How Much Does a Sports Betting Software Cost – Table of Content
The sports betting industry has seen a lot of changes in the last couple of decades. We are not just talking about its increase in popularity. No, we are also talking about the technical side of being a sportsbook owner. Thus, in this bookie tutorial, we answer the question of, How Much Does a Sports Betting Software Cost?
20 years ago, the cost of a sports betting software would have been around $250,000. 10 years ago, the answer to that question would have been around $100,000. Today, the cost of a sports betting software is around $50,000 to $60,000.
True enough, the cost of building a sports betting software is much lower today. However, do not expect to get a successful and practical sportsbook for that price.
This is just the cost for the basic betting platform and is not enough to actually operate an online sportsbook. Therefore, do not let articles about the cost of sports betting software fool you into becoming a bookie. This is because the basic software just keeps track of wagers and money. It is essentially a sports betting database that could be done with an Excel spreadsheet.
Of course, an excel spreadsheet would not make for a very good phone App or website. Thus, an actual software is necessary. However, not all betting software are equals and the cost will vary depending on the options that come with it.
In order for a sports gambling software to be practical, it needs to have these minimum requirements:
Sports Betting Odds integration – Before you can take sports bets, you need sports betting odds. Unfortunately, with today’s technology there are no AI that can create the odds for you. Hence, bookies have to make their own odds or buy them from other companies.
There are several sports betting odds providers available but they all have different styles feeds. In addition, they also provide odds on different sports market and the cost will vary depending on which sport you choose to have available.
Therefore, you need a sports betting software that can integrate different types of feeds and a variety of sports market. Furthermore, you will also need a way to manage the betting odds. This is because the odds will have to be changed depending on which way the betting goes in your sportsbook.
Banking System/Wallet – The next essential requirement for any sports gambling software is a banking platform that can integrate various banking options. This means that no matter what
Player Management System – The last requirement is a way to manage your players from creating player accounts to setting limits and more. That in itself requires a lot of different parameters which need to be thought out very well. Needless to say, the data alone for these parameters is gold and no one will give it away for free.
*Keep in mind that the cost of the sports betting software is apart from odds provider and banking processor cost.
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Sports Betting Software Add-Ons
Today, the sports betting industry is very competitive and the modern bettor needs more than a simple betting software. They want the ability to bet on most sports and leagues around the league and have a live betting option. In addition, they do not just want traditional straight bets but also need pop bets and bonuses for their loyalty.
If you want to offer eSports betting to your betting market then that will also be an extra cost.
Adding a casino or a poker room is also a totally different issue. This is because you will need to integrate it with not just your sports betting platform. No, you will also need to integrate it with your banking and player management system.
If you want an affiliate or rewards program, that is another sports betting Software Add-on that will cost extra.
In short, all of these sports betting software add-on will not just make the cost of building a software higher. It will also increase the cost of operation as you will have to pay providers for these services.
With this in mind, the actual cost of a practical sports betting software is closer to $100,000.
Now that you know that building a sports betting software is a loaded question with many variables. Some of the biggest variables are the monthly fees to support the odds feed, live betting options and casino options.
This is why smart bookies and sportsbook operators forego the need to buy or build their own sports betting software. Instead, they use a Sportsbook Pay Per head provider which provides them everything they need to start a successful sportsbook. This includes:
- Easy to use player management system
- Set player limits and access
- Create and Edit your players
- Easily enable and disable player gambling options
- Daily, Weekly and Monthly Player figures
- Intuitive and reliable reports
- And much more
- Sports Betting
- Live Betting
- Player Prop Bet Builder
- horse racing
- Online Casino
- Live Dealer Casino
- Telephone and online Wagering