By EWN • 28 July 2021 • 12:50
One in five UK adults in 2019 said that they had gambled at least once in the last month. Furthermore, UK’s globalized economy should appeal to many entrepreneurs as betting in the country shows no sign of decline anytime soon. With Covid-19 cases increasing significantly across the UK, online betting is booming, giving much competition to betting shops. That said, while anyone can start an online sportsbook, being business savvy is essential to compete in the market. Therefore, this article will give you tips and resources to help you navigate your start-up’s planning process.
United Kingdom Sports Betting Legality
First things first, you need to make sure that sports betting is legal on your platform. Today online gambling is legal and regulated in the UK. The Betting and Gaming Act 1960, which legalized many betting forms in the United Kingdom, was a step forward from the previous system that deemed illegal wagering on sports games.
Licensing procedure for UK gaming sites
A new list of regulations on sports betting appeared via The Gambling Act 2005. Moreover, the gambling act established the UK Gambling Commission as the managing body for betting and gaming in the United Kingdom. The two general licenses businesses shall obtain for operating in the country are the operating license and the personal management license. In a nutshell, if you provide remote gambling services and promote them among consumers in Britain, be it online or via other means, you’ll need to apply for a gambling license to the Gambling Commission.
How much money do you need to start a sportsbook?
The goal of online casinos and betting market arenas is to make real money via their betting websites. Investments are a precondition in the process. Putting in at least£5 millionshould get your business going. Concerning the return on investment, time may vary depending on your skills in promoting your betting services. You might get your money back in as early as about 18 months if you execute a proper advertising campaign and search engine optimization.
How do I start a betting company?
When starting online sports betting business, there are some factors to consider – such as your target customer segment, promotion options, and the trendy platforms for UK betting. Read on to learn more about the features that sites prioritize to persuade people to bet via their site.
Attracting Customers to Betting Sites
All legal-age groups tend to enjoy betting on sports, so the UK sports betting industry has no outstanding age category.
Moreover, having a solid marketing strategy is essential for operating your betting site effectively. Social media marketing, advertising, and email marketing are excellent means for boosting traffic to your website.
Next, UK sports betting offers many opportunities to lovers of sports games as competition between providers is fierce, giving bettors much choice in the industry. Besides, deposit bonuses and free bets are widely used by the best online casino platforms and betting sites to attract more customers to their online sites. Also, deposit bonuses are good for bet service providers as they make bettors spend more time on their sites, meaning customers will place more bets.
English Premier League is UK’s most popular sports event – ensuring that your sportsbook offers incentives for wagering on EPL and other football competitions should be a top priority for your business. Among other sporting events, horseracing comes in the second position concerning betting in the UK. Next, live betting makes up more than 60% of turnover. It’s always fun to place real-time bets, right?.
Depositing and Withdrawing
Ensuring that customers have access to easy deposit and withdrawal options is a part of improving their experience. Most online betting sites accept MasterCard Credit, Visa Credit, and Bank Wire Transfer for the UK betting. If your website can stay up-to-date with payment methods trends like Bitcoin deposit options, you can improve your customers’ experience.
Choosing an Online Sports Betting Software Provider
Whichever software provider you pick for your sportsbook, you will want to ensure that live betting will be a smooth and glitch-free experience on your bet platform. Mobile capability, risk management, and payment options are among the primary components that make some software providers better than others. Make sure your platform is well-adapted for mobile devices as their usage is increasing.
Which Gaming Platform to Pick?
Choosing a suitable software solution is vital. Whereas the White label approach has its advantages, like marketing opportunities, Turnkey is the more comprehensive solution for online sportsbooks.
By purchasing a Turnkey approach from a trusty software provider like Digitain, yet to enter the UK market, you’ll provide your customers an enjoyable online gambling experience. Control over your platform, branding, and promotion. Software development based on your priorities. These are a few of the advantages of the Turnkey solution. Through Turnkey, sportsbooks may customize their betting sites, giving them a unique interface. Moreover, your customers will have a convenient platform to bet online via Turnkey: they have the freedom to choose their payment method.
Purchasing the Turnkey sportsbook software from a reliable provider enables you to pick your favorite online sports betting options from the wealth of resources available. Furthermore, high-quality B2B customer support further assures that sports betting markets will be delighted to use the Turnkey platform. But Turnkey includes no license– so you’ll need to review bets license options independently.
Starting an online sports bet business in the UK can be challenging – being mindful of customers’ wants and online casino trends is key to business success.
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