Is the retail betting market about to be relegated to the background? Do offline bookmakers stand a chance in the ever-growing competition in the online gambling industry? Predictions and projections have been made about the non-sustainability of retail betting platforms in the face of the increasing numbers of online gambling platforms.
The dominance of retail betting in the face of all that can be attributed to the integration of newer technologies, designed to attract new players to the fold. So, in this article, we will explain in detail the steps you must take to establish your retail betting platform.
1. It Starts with a Business Plan
You don’t just wake up one morning, look around your vicinity, and seeing no offline bookmaker anywhere close, and decide to open a betting shop. It doesn’t work that way, otherwise, you could just be starting on the wrong foot.
Drawing up a strategy for your retail betting business is the most important thing. It starts with a business plan!
The business plan is a blueprint of your business, detailing the most important aspects of the betting business you want to start.
Here are some tips to help you in coming up with the best business plan for your retail betting business:
- Outline the goal of your retail betting business.
- Highlight the strategies you intend to use to grow or scale the business.
- Define the budget or the amount of money required for setting up the different aspects of your retail betting business.
- Explain the revenue models or the sources of income for your retail betting business. This comes in handy when pitching to investors, as they would want to be sure of how they can recoup their investments.
2. Decide on the Software Provider that Ticks all Your Boxes
You are about to launch a retail or offline betting business. It is going to be a brand that is both popular and profitable. For this reason, you cannot afford to make mistakes, especially in terms of the game content offered on the platform.
Partnering with a land based betting solutions provider is the ideal thing to do. The software provider sees to the development, installation/integration, updating, and management of your retail betting solutions.
These are some of the suggested factors to consider when looking to pick the best software provider:
- Prioritize working with a solutions provider that has been in the business for some years. This is important because the experience required to pull off the standard you are looking for requires many years of working at the same thing.
- What type of solution is the company offering? Is it White Label or Turnkey? The type of betting solution should align with what you want.
3. Apply for a Retail Business Franchise
Your retail business wouldn’t be open for business if it doesn’t have a franchise. Since you are looking to build a brand around it, consider getting legal backing. The franchise here is to get the business registered with the relevant agencies and or authorities.
4. What Type of Game Content is to be offered?
What type of game content do you want to offer? The ideal offline or land-based betting platform offers a cross-section of games. The most outstanding of these games is the slot machine. Card or table games like baccarat, roulette, and blackjack are also on the list.
Whatever game content you want to offer, make sure that you liaise with the software provider to see a way to make that attractive for the players.
5. Invest Heavily in the Looks of the Betting Shop
Your offline sportsbook should have that “gaming feel,” as that is the basis for making the punters “feel at home.” You can hire the services of an interior designer to come up with a concept for decorating the inner parts of the betting shop.
From lights to sound and air, the sportsbook should have lots of spectacular features that would attract players, keep them there for long, and have them wagering on more games out of excitement.
6. Get Your Customer Service up and Running
When the term “customer service” is mentioned, the focus is usually on the department that handles the calls and replies to emails. In an offline or retail betting business setting, the scope of that term can be much more.
The customer service, in this case, generally means the different concentrated efforts designed to make the players entertained. It ranges from polite customer service personnel, provision of refreshments for the players, and making conveniences available for them to take care of personal needs.
Starting a retail betting business can be difficult, especially now that online betting platforms are virtually everywhere. Your major strategy is to find out the market opportunity, which includes the availability of the right demographics (betting age brackets and sustainable income), as well as the collaboration with a reliable software provider.
Once you get that right and register the business, you could just be on your way to running one of the most successful retail betting businesses. Of course, this requires strategic marketing to get new players, offering incentives to reward them at intervals, and improving on the services offered at your offline betting shop.