The global iGaming industry is forecast to be valued at more than 92.9 billion U.S. dollars in 2023. The current size of the market is almost 59 billion U.S. dollars, meaning the size is forecast to double in the upcoming years. 

Introduction

So how to choose the best online bookie software provider?

Thinking about getting into the potentially big-money online bookie and gaming business – whether sportsbooks, casino – here are the key things to know when choosing the best sports betting software and launching an online sports betting and gaming start-up.

Always Be Mobile First!

The majority of betting and gaming activity takes place via smartphones these days – especially so on sportsbooks where over 70% of revenues are processed through the mobile channel.  Focus on providing the best experience and software for your players, who are looking to enjoy themselves and use their devices to view and bet on online sports.

By all means you’ll want a funky website too – easy to bet on and to use, with a great look and feel, but front of mind should be the great players’ experience you will provide through your mobile software site.

Consider launching with a native sports betting software app – downloadable via the Apple and Google Play store. Better for forming a longer-lasting relationship with your customers, easy-to-use and often a right choice for the market. However if speed to market is important to you, and let’s be honest why wouldn’t be, then a mobile-friendly sportsbook and games website, fully adjustable, maybe the solution for you. Often Best is the enemy of Good – in this case to get to market the quickest way – then Good will do for now.

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Don’t forget a strategy!

We know that a battle plan only lasts until the first bullet is fired on day one- but nevertheless you want to have developed a business strategy before going down the expensive road of launching an online sports and igaming brand. Becoming a bookie – as it is known is the UK and USA – can be a profitable occupation, as long as you think long and hard before you leap into action.

At a market level – do you know who and where you are targeting? What are other bookmakers up to? Which competitor is your number one target? What regulations do you need to comply with? Do you know how you are going to win? What is your marketing strategy? Where will you position yourself in the market? What are the minimum range of products and features you’ll want to offer to compete? What will be the overall look and feel on your website?

Have an answer to the above questions and you’re on your way. You can design a product and brand to suit your needs. You will be able to obtain the best software platform and products to suit your business, as well as the players you’ll require to be successful.

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Buy, build or license – what type of sports betting software platform best suits your needs?

Buying or building your own bookie software platform can be a risky endeavour, especially if you’re new to the betting and gaming space. Are you prepared to make that bet?

A quick-to-market software solution is to find a reputable and flexible iGaming software solutions provider with an existing trusted and stable platform to build your operation.

Take your time and find the best option – better to be a partner with an experienced sportsbook software provider where you have a win-win relationships than to be a small fish in a big pond with some of the larger corporations.

So, you choose to go with the best sports betting software provider for your needs- what type of platform do you need? Options are often a turnkey approach or a white label.

A turnkey site allows you control of functionality and branding – with responsibility for some, if not all the operations. You’ll have to sort out your own license and be responsible for all compliance matters

A white label is less flexible – although customisation is available in terms of branding and colours but bespoke software development is less easy to get done. However it is the fastest and cheapest way to market.

What betting options are you going to offer your customers on your new web and mobile sites?

Sports betting, especially live betting software, is an important element. Live betting has grown significantly in the last 20 years and produces the most bookmaker bets. Online casino games are an excellent way of recruiting customers, especially slots and roulette. Live online casino software is a great addition to any site and players love to bet with real dealers . Esports and virtual sportsbook bets continue to make sense to add to your offering and are fantastic of attracting a younger demographic to your operation..

Additional sportsbook and casino software features and content will be required for the best sports betting customer experience – and your sports betting software supplier can provide guidance in this area. Consider social activity, chat rooms for customer service, real time sports content to help guide your customers’ choices. There’s also a wide range of free content that your players will like, especially around social networking.

This is why opting for the best platform software provider to meet your needs is a key decision – it’s about the free help and advice they can offer, given their experience as bookies.

Details, details….

A key element of any interactive betting and gaming service is the provision of effective, real time multiple payment options for your players. If they can’t deposit their money simply or, even more importantly, take back their money quickly, then the service will be unacceptable and you will struggle to succeed long term.

Here again your platform partner can help you through this – and help integrate you with existing and trusted payment processing providers, who can also deal with some of the other issues that you have comply with, including fraud detection and AML (anti-money laundering) matters.

The easier you make your sportsbook journey for your customers, delivering a great user experience no matter where they are interacting with you, the more successful your sportsbook or betting business will be.

People, who need people…

Take time to invest in the right choice of people for your brand and take time to choose where they work. Outsourcing solutions are commonplace in online sportsbook and gaming, ranging from technology team, operations/ customer care teams or even finance / AML resources.

Outsourcing can be a fine approach and free up time – but don’t allow your sportsbook and gaming business and your people to become too remote from your customers and the market, including the competition sites.

Key areas in your structure shouldn’t be outsourced – your top teams should be your main asset, your secret sauce – so take your time and recruit well – build a united, online betting team focused on success. Secret of that is easy – communication, communication, communication!

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Data is key

An investment in a good analytics application is vital so find an effective CRM solution, to manage and present data especially so to help your marketing strategy be successful.

This takes us nicely to your marketing strategy – absolutely vital that you are clear about your strategy for launch and thereafter. Expect to spend 30-40% of your overall budget on marketing in your first year.

Branding, recruitment, retention, bonuses, paid search, programmatic search, sponsorship, affiliate networks – there are plenty of options where to invest your marketing dollars – so you need to have an initial plan. Then make data-led decisions to adapt your marketing approach.

Summary

So, in summary, the betting and gaming industry can be an exciting and profitable space to be involved in. Key areas centre around the choice of the right igaming platform and top betting and gaming products and features. 

The best sports betting (bookie) software provider for your business needs is always a key decision to make, as is the actual type of bookmaker and gaming platform you provide. Speed-to-market is often one key element in launching, but don’t let that pressure affect your decision on a sports betting software partner. Cost effectiveness in getting to live is one element but ongoing monthly costs also need to be considered and weighed up in the big picture. A long-term relationship with your gaming software supplier is what you should plan for – so choose one who will support you from training, marketing and further software development perspectives. Also, make sure you choose an igaming or bookie software provider that has a comprehensive portfolio of products, with the best range of suppliers for your specific market needs.

The right, real time quality of user experience you deliver, especially through the mobile software platform will be key.

Market knowledge, digital marketing capabilities and having a well-trained and motivated team are other top elements to be included in your successful bookmaker operation.

What Does 2019 Hold?

We are already nearing the end of January and time goes by quicker every year.  So what are our predictions for 2019 in the iGaming Vertical? We believe three central areas shall be pivotal within the iGaming supply chain.

CX – The Importance of a Good Customer Experience

Customer Experience or CX is now widely regarded in other verticals as paramount for a brands survival in the unforgiving digital economy where attention spans are measured in seconds likewise customer fulfillment in nanoseconds.   iGaming Platform providers won’t be immune to this as a shift occurs from product orientation to one of CX experience within the buyer behavior cycle. The supply chain is highly competitive and demanding, and with commoditization across all products, CX will become more critical in B2B decision-making, as we are all consumers and have high expectations when it comes to customer experience.

Co-development and Inclusive Collaboration

This goes hand-in-hand with a central CX strategy. Operators are more demanding and quite rightly wish to have more control over the brand and customer journey technology touchpoints.

Platform providers that continue to rely on the traditional model of supplier/client shall succumb as their inflexibility in a cultural mindset and technology stack will ultimately impinge on their growth prospects and ability to service clients who wish co-development of their own brand journey and technology road-map.

Artificial Intelligence (AI)

In every industry sector, businesses across the globe are reaching towards AI to improve their product pipeline, streamline and automate services which ultimately and hopefully shall deliver higher levels of both customer experience and satisfaction.  The B2B technology platform sector won’t be immune as they seek to offer the best inclusive customer experience possible to their clients and ultimately the end user, the player.  Look out for more AI-driven software testing processes that can replace manual and repetitive testing and improve QA cycles to production release. There will be a raft of productivity tools, which allow the co-development ethos to evolve and empower lean teams within the operator brands to control the brand’s development in concert with the platform partner.

The United States of America is the world’s second largest games market, with almost 180 million players estimated to have spent over $150 billion in 2018.

On May 14th, 2018, a truly significant event happened in the global gaming industry – the strike down of Professional and Amateur Sports Protection Act, or PASPA – marking the start of a new ‘gold rush” in the United States.

Time for Gaming Operators to Place the Bets

This move was labeled “transformational” by a large number of betting companies and is expected to change the balance in the global gaming and betting industry. With the UK market under increased regulatory change and new higher levels of taxation and the majority of European markets implementing regulatory frameworks for online gambling, operators see the opening of the US market as a growth opportunity and potentially the industry’s next big jackpot.

European operators encouraged by the drop of the PASPA have started a new “gold rush” on the US market. Since they already have the online know-how which most of the US land-based casinos lack, European operators are looking to leverage their knowledge, technology, and marketing skills to start mining the mother lode.

As a result, we already witnessed several high-profile, high-stakes partnerships between some of the biggest operators as they are planning their strategies and jostle for a prime position on the new market. It is time for the operators to place their bets, and keep their eyes on who plays their hand next.

Online Gaming and Gambling in the USA in 2019

It took a while for online sports betting to make the scene in the USA. In 2015 it was daily fantasy sports that forced legislatures into action, leading to the legalization of DFS in 18 states. While DFS pushed online gaming bills in the background, its proliferation had a significant impact on the perception of online gambling and the need for its legalization.

Even though PASPA was struck down in May 2018, the implementation of robust regulations is often named as one of the critical reasons for the industry’s slow start, but operators and regulators are more than happy to make that trade-off because the regulations have proven extraordinarily effective and resulted in many positive changes.

The end of 2018 and the beginning of 2019 came with a lot of twists and turns– expansions, legal developments, and interstate and intrastate collaborations. Online gaming is changing rapidly, with eSports continuing to grow, and predicted to be worth $1.5 billion globally by 2020. The participation options for players are increasing thanks to innovation in mobile technology, motion-capture technology, and advanced algorithms.  Mobile betting is another driver of sports betting, while virtual reality and games of skill are becoming more and more popular.

At the moment, online gaming and online sports betting are legal in several states, including Nevada, New Jersey, Pennsylvania, Delaware, West Virginia, and New Mexico. And at least a dozen more are expected to follow in the footsteps and pass online gambling laws. New York is yet to legalize sports betting, and Rhode Island already established legal betting, which was a move to promote the budget bill but they still need to start legalizing online betting. Additionally, states that do allow online betting are engaging in interstate agreements. That further enables the expansion of online poker, allowing players from different states to play against one another.

But, the one thing that remains to be a big challenge is payment processing due to the lack of acceptance of online legal gaming by the credit card companies.

Will USA become the New Biggest iGaming Market

America is without a question one of the biggest gaming markets in the world. Both, from the land-based perspective and the new potential for individual states introducing legislation that allows the provision of other forms of intrastate and interstate online sports betting.

And as we enter 2019, the second wave of states considers legalizing sports betting. It is expected that throughout 2019-2020 numerous states will use sports betting, online sports betting to be precise, to lay the ground for introducing comprehensive gaming expansion packages.

But unlike the first wave, the second wave of legislation will happen at a slower and steadier pace. States are even more motivated to legalize all forms of online gaming and gambling. Firstly, due to the crossover among stakeholders of online sports betting and online casinos. Secondly, they are incentivized by the revenue that can be made by introducing a comprehensive suite of products packaged together – Sportsbook, Casino engine, Poker, Lottery, and DFS.

Furthermore, with all the latest marketing and tech innovation coming out from the Silicon Valley, the Bay Area and Palo Alto, and the introduction of regulated, socially responsible online gaming, the USA might come back on top even stronger than before and take the crown with online gaming from Europe.

Gaming and gambling are not new to Africa. There is no denying that land-based casinos gambling comprises a large portion of the market, but over the last few years, sports betting is increasingly rising in popularity. At the end of 2018, the industry was worth around $37 billion and is expected to continue to increase over the upcoming years.

The growth in mobile money services and rapid Internet penetration has created additional opportunities for digital inclusion, financial inclusion, and innovation, making Africa the leader in mobile growth. The proliferation of mobile led to a considerable expansion in mobile sports betting and other forms of online gambling to spread like wildfire through the continent, with 75% of all online bets in Africa places using mobile devices.

The State of Online Gaming in Africa

Africa has very mixed social and economic developments, but for numerous different reasons, Africa is very attractive for many online operators. Many of the countries offer near-term revenue potential for online sports betting operators and depending on the type of regulation of gaming legislation, grey and black market share could be drastically reduced.

With South Africa generating the most significant turnover due to the legally regulated online sports betting as well as necessary Internet and mobile infrastructure, in other countries like Kenya and Nigeria mobile betting has had the biggest expansion, moving from retail market towards the online market. Additionally, Uganda, Tanzania, Ghana, Senegal, the Democratic Republic of Congo are markets following along the sports betting popularization.

The most popular sport that Africans bet on is football. International competitions such as FIFA World Cup, African Cup of Nations, Euro or Copa America along with Premiership, Primera, Serie A, and UEFA Champions League are favourites among punters. Horse race betting, the national lottery outcome and the African sport of Juksei are other popular betting choices.

Regulation and Legislative

Being the first mobile-dominant continent for online sports betting is impressive enough on its own, but if equally astonishing is the fact that even though less experienced than their European counterparts, African regulators have an immense desire, maturity, and level of understanding and knowledge related to gaming and gambling issues problem gambling, sports and betting integrity. Additionally, they accept that technological advancements mean that prohibition of online gaming does not work because customers will always find a way to play.

Moreover, concerned that banning gambling may lead to even higher rates of money laundering and creating stronger links between gambling and crime, African regulators are interested in finding regulatory solutions that will protect both, the payers and the operators. And rather than just taking another jurisdiction’s laws and regulations and applying them as they are, Africans are keen to take the international best practices and adjust, interpret and adapt them in ways that work most effectively in and for their respective jurisdictions.

Alternative Payment Systems

One of the biggest challenges for online operators in Africa is the significant number of unbanked consumers. Thus, deposits and withdrawals need to be executed using various alternative payment methods. One of the most popular solutions comes with mobile payments – the ability to charge a payment directly from the player’s mobile phone bill. This method requires the player to have an account with a mobile operator that cooperates with the online operators.

Additionally, many operators use their retail business as an alternative means of payment, enabling players to deposit and withdraw money directly to their online account, or use vouchers. Again, with the help of the mobile network operators, players can place a bet using the voucher by sending an SMS message or making a call.

Another popular alternative payment solution besides mobile-payments and mobile wallets are cryptocurrencies, in particular, Bitcoin but the market share is still small. The continent has also many local online payment companies as Kpesa, Kopokopo, Pesapal, Jambopay, Ipay and Instantpay, Paypal, and even internationally recognized MyGate, Skrill and Sagepay are also allowed.

The trend of creating alternative payment solutions is actively taking over the iGaming industry, not only in Africa but also throughout Europe, USA and the rest of the world.

Is Africa the next new market?

The increased number of operators moving to Africa to expand their network and offer their online betting and gaming services to this new emerging market, only indicates that Africa might be the new big market for iGaming.

Europe remains fragmented, and with numerous different laws and jurisdictions supporting or banning online gaming, USA is slowly moving to legalised sports betting, leaving Africa to be a brand new market that is still working on its online gaming regulations, giving operators a lot of challenges but also room to navigate through the complicated landscape.

So will the fast development of online gaming and the steady implementation of regulatory law in Africa help Europe see the problems in the patchwork quilt nature of its online gaming regulation law? Can Europe find a way to legalize and regulate online sports betting and gaming across the continent before it loses its market share to Africa?

Today’s consumers are impatient. They want to stream movies and TV shows on demand and have their online orders delivered in less time than it takes to place them. In most industries, speed has become the deciding factor between being preferred and being ignored by customers.

The iGaming industry is no exception. Players expect to be able to play their favourite games as soon as the website or mobile app loads and cash out their winnings at the very moment they choose to stop playing. The ability to provide a fast, if not instant, deposit and payout solution is tipping the scales of power into the hands of the players, forcing iGaming operators to accept the trend and innovate or lose customers (and profit).

The Thrill of Winning

The number of players transitioning from land-based venues to online gaming platforms is continuously increasing because the second option provides them with improved convenience, flexibility, and ease. The question those players most commonly have is how to withdraw the winnings they have accrued while playing online. And of course, the payments and the ability to cash out earnings is one of the most critical aspects of online gaming.

Almost all iGaming operators offer a fantastic gaming experience, with sound and light effects, animations, and graphics. But it’s not the gaming experience that players or the operators are after. While in brick-and-mortar venues the players have a different winning experience where they can take their chips and cash out straight away, for online operators providing instant payouts is still one of the biggest challenges they face.

Even though the various new payment methods support instant deposits through payment cards and bank transfers, payouts still can’t be processed as fast. The payouts to debit and credit cards can sometimes take between one and five days, and bank wire transfers can take even longer up to ten days. Digital wallets can be faster, but still, take up to twenty-four hours.

The thrill of winning is what drives iGaming forward. For players, getting instant rewards and the chance to either play again or take their winnings off the platform is what builds trust and loyalty to specific gaming platforms. At the same time, this winning thrill translates into an eagerness to play more and spend more, thus gives operators an opportunity to win back the payouts they just made.

Giving Players What They Want

Providing players with exceptional gaming experience and optimal payment are the critical concerns of iGaming platforms. With payouts being the biggest concern, payment apps offer a solution that is beneficial to both sides.

When players use a payment app to fund their gaming account, first they deposit the money into the app via a bank transfer or a payment card. This way, the deposit a player makes is more reliable because the app verifies the transform between the gaming platform and player’s bank.

The app is directly integrated into the gaming operator’s platform, and funds can be moved in real-time. The funds then are transferred from the payment app into the player’s gaming account. From there, players can enjoy gaming, and when winnings are accredited to their account, they can move them instantly to their payment app or keep playing.

Adding a payment app as another payment method to a gaming platform can be vital for retaining players and attracting new ones. Moreover, it leads to higher deposit acceptance rates and provides a more convenient and faster way to reload funds to gaming accounts without the typical redirects. But most importantly, it enables instant payouts. And most players would rather pay a small fee and withdraw their winnings from the gaming platform into the payment app right away, than wait.

Rewarding Instant Deposits with Instant Payouts

Reputation is a crucial factor that among many things relies on brand image and customer service. Providing a seamless gaming experience and advanced payment solutions plays a considerable part in this equation.

The speed of processing payments and withdrawals is absolutely critical – if the withdrawal of winnings takes too long, the platform risks losing the players. While delays for payouts used to take a few days or even a week several years ago, now instant payments are the new norm. With numerous benefits for operators including boosting ROI on acquisition and reactivation, building loyalty thought instant withdrawals, and full KYC compliance, it is no wonder iGaming companies are accepting this new trend with arms wide open.

In combination with seamless gaming experience, the free and immediate access to the gaming platform and the instant payout possibility are the perfect recipes for keeping players satisfied. They are eager to use a platform in the long run and encouraged to deposit again, stay in the game longer and spend more.