The betting industry is rising today, though it hit the best times in its history before the coronavirus pandemic. A fall in 2020 was related to financial instability and general uncertainty during the lockdowns. But life seems to have returned to normal, and people have started to demonstrate an increased interest in retail sportsbook and mobile sports betting, and the size of betting markets is climbing back to pre-pandemic levels.
In 2023, the global sports betting and lottery market size is forecasted to reach $242 billion. According to Statista, there are more than 24K businesses in the sports betting industry worldwide.
The popularity of the platforms and apps that allow users to place bets on differing teams, athletes, and matches has led to increased demand for sports betting software development services. In this article, we’ll discuss the various types of such solutions and highlight the key points to be aware of if you want to create your own sports betting application with unique features.
Types of sports bets
Betting solutions can be categorized based on various parameters. One popular approach is to group applications by sport. For example, there are football betting app development projects, solutions for auto or horse racing, etc.
But there is also a variety of betting mechanics to consider.
- Moneyline. This rather simple mechanism involves users placing a bet on a winner and getting a reward. How much money will be received depends on how many other people made the same bet. If a favorite wins, the reward will be lower than in cases when victory goes to an underdog.
- Accumulator bets (parlays). In this case, users make multiple bets on one wager. The more bets are added, the higher profits can be. However, if at least one bet in the set loses, a user won’t get any rewards at all.
- Teaser betting. This is a type of accumulator bet. This mechanism lets users change the point spread for a game and combine bets on several games.
- Prop bets. This type is popular among people who have little knowledge about sports and teams in general. For many users, betting this way is simply entertainment. For example, users can bet on which team will score first or win the coin toss.
Top features of sports betting software
If you have an idea for a sports betting app development project, one of the most important things to think about in the planning stage is the functionality of your future app. A lot of companies have developed sports betting apps. Everyone wants to make their solution stand out in a crowded market, so there’s a long list of features typical for many apps of this kind. Below is a list of features that help to ensure the functioning of sports betting software and make the betting process convenient and clear for users.
- User account. This is an essential part of any betting app. To get access to various betting options, users need their own accounts. As a rule, to sign up, users need to provide some personal details and confirm their age. You need to make sure that the process of registration won’t be complicated and that everything will be intuitively clear.
- Betting functionality. This feature will be the core of your solution. Here, users should be able to see the schedule of matches, games, and events, pick different betting options, as well as get access to simple tools that will allow them to place bets just in a few clicks.
- Payment system. Sports betting software involves making financial transactions. At first, people need to wager some amount; if the bet is successful, they will get profits. We recommend paying special attention to the security of the payment system you choose, because even the smallest vulnerability can result in serious financial losses for users and significant reputational damage for your business. It’s a good idea to add various payment options, such as bank transfers, payments with debit and credit cards, and payments via services such as Google Pay or Paypal. There is also a trend to add cryptocurrencies to the range of payment methods, as this type of asset is gaining popularity.
- Betting guides. Though this feature is not obligatory, it can be of great use for those making the first steps in betting and who want to learn more about it. Various educational articles, short videos, and quizzes will let people better understand how betting markets work.
- User support. Excellent customer service is a must if you want to achieve success in the betting business. Users should feel that you take care of them and your team can provide them with the required assistance. You can organize your interaction with clients via online chat, email, or phone calls. You can also enrich your sports betting mobile app with an AI-powered chatbot for providing support service 24/7.
- Social features. For enhancing user experience, we advise you to consider the possibility of expanding your app with some tools like online chats and groups where users can exchange their opinions, share impressions, and simply discuss the results of matches or their personal forecasts for the next game.
- Live streaming. The integration of a video streaming service will let users watch real-time events directly on your application.
- Special offers and promotions. To make your mobile sports betting app look attractive for both new and existing users, you can introduce various loyalty programs, deposit bonuses, and free bets.
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How to develop sports betting apps: Key steps
As when building any other app, a sports betting app development project will include several stages.
First of all, you need a well-rounded general understanding of the solution you want to build. You’ll need to create the concept of your future betting app.
We highly recommend studying current apps available in the betting industry, considering their strengths and weaknesses, and thinking about features that will help make your app unique.
Study the laws that regulate betting markets in the region of your target audience. Make sure that using your app will be fully legal there.
Software development partner
If you do not have in-house developers, you’ll need to establish cooperation with a company that has expertise in building software products for the sports industry, including fantasy sports apps, apps for sports clubs, and others.
Together with the sports betting app development team, you’ll need to discuss the concept of your project, the functionality of your app, and the required tech stack. Based on this information, the team will be able to create a roadmap with realistic deadlines.
Design, development, testing
This step includes the work of many tech specialists who will be building and testing different features of your app and creating user interfaces that will ensure convenient interaction with your solution.
Launch and support
When everything is ready, you can make your app available to the target audience by publishing it on marketplaces. After the launch, it is necessary to track the performance of your app, fix any detected issues, and analyze what users think about the solutions. Based on their opinions, you can make valuable changes that will have a positive impact on user satisfaction.
Challenges of sports betting app development
Any software development process is accompanied by a set of potential difficulties your team may face. Below is a list of aspects to pay attention to if you plan to launch a mobile sports betting app.
The key drawbacks of building solutions for the betting industry relate to the necessity to make your business fully legal and compliant in those jurisdictions where you want to work. We recommend you carefully study all the rules and laws in the chosen regions, as they may differ seriously. If you look at the following map of the US, you will see that the legal landscape is quite complex within the country.
It can be very challenging to obtain a gambling license in the Asian region, as countries have varying legislation. In most European Union countries, betting is legalized, but there are some special laws in some of them that will require additional effort from your side.
Publishing apps on marketplaces
Both App Store and Google Play have rather strict rules for sports betting apps. To make sure that your app will be published, you need to follow the provided guidelines at all stages of development. Only those apps associated with licensed companies can become available to users. Moreover, apps should be powered with a geo-fence mechanism that will guarantee that users based in regions where betting is prohibited won’t get access to their functionality.
Our experience in building sports apps
To make sure your app will succeed, you need to have a reliable sports betting app development team by your side. At Cogniteq, we have no restrictions related to the business domains we can work with. However, there are some industries where we have the strongest expertise, and one of them is the sports industry. We have already built a series of fitness and sports solutions that allowed us to gain rich experience and deep knowledge of this specific market.
One example we can mention is the official Chelsea FC Hospitality app. The target audience for this application includes fans who like to watch games at Stamford Bridge.
This solution is enriched with numerous features that help users plan and organize their visits to the stadium. For example, via the app, football fans can get access to special offers, travel tips for getting to Stamford Bridge, lists of matches, a photo gallery, club news, player profiles, and a hospitality guide. After the app was successfully launched, it attracted the attention of thousands of users.
Another solution was built for a league of German football clubs. The application is intended for internal use and has functionality for coordinating the actions of the clubs’ PR managers.
Our task was to develop two native apps for Android and iOS devices. Each contains lists of the members and partners of the league, contact details of PR managers, and a schedule of matches. The app is already being used by the clubs, and our team continues to introduce regular app updates and optimize its functionality.
Instead of a final word
Today we can say the betting industry is in the stage of active growth and expansion, which can explain the increasing demand for sports betting app development services. Though there are already a lot of sports betting platforms out there, there is still a good chance for newcomers to win market share by offering a unique solution.
That's why, if you’re considering launching such a solution, we recommend you focus on aspects such as the reliability of your app, security of transactions, and user experiences.
At Cogniteq, we are always ready to provide our professional assistance at any step of the software development project. You can rely on us for full-cycle development or turn to us for help with specific services related to creating your sports betting application. To discuss your idea with us or to get more information about our potential cooperation, please leave your inquiry on our website and our experts will contact you as soon as possible.
How to create a sports betting app?
The sports betting app development process should include not only some standard stages like planning, design, coding, and testing, but also a careful study of all the existing regulations in the chosen jurisdiction and obtaining a gambling license.
How does a sports betting app work?
A sports betting application lets users place bets on various sports events, matches, and games. While interacting with the app, users can choose players and teams, as well as the amount of money they are ready to wager.