iGaming software is a term on the mind of most business-oriented eSports fans these days. Here’s how to choose the best platform for your endeavor.
Entering any market and being successful in the long run is an impossible obstacle for countless entrepreneurs. The iGaming industry is the perfect example of a sector that offers numerous opportunities despite its competitiveness. If you’re looking to enter this industry, keep in mind your quest should start by choosing the best iGaming software platform.
Why is the iGaming sector an attractive opportunity? In 2019, the value of the global online gambling market stood at US $53.7 billion. Projections indicate that, between 2020 and 2027, the market’s value will skyrocket at a CAGR of 9.3%. A significant part of this growth will likely belong to sprouting online casinos and sports betting operators. These businesses rely on numerous aspects to ensure success, but a stable and scalable platform is the foundation. Here’s everything you should know about choosing the right one.
While a robust platform is vital, a reliable sports betting/casino product is just as crucial. If you have these two requirements, you fulfill the minimum conditions for success in this industry in the long run. Here are some more factors you should keep in mind:
- Overall business strategy
- Selecting the right software
- Top-notch content
Tactically speaking, having an end goal is a critical factor and a quintessential requirement. You need to consider your competitive advantages, your future market positioning, security, and the various ways you’ll use to compete.
When thinking about these questions, it helps to break them down into less comprehensive plans. For example, you can start by examining your fundamental requirements. Think about whether you want a license, do you want to outsource any of your operations, how quickly you’d like to get to the market. Considering these questions can give you a clearer picture of the step-by-step process. After you grasp the big picture, you can move on to observing iGaming software examples.
Starting your search by focusing on reliable and trusted iGaming solutions providers is common sense. Your main criteria should include observing whether the platform boasts sufficient industry knowledge to help your business thrive. Additionally, you’ll also want to watch the management’s experience and quality to get an idea of how established the provider is.
Taking a look at how long a platform has been in business is usually an excellent indicator of quality. Simultaneously, if a provider boasts several clients and an overall good reputation, they’re probably safe to work with. If you also throw the leading payment providers key for your target market into the equation, you’ll have a potent mix on your hands.
You should also note whether the iGaming software is customizable and to which degree. The reason for observing this aspect is because you’ll need to differentiate the customer journey from your brand to become competitive. When looking at the differentiation potential, you should also check the supplier’s unique features and offers to help you stand out.
Like we previously mentioned, a quality product is the centerpiece that uses all other business tools to shine. In the world of online gambling and sports betting, “content” includes the quality and range of your online gambling and sports betting services. Therefore, ensuring your product results in customer satisfaction is crucial to your long-term success.
Your goal here should be to find flexible betting solutions. In other words, you should aim to provide multiple sports betting and casino gaming options and features that allow customizing how you present to punters. For instance, if your goal is offering eSports betting variety to players, consider offering betting opportunities on different games. Overwatch is a popular game and a professional eSports category; this game’s popularity and its battle with competitors have been in the spotlight for a while.
Don’t stop there – consider whether the iGaming software you’re exploring includes other casino products. Think about the number of available slot games, the number and quality of included game developers, the minimum you must include to stay competitive, etc.
As you continue learning about the market, your business needs, ambitions, and requirements will grow. When selecting the right platform, keep in mind that your chosen provider should be future-proof. Your priorities list should also include the ability to integrate different changes and market needs speedily.
As you move forward and your business continues developing, the last thing you need is having to switch platforms. If your current platform cannot adequately support the growth of your organization, you’ll face disruptive and costly changes. Time is money in this industry, and the best way to ensure you have plenty of both is to choose a platform focusing on scalability, stability, and flexibility all in one.
Thinking long-term is crucial in this step because you will lose profitability if the platform you’re using becomes uncompetitive. One method for addressing this concern is to consider a modular solution in the form of API-based platforms.
Most individuals neglect to note the importance of supporting services and tools when choosing a platform. You shouldn’t make the same mistake. Research the iGaming software and check whether it offers marketing support, whether it offers training, if it comes with an integrated CRM system, etc. When it comes to promotional materials and a bonus engine, these services represent a significant benefit.
Legal support and licensing are equally critical factors. Consider whether you’d like to leverage the software provider’s license or if they’ll help you become licensed independently. Take note of the platform’s risk management tools and their overall effectiveness.
Furthermore, don’t forget to note the importance of betting solution responsibility. This compliance requirement is standard throughout the industry, and responsible gaming, in general, is becoming crucial across different markets. Consequently, your chosen software should ensure you are providing maximum player protection in the long run.
Lastly, the iGaming software should also provide insight into how players use your site. Data such as favorite sports, preferred games, typical payment methods, and the type of content they view are crucial. Developing your site and content in the future will require using such information to ensure top-quality mobile and website experience.