In one report from CNBC, it has been highlighted that sports betting is a $150 billion industry. This is a huge business despite being illegal in almost all parts of the United States. Because of its size and value, many people are interested in starting a sportsbook business.
Are you interested in entering the world of sports betting? If you think that this is an attractive business opportunity, keep on reading and we’ll talk about the costs that are involved.
Costs Depend on the Service Provider
Your choice of bookie software will have the biggest impact on your expenses. If you want top-notch quality, be prepared to spend on premium service. Cheap software can be tempting, but often, the quality can be inferior.
If you want to start a sportsbook for free, one of the best options worth checking out is Bookiemarket.com. The basic package is free, which allows up to ten players. The premium package, on the other hand, is priced at $149.95 for 12 players. For the premium elite package, the rate is $349.95, which allows up to 25 players. It also has live odds, mobile access, agent system, and line manager, among others.
Pay Attention to the Licenses and Permits
The cost of the licenses and permits will differ from one place to another. There is a governing body in every state, which determines how much you need to pay to obtain the legal requirements to start the operations of your sportsbook. Research about the legality of sports booking in your area and the associated costs. A gambling license can cost tens of thousands of dollars, although, we cannot give you specific figures on how much it is since it is highly dependent on your location.
Physical Location Makes It More Expensive
There are two types of sportsbook businesses – land-based and online. If you are budget-strapped, an online sportsbook business is the best choice. On the other hand, if budget is not an issue, consider one with a physical location. It means that there is an establishment that people can visit to place their bets, which gives them a more authentic and thrilling experience compared to just betting from their computers or smartphones.
Go for a Pay Per Head Service
If you are looking for the most affordable way to start a sportsbook business, the best thing you can do is to choose a pay per head business model. This way, you don’t have to develop an app or build a website from scratch. The price can start from as low as $10 per head, and that is already inclusive of what you will need to set-up an exceptional betting website, including line managers and customer support representatives.
While we cannot give you the exact figures on how much you need to start a sportsbook business, there is one thing that’s for sure – it can be affordable if you know how to play your cards right. Start small and dream big. There are even free platforms that you can utilize.