As the online gambling market continues to expand more and more people are interested in starting their own online casino business. But there are many things that need to be taken into consideration before you can turn this idea into reality.
As you can see from the offers listed here, there are many successful online casinos that are legal for players across the world. And the more countries legalize online gambling the greater the number of those players will be in the future, which ultimately results in bigger revenue. The online casino industry made over 50 billion dollars during the previous year, and this market is expected to grow even further. And for many capable business people out there, this industry offers many opportunities to grow and become even more successful. However, there is a lot of work, time and dedication needed if you are an operator that is just now launching its online platform. And the key to success lies in the details, so pay attention.
In this article, we’ll cover some basic steps that you need to take if you wish to start your own online casino in 2022.
Setting Up A Budget For Your Online Casino
Nowadays, many online players visit the top online casinos in the world on a daily level. Some players opt for the best online casinos for Canadians since they offer generous welcome offers. Others opt for sites with a great selection of casino games. And there are those who will pick operators that have the most appealing website. However, to have all or some of these features included in your online casino you need to know that there is a certain amount of money that needs to be put aside.
To start with, you will need to get a license. The amount of money that you will need to spend on a license will depend on the location that you choose for starting your online casino business. There are various licenses out there like the Malta Gaming License, The UK Gambling Commission, or the Curacao license, and many others. And all of them cost differently. However, we can say that an average is something between 30,000 and 35,000 dollars, with an additional 5,500 dollars on a monthly basis for the first two years. Of course, the taxes aren’t included in these amounts, so you need to prepare for that as well.
Additionally, you will need the money to create your platform or website. This can cost you from 3,000 dollars to more than $10,000, it all depends on what you want to do with the website and which team you are going to hire to perform this task. This whole ordeal can cost you less if you have some website building knowledge or graphics skills. But if you have neither then you shouldn’t save money on this part because the user experience is crucial in the online casino business, and that’s what the platform should be all about. If your platform doesn’t work properly, then your visitors won’t be satisfied and they won’t stay too long on your website.
Furthermore, you need to think about marketing and promotion expenses. You can’t expect your future customer to find you in the sea of other online casinos that are already present on the market. This is why you will need a good marketing team to advertise your online casino site. You should know that online casino companies spend millions on marketing, and as a beginner in the business, you should at least plan to invest 700 thousand dollars for the first year.
Picking The Best Online Slots And Other Casino Games
When players go online they search for three things when picking a new operator for themselves:
- Generous welcome offers
- Secure platform
- Great selection of amazing games
Most new players expect to be welcomed generously when signing up to a new platform, Also they mostly pick the safest online casinos out there so they can feel relaxed when playing with real money. However, one of the most determining factors for most players is the available selection of games. As a new operator, you have to make sure that you offer games that come from the best software providers in the world. This includes games from developers like Microgaming, Play n’ Go, NetEnt and others. Additionally, you need to include slots, poker, blackjack, craps, roulette, as well as live dealer games which are one of the latest trends in the online gaming world. You should know that one of the most popular games among casino players are slots, especially those with progressive jackpots. So, make sure to include plenty of titles like Mega Fortune, Mega Moolah, Arabian Nights and others in your offer.
Moreover, as your business continues to grow you might have additional costs in terms of maintaining the platform and upgrading it over time to look more up to date and modern. Also, you might even create your own software development team, and this could cost you from 100 thousand to 500 thousand dollars.
Pick A Right Payment Service For Your Gambling Platform
Giving your players a chance to use the safest possible payment methods is a good way to show your customers how much you care about that good opinion. In return, this will make the players come back to your platform and not risk their banking information somewhere else. Therefore, it is crucial to pick the best payment service for your online casinos. The provider that you pick must include various payment methods so that players from around the world would choose the one that is the most convenient for them and make the transaction as effortlessly as possible. Some of the possible payment methods that need to be a part of the package that a payment service offers you include debit cards, prepaid cards, credit cards, e-wallets, as well as cryptocurrency and bank transfers.
Plan A Strategy
You should always have a proper vision for your business. So there are a couple of questions that you need to answer first before you spend huge sums of money on getting a license or building a website. And these questions are:
- Where do I see my business in 5 years?
- What is my brand going to represent?
- Who are my ideal customers?
By envisioning your business 5 years into the future, you can see what you want to achieve and immediately start thinking about different ideas to get there. For example, if your goal for the future is to be in the top 5 most-visited platforms in Canada or USA, then you should start offering incredible welcome bonuses and promotions to players from that area. Moreover, you can use the VIP loyalty program as well to encourage existing customers to return to the platform.
Thinking about what is your brand going to represent, will keep you on the right track. Meaning, that you won’t be quick to make rash decisions or do something that would hurt your company’s good name. In this business, it’s crucial to remember that you are in it for the long run, and a current trend of getting easy money that might seem like a good opportunity can cause more harm than good.
Lastly, by thinking of your ideal customers, you will always aim to build a platform that is according to their taste but also offer them the best games that exist on the market. In this way, you will know that your ideal customer is satisfied with your service but you will also attract many new ones to your online casino site.
