Starting an online casino requires much work and patience; there are a lot of areas to consider. Nevertheless, it never stops opportunistic business people from starting one. After all, it is one of the most profitable and entertaining business models to date, not only is it a lucrative business model for you but also an entertaining one for your customers.
There are many key areas to keep in mind; for instance, there is the legal side, software, marketing, budgeting, the games, and launching preparations; these are all the important aspects of starting an online casino. It is also worth mentioning that not every country is casino friendly, and every country has its own laws and regulations put forth for online casinos.
Online casino software prices tend to fluctuate due to the stock market prices, so finding an online casino software for sale the prices can sometimes vary from one region to the other. Let’s discover everything about starting an online casino in detail and how one can benefit from it.
Starting an online casino: the legal side
There is a legal side to opening an online casino; thus, it is a good idea to pick the best jurisdiction in obtaining a license for your online casino. Currently, there are two main countries that are appropriate in starting an online casino: the European Union and Offshore countries. Of course, each country has its pros and cons- financial issues, opportunity, position. For the most part, it takes about two months to a year before obtaining a full license. For instance, in the USA, it takes two months before obtaining a full license; additionally, the request fee is $15.000, and the yearly gambling license cost is $100.000.
There is also an alternative to this costly venture, and it is called the White Label scheme. Where an opportunistic businessperson leases an online casino software provider which has already taken care of all the legal and financial aspects. This is a great technique because you can operate your business without going through all the hassle, but it will require additional costs. Either of the options listed above for taking care of the legal side of an online casino is appropriate. It is recommended to do thorough research before settling with either one of them.
The software of an online casino
Choosing the most professional online casino software provider is a must in starting an online casino business. Considering you will be searching the market for a reliable software provider, it is advised to look out for these key aspects:
- Content Management System- is there to ensure that the software application is applied appropriately to safely direct the web content. This is essential to online casinos because it allows for mutual cooperation between both the service provider and the business owner.
- Player Control System- maintains a healthy relationship between the players and the online casino. This is essential in an online casino because it improves the effectiveness of marketing and other vital business areas by collecting user data.
- Promotions and Bonus systems- by offering the gamblers bonuses and promotions, you gain the trust and loyalty of the players.
- Game Control System- is there to manage all areas of an online casino by providing the necessary mechanism and services.
- Payment control system interface- adding this control system, you are ensuring that your players can easily withdraw and invest their money through various e-payment systems. Since cryptocurrencies are on the rise, it is recommended to add this e-payment system as well.
- Feedback engine- Oftentimes, players face difficult situations, and in order to solve any bug related issues, feedback engine is a must.
- Administrative systems- Every online casino worker should have an assigned role in the business. It is advisable to assign their roles before starting the gambling business.
- Affiliation systems- In order to attract gamblers, it is advisable to create well-maintained affiliation systems with other online casinos.
- Anti-fraud system- As an online casino owner, it is your job to post clear and concise guidelines for your gambler.
The Game selection in a online casino
As mentioned before, gamblers are looking for the best games to play while making a profit. Adding the best games to your online casino gaming business is a must if you are looking to attract many gamblers. The best choice is to pick the best game providers. Here are some of the best game providers for the job.
- Microgaming- is the world’s first leading online casino software developer. The company developed its first software in 2004, and it is currently residing in the Isle of Man. With over 400 games to pick from, you can’t go wrong with this company. The company continues to grow to bring some of the best slot games to online casinos. Here are some of its best games: Jurassic Park, Thunderstruck II, and Mega Moolah. The company also has many branded games from famous movies and comics.
- NetEnt- is another leading online casino software provider. The company was founded in 1994, the company is known for providing one of the best games for mobile devices. While Microgaming is the first in the list, NetEnt is also growing just as fast. It also provides the best-branded games. Here are some of NetEnt’s breathtaking games: Spinata Grande, Guns N’ Roses, Gonzo’s Quest, and Starburst.
Cost of an online casino
All the key areas mentioned in this article are by no means inexpensive in any way. Considering the legal, software, and video slot games and its providers, you are looking to spend about $500.000. Nevertheless, an investment in an online casino is, by far, one of the best investments one can make. The reason being, by extracting all monthly expenses, an online casino generates about $1 million every month. Generally speaking, every business demands risks without taking risks; you can’t expect a good business, and this is a great sustainable business model for those who are looking to take risks. The online casino business is here to stay; statistics show that every day a new online casino business is emerging. And being part of that statistic is a must for any opportunistic business person.
Whether you are looking to start an online casino business or considering being a partner in one, it is always best to consider all the outcomes beforehand. It is advisable to create a plan this way you can easily budget your expenses and spend on the essential areas. Just like in any online business, a casino business can also be a huge risk to take on, but as mentioned before, every business demands risk.
Generally speaking, the first month of an online casino will cost the most, but as the business takes off, everything will take its place. Statistics show that every year demand for an online casino is increasing by 50%, and starting an online casino is becoming more easier than ever, but only a few online casinos are succeeding in this business venture. The online casino software for sale might not be cheap, but once you purchase one, you can make some serious profit.