Are you looking to cash in on the web3 betting industry? With crypto sports betting growing over 125% year-over-year, now is the perfect time to start your own web3 sportsbook.
But, rather than spending millions of dollars and years on development costs, the option of choosing a white label web3 sportsbook provider is often your best choice. Not only do you save time and money on blockchain and sportsbook development, getting trusted technology from industry experts instantly boosts the player experience.
Whether you are looking to generate passive income or become the next top web3 sportsbook in the world, choosing the right tech supplier is a must for a successful decentralized sports betting operation.
Our experts who have launched multiple web3 betting platforms have created this guide to make sure you consider all the factors before making this crucial decision.
A deeper look at web3 sportsbook providers
Web3 sportsbook providers leverage the power of blockchain technology to offer decentralized sports betting platforms that ensure transparency, security, and fairness. A further extension of this is white label providers. These providers offer ready-to-use sports betting platforms, which businesses can then tailor and brand as their own. Such solutions can expedite the launch process and eliminate the need for in-house development, thus saving time and resources.
Having understood what a white label web3 sportsbook provider brings to the table, the question remains: how do you go about choosing the right one? Let’s break down the process.
Step 1: Check the provider’s reputation
Reputation can be a reliable indicator of a provider’s competence and reliability. When choosing a white label web3 sportsbook provider, begin by thoroughly scrutinizing their reputation. Seek out testimonials and reviews from their previous clients. Look for case studies that outline their past projects. Doing so will offer a glimpse into the provider’s dependability, quality of service, and customer satisfaction levels.
Expert Tip: Make sure to check live examples of their technology and confirm via their logo or a press release confirming their tech is powering the website. Many providers rely on old reviews from clients in the “honeymoon” stage of the project.
Step 2: Gauge their technological expertise
The core of any web3 sportsbook provider lies in its technical framework. Therefore, ensure your chosen provider possesses deep-rooted expertise in blockchain technology and the web3 framework. They should demonstrate a thorough understanding of smart contracts, cryptographic security measures, and decentralized systems. Additionally, their platform should be equipped with state-of-the-art features, including real-time betting, multi-cryptocurrency support, and provably fair algorithms, all contributing to a seamless betting experience.
Expert Tip: Have a call with the technical team to get a full understanding of their capabilities. The sales team will always tell you that features are possible in order to get you as a client. By speaking with the product manager, CTO or lead engineer, you can truly get a feel for what they can build for you.
Step 3: Explore custom white label web3 sportsbook providers
One of the main advantages of choosing a white label solution is the opportunity to shape the platform to reflect your brand. Your provider should offer comprehensive customizability options, spanning the user interface design, platform features, and functions. This level of personalization will help you create a distinctive and engaging betting platform that sets your brand apart in a competitive market.
Expert Tip: Don’t just ask about what type of customization is available, but also about the process and timelines. Since customization often means building away from the base offering, it can come with time delays and additional costs, plus the possibility of untested technology.
Step 4: Assess their regulatory compliance
A sportsbook that does not comply with the necessary regulatory standards could spell trouble. Thus, ensure your chosen white label web3 sportsbook provider is well-versed with and adheres to the legal norms in your target markets. The platform should support anti-money laundering (AML) and know your customer (KYC) procedures, while also advocating responsible gambling guidelines.
Expert Tip: Get an independent review from an experienced iGaming lawyer to confirm that the web3 sportsbook supplier has all the licenses in place for your target markets. Often times, suppliers will only advise that certain regions are off limits once you have already signed with them.
Step 5: Evaluate their support services
In a world that operates around the clock, technical issues and user concerns could surface at any time. As such, a reliable provider should offer robust technical support and customer service. Evaluate the provider based on their response time, the support channels they provide (email, live chat, phone), and the level of assistance offered during platform setup and post-launch.
Expert Tip: Go onto a live site from one of their other clients and contact support. Experiencing another white label sportsbook through the eyes of a player will let you know exactly how your users will be treated when they need assistance.
Step 6: Reflect on the cost
The final factor to consider when choosing a white label web3 sportsbook provider is the cost. The pricing should align with your budget, without compromising on essential features and quality. Be sure to gain a clear understanding of the pricing structure, which could range from a one-time setup fee to a monthly subscription or a combination of both. Additionally, don’t hesitate to inquire about any potential hidden charges that may arise in the future.
Expert Tip: Don’t dwell too much on the setup fee. Some suppliers charge a discounted rate or even set up the platform for free to get you in as a client, only to let you down in other ways in the future. A web3 sportsbook and casino is a big investment, so choose the best technology, not the best price!
Making the right choice for your white label web3 sportsbook supplier
Choosing a white label web3 sportsbook provider is not a decision to be made lightly. It involves an in-depth evaluation of the provider’s reputation, technological prowess, services, and cost structure. This comprehensive guide serves as a roadmap to help navigate the selection process, ensuring you identify the most suitable provider for your unique needs.
As you step into the thrilling world of web3 sports betting, remember that adopting new technology isn’t merely about staying on trend; it’s about enhancing user experiences with the unmatched transparency and security offered by blockchain technology. The right white label web3 sportsbook provider will help you accomplish this, setting your brand up for success in this emerging industry.
For expert advise on starting a web3 sportsbook, please contact us at partners@web3sportsbooks.com and our team will be happy to provide a free consultation to find the right partner for you.
