Today most of us know about sports betting, as it is an ancient business running from decades. But have you ever heard about “exchange betting”? However, you find this term new, but it is not unique for the betting industry, it is quite popular among bettors from the past 15 years. But bookmakers did not find it in their favour, as it takes them totally out of the betting picture. To understand this in deep, let’s take a look at its concept-
What is a Betting Exchange?
Betting exchange is a marketplace or a platform that allows people or bettors to place bets against each other. In standard betting, the members put their betting against bookmakers, but here they play in the opposite. Though, it is the same concept but comes with a few variations.
Today, this idea has been adopted by numerous gambling sites, but the significant example of this sports betting concept is Betfair. It is the industry leader and the most popular betting exchange site. The popularity of Betfair has prompted other businesses to invest in Sports betting website development.
But before moving ahead, let’s discuss- What is Betfair?
Betfair is an online gambling company based out in West London, United Kingdom; it was founded in June 2000 by Andrew Black and Edward Wray. The company is known for its largest online betting exchange business. Moreover, it is also into Sportsbook, online casino, online poker and online bingo.
If we talk about the market of Betfair, then in 2013, the company claimed to have 4 million active users, and it has made 50 million pounds a week. The numbers are enormous and justify why companies are attracting to build exchange sites like Betfair.
Now, let’s talk about- What makes Betfair so demanding?
Betfair came with a unique concept and claimed that one day they would inevitably end the position of bookmakers. This aim has lightened up a hope among bettors that they will directly claim their money without the intervention of any mediators. This claim has made Betfair popular in the sports betting industry.
On the other hand, Exchange betting offers a lot of benefits like simple fact and the odds for backing selections, which are entirely different from traditional betting. Hence, such advantages encouraged companies to invest in sports betting exchange websites like Betfair.
Why should your business go for a sports betting exchange website like Betfair?
On one end, where Betfair offers immense benefits to the people, the other side it carries issues as well. So, what’s wrong with Betfair? Here we tell you the two factors by which you can understand how you can make a difference in the marketplace by creating an alternative app like Betfair.
Problem 1- The commission rate- In Betfair, the highest commission rate is of 5-7% only, the smart players like Betfair traders, matched betters & arbitrageurs who are masters in getting profits from numerous betting’s, commission factor affects them a lot in the long-term.
Problem 2- Limited reach- Currently, Betfair has a limited reach in a few countries. There are several countries where Betfair don’t have a valid license to operate or pull out for reasons.
These factors offer you an immense opportunity to opt Sports betting website development and give your business a chance to earn more profits.
Our article will tell you how you can create a Sports Betting Website.
What you need to build a sports betting site:
- Betting niche (E.g., football, cricket, rugby, horse riding, eSports, etc.).
- Development approach (from scratch, get licensed software, become a licensee).
- Validate license for target jurisdiction.
- Payment service provider system.
- The appealing designs and smooth functionality of the site.
- Betting system.
A robust exchange betting website majorly depends upon three factors- an attractive UI/UX designs, rich features and outstanding user interface.
So, let’s discuss its must-have features-
User panel features:
- Login/Signup- It is one of the most common features which allows your users to register themselves on a sports betting exchange site. The users can log in by several ways, including their mobile number, email id or with their social media accounts.
- Selection of favourite sport- After successful registration, the user will find a pool of sports in which a wide variety of games are available. The players can pick a sport and team of their choice.
- Picking a bet- After a quick selection of desired team and players, users can put a bet based on the past performance and results of their selected player and team.
- Live match streaming- Under this feature; users can watch the real-time updates about the matches they put a bet on. It enhances user-experience and allows them to spend more. Moreover, it offers you a chance to get more revenues.
- Bid Guide- This feature contains a small guide that helps the bettors to understand how to place betting. It comes with illustrative examples like images or short videos that assist them in how to bet and withdraw their winning amount.
- Detail Team/Player Information- User will get complete detail about its selected team and players. The information comes in a precise manner that includes their past performance results, positive and negative performance aspects.
- Match calendar- It includes all the running and upcoming match schedules. User can pick a match according to their availability. If they select a slot of a particular game, then they will be notified about the next plan of the same game.
- Chat with other bettors- Users can communicate with other bettors in real-time. They can discuss their predictions, bets and events. This feature offers them to enhance their communication; they can chat via groups, forums and direct messaging.
- Bid history- Users will quickly find the complete history of their bets which also includes their winnings or losing. This feature gives them an exact idea to avoid past mistakes.
- Payment gateways- In-built payment systems help the users to rely on the platform. It offers them a secure and reliable withdrawal of money. Users can deposit and take their money with just one tap.
- Multi-language support- It helps users to understand the match in their native language. And it will help you to expand your business with more potential users.
Admin Panel Features:
- Login- It allows you to register your sports betting business with the required information. Admin panel helps you to control and monitor all the activities of your business. You can register it with your mobile number, email id and other essential data.
- User Management- With this feature, you can keep an eye on the activities of your users and manage them with a dashboard. A dashboard will give you access about the user data: profile data, rate type, amounts, results, etc.
- Real-time updates from bookmakers- Under this feature, you can get complete information about the status of matches, teams, players and bets on them.
- Payment Management- It allows you to manage and control the entire payment system, including the winnings. It saves you from manual frauds and identifies errors and payment delays efficiently.
Last but the significant factor on which your entire project depends is the budget. So, let’s evaluate- How much does it cost to make a sports betting exchange website like Betfair?
Creating a sports betting exchange website like Betfair or application is not a cakewalk; it requires skills, patience and commitment. Furthermore, there are several factors which affect the budget of Sports betting website development, including-
- Tech stack
- UI/UX design
- Size of an application
- App development team
If we evaluate an average cost, including all these factors, then to create an exchange site like Betfair, USD 35,000 to USD 40,000, would be the costing. However, this is just an estimate because a development cost varies according to your requirements as well.