How to leverage suppliers when starting a betting and gaming business
Betting and gaming is one of the most profitable industries on the planet. And as more and more countries become regulated, now’s the time to get in on the action.
But how do you beat the steep learning curve? And how do you stand out from the ever-growing crowd?
With a little help from the experts. Here are our five steps to starting a betting and gaming business that thrives.
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Our five steps to starting a betting business the right way
1. Choose a reliable betting and gaming supplier
Once you’ve defined your business strategy, the first decision to make is: do I want to develop and manage the sportsbook alone, or hand it all over to a tried and tested supplier?
If you decide to hand it over, you can go for an entire plug-and-play sportsbook, or just a few specific components. There’ll be no need to hire a tech team. No need to spend months and years in development. And help will always be right there when you need it.
Just make sure you go with a supplier that offers the very best tech and service.
2. Shape your product offer
Recent years have seen big changes in how customers place bets.
The move from high streets to online has transformed the industry. As have virtual games, eSports, Simulated Reality, and the ability to place bets in real time.
So your product should look good and be fun and easy to use. But it should also capitalise on the latest changes in customer behavior and technology.
3. Support your customer acquisition and retention
The easiest and cheapest way to grow your customer base is to keep the people you already have.
Products that make your sportsbook attractive and fun will help. As will a good marketing strategy.
For instance, we know that most people on sportsbooks end up going elsewhere to find out more about teams or players. So put the stats they love right there on your sportsbook, and display them with graphics that grab attention. And add live streams too. People will stay longer and interact more, creating more revenue for you.
Recognising what your customers want is key too. Market research, plus both historical and real-time data on customer behaviour, will give you insights your competitors don’t have. With those insights, you’ll be able to personalise your product and your promotions, encouraging more people to engage with you.
4. Establish efficient and effective operations
Once you’ve launched your sportsbook, it’s time to hone your day-to-day operations.
Setting the right prices. Managing risk. Monitoring potential fraud. Marketing. Getting all these things right is the difference between success and failure.
Luckily help is at hand. If you’d rather not manage it all yourself, your technology supplier should be able to help. And if they can’t, there are other suppliers out there who will.
5. Keep your business future proof
For your customers, your competitor’s sportsbook is always just a click or a tap away.
To keep them where you want them, you need a business intelligence system. It’ll give you real-time data on where your sportsbook is satisfying customers and where it isn’t.
Once you know that, you’ll be able to launch promotions, make vital changes, cut inefficiency, and quickly adapt when you need to. And you’ll have all the information you need to make big decisions too, like whether to duplicate your gaming portfolio in a new country, or whether to boost or reduce your investment in specific areas.