Faced with the growth of the sports betting market, the industry has become increasingly competitive. In this context, strategic partnerships play a fundamental role in the success and sustainability of companies in the sector.
Strategic partnerships in the online betting industry involve collaboration between different companies with the aim of strengthening market position, driving growth and offering a better gaming experience to users.
In this market, there are a large number of possible partnerships that a sports betting provider can establish. This happens both within your own team and with external partners such as third-party vendors.
Some of the partnerships we will discuss below are not absolutely necessary, especially for smaller companies or start-ups. That's because the choice of your partners always depends on many factors, such as your target market, type and size of your company, among others.
The following list offers a comprehensive overview of the synergies that sports betting companies often establish:
Platform choice
The betting platform represents the heart of your business and is the basis of all the processes necessary for the operation. Some criteria are very important to consider when choosing your gaming platform, such as:
Its overall quality, including provider experience, technical standards, stability, product selection, customization, diversification options, payment provider integration, third-party product integrations such as virtual sports, CRM, CMS, and risk management, odds feed integrations, compliance options, cost controls (setup, revenue sharing, monthly fees, etc.).
There are really many factors to consider.
Odds provider
Choosing a good odds provider requires care. There are differences in offers, quality and prices, which should be taken into account in your decision.
Depending on the contracted package, your platform will have access to pre-match and live bets and, generally, offer additional features, such as game trackers, which, integrated into your website, allow your customers to follow matches in real time via streaming.
Payment providers
The range of payment methods chosen for your website is very relevant for attracting and retaining customers, as no one wants to bet where they cannot deposit through their preferred payment methods.
The easiest way to assess payment habits in a market is to analyze the competition in that market. What payment methods do other companies offer in your target market? Do your customers mainly pay with credit cards or do they prefer digital wallets?
Marketing partnerships
For successful marketing in the sports betting business, it is necessary to enter into advertising partnerships. This can be done, for example, in the form of sponsorships, affiliate systems and many other strategies.
Marketing agencies are also valuable partners in achieving your market goals. Marketing is the key to generating brand awareness, growth, engagement and reach for your betting site.
Risk Management and KYC
Working with betting sites always involves a certain amount of risk. To protect your company against fraud, errors or incorrect distribution of profits, you need a good risk management system and the professional implementation of processes such as the famous KYC (“Know Your Customer”).
If you choose to outsource your risk management and KYC processes, you can have professionals monitor your clients, games and bets 24/7, at a much lower cost than if you had your own team.
Finally, to successfully operate in the sports betting industry, it is essential to establish good strategic partnerships from the planning to the implementation of your business. Did you like the theme? So please contact me.
Source: Exclusive GMB
