Sports betting, which lets people wager on outcomes of sporting events, is becoming increasingly popular all over the world. Bets are typically made through bookmakers, also known as bookies. The amount of money earned by a bookmaker after paying out the winners is the bookmaker’s revenue.
Many countries participate in legal sports betting. There are estimates that the global sports betting industry reached a market size of $242 billion in 2022 from $203 billion in 2020. And the list of countries with largest sports betting revenues was headed by China, UK, USA, Japan and Australia with revenues ranging between $9 billion and $6 each. The European sports betting market accounted for roughly 24% of the global sports betting market in 2019.
The estimates for global sports betting markets mentioned above include both land-based gambling shops as well as online gambling. European Gaming and Betting Association (EGBA) 2022 data indicate that online gaming revenue accounted for 35% of Europe’s total gambling revenue, with EGBA members generating the biggest share - 46% of their online revenues - from sports betting.
Sports Betting Market Prospects
Several studies estimate that the global sports betting market is expected to expand at a compound annual growth rate (CAGR) of around 10% year over year from 2023 to 2030․ And the leader in the global sports betting industry - the Asia Pacific region, is likely to grow at the highest CAGR of over 11% during this period.
These figures point to growing global demand for iGaming solutions - online services and software for internet-based gambling. They include websites where people can bet on sports, play casino games like slots and poker, and join virtual betting events. iGaming solutions provide the technology for implementing online gambling and making it safe, fair, and enjoyable.
A significant number of iGaming software providers specialize in turnkey sports betting solutions: they provide an all-in-one package of sports betting software, a ready-made sports betting platform that allows entrepreneurs to launch their own online sportsbooks without having to develop the software from scratch.
Turnkey sports betting solutions usually include everything needed to operate a sportsbook such as software, hardware, payment processing, and staff training.
What Are the Advantages of Turnkey Sports Betting Solutions?
Fast business launch
The comprehensive coverage of all aspects of online business operation in turnkey solutions allows entrepreneurs to start their businesses fast without spending time and resources to develop the software themselves.
While some entrepreneurs may possess sufficient knowledge to develop necessary software for a sports betting platform, providers of turnkey sports betting solutions are specialists in this kind of software development.
Full Business Ownership and Control
Once you purchase a turnkey sports betting solution, get your iGaming business license and launch your sports betting platform you effectively become the full owner of your business. This means you will not have to share the revenue and profits you earn with outside entities and will have full authority to make decisions on all aspects of your business including marketing and operations.
You will have the final saying on all business issues including branding, competitive strategies, sales and advertising campaigns, as well as risk management. Turnkey sports betting solutions commonly have comprehensive risk management tools that enable you to manage your business risks.
Risk management tools let you control the exposure of your platform to such risk parameters such as market types, tournaments, odds, players, as well as detect identical tickets, etc. The Risk Management modules containing these tools are designed to help you minimize your sportsbook’s risk and increase its profit through the combination of automatic and manual tools.
Proven track record
At the same time, suppliers of turnkey sports betting solutions can provide a proven track record of online betting venture launches. What do you think, is it valuable information to know the types of successful sports betting platforms launched on the basis of software packages of the turnkey sports betting solutions provider in a certain period of time?
The proven track record of successful launches of sports betting platforms attests to the quality of the product of turnkey sports betting solutions provider. Similarly, it attests to the validity of the business idea of launching those types of iGaming solutions.
Clearly, quality and business validity attestations that proven track record signifies provide a more solid ground for building a new venture than the alternative of having to rely on an untested software built from scratch.
Scalability
It is very likely that you will open up more betting markets once you launch and operate for some time in the fast-growing global market of sports betting.
I bet you have heard many stories of lost business opportunities because enterprising individuals or businesses were caught unprepared for newly discovered expansion opportunities. It is one issue users of turnkey sports betting solutions need not worry about.
Turnkey sports betting solutions have built in capability for the online platform to offer more features to your customers without having to worry about technical issues in developing and incorporating these new features into the working platform.
Such a scalability that allows to scale the system up so that it can accommodate increased demand is one of the main advantages of a turnkey sportsbook software solution. You will not have to scramble and look for solutions that can help you overcome capacity shortage when you discover you can increase your market share and attract more clients. And you will not lose potential customers simply because you don’t have enough capacity to accommodate them all while you were looking for ways to increase your capacity.
Security
The most important feature all online operating business software must possess is security: no one should be able to gain access to the system if he was not properly authorized, and only authorized people can have access to certain areas of the system. iGaming solutions must meet the highest security criteria.
With turnkey sportsbook software solutions, security is an integral part of the package: all security measures have already been taken care of by the developers or the company providing the solution.
Customization
Besides built-in capability for the online platform to offer more features to your customers, turnkey sportsbook software solutions allow you to change various features of the platform from colors and graphics to layout and more. And this full customization capabilities let you make changes as needed without having to rely on technical skills or assistance from programmers or developers.
Support and Upgrades
As is standard for sportsbook software providers, turnkey sportsbook software providers offer support services for their products. You can contact turnkey sportsbook providers if you need assistance configuring your system or working with your software. They will also provide upgrades as new features become available, so that your platform always uses the latest version.
Affordability
It is possible that some starting entrepreneurs may possess sufficient programming skills that will enable them to develop their own online sportsbooks. It is overwhelmingly likely that the time and resources an entrepreneur may need to expand to get the product developed from scratch will much exceed the price the providers of turnkey sports betting solutions will ask for their readily available product.
While some entrepreneurs may possess sufficient knowledge to develop necessary software for a sports betting platform, providers of turnkey sports betting solutions are specialists in this kind of software development.
The experience gained in the field translates into lower product development costs that providers can pass to their clients, guaranteeing cost advantage of their solutions over entrepreneur-developed solutions.
For a deeper understanding of whether turnkey or white-label is right for your sports betting venture, check out our informative comparison in the following blog post: White Label or Turnkey Sports Betting Solutions
In Conclusion
In summary, turnkey sports betting solutions provide numerous advantages for entrepreneurs entering the sports betting market. With features like swift business launch, full ownership and control, proven track records, scalability to meet growing demands, robust security measures, customization options, and ongoing support and upgrades, these solutions offer a cost-effective and efficient way to establish and manage online sportsbooks.
Embracing turnkey solutions can be a strategic move for entrepreneurs seeking to establish and manage online sportsbooks efficiently in the dynamic global market of sports betting.
