According to Statista, the online sports betting market should reach $65.14 billion in revenue in 2029, with a total of 182.5 million users joining the market by that time.
Those numbers are indicative of how rapid the growth rate of the online sports betting business and seems to be unstoppable!
This is the most opportune moment for an iGaming company or manager, as they would be able to increase their potential and attract a larger number of users.
The opportunity is huge, and the right strategy can help bring you success.
But there are a few challenges:
- Some fear that online betting isn’t safe to do.
- Others believe it’s not legal.
- Many just have no idea how it works and fear trying it altogether.
The next article will clarify the notion of online betting using easy words and provide tips to iGaming brands on how to create a secure and responsible playing environment for players. Using such tools as betting affiliate programs can attract more users, build trust, and create a secure environment for betting in which players feel comfortable playing without fear.
The Definition of Online Betting
Online betting is when people place bets on sports, casino games, or other events using websites or mobile apps.
For instance, one can stake $200 on Team A to defeat Team B in a football match. If Team A does win, he or she is given a payout depending on the odds set by the betting platform.
Unlike the traditional form of betting, there is no necessity to go to any specific venue or place to participate; all is carried out online from your home’s comfort.
Working Principle of Online Betting
- Account Opening
First of all, one needs to register with an online betting platform. They give information such as name, and email, and confirm they are of legal age. Once the account is verified, they can log in and start exploring.
- First-Time Deposits
First, one needs to deposit some money into one’s account before placing bets. This can be done using credit or debit cards, among other methods such as digital wallets.
- Understanding Betting Odds
Knowing how betting odds work helps users make smarter bets.
- Decimal Odds:
Expresses the total return per unit staked, including the stake. Example: 2.5 odds mean the bettor will win $2.50 for each $1 wagered ($1 stake + $1.50 profit).
- Fractional Odds:
For example, 3-1 odds is a $1 bet generates a $3 profit.
- Moneyline Odds:
Common in the US, positive numbers (e.g., +150) show the profit for a $100 bet, and negative numbers (e.g., -150) show the amount to bet to win $100.
- Selecting Events and Types of Bets
Bettors can choose from several alternatives such as picking the winner (moneyline bets), wagering on point spreads, or placing a combination of bets into a parlay for higher returns.
- Winnings and Results
If the bet is successful, the platform credits the winnings to the bettor’s account. For example, a $100 bet at 2.0 odds results in a $200 payout ($100 stake + $100 profit).
Increasing the Visibility with Affiliate Programs
For platforms, it is the promotion of these features and simplification of the process that will get them users. Online sports betting affiliate programs allow brands to partner with others to reach more potential bettors. These programs incentivize affiliates to drive new sign-ups and deposits, ensuring a win-win for both the platform and its partners.
By using such programs in combination with a user-friendly betting system, platforms can increase their user base and establish long-term credibility in the online betting market.
Key Components of Online Betting Platforms
Now that you know how online betting works, let’s look at the key features of a good betting platform:
- Odds and Markets
Odds and markets are what make betting exciting and engaging.
Markets: These are the different betting options, like props or parlays.
Odds: These show how likely an outcome is and determine how much a bettor can win.
Having a variety of odds and markets ensures users have more options to enjoy and keeps them interested.
- User-Friendly Interface (UI)
A simple and easy-to-use interface makes the betting experience smooth.
Betting platforms should include features like favorite sports, bet history, and shortcuts to preferred markets.
Most bettors (53%) use smartphones to place bets, while only 23% use laptops.
This means having a mobile-friendly app or website is essential. Study the top betting apps to learn how they make their platforms intuitive and accessible.
- Strong Security
Trust is critical in online betting. To earn it, platforms should:
- Use encryption tools like SSL to protect user data.
- Have proper licensing and follow local rules to ensure they operate legally and safely.
- These steps make the user feel confident and secure while placing bets online.
Types of Bets
These are the major bet types in online sports betting:
- Moneyline Bet
This is the most straightforward bet type. The bettor selects a team or player and predicts the winner.
Example: Betting on Team Spain to beat Team USA in a soccer game.
- Point Spread Bet
The bet concerns the margin of victory. Bettors predict whether a team will win by several points (or lose within a certain margin).
Example: The bet on Team C to cover a -6.5 spread means they need to win by at least 7 points.
- Over/Under Bets (Totals)
This is a prediction of whether the score of a game will go over or under a certain number.
Example: A bet on “over 200.5” in an NBA game means that the bettor thinks the two teams’ combined score will be more than 200.
- Parlay Bet
Combines several bets into one; all legs of the selection must win for the bettor to cash out.
Example: Betting on three basketball teams to win their respective games with one parlay.
- Prop Bet
This focuses on specific events or outcomes during a game, rather than the overall result.
Example: Betting on Player A to score the first goal in a soccer match.
- Futures Bets
These are long-term bets on future outcomes.
Example: Betting on a team to win the league championship before the season starts.
- Live (In-Play) Bets
These bets are placed while the game is happening, allowing bettors to adjust their predictions based on the game’s progress.
- Each-Way Bet
This splits the stake between two outcomes—a win and a “place” (e.g., finishing in the top three).
Example: Betting on Horse X to either win the race or finish in the top three.
For businesses, using sports betting affiliate programs is a great way to promote these betting options. Affiliates help drive new users to platforms by educating them on the different types of bets and the opportunities they offer, creating a win-win for both bettors and platforms.
To Sum Up
Most people fear betting online due to common myths about safety or find the process confusing. To prove these myths wrong, iGaming brands should educate their audience and utilize the right tools to ensure protection and security.
With this approach, platforms will pull in more bettors, build trust, and maintain a strong reputation in the market. Here are tips to help you do so. If you are searching for iGaming affiliate software to grow your business, then Affnook can be your trusted partner.
Ready to take your iGaming strategy to the next level? Get in touch with us today to get started!
