Are you looking to learn about the essential features that make a sports betting exchange app stand out? If yes, then this guide is perfect for you.
We understand the place of having the essential features for a sports betting exchange app and how they solidify the app and user experience.
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This is why we designed this guide to delve into the must-have components that ensure a seamless and enjoyable betting experience for all users. The blog caters to both beginners and seasoned bettors alike.
So, yes, in this blog post, we will be doing some in-dept analysis to ensure we offer a blog that equips you and other readers with the best knowledge for navigating the world of sports betting exchanges with confidence.
Understanding Sports Betting Exchange Apps
Before we go deeper into the topic, let us give you a clear definition and explanation of sports betting exchange apps.
A sports betting exchange app is an online betting platform that allows gamblers to bet against each other. This is its major distinction from the traditional betting app.
It works when two gamblers agree on a game and go against each other. While facilitating this, the betting exchange app benefits by collecting a small amount in fees.
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Growing popularity of sports betting exchange apps
David Curry posits that sports betting is witnessing a fast-growing popularity with the United States recording inflows of about $7.4 billion. Also, the UK sports betting industry is generating over £2 billion on a yearly-basis.
All over the world, the most common sports betting is football betting while sports betting app like FanDuel is very common among bettors.
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Importance of essential features for a sports betting exchange apps
There are several sports betting exchange app features that you must consider if you want to build the ideal betting app.
These are indeed, must-have features with some key functionalities that combine to create a user-friendly, feature-rich, and accessible platform that caters to a wider range of sports betting enthusiasts.
When you integrate these must-have features for betting exchange, they will enable and enhance a more dynamic and engaging betting experience. But that is not all. You will have a betting app solution that offers the flexibility and control that users and bettors seek.
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Must-have Essential Features for a Sports Betting Exchange App
Let us take a look at these important sports betting exchange app features;
1. Live Video Streaming
Live video streaming is one of the must-have features for betting exchange and the reasons are not far-fetched. It offers several benefits to both bettors and exchanges.
Benefits of Live Streaming for In-play Bettors
- Instant Access to Live Action
With the live streaming feature, bettors can have instant view of actions in real-time. This is much better than following up with a bet pick by text or audio sounds.
Instant live access to live action plays a huge role in bettors decision-making and their overall experience.
- Deeper Game Understanding
Another important benefit of the live streaming feature of a sports betting exchange app is in how it enhances the understanding of unfolding events.
Since bettors can follow up their bets with live actions, they get to experience important player movements, different tactics, events, decisions, and performances.
For example, while live streaming an in-play football match, bettors can see what leads to the awarding of freekicks and how the players can convert them to goals.
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- Real-Time Odds and Betting Options
Live streaming opens opportunities for bettors to explore other options. Typical examples include real-time odds and different betting options that unfold as the game extends.
- Comparing Bookmakers
As a user of a sports betting exchange app, you can use the live streaming in-play feature to make comparisons. For example, during a football match, there are options and odds for next goal. You can compare different bookies to see which offers the best odds.
Benefits of Live Streaming for In-Play Betting
- Instant Access to Real-Time Information
Live streaming sports betting exchange app features offer an opportunity to get instant information and in real time. You can access different events and insights as well as useful updates about the unfolding event.
This is very important for decision making since the odds can always change.
- Enhanced Betting Strategy
When you are able to access information and insights in real time, your betting skills can easily be enhanced. For example, with live streaming, it’s easier for you to perform technical analysis on player performance or even the whole team. In the process, you can identify opportunities and make your betting decisions as the game unfolds.
- Interactive and Engaging Experience
Exploring Essential features for a sports betting exchange app such as livestreaming will always add new lvel of excitement and engagement to your users. In fact, users usually have refreshing experience with the feature as well as a top-notch engagement.
This benefits your business because you can now build and manage users who are emotionally attached to your betting platform.
- Access to a Wide Range of Sports and Events
Bettors may also be huge fans of different sports and clubs. This maybe in football, hockey, tennis, basketball, boxing, etc. live-streaming gives them the needed access to access different sports and follow the events in real time. Plus, they get to do this from remote locations, with portable devices while also betting against other players for some profit.
Other Business Benefits of Live Streaming Sports Betting Exchange App Features
- Increased Audience Reach
- Authenticity and Transparency
- Cost-Effective Marketing
- Immediate Feedback and Engagement
- Increased Social Media Visibility Extended Shelf Life
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2. Players ID Cards
Player ID Cards form part of the sports betting exchange app features to not miss. It is simply a feature that generates ID cards for every registered player on the betting exchange app.
Player ID Cards Benefits to Users
- Security
Including this feature in your betting exchange app enhances security in two major ways; risks of frauds and unauthorised access to bettors accounts. With this, you can easily protect user data and their financial data for betting.
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- Compliance with Regulations
Betting exchange app or platforms usually verify their users. This is in conformity to regulations at different countries. Player ID cards makes user verification processes to be easier and faster since it summarises everything about the bettor.
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- Age Verification
With the play ID cards feature, betting exchange app solutions can easily perform age verification. This essence of this is to have a robust system for KYC and checking the user activity. This is very important for conforming with issues of underage betting, problem gambling, etc.
Player ID Cards Benefits to Betting Exchange Businesses
- Controlled Fraud Risks
Once you are able to keep your users in check and ensure they do KYC within the required time, you can easily identify real users from the malicious ones. This means you will easily identify fraudulent accounts and take the required action against them.
With this, you may have reduced issues of financial losses.
- Regulatory Compliance
Player ID cards is one feature that simplifies the Know Your Customer (KYC) process in betting exchange apps. This is very important in regulating betting activities and compliance checks. It also plays major role in ensuring responsible gambling.
- Improvement Risk Management
With the player ID cards sports betting exchange app features, management can easily assess risks, especially risks with user accounts. They can also implement safety management practices to promote security and responsible gambling.
Overall, the more reason why player ID cards is one of the essential features for a sports betting exchange app is that, it increase user-trusts and promotes responsible gambling. Also, Player ID cards is a must have feature that create a fair and safe environment for betting as well as promoting peace of mind.
Player ID cards may seem like an extra step, but they offer significant benefits for users, betting platforms, and the overall integrity of the online gambling industry.
3. Matching Engine
According to B2Trader, a Matching Engine (ME) is the central component of an exchange app that matches bids and offers to conduct deals. The ME algorithm maintains track of all existing orders in a market and produces new transactions when two orders may be completed together.
In sports betting exchange app, the machine engine plays similar role for bettors. It enables betting customers to receive best bet types, best matching odds and much more.
Benefits of Betting Engine in Sports Betting Exchange App
- Makes the Best offers Available
It is like an automated research tool with high intelligence that searches for best offers in the market. Unlike the human input, it is faster, more accurate and saves time. The catch is, it is easy to use for both newbies and experienced sport betting customers.
- Quick and Easy Betting Process
With the betting engine tool in your exchange app, your users can quickly find and place bets. It enhances the whole process and helps them to save time while offering them the best available options in the market. This boost user engagement, loyalty and user experience.
- Improves Decision Making Process
As a sports gambler, you want a tool that helps you to perform your analyses for informed betting. This is where the Matching engine takes significance. It can analyse the performance of a team, the players and other important data. This will enable you to make better decisions on betting and odds.
- Custom Rates of Commission
Another important sports betting exchange app feature is the custom commission rates. This will allow you to set your own rates exactly as you wish. You may even imitate rates of leading sport betting exchange apps.
For example,
- Betfair’s commission is on winnings. The rates are on a sliding scale and they start at 5% and down to a low of 2%. The more the bettor wins, the lesser the rates on commission – the lowest being just 2%.
- Betdaq’s commission follows a structure of simplicity and its lower than Betfair’s. Betdaq charges is actually a flat commission rate of 2% on winnings to all customers.
- Betconnect exchange offers users two account types; Pro and Punter accounts. Only the Pro account attaches a wining commission rate while the Punter account type is free.
4. Cash-out
The cash-out sports betting exchange app features seamless profit or loss taking process from betting activities in app. For example, as the bets progresses, the gambler can easily secure profit or loss with a simple click.
Betting Exchange Benefits of Cash-out Sports Betting Exchange App Features
Sports betting apps benefit from the cash-out feature because it somehow takes advantage of fear of losing out from the gamblers. For example, when a punter is about to bag $10,000 but there are about 2 more games to go, the cash out option maybe $$5,000.
Now the punter will be caught in a dilemma. S/he will not want to lose out on the available cash-out offer and in most cases, they take it. Now in many cases, the game may play and the bookie would have saved an extra $5000.
Gamblers Benefits of Cash-out Sports Betting Exchange App Features
From a critical perspective, the cash-out feature is one of the key functionalities for P2P betting app. It is also like an exchange for gamblers but with more freedom of choice. It can be set to automatically take profit at a certain amount.
For bettors, cash-out is one of the major features that they get to enjoy flexibility.
Other Essential Features for a Sports Betting Exchange App
Real-Time Bet History
This is one of the essential features for a sports betting exchange app that increases the level of engagement and indeed, excitement. It enables gamblers to keep track of their betting activities in real time.
Multilingual Betting Exchange App
Multilingual sports betting exchange app features draws your users closer to your brand and app. This is because they are able to access your platform and betting services in their native languages.
It helps in expanding your betting platform to new regions and promote inclusiveness in betting since users may come from different socio-cultural and linguistic backgrounds.
Agent and Referral System
This is one of the must-have features for betting exchange if you want to expand fast and attract new users every now and then. It enables existing users to share their referral codes or links for new registration.
You can design this in a way that referrals earn a commission on their first deposit or on their winnings.
Management of Liquidity and Bet Limit
This is the feature for a sports betting exchange app that contributes in enhancing responsible gambling and risk management. With this, there can be easy and seamless liquidity management measures. For example, the management can set deposit limits as well as bet limits. This will help in the maintaining user base and wide-spread losses.
Back/Lay Odd Types Supported
Everyone knows that the back and lay odd types are two essential features for a sports betting exchange app. Without these, the betting exchange will not be complete and users will not get a full package.
The back/lay betting odd types as a feature will enable gamblers to explore betting opportunities.
Detailed Admin Dashboard
This is the sports betting exchange app feature that enable enhanced user management. From safety precautions, fast withdrawals. Issues of security to responsible gambling and other best practices, admin dashboards play essential roles in the success of any betting exchange.
A detailed admin dashboards enhances the implementation of fully customisable affiliate systems.
Diverse Payment Gateway Integration
Having different payment gateway is very important for betting exchange apps. Do not restrict your users to a single pay-out method as they may not be comfortable or even feel safe with such option. It is best practices to give them other reliable options for their own convenience.
Conclusion: Essential Features for a Sports Betting Exchange App
So, in conclusion, the must-have features for sports betting exchange that we have listed and discussed in this blog accounts for the success of your business. the ideal betting exchange app offers its users different features and flexibility for newbies and experts’ punters.
For best results, we recommend that these features be designed to offer high-level flexibility, increased engagement and visually-appealing.
If you are seeking the best sports betting exchange app development company to handle your project, reach out to us now.
We will help you to penetrate the market with feature rich betting exchange platform as well as offer you the best post-launch support for continuous growth.
