Over the past few years, the sports betting industry has grown exponentially. And with the Women’s T20 World Cup 2024 coming in a few days, offers a profitable business opportunity for seasoned and new entrepreneurs. Women’s cricket has become a global interest for sports betting created a favorable environment for starting a betting business before the ICC Women’s T20 World Cup 2024. As we all know sports betting is a multi-billion dollar industry due to the commonization of smartphones.
The upcoming T20 World Cup offers a unique market for established betting companies and new entrepreneurs to capture the excitement surrounding this global event. This comprehensive guide is here to help you start your online betting business before the thrilling Women’s T20 cricket championship.
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It is important to know the legal requirements before starting a betting business. Different countries have different regulatory authorities that regulate sports betting. For instance, the UK has well-established laws for sports betting, while the US has recently legalized it. From obtaining a license to ensuring compliance with local and global laws, there are several things for legally running a betting business.
Regions like Malta, Gibraltar, Macau, and Curacao are well known for offering easy betting licenses that suit most online betting business operators.
As per a source, there has been a surge in viewership for female cricketing events such as the Women’s T20 World Cup over the years. Fan engagement for women’s sports has been rising over the years, making it a profitable sector in the expanding sports betting industry.
Another source confirms that the ICC Women’s T20 Cup 2023 had 192 million viewing hours, a 44% increase from 2020’s Women’s T20 WC, showing an upward trajectory in terms of viewership.
Understanding the audience’s demographics is the key. The Women’s T20 WC not only attracts cricket lovers but also attracts a wider audience interested in women’s championships. The big markets such as Australia and the UK have significant followings for women’s cricket that can help you focus on your business efforts and growth.
A well-structured plan is indispensable for a successful betting business. At first, you should start by defining your target audience whether they are casual bettors, professional bettors, or a mix of both. Secondly, determine your niche, whether you want to focus on cricket betting only or provide wider offerings including events like Women’s T20 WC 2024.
Your betting business plan must have clear objectives including startup costs, operational costs, and revenue generation streams. It is important to start the betting business before the Women’s T20 World Cup so that everything is ready on track.
One of the biggest decisions when starting a betting business is selecting the right betting platform. And that too before a few days of 2024’s Women’s T20 WC.
Decide whether you want to create a betting website or a mobile application for Android or iOS due to their scalability and global reach. Consider creating a platform that fosters easy usability and global accessibility.
Also include useful features in your platform such as live streaming and secure payment gateways to cater to large audiences.
| Type of Betting Platform | Website or Mobile App (Android, iOS) |
| Features to include | Live streaming, in-play betting, secure payment gateways |
| Focus on | Ease of use, ability to handle real-time betting data quickly, global accessibility |
Getting a license and legal compliance is necessary for successfully running your fantasy sports betting business. If you’re targeting a global audience, you must stay up-to-date on legal requirements in different regions. Failure to act in accordance can result in heavy fines or even shut down your business operations.
Below is a table showing a step-by-step guide to obtaining a betting license:
| Step | Description |
| Understand requirements | Research and understand legal, financial, and operational requirements for your target jurisdiction. |
| Register Your Company | Register your betting business in the jurisdiction. |
| Prepare your Plan | Make a detailed plan for your business that includes operations, finances, and legal compliance with betting laws and regulations. |
| Prepare Necessary Documents | Prepare documents such as proof of identity, residence proof, company registration certificate, bank statements, and tax return files. |
| Fill & Submit License Application | Obtain, fill, and submit the license form with the required documents including your business plan, model, and platform details to the regulatory authority. Pay the application fees as well. |
| Wait for Approval | Depending upon the jurisdiction, your application review process can take weeks to months. Be prepared to provide additional info when prompted. Also be ready for thorough background checks including your financial, personal, and business information. |
| Pay Licensing Fees | Once your application is passed, you’ll need to pay annual licensing fees. These fees vary depending on jurisdiction and type of betting operations. |
| Ongoing Compliance | While running your betting business, you’ve to maintain compliance with licensing conditions. This includes timely audits, providing fair gameplay, and submitting financial reports regularly. Your license will also need to be renewed before expiry. |
Real-time and precise sports data is crucial for making any betting business successful. Collaborating with top sports data providers ensures your sports betting platform offers live real-time odds, scores, and other important statistics. In the case of the ICC Women’s T20 World Cup, providing reliable data enables you to set competitive odds and offer users a seamless betting experience. Providers like Genius Sports and Sportsradar are known for their wide coverage of global cricket events.
Integrating their service into your sports betting platform will give you a competitive edge in the market by offering the most recent statistics and live betting options.
Odds are a crucial part of sports betting and setting them correctly can do wonders for your business. When you are keen on starting a betting business, you must first understand different types of betting odds, and know how to calculate them. You’ll also need to create or implement a reliable odds calculation system that reflects outcomes in Women’s T20 matches while ensuring profitability for your business. Offering special bets can differentiate your business from the competition during the Women’s T20 WC.
Let’s take a look at the three different types of betting odds:-
These odds represent the total amount you will get if your bet wins including the original stake. To understand the implied probability in decimal odds. The formula is 1 / Decimal Odds. Example: 1 / 2.50= 0.40 (a 40% chance of an event occurring)
Fractional odds represent the potential profit of the bet. These odds are shown as a fraction such as 3/1 or 7/2. The formula for calculating fractional odds is Denominator / Denominator + Numerator). Example: 3 / (2 + 5) = 0.428 (or 42.8%)
These odds have their own way of showing probability. They are of two types: positive and negative. Positive American odds show how much a bettor can win with a $100 bet. For instance, if moneyline odds are +200, then you would win $200 if you bet $100. The formula to calculate negative odds is American odds / (American odds + 100). If American odds are -200, an event’s probability to occur would be 200 / (200+100) = 0.67 or 67%.
Also read:- Round Robin Betting: An Ultimate Guide
The International Women’s Cricket T20 World Cup 2024 represents a growing opportunity as a sport (women’s cricket) has gained huge popularity over the years. Market stats show it as a profitable sector of the sports industry. However, an entrepreneur must keep the demographics of the audience in mind as this Word Cup is not only for cricket enthusiasts but also for a broader audience having a keen interest in women’s sports. Focus on targeting regions where women’s cricket has an immense fan following.
You can promote your betting business by:-
Creating a sports betting application or website is vital for your business. Either you opt for a website or app development. If your budget doesn’t restrain you, then we recommend you to develop both. This would diversify your platform and help you target a large audience. Take the help of a sports betting software development company to make informed decisions.
While developing an online platform, keep these three things in mind.
Ensure your betting app or website is easily navigable and provide clear information on odds and match outcomes. We recommend integrating features like live streaming, quick bet placements, and personalized recommendations based on user behavior to enhance the overall betting experience.
Ensure your betting site or app supports a wide range of payment methods, including credit/debit cards, e-wallets, and cryptos like Bitcoin to cater to the preferences of global audiences. Integrate payment system that complies with global standards like PCI DSS to keep user and financial information safe and secure.
Security is also one of the top priorities when it comes to the online betting business. With the rise of blockchain technology, implementing reliable security measures ensures users that their data is encrypted and cannot be tempered from internal or external attacks, keeping their data rock solid and safe.
There is a saying that behind every successful betting business, there is a talented pool of professionals ensuring smooth operations. Key roles include developers, marketing experts, legal advisors, and compliance team each having equal contribution. Creating a customer support team is necessary to handle user queries quickly and efficiently. This can improve overall user satisfaction with your betting business.
Each business comes with risks, and the betting business is no exception. There are financial risks associated with large bets, unexpected outcomes, and market volatility. You’ll need to implement strategies to diminish these risks and promote responsible gambling to protect your business’s reputation and avoid the risk of legal actions from regulatory authorities. You can offer safe tools like deposit limits, self-exclusion, time limits, and more to make your business show that it cares for its users which can users’ trust and loyalty toward your betting platform.
While the Women’s ICC T20 World Cup provides a profitable opportunity, your overall aim must be to maintain steady growth after the end of the Women’s T20 WC. You can focus on broadening your offerings including other sports and events post World Cup. Diversifying your business into new markets and constantly improving it will retain users and attract new ones.
It’s for sure you’ll need to have a fantasy sports betting website or mobile app that acts as a door allowing users to explore sports events and place bets. BR Softech can help you develop your betting platform (website/app) with cutting-edge features designed to attract users. The company’s talented pool of professionals has in-depth knowledge of the betting industry and can provide you with tailored solutions that suit best your business.
This blog is for educational purposes and does not constitute legal advice in any way. BR Softech does not promote gambling and their blogs must be taken only as a piece of information.
The much-anticipated world tournament will take place in two venues in the UAE, i.e., Dubai & Sharjah from 3rd October to 20th October.
The Australian cricket team has won the most ICC titles in the history of Women’s cricket.
With the upcoming International Women’s T20 WC 2024, it’s a great opportunity to start your betting business. Post World Cup, there are various sports and events to get into for diversifying your offerings.
Creating a fantasy sports website requires market research, creating a user-friendly interface choosing a range of features, and implementing them into the website. It’s best to hand over your project to a leading fantasy sports development company.
You need a sports betting license from a regulating gambling authority of your target market.
You can differentiate your betting platform such as live streaming, in-play betting, and personalized betting options. Alongside this, ensure your platform is smartphone-friendly.
Focus on digital marketing strategies such as SEO, programmatic marketing, PPC, and social media. Partner with online influencers and sports teams to make your business promotion highly effective.
A friendly UI, quick placement of bets, secure payment options, and real-time sports data integration are essential features needed for a successful sports betting platform.
You’ll need to obtain gambling licenses from each of your target jurisdictions, enforce anti-money laundering (AML) procedures including transaction monitoring and reporting suspicious activities, implement strict KYC protocols, and promote responsible gambling. For more information, consult legal advisors for specific requirements for each jurisdiction.
