Interested in breaking into the online betting sector? A white label sportsbook could be your online betting business solution.
One of the top grossing sectors of the global iGaming industry, online betting is booming around the world. In Europe, betting on sports accounts for over 41% of total iGaming revenue. According to the UK Gambling Commission, in the UK alone, the Gross Gambling Yield for remote betting totaled £2.6 billion between the period of April 2020 to March 2021. If you want to enter this market, launching your own bookmaker site is something you might consider.
Don’t have the time, loads of capital, or know-how to build your business from scratch? A white label solution is the easiest, fastest and most cost-effective solution.
Why? A provider of a white label sports betting platform delivers to the customer (you) all the licenses, products, services and features that are needed for you to be able to operate a betting site, legally, securely and efficiently.
What is a White Label Sportsbook Platform and How Does it Work?
White labels are ready-to-go platforms that include everything you need in one package. They can be an excellent way to enter the online sportsbook betting industry, which has more than 200 million potential users worldwide and an estimated global yearly turnover of $400+ billion.
Starting an online bookmaker site from scratch is not only costly and time-consuming, it also takes a lot of knowledge and work. Beyond obtaining a license, payment processing, and sportsbook software (e.g. sports markets, events, odds, data feeds, etc.) there are other technical aspects that need to be considered, from programming and website design to ensuring a secure environment that includes customers support, analyzing data, CRM and other marketing components.
White label sportsbook software providers offer a package that includes all the essential betting software for bookies that is required for you to start your own brand and have it market ready in a short time.
What to Expect From a White Label Betting Software Package
The products and services offered by sportsbook software providers may be supplied in-house or via a third-party partner or both. Here’s a general idea of what is often included in a white label betting platform:
Sports & betting software
You can receive access to all the elements and features players expect to find in today’s iGaming platforms. Moreover, beign B2B platforms, the entrepreneur should have access to services and technologies that can be pivotal in such a competitive market. All this may include:
- Numerous sports – Sports from around the world as well as Virtuals and eSports
- Events – Including pre-match and live events
- Popular competitions and matches
- PMU (parimutuel) Betting – Also called “pool betting”, this system places together several bets of a particular type, allowing diversification
- Advanced betting tools (e.g. Edit Bet, Quick Bet, Maxbet, Bet Builder)
- Different Cash Out options (e.g. Partial, Full, Auto)
- Boosted Odds
- Odds feeds and trading services
- Different odds formats (e.g. European, US, Asian)
License and compliance
You are provided with fully compliant software and the license for gambling you need to legally operate and market your sportsbook to your target audience. In other words, you operate under the platform provider’s license.
Ready-to-use fiat sportsbook payment processing options is one of the perks of opting for white label online betting software. This can include:
- Popular payment methods – (e.g. credit/debit cards, prepaid cards, eWallets, bank transfers)
- Other types of payments (e.g mobile wallets and cryptocurrencies)
- Multiple currency options
Flexible front-end system
An easy-to-use, fast-performing and flexible betting interface is part of any good white label sportsbook solution. Online bettors need to be able to easily navigate the site or applications, and gain quick access to deposits, withdrawals, and promotions via their preferred device. A flexible front-end can include:
- Standard or customizable templates
- Quick integration
- Omni-channel offering – Customer can access site via desktop, laptop, mobile, tablet and native iOS and Android apps
- Multiple languages
- Web-based – No need for customers to download and install software
Strong back-office tools
It is important to view and manage the behind the scenes of your business. Back-end tools provided may include:
- Risk management tools
- Stable security
- Fix limits
- View players
- Real-time reports
- Anti-fraud prevention
- Management of events, markets, odds
- Detailed betting history and statistics
Customer support services for betting businesses can include both technical support for the entrepreneur and the customers of the brand-new platform. Features may include:
- Multiple communication channels (e.g. email, phone, live chat, online messaging)
- Multilingual – Support provided in different languages
- VIP support
Marketing & CRM
The best sports betting software delivers marketing systems tools to help you drive customers to your site. It also offers CRM (Customer Relationship Management) systems to help you get to know your customers better and build stronger relationships with them. CRM marketing is important for long-term customer retention. Examples of marketing and CRM features included may be:
- Advanced player segmentation
- Tracking player behaviour (e.g. average bet, average win, average loss)
- Bonuses (e.g. Freebets, Accumulator (Acca) bonus, Wagering Bonus, Profit Boost)
- Personalized marketing strategies
- Affiliate marketing program
White label is a fast and cost-effective solution.
White label sportsbook software providers, like those that Betcasinoscript, offer a package that includes all the essentials you require to start your own brand and have it market-ready in a short time.
How Much Does It Cost to Start?
The cost of a white label sportsbook can vary from one company to the next and may also depend on the package and what it includes. That said, generally speaking, the initial start-up cost can be a minimum of $20,000+ on the lower end and $55,000+ on the higher end.
This may sound like a high amount, but when you consider that it can cost hundreds of thousands of dollars to build and operate a sportsbook from scratch, a white label option is far less expensive.
That being said, remember that costs and fees for your white label betting business will be ongoing. It is always recommended that you contact the company that interests you directly to obtain an official quote for the solution that interests you and to find out about all pricing from start-up costs to annual fees. In addition to requesting a quote, many companies also provide the option to request a sportsbook software free demo.
*Note: The above price range has been provided as an example only. Prices may be higher or lower. As previously stated, always obtain an official quote from the company that interests you to determine how much capital you need.
White Label Sportsbook Platform Pros & Cons
There are both advantages and disadvantage of this type of solution. The most common are:
- License is included – You do not have to go through the complex and long process of obtaining a license.
- Low-cost start-up – The initial start-up costs of a white label are much cheaper than turnkey and API (self-service) solutions.
- Payment processing integration – Access to secure and trusted local and international payment methods.
- B2B and B2C support – Support for you and your customers.
- Risk management and anti-fraud tools – All security systems are built in.
- Fast to launch – A white label operation can be up and running in as little as a month.
- Limitations and restrictions – The supplier is responsible for selecting most of the details (e.g. software, payment systems, templates, marketing campaigns) for your brand. Limitations can involve licenses: iGaming businesses need to comply also with regional regulatory frameworks, so you need to know what are the included licenses to understand what markets you can target.
- Supplier takes a cut of the profits – You receive only a percentage of the revenue your brand makes. The rest goes to the supplier of the platform.
- You don’t own the platform – You do not independently own your sportsbook, you technically rent the operation from the supplier.
Is a White Label Sportsbook Right for You – Tips to Keep in Mind
Do you think a while label sports betting system software solution is the right match for you? Consider the following before you make any final decisions:
- Understand what you’re receiving – Find out what products and services are included. Do not assume that what you want will be available or that simply because the company offers a service that it is part of their white label offering.
- Know your limitations and your responsibilities – Remember that the supplier of the product is in charge of operation details, they provide everything and you have limited control over the customization of your brand and marketing.
- Consider all the costs – You not only have to pay a start up cost, but also other fees. Find out about pricing and how often you need to pay fees.
- Find out what your cut of the profits will be – Your business’ revenue is shared between you and the platform provider, and it is not an equal share. Expect the supplier to take a higher cut of the profits (e.g. 60%).
- Know your competition – Online sports betting is a multi-billion dollar-global industry. It is highly competitive. To keep up with the competition, find out who your top competitors are in your target market. You need to know what your up against if you want to build a smart marketing strategy.
- Choose a reputable company – Not all sportsbook agent sites are reliable or can be trusted. Take the time to research the companies that interest you and investigate their partners.
- Request a demo or quote – If a free demo or quote is available, always request it. This will provide you with a better idea of what to expect from the white label package being offered. Even if demos or quotes are not advertised on the company’s site, do not hesitate to contact their support for further information about the solution that interest you.
With this in mind, it is important to consider some pivotal data before starting your journey.
Table – White label sportsbook & Market data
When it all comes down to it, white label sports betting software is an ideal option for newcomers to the industry and those who want to launch a fast sportsbook at a low cost.
Although a white label solution is certainly not cheap, it does cost notably less than turnkey and API solutions. Additionally, there is no denying the convenience of having a supplier that is familiar with the industry provide all the products and services you need to run a digital bookmaker business.