The Ultimate Guide To Starting Your Virtual Sports Betting Business In 2023
TABLE OF CONTENTS
One of the industries that has witnessed new heights during and after the COVID pandemic is the Virtual sports betting industry. According to Allied Market Research, the virtual sports betting market was worth $1.1. Billion and is expected to hit the mark of $2.5 Billion by the end of 2026.
Needless to say, virtual sports betting business opportunities have also multiplied and no wonder, various entrepreneurs and operators are moving towards the lucrative virtual sports betting industry. Hence, to help business owners like you to start a successful virtual sports betting business, we have written this blog. Whether you are new to the industry or you are an expert on the industry, this guide will help you with how to start a virtual sports betting business in 2023.
What are Virtual Sports?
Though virtual sports have been around for several decades. But due to recent technological advancements, these have started gaining immense traction and popularity among punters.
Virtual sports are computer based simulations of sports events that deliver experiences similar to live sports events. The virtual sports feature various types of sports that include horse racing, greyhound racing, football, basketball, tennis and more.
The results of these events are generated by complex algorithms and certified RNG (Random Number Generator). Today, virtual sports have proven themselves an ideal alternative to traditional real-world sports events.
How Virtual Sports Work?
Virtual sports might look pretty straightforward, but there is more than meets the eye. The punter chooses the sport to bet on. Once he has made the choice, the punter then chooses the bet type and the betting amount. Based on his choice, the virtual event initiates that only lasts for a couple of minutes. The results are generated using complex algorithms and a random number generator, which provides the outcome within a few seconds after the game is concluded. If the punter wins, the cash-out is decided as per the odds.
Why is Virtual Sports Betting Popular?
The virtual sports are completely random, but deliver unlimited fun and excitement for your customers. And there are plenty of reasons why virtual sports betting is getting popular worldwide and more and more punters are choosing to bet on virtual sports.
Realistic Experience
With the help of motion graphics, CGI, 3D graphics, etc, virtual sports deliver realistic and engaging experiences to punters.
Convenience
Virtual sports are convenient. No fuss, only betting action. The virtual events run 24/7 which provides unlimited betting opportunities to punters.
Minimum wait time
New event starts every 2 minutes or as soon as the previous event concludes. This enables operators to keep their punters engaged.
Accessibility
Virtual sports can be accessed from anywhere, from any device, which enables punters to place bets on the go.
Diversity
Virtual sports cover all popular sports and provide a huge selection of sports. There is something for everyone.
Unaffected from Real-world Events
Virtual sports stay unaffected from player injuries, bad weather, and more, which offers consistency.
Various bet types
Virtual sports betting also offers various bet types, just like traditional sports betting. These include over/under, win-draw-win, handicaps and many more.
Why Virtual Sports Betting is a Good Business Opportunity in 2023
The demand of virtual sports has witnessed a significant hike, as it’s fun, exhilarating, accessible, and convenient. Virtual sports betting also offers a wide range of sports to choose from, which enables punters to bet on their favorite sports.
Virtual sports betting has also gained popularity worldwide. This has opened various new virtual sports betting business opportunities for operators all around the world. Operators can now reach and cater to a wider set of audiences, which enables them to enhance their profits and multiply their revenue streams.
The future of virtual sports betting is also extremely bright. And with upcoming advancements in technology, graphics, animations and sounds, virtual sports are only going to get better, more realistic and complex. The virtual sports betting experiences will be more immersive, advanced and engaging.
Want To Know More About How to Start a Virtual Sports Betting Business?
How To Start A Virtual Sports Betting Business In 2023
Starting a virtual sports betting business is not that difficult. With the right virtual sports betting games and software provider, you can hit the bullseye in your very first shot. But, there are a few points that you need to take care of before you jump into making an investment. The more work you put in before starting your business, the more prepared and confident you’ll feel about launching your virtual sports betting platform.
Market Research
Virtual sports betting business opportunities have increased significantly. But still, marketing research is essential. Marketing research will involve understanding the virtual sports betting market, identifying new or untapped business opportunities and accessing demands of your potential customers and creating your virtual sports betting offerings around them. Marketing research will help you understand your customer’s expectations, meet their needs and improve customer expectation on your virtual sports betting software. Marketing research will also allow you to minimize risk as it uncovers several potential risks.
Target Audience
Narrowing down your target audience is all about understanding who your business is going to cater. This will involve understanding factors such as your customer’s age, lifestyle, gender, sports interests, decision making process, spending habits, income, bet type preferences, etc. You can take a deeper dive with the help of pain points, focus groups, surveys, reviews, and many more.
Competitor Analysis
You’ll be competing with your competitors, but there is so much that you can learn from their previous experiences, success stories and the hurdles that stood between them and their goals. You can also spot their strengths and weaknesses. Virtual sports betting industry is one of the fastest flourishing industries and hence, competitor analysis becomes extremely crucial.
Legal Considerations
Though virtual sports betting is accepted in the majority of areas worldwide, there are several areas where sports betting and virtual sports betting are still illegal. If you have shortlisted specific geographical areas where you want to operate, it’s crucial to do in-depth research on legal and compliance guidelines with license requirements.
Virtual Sports Betting Business Model
Once the research part has been completed, you can move to creating a virtual sports betting business model. You do not need to get down to every single detail since it’s an ongoing process, but having a roadmap will help you get started with realistic long-term and short term goals.
Choosing Virtual Sports Software
You can choose from a custom virtual sports software solution or ready to launch virtual sports betting solution. If you have a unique idea that you want to build from scratch, you can go for custom solutions. If you want to launch your virtual sports betting software quickly, you can white label virtual sports betting solution.
Virtual sports betting industry Choosing the Virtual Sports Software Provider
There are several virtual sports betting website providers. A simple search on Google will give you a complete list. Before choosing your virtual sports software provider, it’s important to ensure if they understand your ideas and are aligned with your goals. You also need to consider their experience, portfolio, their software development process and post launch services.
Software Features
Before making the decision, you also need to make sure you are on the same page with your provider about the list of features. Not only do you need best-in-class features for your customers to keep them engaged, you’ll also need features in your admin dashboard for seamless management, maintaining security, managing risks etc.
Mobile support
This one is crucial. Since several punters make use of their mobile phones for placing bets, investing in a virtual sports betting software that works flawlessly on various devices becomes critical.
Post Launch Services
There are a few virtual sports software providers that help you with marketing, maintenance and also provide customer support. Make sure your virtual sports software provider is willing to do heavy lifting for you, so that you can focus on other critical aspects of your business.
Loyalty Programs
Almost every virtual sports betting software is offering welcome bonuses, loyalty bonuses, promotions, rewards and much more to their customers to enhance customer retention and loyalty. Hence, it’s crucial to come up with promotions in order to acquire and retain loyal customers.
Marketing
Last but not the least, marketing. This is also an ongoing process. A strong online presence is crucial in today’s competitive space and hence, investing in marketing efforts is always going to be a good idea. Make sure you leverage digital marketing channels, social media platforms, Google ads, Email marketing channels etc to spread brand awareness and increase brand recognition among your customers.
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How GammaStack can Help you Start Virtual Sports Betting Platform
GammaStack is one of the renowned, globally-trusted virtual sports software providers that specializes in developing cutting-edge virtual sports betting platforms. With over 2 decades of experience in the virtual sports industry and teams of proficient and well-seasoned professionals, we deliver our customers best-in-class virtual sports such as:
- Virtual Football Betting Software
- Virtual Basketball Betting Software
- Virtual Tennis Betting Software
- Virtual Greyhound Racing Software
- Virtual Horse Racing Software
We also provide a custom virtual sports betting platform as well as ready to launch virtual sports betting solutions that fit your needs and your virtual sports betting business model. In addition to this, we also specialize in providing post launch services that include marketing assistance, 24/7 customer support, and maintenance services. From game prototype to game design, from UI design to game development, from deployment to post launch services, GammaStack is your one stop shop for all your virtual sports betting needs.
FAQs on Virtual Sports Betting
Yes, every virtual sport we provide is GLI certified.
Some of the features include multiple camera angles, multilingual voice overs, customizable game elements, multiple payment modes, loaded back-office systems, regular match updates, live betting, bonus systems, certified RNG, realistic playing fields and race tracks, etc.
Yes, each and every virtual sport event is unique and NON pre-recorded.
Yes, our customers can customize various elements of virtual sports.
Our certified RNG generates 100% fair, unbiased outcomes for virtual sports events.
Sources
- https://www.wsn.com/blog/how-does-virtual-sports-betting-work/
- https://www.virtualsportsbetting.com
- https://www.gamblingsites.org/blog/9-virtual-sports-betting-tips/
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