Betting is different from lottery. It goes with higher risk for operators and requires additional features like risk management, limits, feed providers and coefficients. At the same time, it is usually more thrilling for players than lottery. However, there are lotteries like pool betting that are in between classic sport betting and classic lottery. The key difference is that in lottery players compete against other players, but in betting gambling operator compete against each player individually. As a rule, operators provide both betting and lottery services at the same time.
Betting is a regulated business almost in every county of the world. We strongly recommend you to get a license first, before you start your business. There are several levels of licenses depending on the country and state. Review the licensing requirements of the jurisdiction in which your company will operate.
Based on your audience and your players preferences you have to choose a sales model. Making bets online is the fastest and the most scalable way to start your business. However, there are reasons why this is not the best solution: high competition in the online market, poor internet infrastructure in a country or the predominant use of cash rather than e-money. A land-based betting shop will be the good option as it provides not only the services but also the infrastructure (cashiers, equipment, internet, etc.). A land-based facility can work not only with cash, cashiers and printed tickets. You can create your unique solution which will be something in the middle of classic online and classic retail methods. You must consult with experts and work together to develop a business approach that will set you apart from your competitors. Contact us for a free consultation.
Online solution requires more investment in software rather than hardware. Payment infrastructure (with fee per payment) integration is required in addition to betting software. Retail cash-based system is more attractive by this parameter. However, retail requires office space, desktop computers, printers, monitors and scanners. In some cases, betting terminals and POS terminals are required. Moreover, you need people to work with your equipment. Fortunately, the equipment is relatively cheap. The most expensive part is software. You have to find a reliable software provider which can be your partner and will adopt his software to your market need. Our company can be your partner in gambling business.
Depending on the sales model chosen, all costs must be considered: rent, salaries, utilities, software, equipment, legal and license fees, and taxes. The next step will be to create a financial roadmap. It will help you to understand how much do you need to start business and sustain its growth. Once you have determined the amount of funding required you are free to choose an investor or bank for the loan