Developing a Sports Betting App like BetRivers – Cost and Features

Many people today feel frustrated with the limitations of traditional sports betting. Whether it’s the hassle of going to a physical betting shop or dealing with local regulations, sports enthusiasts are often left wanting a more convenient option. Sports betting apps, like BetRivers, offer a perfect solution by letting users place bets from the comfort of home or while on the go. These apps make it easy to bet on a wide range of sports right from your smartphone or computer. They provide real-time odds, live streaming, and various betting options, giving users plenty of choices. Plus, many apps offer bonuses, promotions, and loyalty programs to make the experience even more enjoyable and encourage users to return.

In 2022, sports betting apps in the United States generated $7.4 billion in revenue, a 71% jump from the previous year. This shows that a lot of people are turning to these apps to bet on their favorite games. It’s an exciting time for businesses to tap into this rapidly growing market!

For these reasons, many exciting new sports betting apps are popping up in the US market. In this post, we’ll show you how to create your own amazing sports betting app like BetRivers. We’ll guide you through designing a user-friendly interface and adding standout features. Let’s get started!

Key Market Takeaways for Sports Betting Apps

According to Statista, the global online sports betting market is set to reach USD 48.17 billion by 2024, with a strong CAGR of 11.65%, potentially soaring to USD 83.58 billion by 2029. This is mainly due to the increasing legalization of sports betting, particularly in North America. As of 2023, sports betting had been legalized in 36 U.S. states, further fueling market expansion. 

Source: Statista

The rise of smartphones has also made online betting a lot more accessible than ever, allowing users to place bets anytime, anywhere, driving engagement and growth. Regulatory shifts are playing a pivotal role in the market’s expansion. In many regions, governments are easing restrictions on online gambling, creating a favorable environment for operators. For instance, the U.S. saw a significant jump in the number of states legalizing sports betting, growing from 32 in 2021 to 36 in 2023. This change has led to a massive surge in legal betting activities, with bettors wagering approximately USD 73 billion in just the first ten months of 2022.

Strategic partnerships and sponsorships are also elevating the visibility and credibility of sports betting apps. Industry giants like Flutter Entertainment and Bet365 have formed alliances with sports organizations to promote their platforms. These deals often include sponsorships for major sporting events and teams, helping attract a broader audience and build brand loyalty among users.

What is the Business Model of the BetRivers App?

BetRivers, a sports betting app, operates as an online sportsbook and casino platform, leveraging a business model that focuses on user engagement, competitive promotions, and a robust rewards program. Below is a detailed exploration of its business model, including key features, statistics, and market positioning.

• Launched in June 2020 by Rush Street Interactive, BetRivers is part of a larger gaming company known for its physical casinos in locations such as New York, Iowa, and Illinois.
• The platform has expanded into several states where sports betting is legal, including New York, Colorado, and Louisiana, and plans to enter Maryland when regulations permit.

Business Model Components

User Acquisition and Bonuses

• Welcome Bonus: BetRivers offers a sign-up bonus of up to $500 in bonus bets if the initial bet is lost. This bonus expires within 30 days and requires a minimum deposit of $10.
• Promotions: The app features ongoing promotions such as profit boosts for specific sports events and contests like the NFL Pick’Em with substantial prize pools.

Loyalty Program

• iRush Rewards: This program allows app users to earn points for every bet placed, that can be redeemed for bonuses across both the sportsbook and casino. The program includes features like a Bonus Bank and Progress Bar to track rewards.

Diverse Betting Options

• BetRivers provides a wide array of betting markets covering major sports leagues (NFL, NBA, MLB) and niche sports. This variety attracts different types of bettors—from casual to serious gamblers.
• The platform supports live betting with real-time updates and statistics, enhancing user engagement during events.

Market Positioning

BetRivers is often ranked among the top sportsbooks in legal states despite having less brand recognition than larger competitors like DraftKings or FanDuel. Its focus on localized promotions helps it stand out in various markets.

• As of August 2024, BetRivers ranked #12 in the Sports Betting category in the U.S., with approximately 17,056 global rankings.
• The app has seen significant user engagement metrics that indicate a growing base of active users.

Are Sports Betting Apps like BetRivers Profitable?

The profitability of sports betting apps has surged in recent years, driven by increasing user engagement, technological advancements, and the expansion of legal betting markets. Here’s an in-depth look at the financial landscape of sports betting apps, 

Revenue Growth

• US Sports Betting Revenue: In 2022, sports betting apps in the United States generated approximately $7.4 billion in revenue, marking a 71% increase from the previous year. This growth continued into 2023, with the industry posting a record $10.92 billion, a 44.5% year-over-year increase.

User Engagement

• The number of app users engaging in online sports betting is expected to reach 180.8 million by 2029.
• In the US, Americans wagered around $23 billion on sports during a single quarter in 2022, with projections suggesting this could hit $100 billion shortly.

Monetization Strategies

Sports betting apps utilize various monetization models to enhance profitability:

• Commission on Bets: Apps typically earn revenue by taking a percentage of wagers, known as the “vig” or “juice.” This commission can be charged on winning bets or deducted from total wagers regardless of outcomes.
• In-App Purchases: Users can purchase features like enhanced odds or access to exclusive content, which can significantly boost engagement and revenue.
• Advertising Revenue: Many apps incorporate advertising through display ads, video ads, and sponsorships. This model can generate substantial income with minimal disruption to user experience.

In the US, basketball generated the most revenue for sports betting apps in 2022, while in the UK, football and horse racing dominated the market. New Jersey leads with a lifetime revenue of $2.8 billion, followed closely by New York at $2.2 billion.

Features of Sports Betting Apps Like BetRivers

Here are some of the key features of sports betting apps like BetRivers, 

1. Wide Range of Sports

By catering to a nice range of interests, sports betting companies can tap into a larger market and increase their customer base.

2. Live Betting

The ability to place bets in real-time as a game unfolds adds an element of excitement and engagement for users. Live betting can significantly boost user activity and generate additional revenue for businesses.

3. In-Play Stats

Offering users real-time game statistics allows them to make more informed betting choices. This feature improves the overall user experience and can lead to greater customer loyalty.

4. Parlay Betting

Parlay betting, which involves combining multiple bets into a single wager, offers the potential for significantly higher payouts. This feature can attract risk-taking customers and drive revenue growth.

5. Prop Betting

Prop betting, which allows users to bet on specific outcomes within a game, can add an extra layer of interest and excitement for customers. By offering a variety of prop bets, companies can cater to different preferences and increase user engagement.

Features That Can Enhance Sports Betting Apps Like BetRivers

In today’s competitive landscape, sports betting companies must continuously innovate to attract and retain customers. By incorporating innovative features, companies can create a more engaging, personalized, and competitive user experience.

1. Personalized Betting Recommendations

Leveraging AI and machine learning, sports betting apps can provide users with personalized betting recommendations based on their preferences, betting history, and real-time game data. This can enhance the user experience and increase engagement.

2. In-Depth Game Analysis

Offering users access to in-depth game analysis, including statistics, player performance, and team trends, can empower them to make more informed betting decisions. This can attract experienced bettors and improve customer satisfaction.

3. Social Betting Features

Implementing social features, such as group betting, chat rooms, and leaderboards, can create a more engaging and interactive experience for users. This can foster a sense of community and competition, driving user retention and acquisition.

4. Virtual Reality Integration

Integrating VR technology can provide users with a more immersive and realistic betting experience. By allowing users to virtually attend games and interact with other bettors, companies can create a more engaging and social environment.

5. Gamification Elements

Incorporating gamification elements, such as badges, achievements, and rewards, can make the betting experience more fun and engaging. This can attract a wider range of users, including those who may not be primarily interested in sports.

6. Integration with Fantasy Sports

Integrating sports betting apps with fantasy sports platforms can create a more engaging experience for app users. This can attract users who are already involved in fantasy sports and increase revenue opportunities.

7. Live Streaming and Commentary

Providing live streaming of games and expert commentary can enhance the overall experience and attract users who may not be able to watch games live on television. This can also increase engagement and drive revenue through advertising opportunities.

Development Steps for a Sports Betting App like BetRivers

Here are the unique developmental steps specifically tailored to creating a sports betting app like BetRivers:

1. Comprehensive Market Research

Perform in-depth market research to grasp the competitive landscape, preferences of your target audience, and regulatory requirements. This approach will enable you to pinpoint potential gaps in the market and customize your app to address specific user needs.

2. Integration with Sports Data Providers

Establish partnerships with reliable sports data providers to access real-time data on sporting events, including scores, statistics, and odds. This data is crucial for offering accurate and up-to-date betting options to users.

3. Make Risk Management and Odds Calculation Algorithms

Create advanced algorithms to determine fair odds based on the likelihood of various outcomes. Establish strong risk management strategies to minimize potential losses and maintain the long-term viability of the betting platform.

4. Ensure Compliance with Gambling Regulations

Adhere to strict gambling regulations in your target jurisdictions, including obtaining necessary licenses, verifying user identities, and implementing responsible gambling measures.

5. Provide Live Streaming

Consider integrating live streaming capabilities to allow users to watch sporting events directly within the app. This can enhance the user experience and encourage betting activity.

6. Integrate In-Play Betting Features

Develop advanced in-play betting features that enable users to place bets on ongoing matches. This adds excitement and dynamism to the betting experience and can attract a wider range of users.

7. Mobile Optimization and Cross-Platform Compatibility

Ensure that the app is totally optimized for mobile devices and compatible with various operating systems (iOS, Android). This is crucial for reaching a wider audience and providing a seamless user experience.

8. Take Fraud Prevention and Security Measures

Implement robust fraud prevention measures to protect the platform and users from illegal activities. This includes verifying user identities, monitoring.

Legal Considerations While Making a Sports Betting App

When developing a sports betting app, several critical legal considerations must be addressed to ensure compliance and protect both operators and users.

Licensing Requirements

Obtaining a gambling license is paramount. Each jurisdiction has specific regulations; for instance, in the U.S., states like New Jersey, Pennsylvania, and Nevada have legalized sports betting, while others have not. Operators must apply for licenses in each state where they wish to operate, adhering to local laws and regulations. Notably, the licensing process often involves thorough background checks and financial disclosures.

Geo-location and Age Verification

Sports betting apps must incorporate geo-location technology to ensure users are within legal jurisdictions. Additionally, robust age verification systems are necessary to prevent underage gambling, typically requiring users to confirm they are 18 or older.

Apart from that, compliance with data protection laws, such as the General Data Protection Regulation in Europe, is crucial. Apps must securely handle personal and financial information to protect against data breaches.

Cost of Developing Sports Betting App like BetRivers

Development Stage	Tasks Involved	Cost Range
Research and Planning	– Market analysis: Understanding the sports betting landscape, target audience, and competitive analysis.- Regulatory compliance: Ensuring adherence to local and international gambling regulations.- Feature prioritization: Determining essential features based on user needs and market trends.	$2,000 – $5,000
Front-End Development	– UI design: Creating an intuitive and visually appealing interface for users.- UX design: Ensuring a smooth and enjoyable user experience.- Responsive design: Adapting the app for different screen sizes (mobile, tablet, desktop).	$5,000 – $15,000
Back-End Development	– Server infrastructure: Setting up a reliable and scalable server environment.- Database management: Implementing a robust database for user data, betting history, and odds.- API integration: Connecting to third-party data providers for real-time odds and sports information.- Security measures: Implementing strong security measures to protect user data and prevent fraud.	$8,000 – $20,000
App Features	– Sports betting: Offering various sports and betting markets.- Live betting: Allowing bets on ongoing matches.- In-play statistics: Providing real-time data.- Cash out: Allowing bet withdrawal before the event ends.- Virtual sports: Offering simulated sports betting.- Promotions and bonuses: Providing user incentives.	$5,000 – $20,000 per feature
Testing and Quality Assurance	– Manual testing: Ensuring functionality across different devices and platforms.- Automated testing: Using tools to improve efficiency.- Security testing: Identifying and fixing vulnerabilities.	$2,000 – $5,000
Additional Considerations	– Maintenance and updates: Ongoing app maintenance and bug fixes.- Licensing and fees: Costs for regulatory compliance.- Payment processing: Fees for handling transactions.- Customer support: Costs for live chat, email, and other support services.	Varies
Total Cost Estimate		$10,000 – $100,000

The development cost of a sports betting app, such as BetRivers, can be influenced by several variable factors. Here are some things to consider,

Real-time data integration

Sports betting apps rely on real-time data feeds from various sports leagues and organizations. Integrating these data sources can be complex, as it requires robust infrastructure, efficient data processing, and ensuring data accuracy and reliability. This factor can significantly impact development time and costs.

Odds calculation and management

Accurate and timely calculation of odds is crucial for a successful sports betting app. Developing algorithms and systems to handle this aspect can be resource-intensive, as it involves complex mathematical calculations and considerations of factors like team performance, player injuries, and external events.

Regulatory compliance

Sports betting is subject to strict regulations in many jurisdictions. Ensuring compliance with such regulations can involve additional legal and technical considerations, such as obtaining licenses, implementing responsible gambling measures, and adhering to data privacy laws.

Fraud prevention and risk management

Sports betting apps are vulnerable to various types of fraud, including match-fixing, account hacking, and money laundering. Implementing robust fraud prevention measures, such as identity verification, transaction monitoring, and risk assessment, is essential to protect the business and maintain user trust.

Tech Stacks Required to Develop a Sport Betting app like BetRivers

Creating a sports betting app like BetRivers involves using a specialized tech stack that ensures functionality, compliance, and a smooth user experience. Here’s an overview of the essential technologies:

1. Front-End Development

For front-end development, React Native is a widely used framework that allows businesses to build cross-platform mobile apps. It offers a native-like user experience, enhancing user engagement. Another option is Flutter, known for its fast development capabilities and expressive user interfaces. Both frameworks are popular choices for businesses aiming to develop apps efficiently across iOS and Android platforms.

2. Odds Calculation Engine

Many sports betting apps opt for custom-built odds calculation engines to maintain accuracy and control over the betting process. Developing an in-house engine ensures that companies have full control over the odds they offer. Alternatively, some apps rely on third-party providers that specialize in odds calculation to streamline the process and focus on other aspects of the app.

3. Risk Management Algorithms

To maintain profitability and manage potential losses, implementing robust risk management algorithms is essential. These algorithms help the business assess and adjust odds based on factors such as bet volume and market trends, ensuring that the platform stays financially sustainable.

4. Customer Segmentation Models

Customer segmentation models allow businesses to offer personalized promotions and betting recommendations to specific user groups. By analyzing user behavior, companies can tailor their marketing strategies and improve customer retention.

5. Geolocation and IP Verification

To ensure compliance with local regulations, businesses use MaxMind, a provider of geolocation and IP intelligence data. This tool helps verify user locations and restrict access in areas where sports betting is not permitted, ensuring that the app remains compliant with legal requirements.

Most Sucessful Business Models for Sports Betting Apps like BetRivers

The sports betting industry has experienced significant growth, driven by technological advancements and changing regulations. Various business models have emerged, each catering to different segments of the market. Here are the most successful business models for sports betting apps:

1. Traditional Sportsbook Model

Traditional sportsbooks operate by allowing users to place bets against the house. The sportsbook sets the odds and takes a small commission on each bet, known as the “vig” or “juice.”

• Bet365: One of the largest sportsbooks globally, Bet365 reported revenues of approximately £3 billion in 2022, primarily from its sportsbook operations. The app offers a nice range of betting options across various sports, attracting millions of users.
• William Hill: Established in 1934, William Hill has adapted to online betting, generating significant revenue through its user-friendly app that provides live betting and promotions.

According to industry reports, traditional sportsbooks account for over 60% of the global online betting market, which was valued at approximately $66.7 billion in 2020.

2. Betting Exchange Model

In contrast to traditional sportsbooks, betting exchanges allow users to bet against each other. The platform takes a small commission on winning bets rather than setting odds itself.

• Betfair: Betfair pioneered this model and has captured a huge market share in the UK, with about 15% as of 2022. The platform’s unique peer-to-peer system provides better odds for users and enhances engagement through features like in-play betting and cash-out options.
• Smarkets: Another notable exchange that offers low commission rates and a user-friendly interface, appealing to both casual and serious bettors.

Betfair’s revenue model includes taking a commission on winning bets, which has proven lucrative; it generated around £1 billion in revenue in 2022 from its exchange and sportsbook combined.

3. Daily Fantasy Sports Model

DFS platforms allow users to create fantasy teams and compete based on real-life player performances. Users enter contests for a fee, with winnings distributed based on performance.

• DraftKings: A leader in the DFS space, DraftKings reported revenues of over $1.3 billion in 2022. The platform offers various contests across multiple sports, attracting millions of players.
• FanDuel: Similar to DraftKings, FanDuel has carved out a substantial market share in DFS, with revenues exceeding $1 billion in recent years.

The DFS market has seen explosive growth, with an estimated value of $3 billion by 2025. This model appeals particularly to younger demographics who enjoy skill-based gaming.

4. Social Betting Model

Social betting apps combine elements of social media with betting, allowing users to share bets and compete with friends or other users.

• BetUp: This app allows users to create social networks around their betting activities, enhancing user engagement through community features.
• Betfect: Another social betting platform that focuses on community interactions and shared experiences among bettors.

Social betting is still emerging but has shown potential for growth as it taps into the increasing popularity of social gaming. Estimates suggest that this segment could grow by over 20% annually as younger audiences seek interactive experiences.

Conclusion

The development of sports betting apps like Caesars Sportsbook offers numerous benefits for both common people and businesses. For individuals, these apps provide a convenient and accessible platform to engage in sports betting, fostering excitement and social interaction. Businesses can capitalize on the growing popularity of sports betting by developing similar apps. By offering unique features, competitive odds, and engaging user experiences, these businesses can attract a large customer base, generate substantial revenue through betting transactions, and establish a strong presence in the competitive sports betting market.

Looking to Develop a Sports Betting App like Caesars Sportsbook?

Develop a cutting-edge sports betting app with Idea Usher, mirroring the success of Caesars Sportsbook. Our team boasts over 500,000 hours of coding expertise in crafting robust, user-centric platforms. We’ll meticulously replicate Caesars’s key features, from live betting and in-play odds to seamless integration with payment gateways and responsible gaming tools. Leverage our technical prowess to create a feature-rich, secure, and scalable app that engages sports enthusiasts and delivers a premium betting experience.

FAQs

Q1: How to develop a sports betting app?

A1: Creating a sports betting app involves several key steps. First, you need to obtain a gambling license. Next, you’ll need to develop a comprehensive business plan outlining your target market, revenue model, and marketing strategy. Then, you’ll need to design the app’s user interface and user experience, ensuring it’s intuitive and engaging. Finally, you’ll need to build the app’s backend infrastructure, integrate payment systems, and ensure robust security measures are in place.

Q2: How long does it take to develop a sports betting app?

A2: The development timeline for a sports betting app can vary significantly depending on the number of features, and the resources available. A basic app with limited functionalities might be developed in a few months, while more sophisticated apps with advanced features and integrations could take several months or even a year. Factors such as the design process, development phase, testing, and integration of third-party services can all contribute to the overall development time.

Q3: What are the features of a sports betting app?

Sports betting apps typically offer a lot of cool features. These features may include live odds updates, in-play betting, a variety of betting options (e.g., straight bets, parlays, prop bets), detailed statistics and player information, personalized recommendations, push notifications for important events, secure payment methods, and customer support. Additionally, some apps may offer bonus features like loyalty programs, referral bonuses, or free bets to attract and retain users.

Q4: Are sports betting apps profitable?

A4: The profitability of sports betting apps can vary widely depending on several factors, including the size of the user base, the effectiveness of marketing strategies, the competitiveness of the market, and the ability to manage risk effectively. While some sports betting apps have achieved significant success and profitability, others have struggled to maintain sustainable revenue streams. It’s important to conduct thorough market research and develop a well-thought-out business plan to increase the chances of long-term profitability in this highly competitive industry.