Quality vs Pricing: How to Compare
Are you researching the best sportsbook platforms?
The cost for a white label sportsbook platform can be costly, but it can also be very affordable. It will depend heavily on what service you end up selecting to work with.
You need to think about what you’ll reasonably need to start an online sportsbook.
List of What’s Needed to Start an Online Bookie
Here’s a quick list of the bare minimum you’ll need to run an online bookie:
- Software: You need powerful software to run a successful sportsbook.
- Website: On the front-end, you need a website that’s simple to use for your players.
- Betting Odds: You want sharp odds that are updated in real-time as the industry moves.
- Clerks: You need clerks to handle day-to-day support when your players need assistance.
- Payments: You need a way to collect and pay your players without leaving a paper trail.
With these features, you’ll be able to run a sportsbook. However, not all sportsbook platforms are built the same. While most will cover the first four features, some services don’t cover them well.
When you use a pay per head service to work with, they don’t handle the banking. This is preferable for the bookie, as you’re the only one dealing with the deposits and withdrawals.
The best payment options for a bookie is either cash (local) or cryptocurrencies (online).
Comparing quality vs. pricing is tough to do when choosing a sportsbook platform.
You may find a PPH service that’s offering a $5/head price with the above features. On the surface, this may seem like a great deal, but if the software is outdated and the betting lines aren’t sharp, you’re much better off paying a bit more to receive a higher quality product.
What is the Average Cost to Start a Bookie
You don’t need to develop your own software suite or lease a white label sportsbook for $10,000+ per month to succeed. You should be aiming to pay $10/head for a pay per head service.
The average cost you should be paying for a full-featured PPH service is $10 per player per week.
Typically, the fee is paid weekly to your PPH provider. You handle the rest of the cash with this type of set-up and the service provides the software, website and team to run a sportsbook.
There are no other upfront costs and often PPH services will have a free trial deal.
Eventually, you may want to invest some profits back into your business.
- Marketing: Your #1 job is to find active players that want to bet on sports. Once you contact your friends/family, you’re going to need to market your business to continue growing.
- Website Design: Using a turnkey sportsbook website design is fine initially, but once you’re making money, you should invest in a design that makes you stand out from the crowd.
You don’t need to invest thousands of dollars to become a bookie. When launching, you want to bootstrap the business as much as possible and focus on making money before spending a lot.