Asia is the largest market for sports betting and gambling. According to a report , nearly half of Americans aged 18 and over bet at least once on sports events.
The global betting market comprises 30-40% of bets. This includes poker, lotteries and casinos. Globally, the gross gaming/sports betting yield is more than $400 billion U.S.
dollars yearly. (source)
The sports betting industry has evolved with the development of technology to meet the needs of modern users. But the industry is still plagued by problems such as cyber fraud and theft, technology integration and other issues.
This blog aims to illuminate various industry challenges and provide reliable solutions.
Different Types of Sports Betting
This section will cover different sports betting types. Some sports betting options are relatively new. Some types of sports betting have existed for much longer.
Some have even been around as long as the Internet.
1. Exchange Betting
The exchange betting market is relatively new to the world of sports betting. In recent years, it has gained in popularity.
Many people use exchange betting providers to wager or bet on sports. Exchange betting does not require a bookie. Bettors make wagers on other players who are in opposition to them. If you place a wager, youre betting against another user.
2. Fixed Odds Sports Betting
Sports betting with fixed odds is a traditional form of betting. This type of sports betting is also more familiar than others.
Fixed-odds betting is a type of sports bet where both parties agree on the odds at the time the wager is made. If the odds change, they are still paid at these agreed-upon odds if a bet wins. This is an easy way to bet on sports.
A gambler will bet on the outcome of a game or a particular team.
3. Point Spread Betting
Point spread betting, particularly for Football, is prevalent in the United States. Point spread betting differs from all other bet types.
A gambler doesnt bet on the outcome of a game or a specific team. The bookmaker creates a spread for this type of betting. The size of the spread can be determined by the number of points awarded or subtracted.
4. Bet Live/In-Play
Live or in-play betting is one form of sports betting with actual odds. This type of bet uses the same betting method, but theres only one difference.
Fixed-odds bets are placed before the beginning of an event. Live or in-play betting allows gamblers to make a bet at any point during an event until it is over. The live betting game is relatively new but has been on the market for a few years.
5. Parimutuel Betting
The oldest form of betting, apart from Fixed Odds Betting, is Pari Mutuel. Joseph Oller developed it in the 19th century after becoming frustrated by bookmakers profits.
He came up with a way for the people to bet. This method eliminated the need for a bookmaker. Parimutuel is a simple betting method. It is still a relatively straightforward betting method, even though it involves complex factors.
6. Esports Betting
E-sports, or online sports betting, is the latest type of betting. ESports has gained so much popularity over the past few years.
Betting is done on something other than the traditional forms of sport but on video games. In recent years, video gaming has become very popular. A lot of things have changed since the advent of the Internet.
ESports is a betting system that allows you to bet on games.
The Sports Betting Industry: Challenges
The rise of technology and popularity in sports betting brings new challenges. We will now discuss some of the problems in the Sports Betting Industry.
1. Modern Demands
It isnt easy to protect existing revenues while developing new ideas for sports betting startups. In many areas where sports betting was not previously available, we have witnessed many shifts and changes in strategy.
The Millennial is a brand new player with an entirely different view of what good looks and feels like.
2. Building Trust
A solid brand identity will help you to beat all your competitors that need more loyalty and trust. The identity of a company is critical.
A business or an industry can only reach its full potential with a strong identity. It is harder for brands to stand out in a cluttered market. A business must have the ability to be consistent in removing clutter so it can build trust with users.
3. Technology Integration
Technology advancement has been a challenge for new sports betting companies. In todays world, keeping up with technological advancements is a challenge.
To attract new customers, it is essential to stay up-to-date with technology.
4. Fraud
Fraud is more likely to occur as the industry grows. The most significant danger to sports betting is the theft or fraud of identity data.
The ThreatMetrix Report on Gaming and Gambling cybercrime states that one out of every twenty new accounts created is fraudulent. Fraudsters in England used stolen identities to make 110 fraudulent transactions on an online gambling site, resulting in a loss of nearly £12,000 for one man.
5. Regulations
Every country has different rules and regulations for betting and gambling. Gambling and betting are legal in some countries but illegal in others.
Sports betting firms and gambling companies must be aware of the latest changes. Betting industries in countries with legal gambling require an internal license.
How to Build a Sports Betting Mobile App with Solid Foundations
To achieve a technology vision for the product, it is essential to balance the need to maximize ROI with developing a high-quality mobile application.
For instance, you need to make the right decision when building or enhancing a sports betting application. You will lose money, frustration, and time if you make the wrong decisions. Unfortunately, sports betting software developers have to correct incorrect choices far too often.
We wrote this article to avoid such situations. Consider the first problem.
Whats the Future of Mobile Application Development?
Before you begin the development process, decide who will be doing the work. You are already halfway to success if you can rely on an internal development team capable of creating and expanding your mobile application.
You can change the old system into cutting-edge tech with a team of strong developers who understand the vision.
It may be necessary to add additional staff, but this can take time and lead to higher operational costs. You must also motivate your team and keep them focused by offering appropriate benefits, working conditions and remuneration.
You will have to outsource your project if you need the experts on staff with the knowledge and expertise required to develop gaming apps.
You can do it in two ways.
First, you can hand your project over to a team of mobile developers who will handle it all from start to finish.
Theyll also manage the entire product and ensure its success. You can also hire a mobile developer with specific skills to help fill the gaps. Each alternative has pros and cons and can be effective depending on your project.
Product Development Team
It is convenient to build a customized sports betting application with the help of an external Product Development Team.
This team will take care of your project comprehensively and lead the entire development process. Well break this down to see if youre a good fit.
The Pros and Cons of Product Development Teams
- Companies that offer software services can supervise the entire process, including team design, development and management.
- The company can save resources by not going through the recruitment and onboarding process for all new employees.
- The PM of a Product Development Team is responsible for preparing a project roadmap and controlling the development process. This saves time and reduces the amount of responsibility.
- Developers collaborate daily, so they know each other and can communicate better. This improves workflow and accelerates development.
- A team with experience in the sports betting industry can organize your backlog. They will also indicate which features are most important to implement.
Pros and Cons of Product Development Teams:
- You often have to wait until a team is available to start the project.
- If you want to employ a team of experts, they will all have higher hourly rates than regular employees. You spend less overall because you dont have to manage or execute the recruiting process.
- This article will explain the best way to choose a software company.
Employee Augmentation
The Staff Augmentation strategy is another option for developing mobile sports betting applications. Staff Augmentation is a strategy that can be used to close the knowledge gaps in specialized fields or technologies.
Is it a good plan? Check the pros and cons of this option to see if it fits your needs.
The Pros and Cons of Staff Augmentation:
- You can save time by selecting an expert from our talent pool with the correct skill set.
- Due to their previous experience with sports betting apps, a developer can jump into the project from day 1 and add value. Translating terminology or introducing the person to industry realities is unnecessary. This will save time. They can identify the most critical aspects of any project and evaluate assumptions to find a solution.
- You can get an expert that adds value to your company without organizing the hiring process or incurring costs for insurance and tax.
The Cons of Staff Augmentation:
- The developers we use to outsource our project are only sometimes competent.
- It is essential to create communication channels to allow for the flow and exchange of information with external experts.
- In the long term, it may not be the best option. You will have to spend more on a contract workers training and compensation than you would on a permanent employee.
What to Look for When Choosing a Betting Software Development Partner
We acknowledge that selecting a partner for your business can sometimes be difficult and time-consuming effort and that the selection process can be overwhelming.
To help you, weve prepared a list of essential factors to consider when selecting a partner.
Promising Portfolio
It would help if you looked for developers that have created successful sports betting software in the past. By looking at their portfolio, you can determine if they have the design and functionality you need.
According to us, this is an essential factor proving that a particular company has the skills necessary to help you complete your dream project.
Workshops
When a partner creates milestones, it indicates they are serious about their work. Ideally, the partner should offer product workshops before the start of the project, where you can be involved in the design process.
It is wise to research any potential technical risks and modify concept solutions. These workshops help you understand the context of the project and can assist the team in preparing more accurate estimates.
Developers Involved in Planning
Developers must actively take part in the planning and design of features. Why? Why? These designers may discover several UI enhancements and problematic issues which can be resolved immediately during the design stage, saving them countless headaches at the later stages.
This approach allows the entire development process to run smoothly and saves money.
Smooth Internal Cooperation
Teamwork is the key ingredient in making the dream come true. So, make sure that the team can collaborate without sweat.
They should also have a good flow and can quickly detect an edge case. The cooperation between the mobile, backend, and web teams should be continuous. They need to challenge each other in meetings to find the most appropriate solutions for a particular context.
Keep Up-to-date With the Necessary Requirements
A good sports betting app development company will update you on the most recent updates regarding the App Store requirements and Google Play store.
Your application could fail to meet two essential app distribution criteria, reducing its popularity and profitability.
Read More: How does Cricket Betting Software Operate?
What Should You Prepare For Cooperation With A Software Agency?
The company you choose to outsource to asks you questions before starting development to establish critical aspects of your cooperation.
You can choose the best partner to develop your new gambling app by preparing the answers in advance.
Budget, authority, timeline, and need are all business aspects to discuss at the beginning of any collaboration.
These issues help to determine the clients finances, the roles and responsibilities in the project, the functionality, and the timeline for the development. You are welcome to submit an RFP if you can specify the scope, the type of collaboration and the required budget for operations.
It is beneficial to both parties. It can help the company understand the products vision and make suggestions for modifications as needed.
This will allow it to calculate the cost and the time necessary for the project. It also allows the client to present the idea for a product, including the functionalities that should be included to make sure it serves its intended purpose.
App Development for Sports Betting Technology
Its time to focus on the most complex part of your project: technology. In this area, a mistake can cause delays, budget overruns, and, worst cases, a project that still needs to be completed.
Its essential to know your requirements and tailor solutions accordingly. Well go through the most significant challenges with the technology for a mobile betting project.
Sportsbook Providers
It is possible to create your own Sportsbook, but this will increase the workload and delay the timeline. You can avoid this by using ready-made solutions.
Certain providers offer ready-made services for betting apps. You can choose to use third-party betting data providers and your UI, or you can select only create the second on your account.
Find out what approach works best for you.
Exclusive Data Provider
This is the best way to create your app; you dont have to be concerned about infrastructure or technology. You can still customize the User Interface to meet individual requirements.
You should know that building UIs from scratch is a huge challenge and requires a lot of investment.
Data & UI Provider
Some providers offer UI elements along with the data feed. This can drastically reduce the amount of time required to create the app.
But is it a magical solution? No, its not. You must keep in mind some important points if you choose this option:
- With a simple UI that you can only make minor changes to, it takes time to create a unique brand or product.
- The apps created by most providers are based on web components. This can lead to a lack of native feel and be buggy. Its no wonder that mobile users do not enjoy web-based solutions and express this by giving them low ratings in app stores.
- Integrating the app components into the iOS or Android application may take work. Ensure the service provider provides a step-by-step manual on how it can be done.
- The components will need to be rebranded.
What to Consider When Choosing a Third-party Provider
Consider many factors before selecting an external provider, regardless of the services you wish to receive. We have listed below a few things to keep in mind when making a decision.
Software Development Kit
First, ensure that the SDKs are tailored to the platform your app will be developed. You will need separate SDKs if you are developing two native applications.
There needs to be a technology gap in the Flutter cross-platform apps. They can be based on native SDKs using a coded bridge. It may take more time.
Documentation
Ideally, the SDK supplier will have instructions on integrating SDKs into specific platforms. These files are well organized and updated regularly, allowing developers easy access to code snippets.
Configurability
SDKs should allow for customization, which means that certain functionalities and design elements can be adapted to the needs of your application.
The SDK should include detailed information on any customization options.
Support
Our experience has shown that difficulties integrating third-party SDKs are pervasive. It may be impossible to solve the issue independently in more complex cases.
The service provider must provide easy access to technical support so that developers can resolve complex problems.
Prices Are a Little Higher Than Usual
In addition to the factors listed above, you should choose external services within your budget to not increase the cost of the project.
Consider how vital the service providers functionality is to your product. Select the most suitable solution if its critical. It will result in a more profitable product in the end. Save your money and find cheaper alternatives for some minor features.
Cross-platform Vs Native Apps
You can read our article to learn more about native and cross-platform technologies. Weve also included a detailed list of pros and cons for each.
We should examine this issue from the sports betting perspective to determine which technology would be most appropriate.
Data Handling
The gambling app must be able to send a large amount of data each second. The app should not only maintain high performance, but it must also be low on battery and responsive at all times.
Cross-platform apps are often designed using a single-thread model, which can be problematic. Some tools can be used to create a multithreaded environment. However, native technologies already have multithreading capabilities.
Complicated UI/UX
Cross-platform design should be a benefit. However, in reality, this is not the case. A cross-platform solution has the advantage of "write once and run anywhere," but this can be a problem for sports betting applications.
This is because iGaming platforms expect a customized solution that caters to the specific functionality of such apps. Instead of reusing UI/UX models between platforms, creating a new one is better. This will maintain a native feel.
Complex Architecture and Scalable Architecture
The architecture of betting projects is usually complex and requires a lot of tools and design. This is because the project may be run on various platforms; it will need to integrate external APIs and process data quickly from various databases.
Gambling apps also often include features such as dashboard customization, a comprehensive reward system, thorough client verification, and the option to deposit and withdraw funds.
Maintenance is essential for such complex projects. You need to ensure that your team updates every module and runs well on all platforms.
Cross-platform apps will make the procedure easier and faster since theres only one code base to fix and update. Maintenance is complex with native apps, especially when there are multiple applications. This results in increased operating costs.
Components of a Sportsbook Provider
You will likely be required to utilize some of the Sportsbooks components. It can be challenging to develop cross-platform applications since most sportsbooks need to provide documentation for this kind of Fantasy Sports App Development.
They focus only on native apps.
Overall, native development would be a good choice for an app aimed at betting. There are better solutions for this type of app than cross-platform.
What about the Web & Backend Stacks?
This article primarily focuses on mobile betting apps. Still, this section gives you a few pointers on adding the web into the mix.
- Adjust authentication methods to mobile devices. You need to ensure your system is ready for biometrics, Two-Factor authentication, and other verification methods.
- Prepare yourself for the fact that you will reuse some web pages on mobile devices. They must be updated to become a stand-alone piece.
The Design Workshop Process for Sports Betting Apps
Every sports betting application development project must include Product Design Workshops. This is due not just to the gambling industrys demands but also to the general difficulties that come with mobile development.
To design a user-friendly and functional betting app, it is vital to determine the UX/UI solutions to be implemented.
What Are the Signs of a Great Workshop?
- The developers are involved actively in the design process, confirming all UX/UI flow, sharing thoughts, warning possible problems, and suggesting time-saving solutions.
- UI/UX designers prepare your user profile research.
- The work is done in iterations, each of which has been validated.
- As a result, you get a clickable version of all the critical flows.
- A proof-of-concept is created in case the team encounters any issues that could be problematic for your project.
The UI/UX Design Process Has Many Important Features to Consider
- It would help if you optimized the search flow, as the UI/UX of the app can sometimes be overwhelming. This will ensure that the betting process is smooth.
- Withdrawals and deposits - Features that are related to money will help you build trust with your users. You should still strive for seamless withdrawal and deposit procedures, even if your website relies on third-party components.
- Support - Offer your customers support to resolve their most complex issues. This will give your app the appearance of a safe place to wager large amounts.
Pick Your Sports Betting App Development Company
You can see that there is a lot to do before and after developing a gambling application. By selecting the right development team, gathering information about the project, discussing it before the launch, and deciding the technological aspects of the product, you can avoid mistakes and help the result succeed.
Want More Information About Our Services? Talk to Our Consultants!
Last Words
Sports betting changes constantly. The sports betting industry is constantly changing. The sports betting business has a long way to go.
Some sports people have faced problems because of gambling and sports betting, such as being accused of match-fixing.
The feedback on sports betting is now positive. Sports betting has become legal in many sovereignties. Their revenues have increased dramatically, and they are making money.
The sports betting sector would benefit from studying trends to try and predict the following trends, such as what will be famous and driving the industry in the future. Sports betting app developers can improve the industrys future by analyzing current trends.
The development teams lack of expertise and knowledge is responsible for almost half of all mobile apps that fail.
Failure can be defined as a lack of quality in the product delivered, a growing debt of technology that hinders growth, lack of stability, poor security or high operation costs. We can tell you from our experience in app development that most problems are avoidable.
Here are some insights gleaned from the daily work of our betting software developers. It may pay to read them cover-to-cover because a product built using these tips will be more reliable, secure and delivered without delays.
The suggestions can be applied to apps in any industry, including betting apps. You can also outsource or hire a php application developer for your mobile application development.
