Betting Shop Launch and Promotion 2021
The demand for the services of betting companies in the world is growing and competition in this area is increasing. According to Zion Market Research, the total betting market will reach $155.5 billion by 2024. How can you open your own betting business and make it successful?
Gambling is a highly profitable field of activity that attracts more and more entrepreneurs every year. This is especially true for the betting sector, which accounts for about 70% of the entire gambling market. It is quite possible to open your own bookmaker business, it is more difficult to promote and monetize it in a highly competitive environment. Even at the stage of founding a company, it is necessary to take into account many nuances that will affect future income and attractiveness to potential customers. Let’s have a look at some betting shop launch and promotion tips.
Creating a betting shop: preparation
Starting a betting company from scratch requires careful preparation: it begins long before the submitting of an application for registration and starts with a comprehensive study of the betting market. This will help to understand the specifics of the industry, analyze potential competitors, determine the target audience, as well as ways to attract it. Such information will form the basis of the company's business strategy, as well as help develop an effective marketing plan.
Betting shops can work online or as land based betting. At the same time, land based shops don’t interfere with the launch of an online portal in any way. This will require more effort and investment. It is advisable to start a business in one format and then expand the field of activity.
Betting shop launch procedure involving online and offline business is the same:
- creating a business plan;
- establishment of a project team;
- preparation and verification of documents for registration;
- submitting documents and registration of the company.
Obtaining a license that allows you to conduct bookmaking activities can be quite troublesome and costly. The required package of documents for registration and the cost of permission vary depending on the region. At the same time, return on investment is quite high: all the money and efforts invested are compensated within the next couple of years of operation (with the correct marketing strategy).
Betting activities start making profit from the first day of launch. Another advantage is that it is legalized in more countries than casinos. The creation of an online betting shop will allow you to count on a fairly wide audience and work with it absolutely legally.
Registration of a betting company: key stages
When the market has been studied, the format is determined, and the business plan is finally formed, it is necessary to take care of the preparation of documents. In order to arrange everything correctly, you need to have the support of professional lawyers that specialize in the registration of gambling companies. Betting shop launch consists of several basic steps.
Registration. The prepared package of documents must be carefully checked and then submitted to the appropriate authority responsible for licensing. In different countries, separate government committees and structures are responsible for this process. For example, in Greece, such regulatory body is the Gaming Control and Supervision Committee (EEEP). A standard package of documents in different countries includes copies of the certificates of the founders, the charter of the organization, certificates from various banks on the status of accounts and much more.
Obtaining a license. It is not possible to open a legal betting shop business in every country, and the rules for obtaining licenses for different formats of betting activities may differ. For example, in some countries it is impossible to register an online betting shop if the business owner does not have official land-based betting points. These rules do not apply to the Greek market. According to the new law, licenses for online betting will be issued separately from other types of online gambling.
Purchase or lease of premises. This point must be adhered to by those who register land based betting shops. The venue must comply with the norms adopted in the legislation of the country and be comfortable for future clients. It is important to correctly draw up documents confirming the ownership or lease, carry out renovating works and not forget about an attractive design in the style of your brand.
Website development and content filling. The owners of online betting shops will need an online resource – it acts as an analogue of a land based betting shop. It should have a catchy name, a reliable domain, a user-friendly and understandable interface, a mobile version. It is also necessary to ensure that as many payment systems as possible are integrated in the betting shop – this will help to significantly expand the audience and increase income.
Purchase of hardware or software. Both land based and online betting shops must have all the necessary equipment and software for stable operation. You can accept bets online using certain software that is purchased from reliable vendors such as SoftGamings, BetConstruct and many others. The popularity and reliability of the supplier determines how much users will trust the institution.
Land based betting shops must have an equipment, in particular, general PCs for staff and keeping records, as well as special equipment in the form of terminals. Offline companies can also use additional technical means such as televisions to broadcast sports matches.
Financial fund and project team. In addition to all of the above, betting shop must have a financial fund – its size is also established by law. It is necessary for the payment of large winnings and force majeure situations.
Employees are responsible for the smooth operation of the company, so the selection of personnel must be approached very carefully. These include managers, accountants, security guards, Internet security experts, and odds experts. It is also imperative to have the support of professionals in sports betting marketing and experts in other types of betting.
How to promote and monetize your betting business
Even before obtaining a license and launching a betting business, it is necessary to develop a marketing strategy that is designed to promote and popularize the brand. The optimal solution is to turn to specialists who will use market analysis and draw up an effective marketing plan. It must meet the needs of the audience, as well as meet the specifics of the market in which the company operates.
Outdoor advertising. This is a type of advertising represented by posters, advertisements, signs near the betting shops. Also, this type of advertising can be seen in the venues of various matches – this way you can attract a new audience to sports betting. Depending on the country, the rules for placing advertising displays may differ, in some countries they are completely prohibited or severely restricted.
SEO promotion. This method is important primarily for online betting shops, as it helps to raise the company's website in the search results. With the help of SEO optimization, you can attract more representatives of the target audience to the resource, which come because of certain search queries, key phrases, words.
SMM. This is an efficient method that helps to popularize a betting shop in the shortest possible time, since it is easy to find an active target audience on social networks. To promote a betting resource in social networks, specialized groups or communities are created, where attractive content related to its work is published.
Affiliate Marketing. One of the most effective ways to attract users to the website of a betting shop. The company's advertisements are displayed on targeted websites and attract the target audience. The partners of a bookmaker are interested in the result, since they receive payment for the attracted clients.
A betting company is a profitable business with high return on investment and is highly competitive in the industry. For the successful development of your own betting shop, it is necessary to study the legal framework of the region of interest, form a clear marketing strategy and pay attention to sports betting
Find out more about the prospects of the betting business at Greece Gambling Conference that will take place on October 13.