Rolling the Dice: A Comprehensive Guide on How to Start an Online Gambling Business
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The iGaming industry is becoming increasingly competitive, and user expectations or standards are getting higher. In geographies like the UK online gambling has been around for 2 decades and all of the top brands are available there. One such operator is called Casushi and it has been reviewed by the Wageringadvisors.co.uk, the resource that online gamblers trust. Many aspiring gambling entertainment entrepreneurs can learn a lot from this operator. However, they should also consider the startup costs if they plan to launch a new online casino.
Nowadays, the only thing you don’t have to worry about is the in-house software development team, as almost all operators simply host the games from third-party software providers. In other words, you don’t have to innovate and invent new games that need to be audited and approved. You should however think of creative bonuses. Many players expect to get bonus funds and get free spins for a £5 deposit, and even if this looks like a hand out it is not. So, let’s go over a few tips on how to start your online gambling business and create appealing user incentives.
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If you outright try to emulate some of the big brands, you will end up with extreme start-up costs. These brands operate on an international scale, maintain multiple licenses, and host games from dozens of software providers. In truth, there is no reason for you to overextend and try to compete. You should have 3 main priorities:
- Accessibility
- User safety
- Brand visibility
Since the software you are going to use is already mobile-friendly, the only way to boost accessibility is through payment solutions. Open banking has had a big impact on the gambling industry and tools for both payment processing and KYC are readily available. This also affects user safety, as they feel more comfortable using the preferred banking options. So, you need to make sure that your site is compatible with the most widely used payment options. Additionally, make sure that banking options that are widely used in the jurisdiction where you plan to operate.
As far as safety goes, you will need a license from at least one of the reputable regulators:
- MGA – Malta
- UKGC – United Kingdom
- KGC – Kahnawake
- GRA – Gibraltar
Many operators who look to save on license opt for the one from Curacao. It is a good regulator it’s just that players consider it to be more lenient, and love to see at least one other license.
As stated it’s difficult to compete with all of the bigger brands out there. Luckily, more countries are legalizing online gambling, so competing in those markets should be easier. Even if online gaming isn’t legal and regulated in certain regions that doesn’t mean you cannot launch the site and localize it to that market. So long as players are allowed to play online you should not have any trouble in that market.
To make your site more visible you can use some of the tried and tested advertising methods:
- Digital marketing and SEO – Use local servers, and geo-relevant keywords to optimize the content on your site. Additionally, reach out to local reviewers to examine your website and to feature you on their lists.
- User incentives – Feel free to be generous with the bonuses, users find that very appealing. Bear in mind these aren’t freebies. You are still in control when it comes to determining the terms and wagering requirements of the bonus. In most cases, you won’t even have to pay for the winnings, as users will have to wager them back.
- Suburb user experience – There is no need to try and save money on quality web design. Leverage the new tech trends to their fullest. Add a live chat feature, use predictive algorithms to create a personalized interface, and make sure the site has standard encryption.
Finally, you need to have a decent game selection in order to attract players. Luckily, you don’t have to purchase hosting rights from multiple companies. You can pick one that is popular with the player base:
- NetEnt
- Microgaming
- BetSoft
- Quickspin
- Yggdrasil gaming
- Pragmatic Play
- Play’n GO
There are many other studios with talented designers, but you should pick the one that has a bigger catalogue. Because many online casinos offer thousands of games, you need to make sure your lobby is packed. Additionally, it would be ideal if the providers also have live dealer games, but if they don’t you can always find a smaller gambling studio that only offers that content.
To sum up, starting an online casino can be challenging. Luckily you can plan in advance and reduce the startup costs. Focus on a market that isn’t flooded with operators and that has a demand for online casinos. Make sure you have approval from at least one reputable gaming commission. Pick a software provider that can add hundreds of games to your game lobby. Finally, focus your marketing efforts on your location, to attract as many users as possible, and make sure there are attractive bonuses available to drive the conversion.
