Is betting market really booming?

Betting Software Features and market trends

The volume of online sports betting market demonstrates no signs of slowing down. Users nowadays are looking for real-time excitement, therefore the market enlarges, being dominated by casino and sports betting platforms. We keep an eye on the market changes, that’s why we are capable of helping our clients to create software tools that match current users’ requirements in the best possible way.

Recent market researchers predict betting market to grow by 8.62% during the period 2018-2022. In 2017 the online betting market was equal to $ 45.8 billion and expected to reach $94.4 billion globally by 2024 with the most famous 888 Holdings, Paddy Power Betfair, Betfred Ltd. and Bet365 Group Ltd. industry vendors.

global esports market

One of the core drivers that pushes this business forward is digital revolution in sports industry. Due to the implementation of software platforms and applications etc. customers received an easy access to online sports betting. As a result, the geography of the potential clients has grown significantly, so let’s have a closer look at it.

Being one of the most developed regions, USA is likely to have a significant share in the global online gambling & betting market as the process of authorizing legal sports betting is expected. Europe also holds a considerable share in the global online gambling & betting market thanks to the legalization of online gambling and betting in some European countries. As for Asia Pacific, in a certain period of time the region will also demonstrate positive betting market trends. Currently, in China betting is permitted in Hong Kong. Hong Kong Jockey Club offers online betting for sports, racing on the basis of horse betting software.

As it was mentioned above, one of the main constraints of the industry is the legal issue. When starting a betting software development project, one has to take into account that the software development component is just one side of the medal. The other one is connected to receiving legal permissions, in other words – gambling licenses for on-line sports betting, which can be a rather time- and money-consuming challenge. Each country has its own legal particularities, and this also must be taken into account.

As you can see, the indicated above statistics proves, the betting market is currently developing promptly, which in its turn results in the rapid growth of betting software development and solutions market, offering many sports betting mobile applications and platforms of various types and sizes. Due to these facts, there are plenty of opportunities to leave a mark in its further development by investing into a modern and user-friendly mobile sports betting application or platform.

In addition to good market knowledge, it’s necessary to understand exactly which functionality a software product needs to include to meet the needs of users. Basing on our rich experience we can say that customers ask for a wide number of functions, nevertheless we have indicated some common features that any betting software product should have.

  • Payment integration system. The emergence of fast online payment has converted into a necessity from an additional option. This is especially true for betting applications. When it comes to money, you want a customer to have the most positive buying experience possible. Payment integration is needed to boast high-quality security standards and be flexible to meet the needs of any type of bettors.
  • Statistics from popular data providers. Scientific statistics evaluate players separately, their form, skill level or weather conditions. And these factors directly affect the outcome of the match: the final result, the number of hits warnings and so on. This is certainly important for determining the best bet, so statistical modules are a crucial option.
  • High update rate. Sport betting applications or websites should instantly update the data that the user works with so that to easily track the slightest changes in odds. Thus, the integration of the latest technologies is useful because they are great for creating a strong and reliable server infrastructure.
  • News feed. News allows users to stay up to date with the latest sporting events and make an informed decision without visiting any resources additionally. In case you need to improve user interaction, the most convenient way to do this is personalized news line which changes the interface in accordance with user’s goals and objectives.

Thus, gone are these days when people visited gambling clubs. Making bets has become easier anytime and anywhere with digital devices. Currently, 51% of online gamblers use a mobile phone or tablet to make a bet. Sports gambling applications have a perspective future, and if you want to know how to develop betting software solutions for your business in a successful way, turn to Code Inspiration expert team.

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