COREYFor a long time, sports betting has been a hobby for many people and even a source of income for them. Unlike online betting malaysia that are prohibited in some countries and regions, sports betting is legal in almost all places including Russia. The introduction of online sports betting is the best way to attract thousands of players, while avoiding related costs such as rent for physical stores. If you want to successfully open an online betting company, you should follow a series of important steps mentioned in this article.
Operating principles of sports betting companies
In layman’s terms, a sports betting company is a place (an office on the street or a website) where players can place bets on the outcome of an event (such as a sports game, presidential election, etc.). Bettors can choose two, three or more bets with different winning odds on an event. For example, in a tiger vs. bear game, the probability of a tiger defeating the bear is 60%, the probability of a bear defeating the tiger is 30%, and the probability of a tie is 10%. Excluding the margin set by the dealer (usually around 10%-20%), these probabilities in terms of winning odds will look like 1.67 / 3.33 / 10.
These odds are called lines. Naturally, daily quotations require the gaming company to have a high level of data analysis capabilities. For this reason, the gaming company will hire a group of professionals to complete the analysis. Small and medium-sized sports betting companies that cannot afford to have their own analysis department usually purchase packages containing hundreds of lines from large betting companies. Usually, the cost of lines is about 500 to 10,000 US dollars a month.
Obtain a business license
A license is required to operate a sports betting business in Russia. Licenses are issued to legal entities, and the barriers to entry into the legal betting market are quite high: betting companies must have a bank guarantee of 500 million rubles, and be willing and able to pay at least 15 million rubles to professional sports federations every three months. Almost everyone in a newly opened sports betting company likes to use another company’s brand to obtain franchise rights and work rights. This approach brings a completely legal, transparent and most importantly a much cheaper business.
Owners planning to start a sports betting company must have extensive experience in this field, otherwise, they will not be able to obtain the license required to operate. However, they can appoint an experienced general manager to help them take care of it.
Software and staff
The cost of developing specialized software from scratch is very high, so it is easier to buy a tested, ready-made solution and make custom changes to it. For those who intend to obtain franchise rights, the required software is usually provided by its licensor. If you will run a betting company entirely on your own, the cost will be much lower: for example, you don’t need to rent an office, hire employees who communicate with customers and buy equipment.
Integrated payment system
Before a fully functional online sports betting company opens for business, you must integrate the payment system into the casino platform to ensure fast and easy deposits and withdrawals. The most popular banking products in the target area, including digital wallets, cryptocurrencies and direct bank transfers, are worth noting. You definitely want to choose a payment system with the lowest possible transaction costs.
Sports betting statistics and odds
Sports betting companies usually get daily quotes from their own analysts, or buy lines from third-party analysis companies or large betting companies. Most sports betting companies buy lines from trusted companies. Dozens of experts calculate odds based on in-depth analysis of sports events every day. Nowadays, betting on football, basketball and some other popular sports is nothing special.
Experienced gambling masters have been able to make money from betting for many years, and they always pay close attention to newly opened sports betting companies. They will study lines carefully, look for their loopholes and bookmakers’ miscalculations to seize opportunities, and bet at high odds. To avoid financial losses, it is recommended that newly opened bookmakers buy lines from reputable suppliers.