Starting an online casino can be a rewarding and potentially profitable venture for aspiring entrepreneurs. One of the attractive things about it is that it doesn’t necessarily require previous experience in the gambling industry. Some knowledge of online marketing and a certain tech savviness can go a long way though.
Let’s have a look at five important steps to cover before you start up an online casino in this industry. An industry that has grown to a gross spend of over 200 billion USD in 2020 and projected to keep growing by a further 17.6 percent annually for the next few years. Casinos are the second most popular form of online gambling after sports betting in Europe so certainly a very lucrative market where the barriers to entry are relatively low.
1. Selecting the Best Software Provider for Your Needs.
This is the most important factor when starting an online casino. The software is going to the basis for all your games and covers everything from what type of games, how they are played and payout, and even how they look. So, it is a major part of the setup and operation of your online casino. It needs to be well integrated with your front end and website navigation, payments and back end to provide easy navigation and ease of use for the customers.
There are many software suppliers out there who provide online casino software so, it is imperative to select a software provider that is reliable and allows customization, the desired features and things like mobile platforms for the games such as those provided by www.slothitz.com in Thailand for instance. The right certifications, security and technical help from a renowned and trusted provider will also go a long way in ensuring the running of your new venture goes as smoothly as possible.
2. Creating the Best Content for your Customers.
Content is vital to not only keep customers but also bring in new ones. If you can have fresh and unique content, along with good diversity, it will be a strong selling point to grow and maintain loyalty. The most popular casino games such as poker, blackjack and roulette are essential, along with various slots games with different themes and ways to win. If you’re able to obtain live dealer with video streaming to create a true casino feel, that would be a huge bonus. Virtual sports or other sports betting can also be added.
However, going too broad may not be a good strategy, there needs to be a focus on the customer segment you are going after. Focus is key to building a loyal customer base and having a defined target that you can market effectively to. Then the content can be built up that appeals to said target and all the promotions and marketing around that aligned to it. More on marketing later in the article.
3. Obtaining the Right License.
Licensing can be a difficult and complicated process. Especially as the laws are different in each country. You will need to figure out which rules are the most effective for you, especially in terms of taxes. The license application process can be burdensome and time consuming so, this process should start early in the planning stages.
Duration of license, reputation of the country and price are all factors to consider. Malta, Isle of Man, Alderney, Curacao and the UK are all popular jurisdictions. The easiest and cheapest of these licenses if the eGaming license in Curacao. For each region there are only a select number of countries and jurisdictions in which you can obtain a license to operate, so you would need to figure out which is the best for you in terms of regulations, taxes, profitability and ease of use or partner up with a supplier that has the license already and rent that from them.
4. Seamless Payment Integration.
Making the deposit and withdrawal a cheap and easy process through a reliable e-payment system will ensure that customers keep spending money and play more. High deposit fees are certainly a deterrent, and this can become quite an issue with international transfers, which are predominantly what will be required, as customers (hopefully) will be from all over the world. Accepting the most common payment methods including all major credit cards, bank transfers and even cryptocurrency will make your casino a place where people come and stay.
5. Budget, Marketing and Advertising.
Knowing from the start how much you need to spend, and would like to spend on marketing would make life a lot easier. Initial company set-up, license, software (set-up and ongoing), marketing and staff are the major expenses accrued. Once you’re up and running, you will need to decide how you wish to balance between growth and maintenance.
Driving traffic and engagement is vital to business growth, but ensuring you have fresh new content and good customer service is equally important to stay ahead.