Launching a sportsbook in 2024: brief guide

Sports betting is one of the most popular forms of gambling. Its unique feature is its wide geographical distribution—players from all continents and countries love to place wagers. This makes online bookmaking a very attractive business. However, is it worth entering this industry in
2024, when it seems the iGaming market is already crowded? Our answer is yes. The number of people who enjoy betting is huge and constantly growing. Additionally, part of the audience of land-based bookmakers is also moving to the online sector.
During the COVID-19 pandemic, people realized that online gambling is more convenient than traditional one, and it also saves a lot of time. Thus, there is still room for new sportsbooks in the market. Read on to learn about the benefits of opening an online sportsbook, get a step-by-step plan for launching such a project and find out what a turnkey betting software is and why it is a perfect solution for new operators.

Why is it worth it to launch a sportsbook?

Launching a sportsbook can be a highly profitable and exciting venture. Here are some key benefits that make entering this industry a worthwhile consideration:

1) Growing market demand. The sports betting market is expanding rapidly, with more people
embracing online wagering every year. This growing demand provides a large customer base for
new sportsbooks.

2) High profit potential. Sportsbooks’ operators can enjoy high profit margins due to the volume of
bets placed. With proper management and marketing, a betting project can become a lucrative
business.

3) Global reach. Online bookmakers can attract customers from all over the world. This global reach
allows operators to tap into various markets and cater to a diverse audience.

4) Technological advancements. The existence of advanced betting software and mobile
applications has made it easier than ever to manage and operate a sportsbook. These technologies
enhance user experience and streamline operations.

5) 24/7 operation. Unlike physical bookmakers, online sportsbooks can operate around the clock.
This continuous availability maximizes betting opportunities and revenue potential.

6) Diverse betting options. Offering a wide range of betting options, from traditional sports to eSports
and virtual sports, attracts a broader audience. Diversity in gambling options can significantly boost
customer engagement and retention.

7) Regulatory developments. Many regions are updating their gambling regulations, providing a
more favorable legal environment for sportsbooks. This trend towards legalization can open up new
markets and opportunities.

8) Customer insights and data. Online bookmakers can leverage data analytics to gain insights into
customer behavior and preferences. This information can be used to tailor marketing strategies,
enhance user experience, and improve overall business performance.

By leveraging these benefits, launching a sportsbook in 2024 can be a highly lucrative and strategic
move. The expanding market, coupled with technological innovations and supportive regulatory
changes, offers a fertile ground for new entrants. With a strong understanding of the advantages and
opportunities in the sports betting industry, you’re well-positioned to succeed in this dynamic and
exciting field.
10 steps to launching a sportsbook

1. Research

Any business should start with research of the market, customer needs, strengths and weaknesses
of competitors. This information will become the foundation for your success in the future.

1. Business plan/marketing strategy

The information obtained at the research stage will help at the stage of drawing up business and
marketing strategies. These documents will become your road map to help you achieve your goals.

1. Choosing the jurisdiction for licensing and markets for operating

Choosing a country where to legalize the gambling business, as well as locations where to provide
services, is a step that is difficult to overestimate. In fact, almost every further action you will take
depends on this choice.

Study the gambling laws of your preferred jurisdictions to choose the one that is most suitable for
your business. Also be sure to check the countries where you plan to operate for any restrictions on
online sports betting.

1. Company registration

Register the legal entity in a chosen jurisdiction.

1. Bank/merchant account opening

Open bank and merchant accounts for your business to manage finances and accept player
deposits.

1. Software development

Develop a sportsbetting platform or purchase a ready-made solution. The second option is
convenient because it is essentially a turnkey sportsbook with all the necessary software,
management and payment systems, customer accounts, and so on.

1. Payment systems integration

If a ready-to-launch platform is not your option and you decide to develop a website yourself, do not
forget to integrate widespread payment systems. Remember, the more deposit options you offer
players, the more of them will stay with you.

1. AML/ responsible gaming compliance

Ensure the security of deposits and player data, and protect potentially vulnerable customers from
gambling addiction. Safety is one of the main tasks of every iGaming operator. In addition,
adherence to established AML standards and responsible gaming policies is a mandatory
requirement of most licensing authorities.

1. License acquisition

A gambling license is your permission to work legally. Having a license not only saves you from
problems with the law, but also increases the level of clients’ trust. The licensing process may seem
complicated and confusing, but don’t worry, the mission is possible. Seek a free consultation from
industry experts to get all your questions answered.

1. Setting up customer support

High-quality customer support and quick resolution of emerging problems are an essential
component of a successful online gambling project.

Now let’s figure out what are the advantages of a turnkey betting platform.
Turnkey betting software as a perfect
solution

So, why choose a ready-to-launch sportsbook solution?

● The ready-to-launch platform includes everything you need. You don’t waste time developing
software, which will significantly speed up your time to market.
● You can choose any betting type you want: betting on real, virtual or e- sports. Or (even
better!) combine several types on your platform.
● The platform is adapted for any type of device, including mobile phones. This is very
important, since many people prefer to place bets using these gadgets.
● Fast and straightforward integration of betting options with API protocol.
● The ready-made platform supports a wide range of currencies and languages, which is
important if you want to expand the geography of your audience.

Remember, you should buy software only from official and well-known providers. One such company
is Slotegrator, a major player in the gambling software market. Contact the Sloregrator team for
more information or free consultation.