How to Sell Your Sportsbook Platform Concept

With the online sports betting industry worth anywhere up to $100 billion, it is quite understandable that there are many who are keen to get in on the action. In a time when it may seem to be more difficult than ever to get a new business venture off the ground, the popularity of sports betting – and the profits to be made from it – is very tempting.

The recent football World Cup is a perfect example of how big the biggest of sports events are. These are events that transcend the sports themselves, attracting far more interest than a typical football match would. Sports betting has become a major part of the wider sports world now, with the easing of laws and regulations across the world enabling millions more people the opportunity to place a bet legally.

Online sportsbooks are the introduction to sports betting for many, and their design and usability have changed dramatically. They are developed with newcomers in mind, with betting types explained and a betting odds calculator feature is a common sight to help novices figure out how much they might pocket from a winning bet.

Launching an online sportsbook is, therefore, an obviously attractive move for any entrepreneur. But just how do you go about selling your concept of what a betting platform should look like?

How Do You Stand Out?

If you have watched any kind of television over the last few years, even if it wasn’t related to the World Cup or sports in general, you will have noticed just how big betting is. Established and well-known brands dominate the industry, and that means that any new platform really needs to know how to explain its USP.

It is true that the most successful online sportsbooks cover everything. But it is always going to be difficult to compete with those brands. That is why knowing your niche is vitally important if you are looking to attract any decent level of investment. Will you offer particular styles of betting? Is your site fully integrated with social media and community building? Decide on what your platform offers that no other will, and be ready to explain why.

How Will You Compete?

The next point follows on from being able to successfully explain your niche. If you want any investor to give you money for your online sportsbook venture, you really need to know how you will compete with the big boys. There are sportsbooks with, sometimes, centuries of experience cornering the market, and other casino-backed companies moving in as well.

Whatever angle you look to take when it comes to surviving, let alone thriving, in one of the most competitive industries, you still need to be confident that your idea is a winning one. Every sportsbook uses AI, just as they use data to influence growth. There are very few completely new ideas, and this is a very innovative business sector. Be prepared to convey your ability to compete with experience.

Adhere to Regulations

Traditionally, there were some aspects of the betting industry that enjoyed a less than savory reputation. Much of this was down to the old days of betting being illegal in many places, and the lengths sports fans went to back their favorites. With a widespread move into legalization of many types of betting worldwide, adhering to the regulations is a must and needs to be a part of your pitch.

Potential investors will want to hear you prove that you know all about the local and global licensing laws and regulations. They will want to know how you think you will be able to grow the business and offer a repayment on their investment when there are so many other financial considerations to be taken. Sports betting businesses rightly have many regulations to deal with, and you will need to be across all of them.

Target Investors 

This is one area where we will really be able to help anyone looking to launch an online sportsbook or related betting platform. There is no way that anyone can really compete with the established names of the industry if they are not able to attract investors, and, more importantly, the right type of investors.

Targeting the right investors is particularly important when it comes to this industry. Sector-specific funds will be needed, and targeting those with experience in the industry or with sports tech in general is a good idea. Data analytics and sports media experience could also be key when it comes to identifying people willing to fund your idea.

Showcase Your Technology

A good idea to launch an online betting platform is not enough when it comes to acquiring investment. Everyone wants to be part of the betting industry, but if you are to be able to sell your concept, you will need to practically show what you can offer. This invariably means investing time and money in technology in the first place.

This does not mean that you need to have the finished product ready to go. A basic skeleton of what you are to offer should be sufficient. But do put time into developing your betting app. Sports betting has fast become a mobile-first industry, and this is where you will be able to generate the most initial interest, as well as the largest customer base, when you have ultimately been successful with your funding objectives.