Before online sportsbooks, agents kept all the juice for themselves. Their percentage of profit was higher than it is now with online sportsbooks. So why decide to run your book online if it costs more, especially when you consider the other disadvantages of going online?
If you haven’t taken your bookie business online yet, or are wondering if you made the right choice by going online, here are some of the advantages and disadvantages of sports betting online. We’ll also discuss what to look for in an online sports betting site.
Sports Betting Online Pros and Cons
Pros:
Virtual
You don’t need to communicate with your bettors for each bet or each payment. Software makes these interactions unnecessary and time wasters. You don’t have to always be available on your phone in case of urgent calls to place a bet or get you some cash. Good software platforms will have this all available online with a few clicks.
Selection
You generally get a larger selection of sports leagues to choose from when using an online sportsbook. Everyone covers the major leagues, but why not shop around to find the sportsbook platform that provides the most sports options? Do they have horse racing, international soccer, car races, and more?
Casinos
If you’re not online, chances are you can’t offer any casinos in your sportsbook. If you are online, check out what casino offerings other software platforms have. Are they 3D? Are there live dealers? Is poker available? The more options you can provide, the more players you can bring on board, and the more they’ll bet.
Time
The online sportsbook software allows the bettors to place bets as often as they want without having to contact you each time. This is especially useful when bettors want to make several in-game bets quickly and efficiently. You just have to make sure that the software allows you to set betting limits and send you updates whenever a bettor makes a wager. This leaves you more time to grow your business.
Cons:
Network connection issues
This generally isn’t something the software provider can do anything about. They just have to make sure their network can handle the amount of expected traffic each day. Other than that, you and your bettors are responsible for your network. Short networks breaks are usually fine, but you don’t want to be down for two or three hours during March Madness.
Security
Hackers are constantly looking for weaknesses online that they can exploit. Having a secure site that is continuously monitored for attacks is the best way to keep your bettors coming back to you. Security breaches are one of the fastest ways your business can take a major hit. Make sure the bookie software provider you choose is extremely security conscious.
Payment Delays
In a casino, a person simply takes their chips to the cashier and exchanges them for money. With online sportsbooks, it’s not always that quick and easy – especially if it’s a large sum of money. If you set up shop as an online bookie with a sportsbook that pays their players as soon as they want, bettors will be more likely to leave their money on account so they can use it to make wagers whenever they want. Using a sportsbook provider that makes payments easy and securely will help you compete with the big online sportsbooks.
Cost
If there were no added cost for putting your sportsbook online, it would be a no-brainer. But that’s never the case. There’s always a cost when you get products and services. Ideally, the added money you pay for the bookie software services will make you more money and save you time. Your costs are a major consideration but shouldn’t be your only consideration. Remember, you get what you pay for.
Best Online Sports Betting Sites: Choose Wisely
If you’re already an online sports bookie, see how your software platform measures up against the pros and cons above. If you are considering going online, make sure you’re getting your money’s worth with all the tools and features a company provides as part of their package. When the bookie software is well-designed, it will mitigate all the cons and accentuate all the pros.
BossAction is constantly looking at ways to improve the pros and cons of its software service. They diligently work to keep the site as safe and secure as possible while making it easy to run your business. BossAction makes it easy for your bettors to make any type of sports or casino bet they want. With features such as agent payment solutions, premium props, premium gaming, and a live dealer, it checks all the boxes.
Right now, BossAction has a promotion of a 2-week free trial, so you don’t have to pay to take a test run. Not only do we improve the quality of your business and the experience of your players, but we also help grow your business. Agents that transfer to BossAction see an average increase in profits of 23%, no matter the size of their sportsbooks.
Call us today at 1-800-339-4108 and see what a big-league bookie software platform looks like.
