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The history of retail betting started in The United Kingdom in the early 1960s, when the original betting shops were established for accepting sports bets outside the racecourse. Such shops allowed clients to make bets on sports events (mostly horse racing) while the race was broadcast on the TV live. The new type of bookmaker became incredibly popular across the country, and new betshops started to open in the most distant parts of the UK to satisfy the rapidly growing demand.
In the current blog, we will focus on the modern betting shops, how they work and what do you need for starting a retail bookie business. Further, we’ll talk about software that is required for opening one, types of betting shops and, of course, licenses that allow the business to run a land-based bookmaker.
What is a retail betting?
Retail betting - is a business with the premises that house specialized bookmaker gear and have legal grounds for providing sports betting services to clients. However, the definition of what a retail sports betting is can be largely different depending on legislation. Check out local gambling laws to understand the peculiarities of local retail.
What is a retail sportsbook?
A retail sportsbook is a land-based venue that allows clients to make bets on various sports events. There are two major types of retail venues you need to know about - betshops with individual betting monitors and betting shops with common displays. In the first case, the client chooses an event and places a bet on the monitor, and pays at the checkout. In the second case, the odds are displayed on the screen while the bets are accepted directly at the cashier's desk.
Regardless of the type of retail sportsbook you intend to open, your business will require specialized bookmaker software for running the platform. Such a platform is designed for launching and running a land-based venue, allows accepting pre-match and live bets of different types, collecting system statistics, managing sports events, etc.
The retail sportsbook platform is commonly designed for three principal user roles - player, cashier, and administrator. Naturally, players and cashiers get access only to the designated interfaces and menus of the system. At the same time, a senior administrator gets complete control over the system content, receives system statistics on any indexes and can set the access for other administrators and cashiers. The player can get access only to the player’s betting interface.
Start land-based sportsbook
Once we have figured out what the retail sportsbook business is about, let’s talk about how to open a retail betting business of your own. Further, we will outline a brief step-by-step guide for the entrepreneurs who are considering opening a retail sports betting venue of their own.
Licensing
The process of applying for an iGaming license that allows running a land-based venue is a time-consuming one. That’s why we recommend starting the application as soon as possible since it may take around 6 months in some of the more stringent jurisdictions.
Licensing process requires the business to provide a local licensing authority with all required documents - information about banking accounts, personal data, financial strategy, statutory documents of the company, etc. As you can see, the preparation of all required legal papers and their approval at the licensing authority requires a lot of legal work to do.
Retail sportsbook platform
After the documentation is submitted to the authority, it’s time to pick the core functional element of your betshop - a platform for a retail sportsbook. This software defines the functionality of your system, its capacity, performance, and usability. Here are some of the principal qualities you need to pay attention to when choosing a platform for your land-based bookmaker venue:
- High performance
- Minimum downtime
- Compatible with international payment systems
- User-friendly interface
- Analytical tools for extracting valuable statistics
- Easily customizable for any jurisdiction
A choice of the best sports betting software is a highly responsible stage, so we always recommend being extra patient to the details when choosing.
Events and betting odds
Events and betting odds are not the integral part of a retail platform, which means that you can actually get platform and odds from different providers. When choosing an odds provider, we recommend making sure of the compliance between your market and the sports types that you provide. By this, we mean that different markets have different preferences in sports. Apart from it, odd types can also come in different types depending on the betshop location.
The best way to launch a retail betting business
The entrepreneurs who consider starting a retail sports betting business should consider NuxGame iGaming solutions for land-based venues. NuxGame offers a versatile, feature-packed Retail Betting Software Solution that includes the platform, sports events, and betting odds. If required, our team can also assist you with license acquisition for your business.
NuxGame Retail Platform is an in-house software developed and designed by the NuxGame team. Our platform is designed to grant the system administrators with the most comprehensive analytical tool stuck. The platform allows collecting and processing any type of internal financial data, user statistics, reports on separate sports, leagues, events, etc. Apart from it, our team of UX/UI designers invested a significant effort in the optimization of the system’s back office to increase the usability for all types of users - players, cashiers, administrators.
Also, we can offer our clients integration of sports events and odds for pre-match and live betting. We offer a wide choice of markets, all top sports leagues, and the most popular tournaments. Our platform is adapted to a variety of global markets featuring different types of odds for different regions.
So if you have any questions considering a NuxGame Retail Solution, its capacities, features, and benefits, contact our official sales representative via live chat on our website.
