The online gambling industry is worth more than $60 billion in 2022.
It is expected to grow to $153.6 billion by the end of the decade. Despite being highly saturated already, it still represents an incredible opportunity for businesses to get a piece of the pie.
The European Union has always been a hotbed for both online casinos and sportsbooks, and it continues to be a great place for businesses in the industry to get started. After a business has established itself in the EU, it can then go on to expand worldwide more easily.
Starting an Online Sportsbook in the EU is a Dream of Many
Starting an online sportsbook is something that many sports fans probably dream of. After all, wagering on competitions has become completely ingrained in sporting culture, and the betting industry is never far away from all the top games. In the past, this industry seemed like a difficult one to breach, with major long-term high street brands migrating online and dominating. However, as the industry has expanded, it has opened up more opportunities for smaller sportsbooks to flourish.
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It’s easy for anyone to set up their own fully functioning sportsbook now, thanks to the emergence of bookie betting software that provides a template for users to build upon. It has all the elements needed to make a sportsbook on which people will be able to deposit and withdraw funds, as well as place bets and claim bonuses. Users don’t need any technical skills, and everything is laid out in a straightforward fashion.
Important to Know the EU Legislation
If you’ve decided to set up your own online sportsbook, it’s crucial to get all the right licences in place before opening to the masses. There isn’t?uniform legislation across countries in the EU for gambling, so you need to check the rules and regulations of the countries that you want to operate in. A lot of the top brands set up shop in Malta, as this is the largest remote gaming jurisdiction in the world.
Businesses that want to operate in Malta need to get a licence from the Malta Gaming Authority, which was established in 2001. It’s important to get a B2C licence rather than a B2C licence if you want to sell a product or service to an end user. Although the United Kingdom has now left the EU, it’s also an excellent place for businesses to start out as its United Kingdom Gambling Commission is renowned for being one of the strictest in the world. Therefore, earning a licence with it will bring about instant credibility.
Starting a sportsbook and getting all the correct licences to operate is one part of the process, but business owners will also need to be aware of other challenges along the way. In the fiercely competitive online landscape, it’s getting harder for smaller companies to stand out from the crowd. To do so, it’s probably wise to pick a niche focus to begin with. Centring on eSports could be shrewd, as this industry is expanding rapidly.
