How do you start an online casino business? If you want to know the answer to this question keep reading for more information and tips that will make your job a lot easier.
The online gambling industry has registered steady growth in the past few years with more and more companies entering the online casino stage. The profitability of the business is off the charts and that makes the industry more competitive as all the newbies try to become better at developing gambling products. As the competition becomes fierce, it becomes more challenging for companies to stay at the top. All in all, if you are just starting to build a platform, you do not need to worry about that. Instead, look for valuable tips and start an online casino business on the right track.
To start an online casino software business, you need the following:
- High-quality casino software
- Gambling license from local/global bodies
- A merchant account
- A dedicated server
But, is this all you need to attain success and bring new players to your platform?
Unfortunately, we do not have a secret formula that will help you to turn the corner in a few hours because no one does. Instead, we will help you to think strategically, analyze the market, and products By following the six factors that we are going to discuss now, you will understand the importance of key aspects and the results will definitely help you to understand what you have been missing till now. So, let’s get into the best tips to start an online casino business.
Six Factors to Think Before You Start an Online Casino Platform
1. Choose a Reliable Online Gambling Software Provider before you start an online casino
This is the most critical choice to make since you will be launching a long-term partnership with your casino software provider. Take your time to assess the existing options regarding the status of services offered and price. Reliability can be measured in a lot of different ways. Some would say that it is about their legality, license that they offer, and others would argue that they are responsive, have good customer care, and so on. In essence, reliable gambling software is the one that possesses most of these characteristics in one.
You want to pick an online casino software provider that has a deep understanding of the online gaming industry and expertise in launching big online casinos. Of course, it depends on the scope of your business. However, even if you want to start a local gambling platform, you would need professional help.
Look for soft, fully customizable online casino software solutions that allow you to manage the entire process, from idea to post-launch. You can choose a white-label software solution that will enable you to lease the software, gaming license, and payment processing operation or operate your online casino under an installed turnkey infrastructure. White label software solutions are ready products while the turnkey is great for customization.
Depending on your professional needs, you should usually aim to find a software provider that offers the below-mentioned features in a white-label solution:
- an advanced gaming control system
- payment rights with multi-currency payment
- large coverage of betting markets
- access to an extensive range of top international internet casino games
- a customizable front-end
- gambling license
- customer care
2. What Exactly Do You Want to Include on Your Online Casino Software Site for Your Customers?
If you decided to enter the online gambling market along with an established name in the casino industry; there are a few topics you need to answer before you proceed:
What casino software platform will you use on your online gambling site?
Will you offer favorite casino games, like online casino slots, blackjack, roulette, baccarat, poker, or bingo?
What about a live casino module? These days, licensed dealers, live video streams, and user-friendly interfaces bring the online casino to feel into players’ places.
And what about in-play sports gaming? According to the latest reports from the industry, in-play betting will remain to develop in the next years along with growth in live streaming technology.
Will you need extra features, such as real-time chat rooms, statistics on players, bonus creation options, or tournament play?
With so many questions to be answered, you need to think about your casino software company in the high term and choose your online gambling software provider carefully. Though you may want to go for the moment with only a sports-book program or online casino software, in the future, you may decide to integrate additional games. In that circumstance, an excellent online gambling software provider can help you combine all the necessary content under a smooth website interface.
3. Obtain a Gambling License Before You Start An Online Casino
Building an online gambling business is not an easy task for today’s operators that need to face challenges and regulatory requirements across various domains.
At this moment, the subsequent protected systems control the online gambling industry:
- countries that regulated online casino software within their territories;
- countries that defined and imposed monopolies;
- states that banned betting actions within their rights;
- countries that require regulations on gambling activities;
Though there are popular gaming jurisdictions like Curacao, Malta, Alderney, Isle of Man, and Gibraltar that contribute gifts for an exact number of countries, in the end, the local legislation prevails and is imposed over any international law.
As a provider of gambling activities, you need to apply for a license in the country where you would like to set your casino business. It takes a few months to a year to obtain a gaming license, depending on the state.
When determining criteria, one must take into account the following:
- licensing requirements
- continuation of the application system
- costs and taxes
If you do not want to go through the trouble of obtaining a gambling license yourself and want to decrease costs, you can become a licensee of your online casino software provider.
Vegas X casino software products are licensed by major jurisdictions in the world. So, if you would like to save time and money while acquiring a high-quality operating system, contact us for more information.
4. Choose a payment system provider
When you start an online casino business, you need to match with a payment system provider, so you and your members can easily make transactions. For support purposes, it’s recommended that you provide members with various payment choices.
At the same time, you need to take into account the increasing demand for payment providers that understand and adapt their services to the specific regional market requirements. For instance, if you are trying to start an online casino business in a country where it is legal to use cryptocurrencies, it would be ideal to provide bitcoin, litecoin, ethereum as payment methods.
To simplify the process, you have the option of choosing an iGaming software provider that can deliver:
- complete sets
- payment processing
- integration with all major e-merchants
- multi-currency payment
- first risk management
- fraud detection
Keeping an open eye on the selected market and picking the best products together with the most common payment devices will improve the overall online casino activity and bring extra benefits to your business.
The need for multiple ways of payment that deliver a secure context of processing is, accordingly, a vital element for any gambling website right now. Beginning with the popular payment methods that employ vouchers and credit cards is crucial and adding bitcoin casino currency to the mix, would make things even better.
Our company allows a flexible payment processing program that is integrated with 50+ payment systems.
5. Work on Your Website’s Design
The way your site looks is significant. You need to choose an attractive design or invest in your front-end development. It is an essential feature for your potential customers when selecting among hundreds of other gambling websites.
To make sure you are on the safe side, follow a few essential recommendations:
Do not overload your site with additional details or graphics that might slow down your website. These aspects might negatively affect the overall gaming experience for players. Studies indicated that loading time is necessary for players. If it takes longer for them to start the game or just loan the page, they will bounce from that page.
Do not go into complex and resource-demanding graphics, like videos, combined graphics, or high-resolution visuals.
Make sure your front end assures seamless integration with your database.
If you are not sure about creating your front end, we suggest addressing your casino software provider for a predefined template.
6. Complete a Sound Marketing Strategy Including Loyalty and Retention Programs
When everything else has been taken care of, you need to focus more on marketing and promotions. Make research about your competitors and find out what they are doing right and wrong. So, you know which blunders to bypass to start an online casino.
Your first goal should be to position your online casino software business as a legit entity. It’s going to be tough to do this at the beginning since the online casino gaming market is a highly competitive one. The best approach is to focus on the variety and quality of games in the first place. Then you would need to dedicate enough time to improve the website design, user-friendliness, etc.
You need to spare considerable time in order to work on marketing activities. Actively work on your marketing campaign and bring as much as the target audience to your platform. But it would be best if you didn’t stay there. Ongoing marketing activities are needed to keep your members coming back and bring new ones on a regular basis. Set up loyalty programs and offer fabulous bonus packages. It will make sure that your members are always happy.
Some frequently used loyalty programs offered by online casino operators are:
Sign up bonuses: Players get a signup bonus the moment when they join a gambling website
Deposit bonuses: Players purchase a gift the moment they choose to deposit a specific sum of money
No deposit bonuses: The sportsbook offers easy cash without asking for a deposit
Free bets: Free bets are usually offered in accordance with the size of the deposit.
At the same time, every severe administrator needs to concentrate on improving the relationship with customers. Here are some conventional means to keep members engage with you:
Frequent Player Points (FPP)
This kind of loyalty program is significant not only as a bonus action for your members, but it proves to be a great memory tool as frequent bettors feel honored for their loyalty.
VIP loyalty programs:
These programs are working in an ongoing manner, and they are directed towards VIP players and high rollers;
Promotions for annual events:
- Season-related results are required to be observed, such as a World Cup Championship or a European tournament
- or by offering various improvements on festive moments, such as the Easter or the Christmas times
Keeping an open channel with your players means that online casino platforms need to have an automatic system to detect and take note of a player’s betting action;
Betting assistance for new members:
Great online gambling platforms allow not only many betting opportunities and a broad range of businesses but they reach out to new professionals in order to provide assistance.
Starting an online casino business is a daunting task.
The area where you are going to start an online casino business is essential for every casino operator. It is crucial because you need to be able to get a gambling license and attract potential customers from that area. In areas where jurisdictions are tough and there are fewer gambling players, it is obviously not advisable to settle down there.
Online casino operators are trying to do their best regarding the search for a gambling license, payment methods, and game variety, however, the process scares them after they enter the market. Do not worry about those tasks because if you start an online casino on the right path, the whole process will go as well as that. Of course, you would have hardships during that time span. Though, you need to keep a positive attitude and work harder than last time.