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Betting exchange is a marketplace where bettors can directly place wagers against one another rather than placing bets against a bookmaker. Betting exchange software solutions cover a myriad of features and tools that offer punters splendid and exciting wagering experience. Traditional betting involves serious skills to place bets using the odds set by the punters whereas betting exchange platforms enable bettors to set their own odds and place bets accordingly.
Betting exchange has gained a lot of traction in recent years. And thanks to the COVID pandemic, the betting exchange has only witnessed new heights. Needless to point out, several business owners are after the piece of hot cake.
So, how do you build a successful betting exchange software solution? In this blog, we are going to discuss the same in depth.
But before we begin, let us understand what betting exchange is.
What is a Betting Exchange Software?
A betting exchange software is similar to that of sports betting software and provides a lot more unique opportunities with a pari-mutuel trading experience. With attractive bet types, betting exchange software allows users to place their desired bets and entice admins to earn the commission. Betting exchange software is a secure social sports betting website with almost no operational risk.
How does the betting exchange work?
Well, there is a persistent confusion that remains among the novice players. Confusion between matched betting and betting exchange. Bookmakers allow customers to place wagers on the outcome of an event and then they lay the bet themselves, while in betting exchange, gamblers are given equal opportunity to both backs and lay the odds themselves so that users have a win-win situation for both back and lay odds. Peer to peer betting allows punters to bet against other punters instead of bookies who themselves choose the price and close down.
But betting-exchange comes with its own set of pros and cons. Below are some pros and cons of peer-to-peer betting exchange:
Pros:
- Low fees: Betting exchange has low fees as there are no sportsbooks involved. Exchanges are budget-friendly and user-friendly.
- Two-way Bet: Users can place a bet for both positive and negative outcomes.
- NO Server Restrictions: Punters can’t be banned or operators can’t limit them.
Cons:
- Don’t get matched for smaller sports: For common sports, gamblers can easily find other bets but for smaller sports, it becomes quite difficult to find matched bets.
- Lack of Bonuses: Unlike traditional betting, gamblers don’t get many options for promotions and bonuses.
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What are the Necessary Features in a Betting Exchange Software
Here are some necessary features that must be present in any betting exchange software:
Back & Lay Odds
Back and lay odds play an important role in the betting exchange system as punters can place a bet for an outcome of an event that is going to happen whereas laying an odds means that the punters place a bet for an outcome not to happen.
In-play Betting
Betting exchanges enable players for in-play betting, that is, players can place bets while the match or event has already started thus enabling them to participate in between the match.
Matched Odds and Bet Types
Another important feature of betting exchange is matched odds and bet type engine that eventually provides a match when the back and lay bets are put on the same selection of market at the same odds the opposite odds automatically match.
Payout
When a bet occurs for the event for which the punter is backing or laying, the winning amount is termed as the payout.
Liquidity Management
Liquidity management in your betting exchange software helps users to manage their liquidity seamlessly.
These are the must-have features in any betting exchange software.
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Things to Consider While Planning a Betting Exchange Software
Let’s plan how to build a betting exchange software step by step. Consider the following factors that will help you develop the desired betting exchange software.
Choose your sports
Choosing sports which you would like to offer your audience is a big task as you need to understand your users, what sports they mostly bet upon and then decide whether you want a single sport or more.
Analyse your market for the particular sports
Once you have decided the sports you wanna offer your users, analyse the trend in the market with that particular sport. Check the geography of your sports where it is played the most, the age of your users, its legalisation (mostly it’s legal but you must not forget other factors), etc.
Licence and Compliance
License plays an important role in the decision-making of your betting exchange software. Betting exchange is not legal everywhere, so you need to check the places and ensure where you can get the licence easily ensuring laws don't hinder.
Select your geography
Now, when you understand the market trends and the regions where your business or website can grow faster, choose your geography. This will be another crucial factor for you to build sports betting exchange software.
Competition Evaluation
Competition evaluation is another important factor and it is examined clearly so that you do not repeat the same mistakes as your competitors. Many people often miss this step or fail to understand their competitors. You can take help from experts in the industry who have been in the industry for more than 10 years.
Betting Exchange Software Development Agency
Once you are clear with all the doubts and competitor research, the next step is to shape your ideas and bring your dream software to life. You can contact a betting exchange software development company like us to fulfil your business requirements. We provide both white labels betting exchange solutions and customizable betting exchange software depending on your business needs and requirements. Zero percent revenue share is our USP thus ensuring a futuristic software solution.
Marketing and Launch
Marketing acts as a power booster to all your efforts. It wouldn't make sense that your platform exists and no one knows about it. Marketing does the job for you. Contacting a marketing agency will help you reach the right audience and target market. Covering your betting exchange platform with different rewards and prizes will help you gain a lot of publicity and entice users.
The development of a betting exchange platform from scratch could be a tedious task, therefore reaching out to industry experts is the best way to plan your betting exchange software.
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How to Select Best Betting Exchange Software Provider
So you’ve made up your mind to launch your betting exchange platform. What’s next? You need a credible betting exchange software provider. Below are a few things that you should be mindful of before shortlisting your betting exchange software provider.
Domain Experts
Check the background of the betting exchange software providers. Whether they are just a software development company or have domain expertise in betting exchange and other related fields. We at GammaStack hold technical expertise in developing iGaming solutions including sports betting, betting exchange, fantasy sports, and much more.
Years of Experience
Yes! Experience counts. Development is not an easy task, it requires a lot of effort and the more experienced a team you hire, the more precise your betting exchange platform would be. Hiring a team of seasoned professionals will give you a robust, scalable and high-performing betting exchange platform. One of the biggest advantages of working with the right teams? You’ll be able to make modifications as per requirements in the future as well.
Licences
There are companies like us who provide licences for betting exchange software to run in the region or country you want. Therefore, it’s an added advantage to you, if your provider manages the licence for you.
Highly Cost-effective Solutions
Hire a betting exchange software provider who delivers software at an affordable price and that doesn’t burn a hole in your pockets. Find a team that develops a highly cost-effective betting exchange solution adhering to the quality standards. This is also a crucial factor as you have to maintain your budget. Therefore, hiring professionals who deliver products at a great price without compromising the quality of your betting exchange software must be considered
These are the major factors that are considered before hiring a betting exchange software development company.
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Top 5 Sports Betting Exchanges Websites
Well, you must definitely want to look at the top 5 betting exchange websites that users use for betting exchange. According to the thepunterspage, here are the top 5 betting exchange websites:
- Matchbook
- Smarkets
- Betfair
- Ladbrokes
- Betdaq
You can take a look at these betting exchange websites and see what they are doing right.
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Conclusion
Betting exchange solutions are preferred to sports betting these days, given the benefits and advantages it comes with. Investing in betting exchange software solutions can open up several opportunities for your business. Thus, launching a betting exchange software at the right time with the right team can really help you build a strong business. Going step by step and considering the above-discussed factors, betting exchange software can help you boost your profits and make a mark in the industry.
About GammaStack
GammaStack is the world’s leading provider of betting exchange software and solutions. Our seasoned team of professionals develops and delivers both white label and custom betting exchange solutions depending on your business needs. Our 8+ years of iGaming experience have helped businesses to reach their end goals. All our solutions are on par with the latest industry trends ensuring astute, engaging, and powerful betting exchange solutions.
FAQs
It depends on your requirements. If you are looking for a peer to peer betting platform, betting exchange is better. If you are looking for a traditional betting platform, you can go for a sports betting platform,
Well, our team of agile developers takes not more than 4 weeks to build software from the scratch, integrating all the necessary tools and features. In addition to this, we also have ready-made software solutions that can be launched in 2 weeks.
Yes, we are tied with some of the licence providers from different geographies and we integrate into your betting exchange software based on the country you want to launch your platform.
We create custom betting exchange solutions based on your business needs and requirements.
Yes, you can book your free demo at [email protected].
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