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The gambling industry is filled with countless betting software. Every day there is a new betting event happening through online sports betting applications or websites. Gone are the days when people used to go to the physical gambling sites and wait in the big lines. With a tap, within the application you'll be fully prepared to place bets, on the sports you love.
Sports betting apps have become a mainstream platform for every punter. According to The Business Research Company report, the sports betting market size in 2022 accounted for 83.65 billion dollar and are estimated to grow to 104.78 billion dollar in 2023 at a CAGR of 8.2%.
Moreover, the way online sports betting events are wide spreading all over the world, it is estimated that the market size of global sports betting will reach 135.95 billion dollar in 2027 at a CAGR of 6.7%.
The primary reason behind the growth of the online sports betting industry is technology advancement. Ever since new technologies have been introduced such as powerful 5G smartphones, VR, AI, blockchain, better payment options, and other integrations, sports betting exchange software development has skyrocketed worldwide.
Today, in this blog, you will be provided with a complete overview of sports betting exchange software costs and features and cover the key capabilities of sports betting exchange software. You will also know the typical pricing models for exchange platforms and modules, including licensing fees, monthly subscriptions, and transaction charges.
Read Also : Sports Betting App Development Cost
This blog is highly beneficial for potential sports betting businesses who are thinking of increasing their market visibility and taking advantage of sports betting exchange software development to grow even more. So, without wasting too much time let's dive into the topic.
Betting exchange platforms are increasingly popular and attractive alternatives for traditional betting. These platforms or in other words, software are the best options for people who are exploring more effective options to bet on sports. A betting exchange software or platform serves as a marketplace, for gambling enabling players to place bets, with other players instead of betting against a traditional bookmaker.
On a betting exchange, individuals can list bets offering odds on a particular outcome of an event. This is known as laying a bet. Others can then choose to accept that bet by taking the opposing side at the offered odds, which is called backing a bet.
The sports betting exchange website acts as an intermediary, bringing together backers and layers. If the backer wins, they receive a payout from the layer. The exchange takes a small commission from the winning party, usually around 2-5%.
However, like any platform betting exchanges have their advantages and disadvantages. Here are some notable pros and cons of using betting exchange platforms:
Pros:
Low Fees: The betting exchange has low fees as there are no sportsbooks involved. Betting exchanges are pocket-friendly.
Two-way Bet: Users can bet on both positive and negative outcomes of the game.
NO Server Restrictions: Bettors can’t be banned or betting exchange operators can’t limit them.
Cons:
Don’t Get Matched for Smaller Sports: For day-to-day sports events, users can easily find other bets but for less-played sports, it becomes quite difficult to find matched bets.
Low Bonuses: Unlike traditional betting, users don’t get many options for promotions and bonuses within the platform.
Find out the various types of sports betting exchange software available:
If you are looking to have sports betting exchange software for your business then we can help you! We are a leading sports betting exchange software provider that offers a diverse range of sports betting app development solutions. Don’t wait! Reach out to us today to avail budget friendly and custom betting software solutions.
Providing the exact cost of sports betting exchange software is not possible as they are majorly influenced by various factors. Those factors are features, geo-location, and customization, licensing fees, the reputation of a development company, integration needs, and support & maintenance services.
On average, the cost of enterprise-level feature-packed sports betting exchange software can cost you around 10,000 dollars to 40,000 dollars. Moreover, if you want rich quality exchange software then it can range from 60,000 dollars to 100,000 dollars that will include complete functionality and features.
However, if you want to hire a betting exchange developer for developing custom tailored sports betting exchange software development solutions, they will charge:
Features play a crucial role in terms of user engagement that helps your users always choose you over others. One with regular functionality software which is not even unique will fall down no matter how much you invest, but software with unique identity and functionalities is more likely to get higher attention.
So, the bottom line is determining features for your betting exchange software is important as it allows you to stand out from the crowd and get higher visibility. Here, check out some of the leading features that a sports betting exchange software should possess:
Betting Sports Manager
The betting sports manager feature provides better betting information, tips, and betting assistance about the particular sports game.
Real-Time Reporting
Top-class API-driven sports betting exchange software that provides real-time information about the betting stats and real-time analytics helps in making informed decisions.
Matching Engine
The integration of a matching engine provides exact matching of the various aspects like bet types, odds, etc. of different players.
Liquidity and Bet Limit Management
This feature of sports betting exchange software facilitates easy management of liquidity and setting up betting limits for the users thus maintaining a large user base.
Multi-tier Agent System
Integration of the Multi-tier agent system into the betting exchange software enables agents to create a large network base of agents across multiple regions.
Multiple Odds Format
Multiple odds format features enable betting exchange systems to support various odds including Decimal, Fraction, and American odds types.
Real-Time Bet History
Users can easily explore their bet history in real time which helps them make wise decisions with accurate information.
Live Video Streaming
This is a complementary feature that allows users to watch live sports games and make their betting strategies more systematic.
Back/Lay Bet Types Supported
Sports betting exchange software supports Back/Lay bet types to engage users. Users can choose to bet as per their preference.
Strong Market Exposure
Sports betting exchange software development allows your business to expand into new and unexplored markets and build a strong user base.
Cash Out
This enables users to quickly take out their money in the middle of the sports match or event, so they don’t have to wait for long.
Read Also - MLB Betting Software Development
So far you have explored: the types of sports betting exchange software, cost, and features. It’s time to know the betting exchange software development process. Developing software is no easy task, it requires research and various resources that bring your idea to reality. Here, know the complete process of developing a sports betting exchange software for your business:
Choose Your Sports
Choosing sports for your betting exchange software is important which you want to offer your audience. This is a big task as you need to understand your users, what sports they choose to bet upon and then decide whether you want to create a single sport platform or multi-sports.
Analyze Your Market for Specific Sports
Once you have chosen the sports you wanna offer your audience, analyze the ongoing trend in the market with that specific sport. Check the geography of your sports where it is played the most, the age of your audience, its legalization, etc.
License and Compliance
License and compliance play an important role in betting exchange software development. Gambling is illegal but not for those who have a license and compliance all set. However, not in every place betting exchange is legal and this depends state to state. Therefore, choose the states that have legalized the online betting exchange.
Select Your Geography
Now you understand the market trends and which part of the world is legal to grow your gambling business or website. Choose your geography, this is also a crucial factor for your sports betting exchange software development.
Competitors Analysis
Your betting exchange business is not alone in this industry, there are countless businesses just like yours already running well. By examining your competitors you can gain insights into the strategies they employ to enhance their business. This knowledge will assist you in steering of errors that may result in consequences, for your own enterprise.
Moreover, you can get help from industry experts who have 8+ years of experience and possess latest tech knowledge. They use industry knowledge to grow your betting exchange business more seamlessly.
Hire Betting Exchange Software Providers
Developing betting exchange software by yourself will be hard as there are so many things you need to take into account. Avoid these hassles and choose the best option, hire a betting exchange software provider and launch your business instantly in the market. Well experienced Betting exchange software providers are more proficient in giving you the best solutions.
An experienced software development company offers white-label betting exchange software, customizable betting exchange software solutions, and sports betting apps, sportsbook software, and cryptocurrency betting exchange software solution depending on your business needs.
Marketing & Launch
Marketing acts like a power booster for your gambling business, website, or app. You know, it would be senseless if you launched your sports betting exchange business and no one knew about it. Marketing and launching strategies play a crucial role in increasing your business visibility and giving you massive growth in terms of revenue.
Are you interested, in starting your website for sports betting exchanges? If so take a look at these four recommended platforms, for betting exchanges. Here are some of the notch sports betting exchange websites that make it convenient for you to engage in betting exchanges.
Betfair
Pros:-
Cons:-
Ladbrokes
Smarkets
Matchbook
You can explore these betting exchange sites and see what they are doing right.
At this time, stepping your foot into the online gambling industry and launching a betting exchange software is the right time. Working with the right team can help you take off your business to great heights.
Going step by step and considering the above-mentioned factors, betting exchange software can help you boost your business revenue and shine your identity in the industry. With the cost and features we have discussed in this guide, you can have a comprehensive idea of how you can drive your gambling business effectively.
Betting exchange softwares is mainly preferred to sports betting these days, providing the benefits and advantages it comes with. Investing in betting exchange software solutions can give you several opportunities for your gambling business.
DC Kumawat is the CEO of Orion InfoSolutions, a leading provider of IT solutions to businesses of all sizes. He has over 14+ years of experience in the IT industry. He is a passionate advocate for the use of technology to improve business performance.