1. Increased User Engagement: Looking at the above stats for the last world cup, the 2023 World Cup is a highly anticipated event for cricket fans worldwide. Developing a dedicated betting application can enhance user engagement by providing a platform for fans to actively participate in the tournament.

2. Revenue Generation: A global sports event triggers more engagement and opens up newer avenues of income. By offering a platform for users to place bets,  a cricket betting platform can generate income through transaction fees, in-app purchases, and advertising partnerships. With the popularity of the World Cup, the application has the potential to attract a significant user base and generate substantial revenue during the tournament.

3. Global Reach and Accessibility: The World Cup attracts cricket fans from around the world, and developing a betting application for the tournament can tap into this global audience. With the increasing availability of smartphones and internet connectivity, such an application can be easily accessed by cricket enthusiasts across different countries and time zones. This global reach can help in expanding the user base and attracting a diverse range of users, thereby making the application more popular and successful.

1. Define the scope and features: Start by defining the scope of your cricket betting app. What are the key features you want to include? Live match updates, betting odds, user registration and authentication, betting options, payment integration, and user profiles. Consider incorporating additional features like leaderboards, social sharing, and push notifications to enhance user engagement.

2. Conduct Market Research: Research the existing cricket betting applications in the market to understand their features, user experience, and monetization strategies. Analyze user reviews and feedback to identify any gaps or areas for improvement on those apps. Also find out about local preferences of the major cricket fan demographics such as Asian, Australia and the UK.  This research will help you identify unique selling points and ensure your app stands out from the competition.

3. Choose the Right Technology Stack: This is a job best left to your cricket betting app development partner. Let them suggest the appropriate technology stack for your application, including the programming languages, frameworks, and databases. Consider factors like scalability, performance, and security while making your choices. Common technologies used for mobile app development include Swift or Kotlin for native iOS and Android apps, or frameworks like React Native or Flutter for cross-platform development, to name a few. 

4. Start the designing process of the User Interface: Make sure that your development partners create an intuitive and visually appealing user interface (UI) for your cricket betting app. They should focus on ease of use, clear navigation, and visually appealing graphics. Pay attention to designing separate interfaces for users, administrators, and other stakeholders. 

5. Develop the Backend: Hire professional developers to build a robust backend system that handles user authentication, real-time match updates, odds calculation, and betting options. Implement secure payment gateways for users to deposit and withdraw funds. Ensure the backend system is scalable to handle a large number of concurrent users during peak times.

6. Implement Live Match Updates: Integrate reliable APIs or data feeds to provide live match updates, including scores, player statistics, and match schedules. This real-time data will allow users to make informed betting decisions and stay engaged with the World Cup matches.

7. Implement Betting Features: You will need to develop the betting functionality, allowing users to place bets on different match outcomes, player performances, and other betting options. Implement various betting types like pre-match betting, in-play betting, and accumulator betting. Set up algorithms to calculate and display odds dynamically based on user bets. 

8. Launch and Marketing: Once you are confident in the app's quality, launch it on the respective app stores (Apple App Store and Google Play Store). Implement app store optimization techniques to improve visibility and attract users. Develop a marketing strategy to promote your app through digital channels, social media, and targeted advertising.

9. Maintain and Update: Continuously monitor user feedback and analytics to identify areas for improvement and new feature requests. Regularly update the app with bug fixes, security patches, and new features to keep users engaged and satisfied.