A recent report conducted by ZionMarketResearch states that on a global scale, Gambling and Betting Market size will surpass USD 155.4 Billion by 2024.
Back then, running a gambling business is questionable. Now, online gambling and betting are considered to be the “new big thing”, with all the benefits, perks and money that it promises to players around the globe.
Along with the rise of virtual gambling, sports fanatics’ have likewise devised an additional method of promoting online betting, and this involves the practice of live betting on sports being broadcasted live through a remote station or receiver.
The unstoppable surge in demand for sports betting paved the way for software developers to come up with innovations that enable businesses offering online sportsbook services to carry out additional features within the online apps coupled with their services.
However, some stakeholders and operators are not open to innovations and would rather stick to their accustomed services. This is because they are usually more inclined to numbers than words. As such, they are always in doubt when it comes to launching an online sports betting platform.
It is perfectly understandable to be skeptical of new innovations, especially if it may gradually affect user experience once it is immediately incorporated into the system of an online betting platform. Still, that does not mean that new is always something to be wary of.
Here are the top 4 convincing reasons that explain why launching an online sports betting platform is a must-try for all operators and owners of online gambling businesses:
1. Immense Market Growth
Estimations from researchers of different market statistics show that the revenue produced by online gambling and sports betting is exhibiting a distinguishably high growth rate. It is expected to reach a compounded annual growth rate of around 8.83% to 10.9% between the years 2018 and 2024.
While estimations and predictions involving the online gambling industry may vary at times, online sports betting remains to be an ideal business to launch in the coming years.
2. Rise of New Technology
With so much room for innovations and development, online sports betting holds a very promising future for all operators and users.
One of the most highly anticipated innovations for online sports betting is the use of Virtual Reality technology. Augmenting a realistic atmosphere allows players to have more immersive gaming experience. A more immersive gaming experience eventually leads to higher engagements.
3. The Era of Mobile Gaming
A generation comprised of individuals obsessed with smartphones means that there is a higher chance that the mobile devices being used by modern-day customers can serve as a viable channel for all online gambling activities and games.
Nowadays, online gaming applications are among the most downloaded apps for most mobile or smartphone users. As such, building an interactive mobile gambling software optimized for all phone users can be a great way to maximize the advantages of online sports betting business.
4. Convenience at its finest
In every business, whether virtual or physical, convenience plays a vital role in retaining existing players as well as encourage future players to join in. Compared to casinos and betting businesses with existing physical outlets, an online sports betting platform provides ease, comfort, and speed.
With an online sports betting platform, distance and time will no longer be a concern for players or customers. Players can play their favorite games and place their bets whenever they want to without having to leave the comforts of their home.
Launching an online sports betting platform made easier than ever
Launching an online sports betting platform brims with vivid prospects. Although launching an online sports betting platform may seem complicated and difficult at first, the truth is the process has become relatively easier today than it did the first time it was introduced in the online gaming industry.
In order to have a successful online sports betting platform, start off by providing the required details and content for the operations that will be implemented. This includes the following: Statistics, featured events calendar, streaming capabilities, and live scores and enticing visuals to match the platform’s exciting offers and features.
Another great way to prep the online sports betting platform before it is launched, is to search for the best providers or developers of gambling software. Find one that will be able to meet the necessary requirements and integrated tools to ensure that the platform can be launched at the earliest possible time.
This will allow business owners to focus more on devising strategies that will help enhance their services once the online sports betting platform is kick-started. This is exactly the positive alternative that an online betting platform presents, as opposed to leaving business owners stuck on brainstorming how to start without getting any real progress done.
Online Sports Betting Platform is one of the most profitable businesses in the online gambling industry. More and more operators and players are being enticed to give this trend a try. Revenue growth and innovations are also undeniably constant.
The Digital World has changed.
Today’s digitally-driven era is constantly evolving, and that is why gambling operators across the globe should be more open to embracing the fact that innovating ways to increase engagement for their services is essential to create a more successful future for their business.
Still skeptical about launching your own online betting platform? We’d love to hear your thoughts on this article!