In the online gambling world, the operations of bookmakers have changed dramatically. Just two years ago, it was reported that the sports betting market had amounted to $235.46 billion, and that figure is only growing year on year.
To keep up with the demand, it has become crucial for bookmakers to utilise specialised software platforms to manage their operations, accept bets, process payments, calculate odds, and ensure that their processes remain smooth year-round. So what kind of software are they using to do this? Below is a detailed account of the most widely used software that are keeping sportsbook companies running in 2024.
Sportsbook Promotions
Before talking about sportsbook platforms and the software they use, it’s important to note that sports betting is only legal in the United States on a state-by-state basis. For the purposes of this pointer, therefore, we’ll be specific to New York – which is one of the most prolific sports betting states in the country.
For bettors in New York, there are a number of sportsbooks offering promotions specific to the state, with these being a key strategy for attracting and retaining customers in a highly competitive sports betting market.
To do this, many platforms have incorporated dedicated promotion management tools, allowing operators to design, launch, and monitor various promotional campaigns. Tools provided by Kambi and SBTech, for instance, can be customised to enable a wide range of welcome bonuses, deposit matches, risk-free bets, loyalty rewards, and more. With so many betting markets now available for bettors in New York – and other states that have allowed online sports betting – the market for sportsbooks has become vast in recent years, so the software used in this case has to be as efficient as possible.
Odds Calculation
The whole point of bookmakers is that they calculate the odds, so the calculating software is similarly important! For all bookmakers, odds calculation software – such as the software offered by Arland Technologies – will integrate with data feeds to access up-to-date information on sporting events, player statistics, and other relevant data, allowing for real-time odds adjustments.
The software in this case will also use complex algorithms and statistical models to generate and amidst these odds, continuously updating the books both before the games are played and during play. As well as this, some odds calculation software includes tools for monitoring competitors’ odds and strategies, identifying certain patterns to identify the most popular bets and the areas of risk.
Risk Assessment
Along with odds calculation software, bookmakers will use risk management software to identify unusual patterns or high-risk bets. This will include tracking large wagers, identifying sharp bettors, and recognising patterns that might indicate attempts to exploit the system.
Based on the risk assessment, this software can automatically adjust betting limits or suspend betting on certain markets to control the exposure. To give an example, if a particular bet on the next New York Giants versus New York Jets game were to become highly popular, the software could reduce the maximum bet amount to limit potential losses. With automated risk control, even if there is heavy betting on one side, the odds can be adjusted to encourage more balanced betting.
User Experience
It’s also important to note that the software used to create the UI could make or break a sportsbook company. Even with risk assessment, efficient odds calculation, and enticing promotions, if the user experience is no good, it’s unlikely that a sportsbook will last very long – especially in a state like New York or New Jersey, where competition is so strong.
With this in mind, sportsbook companies will prioritise a well-designed interface that is both intuitive and easy to navigate, allowing users to quickly find and place their bets. The software will also support customisation, enabling operators to tailor the look and feel of the platform to match their brand and audience.
Payment Software
Lastly, payment software like PayPal, Adyen, and Skrill will similarly be crucial for bookmaker longevity. In 2024, bettors are used to having multiple payment options to choose from, with each one offering functionality, security features – such as fraud detection, encryption, and PCI-DSS compliance – and convenience.
Through software including payment gateways, payment processing software, e-wallet solutions, bank transfer solutions, as well as compliance and fraud prevention tools, the best bookmakers will integrate as many payment options as possible in order to give bettors the variety – and security – that they deserve.
When it comes to maintaining operational efficiency and customer satisfaction, the right combination of software tools will be crucial alongside the points mentioned above, as well as the adoption of new technologies to boost the experience further. Thankfully, with competition growing stronger and the expectations placed on bookmakers growing, there are plenty of platforms out there that are driving the market and ensuring user experience – and safety, for that matter – is always the main concern.