The online gambling market worldwide is growing at a great pace and also producing plenty of business opportunities. It is expected to grow by 92.9 billion USD by 2023. So, if you are planning to start your business in this niche, you are absolutely on the right track. And cricket betting software is one of the best investment ideas you can consider. Undoubtedly, cricket is one of the most popular sports globally, with around 2.5 billion fans. With the advent of online gambling platforms, the majority of these fans have been inclined to bet on cricket events.
This means developing and launching a cricket betting software will prove to be lucrative for you in many aspects. It will give you a huge user base and excellent returns on investment. But, this will necessitate you to build the most innovative and engaging platform that users will find worth their time, money, and attention. In this blog post, we have covered all the crucial aspects of developing a successful betting software that can yield amazing outcomes for your business.
Impressive Stats About Cricket Betting Market
Let us first have a glance at a few interesting statistics and facts about the cricket betting market to make you more confident about your decision.
- Experts have predicted that the cricket betting market in India may grow as high as 143 billion rupees or approx. 2 billion dollars by 2022.
- There are over 140 million people in India who place bets regularly amongst which 80% are on cricket matches. The number may increase as high as 370 million people between major leagues like the IPL.
- The legal cricket betting industry is valued at $150 billion every year.
- In 2020, the worldwide sports betting market was valued at USD 66.98 billion, with cricket sports having a massive contribution to it.
What makes Cricket Betting Popular?
As mentioned previously, cricket is amongst the most popular sports, which eventually means it is also one of the most preferred sports for betting. Besides this, there are several other reasons for the immense popularity of cricket gambling.
Excellent Money Making Opportunity
Bettors make a good deal of profit from betting on cricket matches and events. According to a survey report by International Centre for Sports Security, gamblers can earn up to $1 billion as combined revenue worldwide from only 5 ODI series.
The easy mechanism of cricket betting is another reason for its popularity. The cricket matches are continuous. Both professional gamblers and bettors with less cricket knowledge can leverage this fact and earn excellent money in maximum matches. Newbies can practice betting on cricket online and implement them in winning bids. Even if they face a loss in one attempt they can cover it in another game.
Easy to Learn Odds
Even if it’s the first attempt of someone at betting, he/she can easily understand the cricket betting odds. All they need is a knowledge of what the odds indicate and an understanding of their value on a particular betting platform.
Number of Cricket Events Every Year
Just like football and other sports, cricket has plenty of events associated with it. These can be local leagues or worldwide competitions. Therefore, cricket betting enthusiasts don’t miss a game to bet on daily.
Developing a Cricket Betting Software
Till now you must have got enough know-how about the cricket market arena and its growing popularity. Now, it is high time to kick-start your own cricket betting business with a dedicated and powerful cricket betting platform. Of course, for this, you will require assistance from experts in the cricket betting software development area. But, before that here is some important information that will help you come up with a high-performing cricket betting software and get success with your entire investment.
Key Features of Cricket Betting Software
Check out some key features you must ask the development partner or software provider when developing or acquiring cricket betting software. All the below features will help you drive an excellent engagement and retention rate for your cricket betting software.
User Panel Features
- User Login/Sign-up
- Multiple Language Support
- Calendar and Scheduling
- Refer and Earn Program
- Multiple Currency Support
- Multiple Leagues and Tournaments
- Multiple Bet Types
- Live and Pre-match Odds
- Multiple Payment Methods
- Social Media Sharing
- Live Betting Option
- Live Streaming
- Live Scores
- Betting Tips
Admin Panel Features
- Log In/Sign-up
- User Management
- Transaction Management
- Send Push Notifications
- Risk Management
- Analytics and Statistics
- Revenue Tracking
Tips for Developing a Robust and Engaging Cricket Betting Software
Here are some of the best tips from our cricket betting software experts that will help you develop the best and outcome-driven cricket betting platform.
Research the Cricket Betting Market In-depth
Researching is the most important step when developing a vast platform like cricket betting. You must study the cricket betting market in depth to find out curial information that can lead to great outcomes for your cricket betting software project. Make sure you get answers to some key questions, like:
What are emerging gambling technology trends?
Who is your target audience?
What will be your target geography?
Who are your competitors?
What are the user acquisition and marketing strategies of competitors?
This research data will provide you with innovative ideas and tactics to build the most advanced cricket betting software that can beat the competition and outperform.
Design Engaging and Intuitive Interface
User interface design can have a significant contribution to the success of your cricket betting platform. An attractive and effective interface design can easily grasp users’ attention and encourage them to kick-start their betting game. However, you must also focus on the usability aspect. Make sure you design an interface that is easy to use by every user be it a newbie or professional player. The interface should offer efficient and easy ways to the users to accomplish their betting goals. To create such a perfect interface consider using intuitive yet creative design elements. Also, you have to choose the color palette wisely as it will be impacting your interface design significantly.
Write a Scalable Code
Make sure your developers use the best frameworks and tools and write scalable code for the cricket betting software. A scalable platform will efficiently support your growing user-base and business operations. You can easily add functionality and features to the software as per your growing business demands. This eventually helps you run the business smoothly and attain your crucial goals.
Emphasize Through Testing
You don’t want users’ first experience on your cricket betting software to be frustrating or deficient. Therefore, it is important to provide end-users with completely flawless and smooth performing software. They should be able to perform betting activities and access every feature without any difficulty. And this requires you to test the software rigorously before you launch. Use both manual and automated testing approaches to ensure your software is bug-free. You have to test your cricket betting software for every aspect, including usability, appearance, acceptance, integration, security, and others.
How much does it cost to Build a Cricket Betting Software?
The location of the developers and the complexity of the requirements are the two major factors affecting the cost of developing cricket betting software. The cost can only be decided depending on your specific requirements and choices. Therefore, it might be challenging to mention an exact cost. However, you can assume the cost to be above $30,000. This cost will increase as per your requirements and preference related to the software.
Develop a Feature-pact Cricket Betting Software with Betfoc
Finding the right development partner will be very important in order to build high-quality cricket betting software. Betfoc is one of the experienced sports betting software development companies you can trust for your cricket betting software project. We have hands-on experience in providing scalable and industry-leading cricket betting software development solutions in line with the different requirements of clients.