How to launch successful online sports betting startup in India

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Online sports betting has emerged as the booming industry in India where bettors can earn thousands of dollars by betting on various sports events.

Online sports betting has emerged as the booming industry in India where bettors can earn thousands of dollars by betting on various sports events. This makes it worth it to be a part of these online ventures. If you are planning to start online sports betting in India, you need to know the basics of online sports betting.

Indians are very passionate about sports be it cricket or any other sport, and sports betting is a huge market in India that is growing in leaps and bounds. With around 400 bookies operating in the country, there is a massive amount of betting happening each day, attracting bettors from every part of the world.

Online sports betting in India is regulated within different jurisdictions; however, the general aim of such regulations is to minimize the potential for problem gambling in sport and to limit the availability of sports betting opportunities from an underage perspective. The question of whether online sports betting should be legal or not remains a highly controversial issue with Indian authorities who have different points of view on the matter.

Before starting and running online sports betting business in India, you need to do extensive research, benchmarking with the top players in this industry, and interviews with industry leaders. In-depth analysis of market trends in online sports betting, current market opportunities, and potential threats are a few other important things you need to know in advance so that you are well-focused on building your new business.

You need to understand the complete gamut of starting a successful Indian betting site including detailed information and practical advice on market segmentation, customer acquisition strategies, technology and infrastructure considerations, building talent pool and recruitment as well as fundraising options and methods.

If you are keen on launching online sports betting startup in India, it is advisable to create a proper business plan before plunging into it. To prevent as many risks as possible, you might check out several online guides on how to create a winning business plan for sports betting startups in India. It can save you money and headaches in the future if done properly. Preparation is critical in the sports betting industry. To create proper online sports betting business plan, one must understand the competition, business environment, and financial challenges before starting a new business in India. It is vital to take into consideration certain facts about the industry you will be working with and then make your business plan according to these factors.

The most important fact that you have to bear in mind is that different types of sports betting companies are classified into two types: the one that is licensed by an internationally recognized or acknowledged regulatory body of India and the one that operates and is licensed within a particular country. Both of these groups are further subdivided into three categories: first some online sports bookmakers offer their services online only; second some online sports bookmakers additionally offer their services in land-based establishments; third some online sports bookmakers don't offer their services in land-based establishments, and then last but not least some sportsbooks deal exclusively with offline sports betting.

Make a smart PowerPoint presentation to Indian venture capitalists with a dynamic business plan if you want sizeable funding to kick start your online sports betting venture in India. Thousands of small businesses are springing up in an attempt to make the next big startup with the help of Indian VCs. A well-thought-out business plan that shows rational financial projections may be necessary for them to get involved. The online sports betting industry in India is far from saturated as only a fraction of it is being exploited online. If you are looking for funding for your new venture in India, you need to develop a business plan that encompasses all the relevant aspects of starting and successfully running an online sports betting company.

Proven track record of entrepreneurial success, strong ability to assemble and lead a strong team, knowledge of all aspects of sports betting; including seeding, sports odds calculation, customer acquisition, and customer retention will go a long way in generating Indian investors’ interest in your potential startup. You need to convince the Indian VCs about the safety and security of your online betting startup and your considerable knowledge of the gaming market, your ability to develop an exclusive platform in record time, and your vision for the future. Your business plan should include 10 to 15 key points that address each of the venture capitalist's concerns. Make a spreadsheet and then list your financial assumptions. You need to be realistic when you calculate projected revenues, profitability, and cash flow. However, avoid being too aggressive on your sales projections.