However, a lack of expertise in the sphere frequently becomes a serious obstacle for starting a betting business. Namely, it can be fairly hard to pick the best software for sports betting website unless you have a clear understanding of its functions and features. That’s why in the present blog, we have decided to disclose some essential clues and tips about specialized sportsbook software for websites that will help you to make an informed choice. So, here we go.
How Sportsbook Websites Provide Odds
Odds in sportsbetting represent the chance of the occurrence of a particular event. The odds are normally calculated by specialists who are called traders, risk analysts, or odd compilers. Depending on the region, odds may come in three different formats - fractional odds, decimal odds, and moneyline odds. All those types serve for the representation of the same values and probabilities. However, they do it in a different manner.
There are two basic ways how you can provide betting odds to your sportsbetting system. The first way - calculate the odds by yourself and enter them into the system manually. The second way - is to acquire odds from a provider company. Further, we will look closely at the pros and cons of each of those approaches.
In-Play Betting Data
In-play odds are the odds that are provided by an in-house team of risk analytics. The significant benefit of this method is that you can guarantee complete control over your odds system. Nevertheless, custom odds require a large team of highly qualified experts who will calculate them. A department of this kind frequently works in shifts since the sports events are happening in different places of the world throughout the day.
If an entrepreneur is not ready to assemble an in-house team of analytics, the odds can also be acquired from a provider company. Purchasing odds from third-party providers is a common practice for iGaming businesses, especially if the business is going through a lift-off stage. The odds are streamed to your platform, allowing you to provide pre-match and live betting options to your clients.
What the Best Sports Betting Software Provider Should Be
The sportsbetting website is a complex system that is comprised of many different functional elements - sportsbook platform, betting odds, payments processors, affiliate system, etc. That’s why it can be pretty challenging to understand what qualities and functions are pivotal for a betting software provider. Further, we will outline some of the crucial features and characteristics of sports betting software that has to be taken into account in the first place.
Uninterrupted Odds Service
One of the most important qualities that should be considered is the performance of the sportsbook platform. Any downtimes in its operation can have a dramatic effect on business since it is crucial to make sure that every live bet is accepted instantly. Also, make sure that the system won’t experience any overload in the rush hours when most players login to their accounts.
Legal Regulated Betting Software Provider
All iGaming software developers are obliged to own at least one of gaming licenses that guarantees that a company complies with a certain legislator. We recommend avoiding providers that don’t have one in any means since they are not bound with any kind of legal obligation with any regulator authority. Always check the authenticity of the license when visiting provider websites.
Reliable Integration Methods
The software that is used in iGaming should always be flexible and compatible with any other third-party programs or content. For instance, when you are using the best sports betting platform, you can be sure that it can be smoothly integrated with third-party odds engine and payments systems since it had been meticulously tested by the QA team. Therefore, when using NuxGame soft, you can always be sure that the overall performance won’t suffer from system incompatibility of any kind.
Payment Systems and Multicurrencies
A choice of payments systems offered by a sportsbook can become a decisive factor for many players. In most cases, the client will ignore a sportsbook that does not offer payment methods that suit best for him. Therefore, a sportsbook manager needs to make sure that all the most popular payment systems are available. Also, don’t forget to look at Bitcoin betting platforms that are becoming more and more popular among sportsbook players these days.
Privacy and Security
Privacy and security of all the sensitive data that is stored on the sportsbook servers are the top priorities when we are talking about any kind of iGaming business. The system requires a professional KYC (Know your client) procedure to prevent any underage gaming or money laundering accidents. Also, make sure that the system is protected enough to handle any unauthorized access or malware.
The Best Betting Platform for Business
The NuxGame team has significant experience in the development and design of software products and solutions for online casinos and sportsbooks. We know every little detail that should be foreseen to deliver a high-performance, feature-full iGaming software to our clients. That’s why here we would like to outline some of the components, technologies, and visual design features that a sportsbook should have on board.
Back-Office as an Advantage
A professional sportsbook website requires many different tools apart from the basic functionality that allows accepting bets on different events and conducting financial transactions. A truly competitively viable sportsbook engine also provides the owners with in-depth analytical tools, powerful marketing tools and partner systems. For instance, the NuxGame back-office allows collecting any data on players, bets, withdrawals, deposits, the popularity of different events, etc. Also, the platform features modules for the promotion of the sportsbook brand, such as affiliate and agent systems. So when looking for the best online betting platform, make sure that it will allow you to conduct marketing efforts and collect valuable data for your strategic and financial planning.
Friendly User Interface
In practice, the UX/UI design of the platform’s front-end and back-office can play an important role in platform administration and maintenance. For instance, the back office in NuxGam products allows customizing user pannels and sub-menus in order to adjust your workspace according to the individual workflow of the administrators. With the help of this feature, platform admins can add, delete and relocate separate menus for their own convenience.
Other advantageous features that automatically level up the sports software are matchtrackers. This technology allows to broadcast and display the the match live, so the players can keep track of every event. For instance, the NuxGame Sportsbetting platform provides matchtrackers for different kinds of sports, including soccer, tennis, basketball, and other games.
Number of Sports Events
The number and variety of sports events is an important indicator. Make sure that the platform supports both pre-match and live betting. It will also be a great advantage if eSports are present among the sports too. These days betting on eSports is becoming more and more popular, so it is strategically advisable to integrate at least some of the major eSports leagues like Fortnite, CS: GO, Starcraft 2, etc.
Bets and Markets Variety
Of course, any iGaming business owner wants to attract as many clients as it is possible. This means that you need to provide as many different markets and betting options as it is possible as well. Many players will appreciate such betting types as the point spread, parlay bets, prop bets, etc. Also, make sure that the sportsbook platform of your choice supports handicap bets. This type of bet allows making the competition fairer in case the outcome of the event is easy to predict. If you are looking for the best sports handicapping software, check out the NuxGame platform in the demo section of the website. The platform allows setting a large variety of betting options and bet types.
A well-designed sportsbook should be easy to apply in any international localization. Such features as pre-built platform translations allow administrators to manage languages almost instantly - the user is allowed to add and delete languages, provide translations for separate sections of the website, etc.
Sportsbook Load Stability
Another thing that an owner of an iGaming brand should not forget about is the load stability of the website. Depending on the hosting type, number, and quality of servers, as well as their location, website performance can be drastically different. It is always advised to convey professional load testing before the website is launched in order to calculate the peak user capacity and increase it in the future if needed.
What’s the Best Sports Betting Software
Since you are already familiar with the features of the pro-level sportsbook software, we would like to offer a brief overview of Sportsbook solutions by NuxGame. As an iGaming developer fully dedicated to the power of innovation, NuxGame always sticks to the highest standards for iGaming software, aiming to deliver top-notch solutions for every client. So let’s have a closer look at the NuxGame sportsbook suit.
NuxGame provides custom boutique sportsbook solutions of any scale - the best platform for sports betting, events, odds and, of course, a Turnkey solution that includes it all. Our core product for sports, the NuxGame platform, is an innovative, multi-feature environment that is geared for building a sportsbetting website of any style and complexity. Also, the platform includes pre-built affiliate and agent modules that allow accelerating the promotion of your brand. In other words, the NuxGame sportsbook platform is designed not only for building and maintaining the brand but also has a wide choice of methods for its successful promotion.
Apart from it, NuxGame software never really gets old since we deploy the system updates and upgrades on a regular basis. Once you become a NuxGame client, you instantly get access to the best technologies and content on the iGaming market.
So if you have any questions about our products, feel free to contact our official representative via live chat for more information.