Starting an online casino is tough but rewarding, in this article we’re going to show you the best way to start an online casino and give you an idea of some of the steps involved in order to win in this amazing industry.
Few Industries can Match the Potential Earnings of Casinos
The gambling world currently is generating millions each year. This factor serves as the biggest motivator to establishing an online casino. Evidently, the gambling market continues to expand and allowing interested parties to be part of the community.
Size of the online gambling market from 2009 to 2020 (in billion U.S. dollars)
However one should note that it is not possible to become a millionaire overnight! It is a process, and one needs to take time and enjoy the profits however little as a start. Before starting an online casino take time to study the online software providers that exist. Determined to give their customers the best software solutions, they have support structures that give the best experience to entrepreneurs. They provide the casino with an identity. It is important to select your providers wisely because they can either make or break the casino. The world is experiencing a digital migration, and the gaming industry is embracing it. The land based casinos are no longer popular because the attention is shifting. The burden of finding a physical building is no longer required because your website will be your space.
The quickest and cheapest way to startup an online casino
Setup a white label! This is where someone else has done all the hardwork for you in establishing the below criteria from getting software providers, licenses, payment methods etc A white label provides all the stuff you need and will cost between £20k-£100k including the white label’s fee. The disadvantage is that the whitelabel will charge you a percentage of winnings.
How to establish an online casino without a white label provider
- The first move involves identifying a software provider.
Partner with a provider that will bring out the best as you continue with the journey. Some might feel that they will reduce the cost by developing their own site. It is only possible if one has the right technical knowledge. However, if you chose to work with a partner ensure they offer user-friendly front end, a gaming management system, payment module and access to betting markets and top events.
Furthermore, there exist providers who request for monthly charges from the proceeds. By contrast, the other providers simply send files containing the source code after obtaining the site. Handing over the files gives the owner maximum access and data privacy with no monthly charges. The software providers include Micro Gaming, playech.com, and Net Entertainment just to mention but a few.
The appearance of your website is important to make sure you invest in a design that is attractive. Unnecessary graphics will only overload your site and affect the gaming experience. Also, simplicity is the ultimate sophistication. Do not go for very complicated and demanding graphics. Also when selecting the games, ensure that you diversify the selection. Incorporate table games, poker, slots machine among others. This move will attract gamers to your site because you will be offering them with options.
- The second step involves obtaining a license to operate.
This next level will also require that you work with government regulators. The government will not allow you to conduct your business without a license. As a result, one must settle on a country that best fits the online casino. Note that it must not be the one that you reside in but one that favors your interest. Finally, one needs to pay a specified amount as well as provide information required before issuing the license. Most importantly, understand the legal procedures and the restrictions of a country. The laws and practices of each country are different when it comes to licensing. This is one of the huge advantages of using a white label provider mentioned above as you are paying to piggyback on their license.
- Select your desired payment methods.
Subsequently, after acquiring the license, the next step involves establishing payment method so that customers can deposit and start playing. As a business person, one must understand the existing customers and their differences. Completing this part will allowing activities such as accepting deposits, making payout and withdrawing. Currently, credit cards are highly acceptable because they attract customers. Nonetheless do not feel limited. Conduct your research and find what works best, for example many online casinos allow customers to deposit and withdraw via their mobile phone bill using a premium rate SMS service.
- Marketing is everything for an online casino
You want to open your online casino to the sound of depositing customers and not to the sound of crickets! Exposing your brand to the public will attract more customers, and I return result to an increase in profits. After accomplishing everything and getting the casino started, it is time to make it popular and acquire players. Draft your market plan and our target market. It will help in formulating an advertising strategy. Spend some time forming campaigns that include the use of television ads, magazines, the search engine optimization and many others. The content on your site needs to be unique to differentiate it from your competitors. Your site also needs to support diverse languages to generate more players. Also, the site should give the customers welcome packages, promotions and other packages to draw gamers to the games offered. Rewarding loyalty by providing incentives to the gamers that spend most of their time playing will prevent them from straying to the competitors.
- Securing your online casino
It is expected that any starting venture encounters problems and in the online space this takes the form of security. The industry has been met with the hacking menace and an online casino needs to invest in hiring professionals to guarantee security of the server. Save yourself from losing money to cyber criminals by dealing with professionals.
Some costs involved in setting up an online casino.
It is crucial to form a budget and to diversify a plan for the costs involved in building the online casino. The venture requires a massive financial investment due to the numerous expenses that include marketing, payment services, license acquisition alongside an early license fee. One needs to formulate a budget that will break down the costs involved as well as displaying the incurred amount. An inadequate financial planning will limit the casino from progressing to the next level. Therefore, a good financial plan will determine whether the casino will grow or fail.
The other important partners include the customer care staff represented by a team of eight to twelve people. They need to be available twenty-four hours a day to handle the different arising issues. Also, the team needs an affiliate manager to recruit the affiliate partners who will market the site if the company chooses to work with an affiliate site. Overall the costs will involve a retention program for the loyal players. The salaries of the team will range from 200,000 dollars to 300,000 dollars depending on the company’s selection of staff. Again this is something that can be mitigated using a good white label provider.
Success stories of other people who have started an online casino.
The online casinos that exist currently were not well known. The individuals just had a vision, and they decided to go along with it. They envisioned a world where players could play their favorite games in the comfort of their homes. Before the online wave took over, the founders were only popular to a small group of players that had the interest in gaming. The startup websites are now fully developed, and they are functioning properly. More people have gained interest, and currently millions of people are playing the current online games. The success stories are an indicator of growth in an accommodative industry. A humble beginning should not hinder one from progressing and achieving success. Below is a sample of profiles composed of established casinos that began as start-ups.
- Casumo is an online casino where the whole experience is gamified The site started in 2012 with an adventure where you travel to different places and planets, gain experience and can get valuable rewards as you level-up.
- Betfair has created an impact in the gaming world. A good number people are familiar with the site after the introduction of exchange betting. It represents a new form of betting where gamers get to bet against each other using bookmakers. The launching of the site took happened in the year 2000, and since then, it continues to leave a mark in the people’s lives. It offers a wide range of games composed of incredible graphics, animations, and sound effects.
- Bet365 is a UK based online casino started in 2001 offering a wide variety of games that include bingo, poker, skill games and others. It made £1.5bn in 2015. Playtech and Microgaming are the providers, and since they are the top developers in the gaming industry, you will automatically receive the best. The gamers get to join the game through flash casino, or they can also download the app. The casino received its license from the United Kingdom gambling commission and the Gibraltar government. The individuals behind this incredible site were not afraid to start. They went ahead to develop a leading casino.
Are you the Next Casino Mogul?
Market research has shown that the gaming industry is continuing to grow and make people very rich. Perhaps you will be the next startup to flourish in this amazing industry? What’s for certain is that online versions of casinos are set to improve, and soon it will overtake the land based casinos. It is vital to stay at the top of the chart by designing a website that will attract players from different parts of the target market. The online casino needs to have products that are consumer friendly with unique functionalities. The special features will engage the players, and they will keep them interested. The gaming providers have made it possible for gamers all over the globe to enjoy their preferred games, relive their fantasies as they recreate movies.
Finally, starting up on a blank page requires courage and determination. It is definitely not an easy process! It is met with challenges that need solving and takes time, dedication and the drive to make sure that one does not abandon the thought once things get tough. First and foremost one needs to gain experience through gambling on various sites that exist in the market. Understand how they function and know the ins and outs of running an online casino. The whole process is engaging and requires effort. However, nothing good comes easy. It all requires putting your mind into it and making it work. A well established and running casino will give the owner ultimate satisfaction and will also reap amazing profits unrivalled by many industries. Overall it is a worthy investment.