Introduction to Crypto Sports Betting
Sports betting is a lucrative industry that is more enhanced after integrating cryptocurrencies in sports betting. The betting sector is a multi-billion industry and many factors like its compatibility with any desktop and mobile devices, crypto deposits, etc are contributing to the continuous growth of the industry. Therefore, to capture this ever-growing industry, software developers are keen to invest a lot of funds and efforts to create a crypto-powered sports betting platform that will attract millions of visitors worldwide and generate huge revenue.
Things to keep in mind before creating a crypto sports betting platform
Certain important considerations that deserve full attention from the developers are listed below:
- Developers should first choose their niche that would help them to streamline the list of sports that they want to integrate into their software.
- Developers should obtain a valid license from relevant authorities in the jurisdiction where they intend to operate.
- Developers should select an appropriate payment provider for their platform that provides a secure and quick transfer of funds and charge reasonable fees.
- Developers should employ a dedicated server that ensures stable performance.
Benefits of Using Crypto-based Sports Betting Software
A crypto sports betting software offers the following benefits:
Crypto-based platforms run on blockchain technology which contributes to the faster processing of transactions. Using a crypto integrated sports betting software thus speeds up the payment process by confirming them almost instantaneously which in turn helps in attracting more visitors.
Lower transaction costs
Developers of crypto-enabled sports betting software can set their transaction costs based on the affordability of its customers. If the developers find that the audience cannot afford much transaction fees, the developers set the fees as low as possible to attract more visitors. By lowering the fees, the developers also do not lose much because using cryptocurrencies already eliminates the overhead costs that keep the transaction fees low. Moreover, the absence of any third-party interference makes the payment process much hassle-free.
A sports betting software that uses cryptocurrencies offers top-notch security to players.
A crypto-enabled betting software does not require any KYC formalities from players thus allowing them to gamble anonymously.
A crypto-based sports betting software has greater accessibility, it can be either downloaded to a desktop or can also be accessed via mobile apps thus making the betting experience more comfortable for players.
Crypto-based Sports Betting Software Development Process
The development process of crypto enabled betting software involves the following development process:
Understanding clients’ needs
Before proceeding to create a betting software, the developers should discuss with the clients how they want the software to be, what features they want to integrate with the software, etc. These things would help the developers to get the line of their work and design the software accordingly.
Developing an efficient customer support team
A crypto betting software should always be backed by efficient customer support that involves experts who can resolve clients’ issues as and when they arrive, provides technical support to clients, and also give them regular updates about the betting market.
A crypto-based sports betting software goes live only after beta testing is done by the developers. Beta Testing is the most crucial step in the development process of any betting software. This development phase ensures that the proposed design has the potential to meet the client’s business goals. Beta testing also minimizes the occurrence of errors. If developers find any issues while testing the software in the beta phase of its release, they can resolve them immediately before launching it.
After completing the Beta testing phase, the crypto-enabled sports betting software is ready for deployment. Clients’ feedback is taken immediately at the time of deployment just before the software goes live.
Developing a crypto-enabled sports betting platform needs a huge investment but it is also true that if the platform is innovative, cost-effective, and user friendly, it will start paying off the developers quite well just after a few years of its establishment. The development cost of crypto-enabled sports betting software is somewhere around $100,000-$140,000, but it depends on other factors like the complexity of the platform, services offered, and seniority of the developers.
The main objective to create crypto-enabled sports betting software is to attract more visitors to the platform. Therefore, the developers keep no stone unturned to improve the software in every possible way; they lower the transaction fees as much as possible to make the users comfortable in playing with crypto coins, allow users to make multiple transactions, etc, all with the help of the innovative blockchain technology around which the entire crypto world revolves.