Factors to Consider Before Choosing a Sportsbook Software Provider

The iGaming industry was valued at $63 billion in 2022 and is expected to grow at a compound annual growth rate of 11.7% between 2023 and 2030. The convenience, availability, and high usage of smartphones are responsible for this growth.

Because of this, many sports enthusiasts consider starting their own sports betting business to enjoy spoils from the iGaming industry. Every business owner is interested in partnering with the right company that can provide exactly what they need to make their sportsbook business a resounding success.

However, finding an iGaming software provider is becoming more challenging, thanks to the proliferation of the sports gaming industry. This has created a highly competitive market, and sportsbook software providers have become sought-after.

This development has also birthed a crop of nefarious or disreputable sportsbook software providers, making it even more difficult to find reputable ones today.

Fortunately, there are several factors you should consider before choosing a particular sportsbook software provider. These factors will make it easier to spot genuine sportsbook software service providers and get one that meets all your expectations.

The reputation of the company

No one wants to work with an unreliable firm. However, a sportsbook software provider with an excellent reputation is a pointer to how long the company has been in business. It is also a silent testament to how it has satisfied the numerous needs of its past clients.

Find out if negative comments have been printed about the company. Look into them carefully to ensure those comments are not just part of a smear campaign. A company in business for years must be doing something right somewhere, or people would have filed so many complaints that it would be forced to shut down.

Lastly, find out if this sportsbook software company can provide what you need for your sports betting business.

Reviews

In the business world, learning or knowing what other people think about a particular organization before you start working with them is crucial. Statistics show that 85% of customers trust online reviews as much as personal recommendations. In addition, 49% of customers require at least a 4-star rating before patronizing a business.

Therefore, before settling with a particular sportsbook software company, search on Google – or any other search engine you’re comfortable with –to see the company’s reviews. This is also an excellent way of checking out the reviews of other sportsbook software companies.

Reviews from past clients of the company are the best. You can even message these individuals to discuss their experience with the sportsbook software organization. You will learn a lot, but most importantly, you will know whether or not to do business with the sportsbook software organization.

Unique proposition

Since you plan to start a sportsbook business, you must have tried using a few to understand how they work. You may also have noticed that most sportsbooks offer similar functions and features for their esteemed clients.

However, a few sportsbooks have unique features, which may include a different user interface that makes navigating the platform seamless, easier, and faster payment options, etc.

These unique features can be incredibly beneficial since you want your own sportsbook platform to be unique. An iGaming technology provider with unique propositions can help get you what you want.

Licensing

Another crucial fact to check is whether the sportsbook software company is legally registered or licensed by the government. This assures you that the company offers all its products legally and will remain in business for the long haul.

Mobile capability – functionality and speed

The mobile revolution is transforming the behavior of consumers as well as their expectations. The online betting industry is not an exception. According to a report by Statista, there were 6.6 billion worldwide smartphone users in 2022. In addition, smartphone penetration is expected to reach 7.8 billion in 2028.

That is why it is crucial for sports betting software companies to cover traditional platforms and bettors who use mobile devices like smartphones and tablets. Furthermore, 2019 data from Insider Intelligence shows that the average US adult spends 2 hours, 55 minutes on a smartphone. And an average smartphone user in the US spends 3 hours, 10 minutes daily.

Therefore, find out if the company offers functional mobile apps over web interfaces since the former are more user-friendly in terms of speed, design, and functionality. You may own a flexible web platform that sufficiently supports different screen sizes. But in today’s mobile-dependent era, you cannot manage or do without functional and engaging mobile applications.

Multiple payment options

If you want your sportsbook business to be ranked among the best, one of such ways is by offering multiple payment options. A report by PR Newswire shows that small businesses that provide various payment options record a 30% increase in revenue. In addition, only 16% of small businesses provide more than three payment options—check, cash, and credit card.

Nearly everything is practically digitalized these days, and you need a sportsbook software provider capable of creating various payment options for your sports betting business. WorldPay Global Payment report reveals that 36% of worldwide online shoppers prefer eWallets, 23% prefer credit cards, and 12% prefer debit cards.

Therefore, check if the sportsbook software company partners with reputable financial companies accepting deposits, withdrawals, and transfers. Find out if these partners are equipped with cutting-edge technologies that ensure secure transactions and deter cybercriminals in every way.

Dedicated customer service and business-to-business support

Sportsbooks should offer 24/7 customer support and must be ready to answer every question or assist customers finding it challenging to use the platform. According to a report by Salesforce Research, 89% of customers will most likely make a repeat purchase after a positive customer experience. This shows the importance of reliable customer support.

In addition, excellent customer service engenders trust among punters, making them more comfortable trusting you with their wagers.

Find out how top-notch your chosen sportsbook software provider’s customer support is by contacting them. Their speed of response, quality of service, quick solutions to problems, etc., will give you a hint of their world-class service.

Conclusion

The sports betting industry is dynamic as it keeps growing at a never-seen-before rate. That is why you need a sportsbook software provider that satisfies the factors mentioned in this post and is willing to help you scale your business. This is the only way to ensure your sportsbook business thrives as the sports betting industry gets even more popular.

Did you learn something new? What’s your preferred payment option? And why? What factors would you prioritize when choosing an iGaming provider? Please share your thoughts in the comments.