The gaming industry is like no other industry in existence today. It is an industry where billions of dollars are made each year, as trillions more start to crawl all the way up. The lucrative nature of this market means that there are endless opportunities for growth, and being a part of this industry can be both rewarding and exciting.
Nonetheless, growth in this sector is far from being uniform and straightforward. As is the case with every other journey in life, an entrepreneur looking to invest in this sector has to start by taking the first step. This step will then need to be followed by another, and another. While the approaches used by many entrepreneurs do not vary much, there is a need to at least have an idea of where and how to start this journey.
Key Steps to Starting an Online Casino
- Select reliable software providers
Obtaining top-of-the-line gambling software is a critical step towards opening and running your own online casino. The software you choose will define and assist in setting performance expectations. There is, therefore, a need for you to try and secure a software deal with renowned and trusted providers. As an investor, it will be in your best interests to make sure that you evaluate all aspects of the casino setup.
Go through details such as pricing, security features, gaming reviews, and terms of service. Special attention must be paid to the setting up of a technical support team, gaming content, certification, and individual cooperation conditions. All these need to be provided as part of a single package. Regrettably, it is not uncommon for startups to lose sight of their initial objectives during the initial stages. This is a time when you will be questioning what is relevant to the business and what can be done away with.
- Choose Gambling Content for Your Platform
One rule of thumb to running an online casino is that players will always judge the platform based on the quality and number of games available. Placing emphasis on the diversity of available games is a sure way to attract more players to your platform. Your platform has to offer effortless integration and provide popular games such as baccarat, slots, bingo, poker, blackjack, and roulette.
Incorporating a live casino featuring video streaming features and real dealers will also be instrumental to its success. A live dealer casino is meant to create a real-life experience for the punters. Consider adding virtual sports to tap into more the curiosity and interest of avid bettors.
- Obtain a Gaming License
Gambling laws differ from one country to the next. It will, therefore, be important to note that the licensing process can be tiresome and time-consuming. Regulated markets often include a small list of countries that already have predefined laws and regulations. Try and divide the countries into the following categories:
- Countries that have not regulated their markets
- Countries that are governing their markets
- Countries that do not permit gambling
- Countries that are governing their markets and have a monopoly
Popular gambling jurisdictions in the world include Gibraltar, Malta, Curacao, Isle of Man, Alderney, and the United Kingdom. Before you settle on a licensing duration, consider the price for acquiring the license, duration of that license, and its perceived reputation.
- Payment Methods
An online casino platform is an international pursuit. For this reason, it needs to include international commercial transactions supporting both sending and receiving features. Confirm that the platform supports integration with the major electronic payment systems. Failure to do so means that players will have a hard time depositing funds and withdrawing their winnings. This can easily force them to start considering other available options.
- Create Your Website
If there is one industry where looks matter, then it is in the iGaming industry. How your website looks will matter a lot when it comes to attracting new clients and getting them to stay. A good aesthetic appeal raises the value of your brand ensuring that clients take their time getting to know the site.
Ensure that the design is attractive and of superior quality. It should at least differ from the other brands already in the market. But make sure that the designers do not overuse graphical elements. Overuse of these elements will not only chase away clients, but it will also likely overload your system.
- Promote Your Online Casino
The final step on learning how to start an online casino is marketing and promotion. When the time comes for you to start accepting clients, you will need to roll out a marketing and promotion campaign. Start by setting up affiliate systems and introducing loyalty programs. While at it, make sure you have a bonus system in place and a VIP retention program as well.
BONUS READ: Top 5 Richest People in Online Gambling
Ari Waknine was born in Brooklyn, New York and was the founder of iGamble Group, an online gaming critique firm that helps players pick online gambling websites that fit their profile, as well as, helping them to increase their winnings. He is also the founder of NewCasinos.org, and is strictly focusing on this project making stronger and better than ever.