Having the right tools at your disposal can make or break the success of your sports betting platform. sportsbook software is an essential part of your platform. It should offer advanced features, enabling you to provide bettors a seamless and engaging experience. In this article, we will explore the main features of sportsbook software.
From the intuitive Bet Builder to the Bonus System, we will inspect the various tools of the sportsbook. We will also investigate the advanced Anti-Fraud AI & risk management tools and additional must-have features of sportsbook software. So, continue reading as we unpack these top sportsbook features, providing insights into how they contribute to a more dynamic and secure betting environment. But, if you are counting your first steps in the sports betting business, we recommend reading our comprehensive article How to start sportsbook in 2023.
Bet Builder
Bet Builder has recently seen a rapid surge in popularity. This sportsbook feature lets bettors make their bets by selecting various markets from a single sports event. Each additional bet enhances the overall odds of the players’ bet slip.
To cut its short, Bet Builder enables you to give your customers the ability to craft a personalized bet that includes multiple markets from one sport. Usually, Bet builder can combine up to 10 different markets. After the selections are made, Bet Builder computes the total odds. Thus, presenting a final bet slip to bettors that offers greater returns.
Bet builder is recognized as a product with high margins. Meaning that, it can yield a margin exceeding 30%. It is one of those sportsbook features that can enhance the betting experience by making it more interactive and engaging. It can also contribute to customer acquisition and loyalty. Considering that the experienced bettors and punters might opt to the platforms that offer this feature.
Including a bet builder in your sports section is essential for providing personalized and dynamic betting for your players. Besides affecting the user’s engagement, it’ll also position your platform as more user-centric than your competitors.
Live Streaming
Live streaming is another essential sportsbook feature, allowing players to watch the sports event live. It’s very comfy to place a bet on the event and be able to watch it at the same time, right? It’s more than just a feature, meaning that it can change how bettors engage with your sports betting website. Here’s why this component has become a crucial feature of the sportsbook software:
- Enhanced player engagement
Generally, betting sites provide a complete summary of what is happening in a match through a match tracker. Yet, it does not compensate for the lack of a live-streaming option. Live streaming boosts the players’ experience by allowing them to watch games from their laptops or mobile devices in real-time. With real-time access, players can observe the match and make more informed decisions on their bets.
- Competitive Edge
Offering live streaming on your sports betting site can be a definitive factor that contributes to attracting more players. Think of it this way: the bettors will opt to your platform more than your competitor’s if the latter has all the features and offers your sportsbook has but does not offer live streaming.
- Simultaneous betting and viewing
The ability to bet and watch a game at the same time is a very comfortable feature. Besides being convenient, it enhances the sense of participation and connection with the game.
Live streaming options will differ between providers, some may not offer the service at all. While others might give extensive coverage of up to 50,000 events.
Thus, you should carefully select the sportsbook provider. Ask how many events they can cover with live streaming. It’ll definitely help you to get ready to entice more players.
Bonus System
A bonus system is a vital component in a sportsbook, essential in retaining customers. It is typical for a bonus system to include common bonus types like:
- Deposit bonuses
- Free bets
- Welcome bonuses
- Other recurring rewards
However, the actual distinction lies in the ability to offer customized options. The unique bonus types that only you can provide will enhance your retention rate. Moreover, it will increase the players’ loyalty to your betting site. Thus, when choosing a sportsbook provider ask them if you’ll be able to add those.
Bonuses, alongside tournaments and leaderboards, act as powerful incentives for players. They’ll boost your customer acquisition and retention rates. Therefore, sportsbook providers that offer rich and customizable bonus systems might be your best choice. Consider further reading on this topic for a more detailed understanding of bonus systems.
Upgaming offers an iGaming platform with a highly tailored bonus system with virtually limitless configurations. This flexibility allows the launch of multi-trigger bonus programs. You can use these programs to create effective strategies and enhance your customer retention.
Employed with precision, a bonus system can be an essential tool, significantly increasing your marketing performance and customer satisfaction. Therefore, always ensure that your chosen provider has what it takes when it comes to the bonus system.
Risk management tools and Anti-Fraud AI
Risk management tools are an integral part of sportsbook software. These tools and the Anti-Fraud AI system act as the defensive walls that keep your sportsbook safe and secure. Think of risk management tools and anti-fraud systems as the digital fortress that safeguards your sportsbook platform.
To explain it in detail, you can use risk management tools and Anti-fraud AI for:
- Comprehensive Player Screening – thoroughly checking players’ data and ensuring only genuine players participate.
- Receiving alerts and analysis – Be it a sudden surge in bets on a game, or an unusual pattern in player behavior, the system will generate alerts and analyze the games.
- Evidence collection – gathering relevant evidence is essential for cases that need deeper investigation. This ensures transparency and aids in reinforcing the platform’s integrity.
- Tailored player experience – Risk management isn’t just about curbing negative activities. It increases the chance of fair betting. On the other hand, it eliminates the risk of fraud.
- Accuracy and timeliness – These tools can check how accurate the coefficients are. They also inspect the relationship between the time of event and the time of bet acceptance.
- Detailed reporting – Risk management and Anti-fraud AI tools keep you informed at the right time. They provide daily, weekly, and monthly reports on players and events.
- Real-time Safeguards – You are always in the know. Real-time updates about fraud attempts, setting limitations on players, anti-bot protection, etc. All these features help you in creating a safe business environment.
All in all, this sportsbook feature helps you to avoid fraudulent activities such as multiple account fraud, bonus abuse, and Gnoming. When it comes to security, it’s not just about having an anti-fraud system. It’s about having an intelligent one. Modern AI tools are proficient at spotting suspicious patterns. This makes your platform more resilient against fraud attempts. To get comprehensive information on this topic, read our article about sportsbook risk management.
By integrating these tools, you enhance your platforms’ security, reliability, and efficiency. Not only does it protect the platform and its users, but it also allows optimized and fair gaming.
Additional Must-Have Features of the Sportsbook Software
Beyond the discussed tools, there are additional must-have features of the sportsbook software. These include the odds converter, “SAVE,” “DELETE,” and “SWAP” features, and the Cash Out feature.
Odds Converter
The odds converter is a basic feature of sportsbook software, which:
- Offers various formats, such as American odds (+ or -), decimals, and fractions.
- Provides flexibility, enabling users to switch between odds styles depending on their country preferences.
- Acts as an educational tool for novices still grappling with different odds formats.
“Save” Feature
This feature allows your players to mark desired events and closely watch the fluctuating odds. Thus, users can finalize their bets without leaving the draft section. It enhances the user’s convenience and ability to make informed betting decisions.
“Delete” and “Swap” Functions:
These essential tools provide your bettors the flexibility to modify their betting choices:
- The DELETE feature lets users remove a particular game or bet from their ticket.
- The SWAP feature allows users to change their game selection within their bets, offering more control over their betting strategy.
Cash Out Feature
By using the Cash Out feature players can finalize a wager before the event ends. Thus, giving them the option to save the bet in case of unexpected results. This option enables bettors to evaluate the real-time value of their bets.
Furthermore, the ability to cash out grants bettors a level of control. It infuses an additional thrill into the entire betting journey.
These additional must-have features enhance your sportsbook’s functionality, appeal, and user experience. The odds converter simplifies the betting process across different regions. While the “Save,” “Delete,” “Swap,” and “Cash out” features add flexibility and control to the bettor’s hands.
Conclusion
Bet builder, Anti-Fraud AI, Bonus system, and all of the discussed sportsbook features help you to create a user-friendly platform. If we discuss them separately, it might not make sense why they seem to be such important features for sportsbook software. Nonetheless, all of them combined are the guarantee of the secure, easy-to-use platform. So, make sure that your sports betting platform has these tools.
