How Much Money Does it Take to Run an Online Casino in Canada?
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Canada is one of the countries with the most entrepreneurs in the world.
People start all kinds of businesses, but after the recent boom in online gambling, many of them are considering taking part in this industry.
There are several good brands in the country, but we strongly recommend checking out Golden Tiger Casino because the site is on another level. It is rare to find an operator that has all kinds of features, options and is easy to use, but some companies have all of these.
Of course, creating such a website from scratch takes time and a lot of money. Many people who want to get involved in the online betting industry are not fully aware of the costs, so they think they do not need to pay much money. Sadly, this isn’t the case, especially in Canada, so let’s learn more about some potential costs that entrepreneurs must consider.
You Must pay a Developer to Come Up With a Site
Since we are talking about a casino accessible online, the first and crucial thing you should focus on is finding an individual or company that will create an attractive website for your customers. If you take a look at some of Canada’s top online casino sites, you will find a lot of similarities in the way they look and what they offer. Sadly, these kinds of designs don’t come cheap, especially if you want to be better than the rest.
There have been cases where casinos have had to pay hundreds of thousands of dollars for their website, especially if they want to have good animations and a user-friendly interface. This is a lot of money, but cutting corners here is not a good idea because if the site doesn’t look good, people won’t be interested in using it.
Keep in mind that places with many land-based casinos, like Macao reopened tourists, so the competition for new clients will be fierce.
Next, You Need to Contact The Software Companies Responsible for Casino Games
99% of iGaming companies worldwide and in Canada do not develop their casino games in-house. This may seem like a good option, but when you calculate the amount of money you have to pay to the person doing it, it will cost a small fortune. Therefore, casino owners prefer to offer games from some of the world’s leading brands in this industry.
Customers can find titles made by various companies, but Microgaming and Evolution Gaming are the two leading names in Canada. Of course, some of the more advanced casino sites also work with the likes of Pragmatic Play, Playson, Red Tiger, EGT, and so on. The more companies you get on board, the more games you will have.
Of course, these brands won’t offer their services for free, so you have to spend money to get them. Some of them will require you to “rent” the games for a certain fee, whereas others may demand a profit share. The latter is probably the better option if you do not want to spend a lot of money upfront.
Staff Salaries
Having an iGaming site may seem easy, but there are tons of things that can go wrong. Hence, you can’t run it alone, even if you are the most talented person in Canada. That’s why you will need to hire people who will work alongside you.
First, you will need a developer, and it has to be someone who knows what he’s doing. Needless to say, those people have pretty big salaries, but you have to put up with it because if the developer is not good, you will have problems in the long run.
In addition to finding a developer, you must have customer support operators. If you do not want to hire someone in-house, tons of third-party companies in Canada and other parts of the world will handle the customer support for you.
Lastly, you also need people responsible for the financial transactions and overall operations on the site. Some business owners decide to do that themselves, but they rarely have the time.
The Licensing Fee(s)
Once you have figured out everything about your website, it is time to contact the licensing authorities in Canada and apply for a permit. This will be a long process and will take a lot of money.
Simply applying for permission from the authorities requires around $35K, but you will probably have to pay more than that in the long run.
