Sports betting has been popular in most countries of the world for decades. The Сovid-19 epidemic has brought online bookmaking to the forefront. Players appreciate the convenience of gambling right from their comfortable chair at home. Meanwhile, online sportsbook operators are doing everything possible to make betting on the Internet even more attractive.

But how to launch a sportsbook in 2024? What are the requirements for operators and what potential challenges await them? Where to legalize an iGaming project? Is it worth developing a website yourself or is it wiser to purchase sports betting software? We will cover these and other questions in this article.

Pros and cons of launching a sportsbook

Let’s start with the advantages and disadvantages of running an online sports betting platform. So, what are the main benefits for operators?

1. High revenue potential. Sports betting is a lucrative industry with a high potential for profit. With the right strategies and market reach, operators can generate significant revenue from betting activities.
2. Wide audience reach. Online sportsbooks can attract a global audience. This means that operators are not limited by geographical boundaries and can tap into markets all over the world.
3. Continuous operation. Unlike traditional land-based betting establishments, online sportsbooks operate around the clock. This continuous availability increases betting opportunities and, consequently, revenue.
4. Lower overheads. Running an online sportsbook typically involves lower overhead costs compared to physical locations. There’s no need for expensive retail space, and many administrative functions can be automated.
5. Data insights and personalization. Online platforms allow operators to collect valuable data on user behavior. This data can be used to personalize the betting experience, improve marketing strategies, and enhance customer retention.
6. Flexibility and scalability. Online sportsbooks offer great flexibility and can be easily scaled. Operators can quickly add new features, sports, and markets to meet customer demand and stay competitive.
7. Cross-selling opportunities. An online sportsbook can be integrated with other iGaming products like casinos, slot machines and poker rooms. This allows operators to cross-sell and offer a comprehensive gambling experience, increasing player engagement and income.

Despite a number of these very significant advantages, it is important to take into account the potential difficulties associated with launching an online gambling project. Let’s figure out what the main drawbacks of opening a sportsbook are.

1. Regulatory challenges. World gambling regulation is a complex and confusing system of a wide variety of approaches. In several jurisdictions gambling is legal, in others it is strictly prohibited, and in some places it is in a gray zone: it means it is not officially prohibited, but it is poorly regulated or not regulated at all. Understanding all these intricacies on your own can be very difficult. Moreover, gambling legislation is constantly changing.
2. High competition. The online sports betting market is highly competitive. New operators must invest heavily in marketing and innovative features to stand out and attract players.
3. Technical Issues and security risks. Running an online sportsbook requires robust technology and security measures. Operators must ensure their platforms are secure from cyber-attacks and technical glitches, which can be expensive and require constant vigilance.

Launching a sportsbook in 2024 presents both opportunities and challenges. Understanding these pros and cons is essential for making informed decisions and successfully navigating the iGaming landscape. In the following sections, we will delve deeper into the steps necessary to launch a successful online sports betting platform.

How to launch a sportsbook: a brief roadmap

The ultimate action plan of the future operator depends on the licensing jurisdiction. However, the basic steps are the same for everyone. We present to you a step-by-step algorithm for launching an online sportsbook.

1. Market research and business plan

The first step of the algorithm for launching a sportsbook is no different from the first step in opening any other business. It’s research and planning. Analysis of the market and competitors, as well as the preferences and fears of the audience is the foundation of any successful project. At the same time, a detailed and far-sighted business plan is its supporting structure, around which the business is gradually built.

1. Legal and regulatory compliance

After choosing the jurisdiction where you want to obtain a license, you should carefully study its gambling legislation. To get a permit and not have problems with the law, you must strictly follow local rules and fulfill all regulatory requirements. Despite the differences in iGaming regulation in different countries, there are common standards. Thus, all jurisdictions require the implementation of anti-money laundering measures, a ban on the participation of minors in gambling, and compliance with the principles of responsible gaming policies.

1. Licensing procedure

A gambling license is a mandatory document for every online casino or sportsbook operator. The license not only protects you from problems with the law, but also allows you to purchase official software and games from top developers. In addition, licensed websites evoke much more trust among players. We’ll talk about how to choose the best place to license your gambling business later in this article.

1. Choose a technology provider

The choice of betting software providers is a critical decision for the operator. Choose only proven solutions from leading developers. One of the companies you can trust is Slotegrator. You can contact the specialists of the Slotegrator team for a first free consultation and get answers to all your questions.

1. Website and mobile app development

Make sure that the interface of your platform is user-friendly and intuitive. It is also important to adapt the design to mobile devices, because a huge number of people prefer to place bets on-the-go.

1. Payment processing integration

Integrating reliable and secure payment methods is a critical step in the process of launching an online sportsbook. Choose proven and widely known payment systems, and don’t stop at just one option. The more ways there are to make deposits and withdraw winnings, the longer clients will remain on your website.

1. Marketing and promotion

Think in advance about how and where you will promote your project. It is also important to take into account legal issues, as many jurisdictions have restrictions on advertising of some or all forms of gambling.

1. Launch and ongoing management

After completing all the listed stages, you can finally launch your project. However, the work on it does not end there. Constant supervision, compliance with legal requirements, and improving user experience—these and other important tasks lie ahead for every online casino or sportsbook operator.

Now, let’s figure out how to choose the best place to legalize your gambling platform and list the top jurisdictions for license acquisition.

Where to legalize your betting platform?

While choosing a place to obtain a betting license, you should pay attention to several crucial factors. Let’s list and consider them.

• Reputation. Choose reliable jurisdictions with respectable licensing authorities. Among them are Malta, Gibraltar, Anjouan, the Isle of Man, Kahnawake, Curacao, and so on. Licenses issued by local gambling regulators are widely known and trustworthy. Yes, it might be a bit more expensive to get a license there than in less famous places, but it is totally worth it.
• Gambling-friendly attitude. Choose jurisdictions where governments support the development of the gambling business. Such countries offer very favorable conditions for operators, including reduced taxes, simplified licensing procedures, and assistance in business promotion.
• Fees and taxes. Don’t forget to calculate all the costs associated with running your sportsbook. Fees and taxes depend on jurisdiction and may vary significantly. Do not try to choose the cheapest option, but be reasonable and soberly assess your financial capabilities.
• The strictness of regulations. Please review the license requirements carefully to ensure that you can comply with them. Some jurisdictions (for example Malta) require fairly strict conditions. However, the efforts of the operators pay off with the high status of the obtained license in the global gambling community.
• Coverage and duration of the license. Ensure that the license from chosen jurisdiction covers all your target markets. Also check the validity period of the document as the license renewing process requires time and money expenses.

Here are the 5 most suitable jurisdictions for sports betting licensing

1. Malta

Malta is one of the most reputable licensing jurisdictions in the iGaming industry. The Malta Gaming Authority (MGA) is known for its stringent regulatory standards, ensuring a high level of trust and security. Malta offers a gambling-friendly environment with supportive government policies and favorable tax conditions. The licensing process is comprehensive, but the prestige associated with an MGA license is unparalleled. Moreover, an MGA license provides access to most European markets, making it a highly desirable option for operators.

2. Curacao

Curacao is renowned for its cost-effective and efficient licensing process. The Curacao eGaming Licensing Authority provides a single license that covers all forms of online gambling, including sports betting. This jurisdiction is popular among startups due to its lower fees and simpler regulatory requirements. While it might not offer the same level of prestige as Malta, a Curacao license is widely recognized and respected. Additionally, operators benefit from favorable tax rates and a relatively straightforward application process.

3. Anjouan

Anjouan, part of the Union of the Comoros, has emerged as a viable licensing option for online sportsbooks. The jurisdiction offers a streamlined licensing process with reasonable fees, making it an attractive choice for new operators. Anjouan’s regulatory framework is supportive of gambling businesses, providing a favorable environment for growth. The licenses issued here are gaining recognition and trust in the global market, ensuring that operators can confidently offer their services to a wide audience.

4. Kahnawake

The Kahnawake Gaming Commission, located in the Mohawk Territory of Kahnawake in Canada, is a respected licensing authority known for its rigorous standards. Kahnawake offers a stable regulatory environment with a strong emphasis on player protection and fair play. The licensing process is thorough, but the benefits include a solid reputation and access to North American markets. Additionally, Kahnawake provides a gambling-friendly attitude and a supportive regulatory framework, making it a dependable choice for operators.

5. Isle of Man

The Isle of Man is a highly reputable jurisdiction with a robust regulatory framework overseen by the Isle of Man Gambling Supervision Commission. This jurisdiction is known for its high standards of player protection, fair play, and operational transparency. While the licensing process can be stringent and more costly, the Isle of Man offers significant benefits, including a strong international reputation and access to a broad range of markets. The supportive government policies and favorable tax conditions further enhance its appeal to operators.

Choosing the right jurisdiction for licensing your sports betting platform is crucial for long-term success. Each of these jurisdictions offers unique advantages, and selecting the one that best aligns with your business goals and target markets will set the foundation for a reputable and thriving sportsbook.

Why choose a turnkey sportsbook software?

Because it is a comprehensive and convenient solution, ideal for new operators. Usually It includes customizable software and a variety of data feeds, all of which can be seamlessly integrated through a unified API. But how to choose a reliable provider?

Slotegrator is a company with many years of experience in the field of gambling software. Every year, dozens and hundreds of operators around the world become the company’s clients. Let’s figure out what services and solutions the Slotegrator team of experts offers.

Slotegrator and its services for bookies

The Slotegrator can help operators of online casinos and sportsbooks solve many issues. Here is a list of the main and most popular services of the company:

• Turnkey online casino or sportsbook solutions;
• Telegram casino bots;
• Crypto casino solution;
• Apigrator (games integration);
• Payment systems integration;
• Affiliate management solutions;
• Bonus systems solutions;
• License acquisition;
• Bank/merchant account opening;
• Advisory service.

If you are still in doubt, contact the company’s professionals for a free consultation. The Slotegrator team will not only answer your questions, but also draw up a roadmap for launching your first sportsbook. After this, you can receive support throughout the entire procedure for opening a project, or at some of its stages. Take the first step and begin an exciting journey into the wonderful world of gambling!