The history of retail betting began in the UK in the early 1960s, when the original betting shops accepting sports bets off the racetrack were established. Such stores allowed customers to place bets on sporting events (mainly horse racing) while the race was being broadcast live on television. The new type of bookmaker became incredibly popular across the country, and new betting shops began to open in the most remote parts of the UK to meet the rapidly growing demand.
In the current blog, we will focus on modern betting shops, how they work and what you need to start a retail betting business. We will further talk about the software that is required to open one, the types of betting stores and, of course, the licenses that allow you to run a land-based bookmaker business.
What are retail betting shops?
Retail betting – this is a business with a premises that houses specialized bookmaking equipment and has a legal basis for providing sports betting services to customers. However, the definition of what retail sports betting is can vary widely depending on regulations. Check your local gambling laws to understand the peculiarities of local retailing.
What is a retail sportsbook?
Retail sports betting is a stationary location that allows customers to place bets on various sporting events. There are two main types of retail facilities you need to know about – betting facilities with individual monitors for betting and betting facilities with shared displays. In the first case, the customer selects an event and places a bet on the monitor, and pays at the cash register. In the second case, the odds are displayed on the screen, while bets are taken directly at the cash register.
Regardless of the type of retail sportsbook you intend to open, your business will require specialized betting software to operate the platform. Such a platform is designed to launch and run a land-based establishment, and allows you to accept pre-match and live bets of various types, collect system statistics, manage sports events, etc.
A retail sportsbook platform is commonly designed for three main user roles – player, cashier and administrator. Of course, players and cashiers only have access to designated system interfaces and menus. At the same time, the senior administrator gets full control over the system’s content, gets system statistics on any indexes and can set access for other administrators and cashiers. A player can only access the player’s betting interface.
Start a land-based sports betting business
Once we’ve figured out what the retail sports betting business is all about, let’s talk about how to open your own retail sports betting business. In addition, we’ll outline a brief step-by-step guide for entrepreneurs who are considering opening their own retail sports betting premises.
Licensing
The process of applying for an iGaming license that allows you to operate a land-based establishment is time-consuming. That’s why we recommend starting the application as soon as possible, as it can take about six months in some of the more stringent jurisdictions.
The licensing process requires the entrepreneur to provide the local licensing authority with all the required documents – bank account information, personal information, financial strategy, company charter documents, etc. As you can see, preparing all the required legal documents and getting them approved at the licensing authority requires a lot of legal work to be done.
Platform for retail sports betting
Once you’ve submitted your documentation to the authority, it’s time to choose the core functional component of your facility – the retail sports betting platform. This software defines your system’s functionality, capacity, performance and usability. Here are some of the main features you need to look at when choosing a platform for your land-based sports betting facility:
- High performance
- Minimal downtime
- Compatibility with international payment systems
- User-friendly interface
- Analytical tools for obtaining valuable statistics
- Easy customization for any jurisdiction
Choosing the best sports betting software is a very responsible step, so we always recommend extra patience with the details when choosing.
Events and betting odds
Betting events and odds are not an integral part of the retail platform, which means that you may receive the platform and odds from different providers. When choosing an odds provider, we recommend making sure there is a match between your market and the types of sports it provides. By this we mean that different markets have different preferences in sports. In addition to this, odd types may also come in different types depending on the location of the bet.
The best way to start a retail sports betting business
Entrepreneurs who are considering starting a retail sports betting business should consider NuxGame iGaming’s on-premises solutions. NuxGame offers a comprehensive, feature-rich software solution for retail betting that includes a platform, sports events and betting odds. If needed, our team can also assist with licensing for your business.
NuxGame’s retail platform is software developed and designed by the NuxGame team. Our platform is designed to provide system administrators with the most comprehensive analytical tool. The platform allows you to collect and process all kinds of internal financial data, user statistics, reports on individual sports, leagues, events, etc. In addition to this, our UX/UI design team has put a lot of effort into optimizing the backend of the system to increase usability for all types of users – players, cashiers, administrators.
In addition, we can offer our customers integration of sports events and odds for pre-match and live betting. We offer a wide selection of markets, all leading sports leagues and the most popular tournaments. Our platform is customized for many global markets with different types of odds for different regions.
If you have questions about the NuxGame retail solution, its capabilities, features and benefits, please contact our sales representative via live chat on our website.