So, you are looking to start an online sports betting platform, but you are not sure of the solutions you need to get started. You have heard about turnkey and white label solutions, but somehow, you don’t fully understand how they work.
In this article, you will find out the relevance of turnkey sports betting solutions and how you can leverage the same to push your sports betting platform to the market.
What is Turnkey Sports Betting Solution?
Also called “Customizable Software,” this is the type of software that allows the sports betting platform operator to gain considerable speed-to-market solutions. The software is fully customizable, which makes it easier for you to add the features you want to the software.
Most sports betting platform operators settle for the turnkey solution because it offers more control over the product design, promotional control, and customization of the betting interfaces.
Components of Sports Betting Turnkey Solutions
Here are some of the features you can expect from turnkey sports betting software:
1. Hosting Service
This has to do with the online website server that hosts the software. Most times, the software provider handles the hosting.
2. Technical Support
Sports betting platform operators also have access to technical support, which helps them to gain more ideas on how to run the platform with the platform.
3. Website Development
You can save costs on hiring a front-end and back-end website developer. The sports betting turnkey solution sometimes comes with a fully-developed website. All you have to do is to “turn the key” and deploy the interface at the touch of a button.
4. Unlimited Sports Betting Content
The content of the sports betting platform is also supplied with turnkey software. The software’s developer does not only delegate the in-house game content but also collaborates with other developers to offer more of those.
5. Multilingual Support
The software also supports multiple languages. This allows users from different parts of the world to understand the content of the services offered on the platform.
6. Risk Management Module
Managing your risks is very important because you want to protect your capital (bankroll) even if you never won any bet. Thus, the turnkey solution comes with a dedicated risk management module to put you through the processes of managing your risk exposure while gambling.
Advantages of Turnkey Solution for Sports Betting Platform
Besides the customization, using a turnkey solution for your sports betting platform has other benefits. These are some of them:
1. Customization: Create Your Brand Identity with Ease
The customizability of the software makes it simpler for you to create your brand identity. Thus, it becomes easier to integrate the ideal solutions that reflect your brand’s purposes.
In addition, you can take advantage of the customization to tailor the sports betting services, depending on the needs of the different regions/jurisdictions.
2. Exercise Full Business Ownership Capability
Unlike the white label sports betting solution that involves tagging along with the pre-made license of the supplier – you don’t have to do that with the turnkey variant. This time, you tend to exercise full business ownership capability because you are obtaining a license on your own.
Besides, you will have the opportunity to flex your muscles in the operational services. Overseeing the development of the business strategy, seeing to the branding and outsourcing important tasks are part of the full business ownership.
3. Access to Faster Technical Issue Resolution
The turnkey solution also offers access to quick technical solutions to any issues the sports betting platform operators and the users might have.
4. Knowledge Transfer
The sports betting platform operator hires as many professionals as possible to help in customizing the turnkey software solution. Also, some of the solutions might not be outsourced. Instead, the knowledge on how to tackle that would be shared among the members of the team.
Downsides to Developing a Sports Betting Platform with Turnkey Solution
There are some disadvantages to using the turnkey solution for establishing a sports betting platform. Here are a few of these downsides:
You might not have speed-to-market because of the time spent in customizing the turnkey software solution. Besides, you will spend considerable time when applying for a license and making registration for the sports betting platform.
2. You Will Spend More Money
Acquiring the turnkey solution is just a major step. Additional expenses would be made when getting the license to operate the sports betting platform, hiring professionals to customize the software, and collaborating with third parties.
Turnkey Solution vs. White Label Solution: Which is Best for Sports Betting Platform?
The turnkey solution allows you to customize the software, throw in additional features, and have control over the entire software design. The white-label solution, on the other hand, is ideal for prospective sports betting platform operators who want to launch immediately.
If we are to suggest, the turnkey solution is ideal because it helps you to learn the ropes, and understand what it takes to develop an inclusive solution for sports betting.