The popularity of sports betting software is increasing daily, and undoubtedly, it has gained millions of fans to date; the numbers are still continuously cumulative. Whether you are a business person looking to expand your venture or a developer planning to create feature-rich betting software, we are here to help you with a guide on betting software development, including features and estimated costs.

Over the years, we have seen that the sports market never goes down, which has been a significant factor in why businesses want to invest in developing betting software. Before going further, you can have a look at these stats-

Sports Betting Statistics

  • The global sports betting market was valued at US$83.65 billion in 2022 and is predicted to grow at a 10.3% CAGR from 2023 to 2030.
  • The revenue from online sports betting in the USA is projected to grow by 12.08% annually between 2024 and 2029, with a market volume of US$17.07 billion.
  • The online sports betting market users are expected to evolve to 54.7 million by 2029 in the USA.
  • The worldwide revenue of the online sports betting market is anticipated to be at US$ 45.94 billion in 2024.
  • The global revenue is projected to grow at a 7.41% CAGR, fostering an estimated market volume of US$ 65.68 billion by 2029.
  • Online sports betting market users worldwide will increase to 180.8 million by 2029.  (Source – Statista)

No matter which sports betting software development company you choose, ensure that advanced technologies and tools are integrated to make the software fast-performing, secure, and scalable. Further, creating betting software follows a step-by-step approach, including software development, designing, market research, timeline, and cost estimation. You must be clear about your requirements to make the online betting software development process easier and faster.

In the below write-up, we have curated a complete guide to show you how to create betting software, must-have features, estimated costs, and others. Let’s begin-

Quick Overview of Sports Betting Software

Sports betting software is a digital platform for sports enthusiasts, allowing them to place, manage, and settle their bets on different sports events. It facilitates users’ predicting match results, specific game events, and players’ performances, giving them a chance to win money. Users can bet through smartphones or other devices with high storage capacity to enjoy the process seamlessly at their fingertips.

These sports betting software include various sports and events, such as Cricket, Football, Soccer, tennis, and baseball. Users can access a wider market with many betting options to gain different benefits.

How to Create Betting Software: Step-by-Step Development Process

Every leading firm prefers to undergo detailed market research and competitor analysis for the sports betting software development process. From project ideation & conceptualization to its development, every step has a significance of its own to make the betting software development successful in the market.

Above all, choosing the best sports betting app Development Company is essential to delivering you a feature-packed, faster-performing, and scalable solution. We have shared key steps to create sports betting software as a leading firm. Have a look-

1. Start with a Unique Concept

As we know, the sports betting industry is a vast market, offering numerous advantages to businesses. You need to choose one that suits you well among several kickass sports betting software development ideas. It will take comprehensive research and analysis to determine what type of betting software you want to develop, whether you can go for a single sport or add multiple sports in a single betting software. You must review the latest industry trends and competitor assessments to make the best decision. You also need to determine your project’s primary goals, essential design elements, and significant features to make it successful. 

2. Find the Best Sports Betting Software Development Company

Choosing a leading sports betting software Development Company should be your first step toward your goal. You must have an experienced and proficient IT service provider to integrate third-party APIs and other integrations. You must go for a top-notch firm with a vetted team of software developers with hands-on experience creating sports betting software. Hiring a pioneer in the industry will help you obtain feature-rich and fast-performing software.       

3. Research and Analyze the Market

Building sports betting software requires detailed market research and examination to target a specific audience. The ongoing research should be focused on the platform you have selected to deploy the software. To make the software unique, study what your competitors have already provided to users. Integrate advanced features and functions to ensure sports betting software’s smooth and rapid functioning.  

Read More – Highly Profitable Sports App Development Ideas

You must have got the idea that sports betting software development is going to take a lot of work. It is a controversial industry; there is much to consider before launching betting software. First, you must have a license or permit to run a betting business as per the norms of your targeted country. Here are the gambling licenses of some specific countries you need to look at:  

USA

  • Nevada Gaming Control Board (NGCB)
  • New Jersey Division of Gaming Enforcement (NJDGE)
  • West Virginia Lottery Commission
  • Pennsylvania Gaming Control Board (PGCB)

UK

  • UK Gambling Commission (UKGC)

Australia

  • Northern Territory Racing Commission
  • Victorian Commission for Gambling and Liquor Regulation (VCGLR)
  • New South Wales (NSW) Liquor & Gaming

Among all countries, India has primarily regulated gambling in individual states, excluding Sikkim, Goa, and Daman. Your software development agency can help you to get a sports betting license as they have years of experience in this field.

5. Select the Key Features to Include

Features are the deciding factors for users whether they should use particular sports betting software or not. If your software includes exciting features, you can lure a wide base of users worldwide. Consider diverse factors such as target audience, betting software type, chosen platforms, app type, etc., while selecting features for betting software development. With this, you can get assistance from sports betting software developers, as their experience and skills will help you determine features that carry out business logic and user intent.

So, when developing sports betting software, you can consider creating an MVP (Minimum Viable Product) to get users’ feedback. To launch the software, you can add features according to different panels, including the user and admin panels.

User PanelBetting Coordinator PanelAdmin Panel
User Registration & LoginBets Creation & ManagementUser Management
AccountManagementMarket ManagementBet Management
Bet PlacementBet SettlementRisk Management
Real-time Betting InformationRisk ManagementPayment Management
Live StreamingUser Betting Patterns AnalysisReporting & Analytics
Payment & Withdrawal OptionsLive Odds AdjustmentSecurity & Fraud Management
Betting HistoryPromotions & Bonuses ManagementMarketing & Promotions
Live Scores & UpdatesTransaction ManagementContent Management System (CMS)
Notifications & AlertsReport GenerationCustomer Support Management
Social Sharing FeaturesCompliance & Auditing ToolsRegulatory Compliance Tools
Secure Payment GatewaysAccess Control & Permissions
Favorites & Watchlist

6. Decide on the Technology Stack

Technology stack plays a crucial role in online sports betting software development. You must choose all the required technologies, tools, and frameworks attentively, as they will directly impact the software’s functioning. You will also have to integrate third-party services and APIs to attract the audiences by providing exceptional features and services.

Here is the ideal tech stack you can choose-

  • Frontend: HTML/CSS, React, Angular, Vue, JavaScript, Bootstrap
  • Backend: Express.js, Node.js, Ruby on Rails, Django, ASP.NET Core
  • Database: MySQL, PostgreSQL, MongoDB
  • Real-time Data: WebSockets, Firebase, Socket.io
  • Data Analytics: Google Analytics, Tableau, Mixpanel
  • Cloud Services: Microsoft Azure, Amazon Web Services (AWS), Google Cloud Platform (GCP)
  • APIs: RESTful APIs, GraphQL, gRPC
  • Third-party Integrations: social media, sports data providers, Customer support tools
  • Payment Gateways: PayPal, Stripe, Braintree

Know About Different Types of Sports Betting Software

Types of Sports Betting Software

You must know different types of online sports betting software to enter the industry. Let’s get a detailed understanding of them:

1. Online Sportsbook Software

Online Sportsbook software is a popular platform for betting on different sports. It provides features such as real-time odds updates, pre-match and live betting, user account management, and secure payment gateways. This platform enables users to wager before and during matches. It is perfect sports betting software with extensive coverage and a flawless betting experience.

Example: William Hill and Bet 365

2. Exchange Betting Software

Exchange betting software allows users to place bets against each other and not against a bookmaker. Here, users can set their own odds and bet against or in favor of a specific result. This software includes transactions and matching bets between people with different views on the match’s result.

Example: Betfair

3. Daily Fantasy Sports (DFS) Software

With DFS software, bettors can create their own virtual teams with actual sportspersons from a professional sport. Users can place bets in weekly or daily contests to earn points depending on the performance of their chosen players in real games. The software has features such as team management, drafting players, and live score tracking and rankings.    

Example: FanDuel and DraftKings

4. eSports Betting Software

eSports betting software enables users to wager on competitive video gaming matches. It comprises features such as match schedules, real-time odds updates, and in-detail player statistics to inform betting decisions. It caters to famous games like Dota 2, League of Legends, and CS.    

Example: GG.BET and Unikrn

5. Pool Betting Software

This betting software allows pooling bets from several users at a time into a collective pool. The winnings are decided by segregating the pool among bettors with the right predictions as an alternative to traditional odds set by a bookmaker. These betting software offer higher flexibility and returns, increasing user engagement.

Example: Colossus Bets

6. Virtual Sports Betting Software

Virtual sports betting software simulates sports matches using computer-generated graphics and advanced algorithms. It also facilitates users’ bets on real-time results by providing a continuous stream of virtual games like horse racing, Football, and tennis. A Random Number Generator generates the results to ensure equality.     

Example: Betradar and Inspired Entertainment

7. In-Play Betting Software

In-play betting software allows users to bet on sports in real time. It offers several opportunities for bettors to wager on different results during the match. This software includes features such as accessible bet placement interfaces, live streaming events, real-time statistics, etc.  

Example: Betfair and Bet365

8. Cryptocurrency Betting Software

Cryptocurrency Betting Software allows betting transactions using digital currencies such as Ethereum, Bitcoin, and others. It provides benefits such as faster transactions, better privacy, and fewer fees compared to standard payment methods. This software also integrates Blockchain technology and secure wallet systems to ensure verified transactions. 

Example: Cloudbet and Stake

9. Mobile Betting Software

Mobile betting software allows people to bet on sports directly from their smartphones. Users can enjoy a seamless experience, faster bet placement, and easy navigation. The software comprises secure betting and payment gateways for deposits and withdrawals for bettors and sports enthusiasts.  

Example: 1xBet Mobile and Bet365 Mobile

10. Social Betting Software

Social betting software comprises social networking aspects during betting, enabling users to share their betting results and contribute to community-driven betting activities. It leads to excellent user interaction via features such as chat functions, leaderboards, and the facility to follow successful bettors.  

Example: ZenSports and BuddyBet

11. White Label Betting Software

Various businesses seek ready-made platforms, called white-label betting software, that can be branded or customized. This helps them with faster time to market and less investment, as it is not developed from scratch. These are focused on branding, customer acquisition, and marketing.

Example: EveryMatrix and BetConstruct

Striking Features for Sports Betting Software Development

A robust sports betting software must include impressive features to grab the attention of a wide user base. Hence, you need to hire a top sports betting software Development Company to help you integrate the required core and advanced features into the software to overcome the common challenges.

Core Features

  • User Registration: It allows users to create accounts by filling out all the necessary personal details and getting secure access to betting features and functions.
  • Placing a Bet: Users can place bets on a single sport or multiple sports using easy steps, including selecting bet types, sports events, and confirming wagers.
  • Odds Display: It dynamically updates real-time odds for different sports events, enabling users to make wise betting decisions based on the latest data.
  • Payment Integration: Facilitating users with secure deposits and withdrawals via varied payment methods such as eWallet, credit cards, and cryptocurrencies.
  • Security Measures: We provide firewalls, advanced encryption, and anti-fraud systems to safeguard user data and transactions, ensuring a secure betting environment.
  • Live Betting: It enables users to place bets on ongoing sports events by adjusting real-time odds, providing a dynamic and interactive betting experience.
  • Admin Dashboard: Admins can use different tools to manage users, set odds, analyze bets, handle financial transactions, and maintain the platform.
  • Mobile Compatibility: It ensures seamless use and an approachable user experience via interactive and appealing dedicated mobile apps or designs on mobile devices and tablets.
  • Reporting & Analytics: It helps to generate deep understandings and reports on user behavior, financial performance, and betting patterns, supporting improved decision-making.  
    Customer Support: This feature offers various support mediums, such as live chat, phone, or email, to assist users 24/7 with their issues, inquiries, and technical concerns.

Read More – Best Sports Betting App Development Companies

Advanced Features

  • Advanced Analytics: It leverages Artificial Intelligence and Machine Learning to identify user data & betting trends, offering personalized user experience and better decision-making.
  • Withdrawal Option: It enables users to withdraw cash and settle bets before getting the match’s results, reducing risks or securing earnings.
  • Custom Bet Builder: Allows users to place personalized bets by integrating different results and scenarios, leading to high customization and control.
  • Social Betting: Facilitating social interactions with beneficial features such as leaderboards, group betting, sharing bets, better user engagement, and community development.
  • Live Streaming: It enables a live video feed of multiple sports events within one platform, enabling users to see and bet quickly and seamlessly in real-time.
  • Blockchain Integration: Integrating Blockchain technology for secure and transparent transactions and ensuring impartial betting while augmenting users’ trust.
  • Virtual Reality (VR) Betting: It provides an immersive experience by using VR in betting software development as it enables betting in a virtual environment, fostering an engaging experience.
  • Smart Contracts: These help employ automated contracts to place bets depending on predefined circumstances, guaranteeing transparency and trust without any third party.
  • Multi-Language Support: Sports Betting Software must support multiple languages to cater to worldwide users, enhancing user engagement and accessibility.   
    Predictive Algorithms use Artificial Intelligence to evaluate data and forecast results, offering personalized recommendations and refining accuracy for users.

How Much Does It Cost for Betting Software Development in 2024?

Sports betting software development costs between $40,000 and $200,000 due to the added features and functionalities. However, the end cost will depend on multiple factors you must be aware of. They are-

  • Software Types & Complexities
  • Chosen Tech Stack
  • Developers’ Experience & Expertise
  • Added Features & Functions
  • Third-party APIs & Integrations
  • UI/UX Designing
  • License & Legal Charges

The betting software development cost may vary based on different levels of software complexity; here is a rough cost estimation involving-

  • Basic Betting Software: $25,000 to $50,000
  • Advanced Betting Software: $50,000 to $100,000
  • Enterprise-level Betting Software: $100,000 to $200,000 

The estimated cost can increase or decrease based on all the different aspects and project requirements. Consulting a reliable sports betting software development company will be the most appropriate to get accurate cost estimation or a quotation. 

In Essence,

In the end, betting software development is a multifaceted approach requiring careful planning, thorough research, an understanding of the industry, and assistance from a top-notch Betting service provider. Integrating valuable features and technologies, such as Blockchain, AI, ML, VR, etc., can ensure the success of your software in the market while bringing you higher user engagement and acquisition. A clear understanding of the project would be beneficial in estimating the cost of betting software development.

Leveraging a white-label solution can help you with cost reduction and faster time-to-market while prompting your brand. Whether you want a ready-made solution or betting software from scratch, Octal IT Solution will assist and guide you with years of experience and expertise. We boast a vetted team of professional developers and designers who are experts in delivering feature-rich, scalable betting software on time. You can connect with us anytime for further information!  

Frequently Asked Questions

How long does it take for sports betting software development?

The sports betting software development time varies based on different complexity levels:
Basic software: 4-6 months
Standard software: 6-12 months
Advanced software: 12-18 months
Enterprise-level software: 18-24+ months

What are the significant features that should be integrated into sports betting software?

Significant features to include in sports betting software are user registration, real-time odds display, bet placement, live betting, payment integration, security measures, and an admin dashboard to manage users & bets.

What are the factors influencing sports betting software development costs?

Influencing factors for sports betting software development cost are compliance with regulations, customization level, UI/UX design quality, technology stack, development team expertise, ongoing maintenance, and support.

What is the importance of legal and regulatory compliance in sports betting software development?

Legal and regulatory compliance is important to ensure the legal working of software and its adherence to local laws, which in turn leads to the security of both businesses and users.

Can I get white-label sports betting software?

Yes, you can. Octal IT Solution will help you obtain white-label sports betting software that is ready to launch, cost-efficient, and customized to your specific requirements.

THE AUTHOR
Digital Marketing Head
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Kamal Kishor, a digital marketing enthusiast and seasoned writer, idolizes exploring the dynamic technology market. With a background in computer engineering, he combines technical expertise and creative storytelling in his tech blog.

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