In 2019, the global online lottery market was valued at around USD 7.5 Billion, which is forecasted to reach USD 12 Billion by 2026, growing at a CAGR of 8% between the forecast period 2021-2028.
This clearly indicates that the online lottery has turned into a huge market and will continue to grow in upcoming years. And this increasing popularity of the online lottery has been offering excellent opportunities to entrepreneurs and businesses looking to invest in digital businesses. Starting an online lottery business can prove to be a highly lucrative decision if executed properly and intelligently.
However, one of the major challenges in your journey is to find a reliable lottery software provider. You have to come up with a powerful, unique, and highly engaging online lottery platform that can outperform the competition and help you acquire a good deal of customers. Therefore, it is important for you to collaborate with one of the best online lottery software providers. We want to make this easier for you. We have created a list of effective tips that will help you find the right software partner for your lottery business.
Research is the Key
Of course, research plays a key role when starting any online business. Likewise, thorough research will be a crucial step in your search journey. Research for the best lottery software providers and select all the potential fits for your project. Besides Google, you can use other platforms like GoodFirms, Clutch. co, etc. to find more options. You can also perform competitor research and find out their software partners.
Checklist for Choosing the Best Lottery Software Provider
Once you have done the research and created a list of best options, consider checking below important aspects for every software provider in your list. Here is a list of the crucial factors you must look out for in a lottery software provider.
The number of years the provider spends in the industry decides its credibility and stability. Therefore, you check how many years of industry experience the company has in the iGaming or online lottery software industry. The more experience the more reliable the provider will be. Confirm that the provider you choose has adequate experience in developing and delivering quality online lottery software.
Engaging Lottery Games
Gaming content is the most important aspect of an online lottery platform deciding the success of your business. The company must be integrating an exciting range of lottery games into the platform, such as Bingo, Keno, Lotto, Mega Millions, and more, from the renowned providers. Having engaging lottery games helps you attract a good deal of players and ensure a higher engagement rate.
Secure Payment Gateways
Payment gateways have an important role in increasing the user retention rate and avoiding a high abandonment rate. The platform must have secure and easy-to-use payment gateways that enable players to do seamless yet safe transactions. You have to confirm that the provider integrates the most reliable payment gateways into the lottery platform. Also, the provider should offer you the freedom to select and add payment gateways as per your requirements and choice.
Broad Range of Features
Having a broad range of useful and interesting features is essential in order to engage players and entice them to use your platform frequently. You have to ensure you get a feature-pact online lottery software solutions that include the below features:
- Multiple Payment Modes
- Random Number Generator
- Performance Monitoring Tools
- Refer And Earn Program
- Player Management Tools
- Gameplay Stats
- Multiple Lottery Ticket Formats
- Real-time Notifications
- Agent Management Systems
- Multiple Lottery Pools/Contests
- Multilingual Support
- Attractive yet Intuitive UI
Investing in online lottery software is a big decision. You must make the most out of this investment by asking for customization. Make sure that the software provider offers an on-demand customization facility and helps you customize the software as per your business goals and needs. You must be able to customize various aspects including the interface, API, features, and more.
Your online lottery platform should be able to handle the growing user base and business operations seamlessly and support your growing business. This requires you to ensure the scalability of the platform. The provider should be able to offer highly scalable online lottery software.
Good Support and Maintenance Policy
Having seamless back-end support makes a huge difference, especially when you are not from a technical background or have less coding knowledge. Thus, ensure that the company has an excellent support and maintenance policy. Their professionals should be available round-the-clock to solve your software-related issues promptly.
A powerful marketing campaign can help you reach the target audience, build a strong presence for your lottery business, and generate excellent ROI. If you don’t want to build and manage a dedicated marketing team, then consider choosing a software provider who can also assist you with the marketing part. Many lottery software development companies also help clients to plan effective marketing strategies and implement the same.
If you don’t have adequate time to invest in a lengthy licensing process, then a ready-made or white-label software solution will be your best bet. In this case, you have to find the provider offering ready-to-launch software along with a license.
Genuine and Positive Reviews
Apart from experience, reviews can be a crucial element in choosing reliable software. Go through the reviews of the provider on various platforms including Google, Clutch.com, GoodFirms, etc. This will give a clearer idea of the quality of service and the credibility of the provider.
Have a Thorough Discussion
Before finalizing the provider, you must have a thorough discussion. You have to ask out several important questions and get all your donuts cleared. Here are a few important questions you need to ask during the discussion:
- What technology stack do you use for lottery software development?
- Will you provide me with regular project updates?
- What is your turnaround time?
- Do you sign an NDA?
- Will I own the source code of the lottery software?
Choose Quality Over the Cost
Many entrepreneurs make the mistake of choosing a low-cost platform without confirming the quality. This can lead to a waste of all the money and time investment and eventually business failure. You must save yourself from this by choosing quality over the cost. Compare the cost and quality of the platform of various providers to get an affordable yet effective deal.
How Betfoc can Help you get Top-grade Online Lottery Software?
With the above tips and steps, you can definitely select a perfect lottery software provider while saving much of your precious time and effort. Betfoc is one of the leading iGaming software development companies having years of experience in delivering a range of software solutions including online lottery software development. By choosing Betfoc, you can make a smart move. We will not only provide you with a feature-rich and innovative lottery platform but also assist you to attain your particular business goals.