Betting Shop Launch and Promotion: Tips for Beginners
According to Zion Market Research, 70% of the gambling market accounts for sports betting. Analysts predict that the betting market volume will grow, on average, by 8.83% year by year and reach $155.5 billion by 2024.
High revenues of betting providers and the sports betting popularity make this industry attractive for business operations. Therefore, a lot of entrepreneurs think of establishing their own betting company. The article reveals details about launching, promoting, and monetizing the betting business.
Setting up a betting shop: must-know aspects at the start
There are several ways to establish a betting company: to buy a franchise, to order the turnkey development of a betting platform, or to set up a business on your own. The first option does not allow you to develop your personal brand, while the second one is expensive. The third method is extremely labor-consuming, but it allows entrepreneurs to entirely control the business growth process and obtain a better income in the future.
Before establishing your own betting shop, you should thoroughly examine the betting market and its specific nature in order to discover the demands and preferences of the target audience, primary operational concepts of sportsbooks, and special features of this area. This information will help you to define the key goals of the company and to draw up an appropriate business plan.
Besides, it is crucial to determine the format of your activity. You can operate either offline (land-based betting shops) or online (online portals). The two formats can be combined if desired. Many companies accept both online and offline bets, including Parimatch, 1xBet, and Crystalbet.
Core stages of betting shop establishment
Preparing the business plan and selecting the format, you can start launching a new business. Let’s examine the main stages of betting shop establishment.
You should prepare a required documentation package and address a corresponding institution. Different government agencies register legal entities in each country. For example, the National Agency of Public Registry of Georgia is responsible for this process.
To run the legal business, you have to obtain a license for the betting activity organization. Take into account that some states ban betting and do not issue such documents. Certain countries have restrictions. For instance, Georgia does not provide individual permission for online betting companies. Only entrepreneurs holding the land-based betting pool license are allowed to carry out this business.
Leasing or purchase of premises
It means leasing or buying of premises where the betting shop will be based. It should be as comfortable for customers as possible.
Acquisition of software and necessary equipment
The betting activity requires special software offered by various companies, in particular, SoftGamings, BetConstruct, Slotegrator, and others. Note: the software should be high-quality and reliable.
You also need PCs, betting terminals, TV sets for broadcasting competitions, and other equipment.
Website development and content
To set up the online betting company, you have to create a website with high-quality design and a user-friendly interface, fill it with content, choose a domain, add payment systems, etc. You should have a mobile version of the portal as well. It will allow you to attract more clients.
Owners of land-based betting shops also can develop their own betting websites in order to expand their target audience.
Creation and filling of the financial fund
This budget is intended to pay money to bettors in case of force majeur.
Formation of staff
The team can consist of various specialists, including administrators, managers, security personnel, programmers, and economists. Pay special attention to the selection of experts who will be in charge of the odds development.
Betting shop promotion and monetization
To make the betting business grow and generate profit, you should allure customers and improve brand recognition. You need an advertising campaign for this purpose. When developing it, consider market features and target audience requests. Relevant methods and tools for betting company promotion are described below.
It implies banners, leaflets, and posters. Ads are placed on stationary constructions, billboards, outer sides of buildings, nearby or at the entry of betting shops. By the way, outdoor advertising can be used at sports competition locations (in stadiums, on hockey courts, etc.).
Do not forget that betting advertising is prohibited in a range of countries. Thus, such a promotion method cannot be implemented in all countries.
SEO is a set of measures for online resource optimization. They are aimed at improving portal positions in the search engine results. If this work is performed properly, users will easily find your betting website using key words and phrases.
Google and Yandex.Direct. They allow to show ads only to the audience interested in betting entertainments. However, these networks have limits on the promotion of companies accepting bets on various events. Violating the prescribed rules, you can be sanctioned by search systems.
To promote the betting business on social media, one creates separate accounts, groups, or communities on different platforms. Such pages publish news and specialized materials about betting company operations. The greater amount of users can be attracted by holding diverse contests.
It is one of the most fruitful ways to acquire online resource customers. Affiliate marketing helps to expand the betting audience, enhance brand awareness, and increase the company’s web presence.
To generate traffic in this manner, betting shops as advertisers create their own affiliate programs or join the affiliate network. Partners distribute promotional materials. They receive money rewards for driving betting shop traffic. Customers can pay for various user actions conducted on their websites: registration, replenishment of the account, the first bet, and so on.
You can find out more about affiliate marketing as a method for generating gambling platform traffic in this article >>>
You should constantly develop your business in order to obtain greater profits and remain competitive. For example, you can add more payment terminals in land-based betting shops. It will allow to avoid queues and to create more pleasant conditions for clients. A virtual betting resource as part of business scaling can vary money lines and extend the number of provided services.
Details about gambling business operations in Georgia will be discussed at Georgia iGaming Affiliate Conference on October 18.