Top Sports Betting Software Providers 2024

The internet era has drastically transformed the sports betting world and the increasing digitalization has erased the main difficulties business owners used to face to set up a bookmaker. Today, bookmakers don’t have to own a physical store or display their product on a billboard to promote it. As it is fairly easy to set up a sportsbook, there is a new betting site showing up on a weekly basis.

The question is how exactly they launch a betting site so easily and if you can choose these recent brands over the well-established titles.

Emily Tremblay
Written byEmily TremblayWriter

What Is Betting Software?

Sportsbook software providers supply the user interface that you see, the odds, features, and the payment methods used on the online betting site. Based on the degree the software has control over the betting site they may manage the customer support, offers, and usually they even hold the gambling license authorized by the Gambling Commission.

The betting site is usually granted the right to add their own logos, designs, colors, and other features as well. Although it is usually the online casinos which get more publicity, high quality software providers are essential for players to have a seamless gambling experience.

How Sports Betting Software Works

Sports betting software provides betting sites with the user interface, sophisticated features, the odds, and the payment system suitable for the website. The betting sites just gather all these together in their own special way and present them to players.

The logic behind software providers is similar to the franchise system which has been around for many years in different forms, like coffee shops, fast-food restaurants or clothing retailers. If you set up a new sportsbook from scratch, it can be a very expensive business as it requires web developers and designers, odds traders, games suppliers, administrators, payment processors, and different licenses.

That’s why it may be wise to benefit from a well-established software helping you start your business faster and cheaper than you would any other way.

This way even small business owners can establish their own sports betting sites and the online betting market keeps being competitive. This prevents long established brands from closing out the market. It is simple to set up a site by using a third party provider, but exactly what are the unique features of the software companies?

5 Must-Have Features for Sports Betting Software

As you may already know by now there is a fierce competition in the sports betting industry and your sports betting software must have certain features to survive in the market. Therefore, choosing the right sports betting software provider forms an essential part of setting up a unique and distinguishable betting site.

Below, we have listed the 5 must-have features for sports betting software, check out before choosing a software provider for your site.

  1. Multiple Bets: A software that allows players to place multiple bets is a must have feature for every sports betting site. This helps players to discover different markets and select from a variety of bets and odds.
  2. A Wide Variety of Sports Events: Another important feature is that your sports betting software must be scalable in order to host any number of sports according to specific demands. This gives players a chance to try out different sports and decide what they like.
  3. Retail Betting: Some players want to find an option to place a bet online through a retail betting site as they can find a wide variety of events and sometimes better odds than they could find at a bookmaker.
  4. Bonuses: This may be one of the main benefits of betting online. Players are often offered various bonuses like free bets, deposit bonuses, and VIP programs that encourage them to come back.
  5. Risk Management: Risk management is the backbone of every sports betting business. In order to defend your company against fraud, errors or inordinate profit allocation to bettors, you must include this in your checklist before deciding on a sports betting software provider.

How Betting Sites Provide Odds

When it comes to sports betting there are two purposes that odds essentially serve. First of all, sports betting sites benefit from odds to calculate how much they should pay for winning bets. It is important for players to choose a sports betting site that offers high odds as this helps them stand a better chance of receiving more money than they stake.

Secondly, odds also indicate the possibility of any specific outcome happening. Betting sites will offer low odds if the possibility of an outcome is high. We think this is a fair system as anyone would expect to be paid less when placing a bet on an outcome that is probable than when placing a bet on an outcome that is improbable.

It may be a little bit challenging to read sports betting odds as there are three different formats of odds available. This includes the following:

  • Moneyline/American Odds
  • Decimal Odds
  • Fractional Odds

You will definitely see each of these layouts at some point. Therefore, it is worth learning how to read each of them.

Moneyline/American Odds: This format is the most popular one in the United States. Odds can be presented either as a positive or a negative number. A positive number indicates how much a winning bet of $100 would pay out, while a negative number indicates how much a player would need to wager to be paid $100.

Decimal Odds: You will encounter this format mostly in Europe, Canada, and Australia. In this format, the number expresses the total payout for every ​​$1 bet, including the money you staked. For instance, a correct bet at 1.5 would pay out a total of $1.50 for each $1 risked.

Fractional Odds: This format is commonly used in the United Kingdom. As the name hints, the odds are presented as fractions. 4/5 which is read as “four to five” is a fractional odd.

The bottom number, or the one to the right, indicates the bet amount, while the top number, or the one to the left, indicates your winning. In this example, 5 is what you bet while 4 is the amount that you will receive. So, if you bet $5 at 4/5 odds you will win $4.

The Different Types of Betting Software

There are three different types of sports betting software available online. These include value betting, arbitrage betting, and matched betting. Each of these software operates mildly differently, but the final purpose of making the betting experience smoother stays the same.

Value Betting: What is a Value Betting Software?

In order to explain what a value betting software is we need to first define what a value bet is. A value bet is basically where the possibility of a particular outcome is higher than what a bookmaker offers. Value betting software is designed to find odds that give you an advantage over a certain sportsbook.

To put it simply, value betting software utilizes betting exchange data to detect when there is a defect in the odds of a bookmaker. It is impossible for bettors to compare an indefinite number of bets to search for the value bet. Therefore, you will save a lot of time and effort by using a value bet software.

Arbitrage Betting: What is an Arbitrage Betting Software?

Arbitrage betting, also called sure-bets or miracle-bets, is a method where you place bets via various betting sites to encompass all the outcomes of a sports event to assure profit. However, there are thousands of sports events happening each day and odds continually change.

Therefore, searching for arbs without the help of an arbitrage betting software is like looking for a needle in a haystack. Arbitrage betting software is created to help you find arbs automatically and make arbitrage betting more practical.

Matched Betting: What is a Matched betting Software?

Matched betting is a well-known technique of converting free bettings provided by online sportsbooks into real cash. If you want to begin matched betting, you need to keep track of the odds offered by several bookmakers before placing a bet.

This is a very time-consuming and exhausting process to do manually. A matched betting software can help you find human error-free results in no time.

About the author
Emily Tremblay
Emily Tremblay

Emily, a dynamic blend of tech-savvy and casino enthusiast, hails from the snowy landscapes of Canada. With her innate grasp of cultural nuances, she ensures online casino guides resonate deeply with Canadians. Emily's spirited and engaging nature makes her a favourite among peers.

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