Sports events draw millions of fans on all continents. Whether it is baseball, soccer or golf, fans are eager to watch bet their earnings. This international market is estimated to be worth $3 trillion! Why not benefit from this human penchant for sports gambling?
In our digitized age, increasing numbers of fans place bets without even leaving their homes. In the days of yore, you had to visit a physical betting shop to place your wager. Today, the Internet has caused a transformation of bookies. Launching your sportsbook is easier than you might think.
Not only can you watch the games, see the odds, and place bets online, but you may also set up your own platform! Providers like Betinvest ltd offer to do most of the work for you. With their ready-made package solutions, you can essentially buy a fully functional platform and start reaping profits. Here is a basic guide to the main legal options.
Many countries allow this bookie format, including the US, UK, and Australia. Such an establishment is officially licensed and, thus, trustworthy in the eyes of customers. However, there are significant cons in comparison to Internet-assisted betting.
● Sizeable fees and loads of paperwork to start operations;
● Tough competition;
● Small market share;
● Restriction to a certain area;
● Tough restrictions and/or monopolies.
For example, your chances of opening a sportsbook in the Netherlands are zero, as all betting is controlled by the Holland Casino. In the United States, gambling on sports in only legal in Delaware, Montana, Oregon, and Nevada. The latter is the only state allowed to have sportsbooks that are fully functional and cover all sports. Here, mist sportsbooks are run by betting majors, and entering the market is extremely challenging.
This option is in many respects superior to brick-and-mortar counterparts. Today, people prefer to conduct all transaction via the internet, so with a betting platform, you reach incomparably more fans. The growth potential is enormous! It is possible to use mainstream advertising channels, SEO, and Google Adwords, so your ads are seen by dozens of millions.
Licensing can be an annoying drawback, as you need to get a separate license for every location you cover. The fees vary geographically, and taxes may reach 25% (such is the case for Spain).
Getting a package software solution is ultimately the best option. Choose a provider with extensive experience, professional trading teams, risk management, and 24-hour support. A good platform will allow you to customize margins, markets, and event lists. It is essential to include versatile payment systems and multi-language support.
Of course, you could become an illegal bookie serving the local neighborhood. Setting up an Internet-based sportsbook in an offshore location, or opting for Price Per Head could also bring profits. However, all of these activities will eventually land you in jail. It is best to stay on the safe side and gradually develop a legal business.