Is there any point?

Big Mouth

In me setting up my own online football betting website? I have a unique idea that could really catch on, however, with a very limited budget (20k) is it worth the bother i wonder.

Obviously I could never compete with the big boys but do you feel it would be possible to capture a tiny percentage of the market or do people stick with the comfort and trust of the high profile firms?

I have some great ideas and if I did start how could I get the name out there and get people on the site?

Comments appreciated....

ninebeanrows

You mean you want to set up a bookies or you want to provide a tipping services/ general ideas?

20k can probably get you quite far to be honest.

If can put 20k into developing a website, you could make it kick ass with some good ideas.

Big Mouth

Sorry should have been clearer, it would be a bookies. I don't mind throwing money at developing a site but I just don't want to have a great site with no punters.

Marketing is probably my main concern I suppose.

myflipflops

I'm intrigued by your 'unique idea'. Football betting is such a mass market market these days, original ideas are thin on the ground.

20k is a tiny amount of money to set up. You would barely get the website up on that i would guess and then one bad result would wipe you out.

Have you investigated the effort involved in accepting deposits and dealing with payouts? In having a customer service depth? The cost of a licence to enable you to trade? Are you planning on offering only football markets?


I'm not trying to be harsh here, just putting questions that you need to consider.

Big Mouth

myflipflops wrote: »

I'm intrigued by your 'unique idea'. Football betting is such a mass market market these days, original ideas are thin on the ground.

20k is a tiny amount of money to set up. You would barely get the website up on that i would guess and then one bad result would wipe you out.

Have you investigated the effort involved in accepting deposits and dealing with payouts? In having a customer service depth? The cost of a licence to enable you to trade? Are you planning on offering only football markets?


I'm not trying to be harsh here, just putting questions that you need to consider.

The idea is sound. Original and very appealing to casual punters.
I know 20k is small but that is really start-up money for the website etc
When I'm acually up and running i'll have some investment interests realised.

Yes, I have looked into deposit and payout situation and it should be fine.

Customer service is covered and should be easily under control as I wouldn't be expecting huge volumes of traffic.


The licence to trade is something I don't know too much about, finding it hard to find good info on online gambling laws in Ireland. Don't know what kind of regulations are in place.

Yes, I will only be offering football markets which sounds weak but i'm actually aiming more towards casual punters betting 20's and 10's on accumulators etc.

My aim would to be to attract two or three thousand frequent punters over the course of roughly eighteen months, I'm just wondering how do-able that is?

myflipflops

Big Mouth wrote: »

The licence to trade is something I don't know too much about, finding it hard to find good info on online gambling laws in Ireland. Don't know what kind of regulations are in place.

Yes, I will only be offering football markets which sounds weak but i'm actually aiming more towards casual punters betting 20's and 10's on accumulators etc.

My aim would to be to attract two or three thousand frequent punters over the course of roughly eighteen months, I'm just wondering how do-able that is?

Generally, 'Irish' online companies register in the Isle of Man. Try this site http://www.gov.im/gambling/ for info.

Offering only football is very weak especially if you're looking for casual 10/20 quid multiple punters. These punters are the least likely to move from their current site and will enjoy the benefits of a big company can offer - free bets, top of the range customer service, market on every conceivable league and all range of sports. Nearly all casual punters will like the option to have a bet on horse racing, rugby, cricket, snooker or whatever even if it's occasional.

Single sport specific websites base their model on appealing to the higher end of the market - taking large bets off a small number of customers. The difference being added price value or something similar.

Have you considered what software you will be using or are developing one of your own?

nice1franko

I'm in a very similar situation as the OP but my idea (in a nutshell) is a 1-to-1 exchange with custom markets.

It's an idea I had before letsbet.ie even existed but a non-payer there persuaded me to think more about it.

I've only recently started developing it (doing it myself) but apart from that am in a very similar situation. Have PM'd the OP about it (possibility of knowledge sharing etc).

Anyway, not to hijack his thread- but if anyone has any info, comments or advice to impart, I'm also very interested.

Big Mouth

myflipflops wrote: »

Generally, 'Irish' online companies register in the Isle of Man. Try this site http://www.gov.im/gambling/ for info.

Offering only football is very weak especially if you're looking for casual 10/20 quid multiple punters. These punters are the least likely to move from their current site and will enjoy the benefits of a big company can offer - free bets, top of the range customer service, market on every conceivable league and all range of sports. Nearly all casual punters will like the option to have a bet on horse racing, rugby, cricket, snooker or whatever even if it's occasional.

Single sport specific websites base their model on appealing to the higher end of the market - taking large bets off a small number of customers. The difference being added price value or something similar.

Have you considered what software you will be using or are developing one of your own?

I know what you're saying about it looking weak, but I am going for the type of lads who walk into a bookies and grab the football coupon do an acca and leave, the Cheltenham Gold Cup could be on and they wouldn't look twice. There are plenty of those lads around, there's still alot of lads who don't bet online yet who might be attracted by the specials, was thinking of having €500 free entry last man standing comps every week to get people registered on the site.

I do feel its feasible to attract a couple of thousand punters, or am I dreaming?

The web develpoment is sorted, can start develpoment as soon as I give the nod, however, I'm not going to even start if it has a mickey mouse feel to it. All or nothing I suppose. Appreciate the comments by the way.

Vurnon San Benito

Big Mouth wrote: »

I know what you're saying about it looking weak, but I am going for the type of lads who walk into a bookies and grab the football coupon do an acca and leave, the Cheltenham Gold Cup could be on and they wouldn't look twice. There are plenty of those lads around, there's still alot of lads who don't bet online yet who might be attracted by the specials, was thinking of having €500 free entry last man standing comps every week to get people registered on the site.

I do feel its feasible to attract a couple of thousand punters, or am I dreaming?

The web develpoment is sorted, can start develpoment as soon as I give the nod, however, I'm not going to even start if it has a mickey mouse feel to it. All or nothing I suppose. Appreciate the comments by the way.

First of all, I salute you for having a stab at a business and trying to make tracks in the difficult environment that we're in.

Honestly, you'd easily spend €20,000 on advertising before you'd be half known at all.

Besides that I'm not so sure. I just really posted to give credit, where credit's due

myflipflops

Big Mouth wrote: »

I know what you're saying about it looking weak, but I am going for the type of lads who walk into a bookies and grab the football coupon do an acca and leave, the Cheltenham Gold Cup could be on and they wouldn't look twice. There are plenty of those lads around, there's still alot of lads who don't bet online yet who might be attracted by the specials, was thinking of having €500 free entry last man standing comps every week to get people registered on the site.
.

These guys are the most difficult to move from their current habit. From a marketing persepctive, they are pure creatures of habit and convenience is the most important factor for them. Provide them with more convenience than they currently have and you get them.

Getting them to discover you online is another major challenge. These aren't people that shop around for value in price, specials or free bets. They are also shockingly loyal to their bookies of choice.

The other issue you will have is the that in the first couple of hundred customers you sign up, maybe 80% plus will be undesirable. They will be the type that cost you money and will be a hindrance to getting profitable.

Doocey wrote: »

I just really posted to give credit, where credit's due .

I'll echo this, much credit for having an idea and trying to run with it in the current climate. Again, I'm just playing Devils advocate and throwing issues at you. I'm not trying to be off putting or even worse, be a pr*ck! It is a very lucrative business to deal in if you get it right but I have worked for a start up before and know the pit falls.