So You Want To Build An Online Casino?
There are only six states where online casinos are legal. Building an online casino is far more involved than buying a web domain and declaring "open for business". There are laws, regulations, marketing agreements, vendors, suppliers and compliance offers. No two states are alike when it comes to laws and regulations.
An iGaming company needs to choose between sports wagering and online casino gaming. The industry standard hold for online sports betting is 7%, which means the company will gain one nickel and two pennies for every dollar wagered on a sporting event on their site. For online casinos, the return-to-player rate ranges from 90% to 99.5%. The company's net gaming revenue (NGR) will be lower than the GGR. If the iGaming company is catering to a state like Pennsylvania, that 36% tax rate for sports bets and 54% for slots will sting. If it is in New Jersey, it will less sting as the 15% rate is less “taxing”
Online gaming is regulated on a state-by-state basis. The technical aspects of operation that states certify involve the games themselves. Most times, operators team up with platform providers. Operators have this option available for sports wagering.
KYC is a catch-all phrase covering all facets of interaction with consumers. For online gaming, KYC covers deposits and withdrawals, loyalty programs, and protections against fraud. KYK starts with the basic proof of identification, which confirms the bettor is of legal age to wager. It may also include proof, residency, proof and payment method. Players can self-impose responsible gaming limits. Operators that are proactive in allowing players to set limits tend to have better long-term player retention.
Marketing for the online casino has to be multi-pronged. Social media engagement is a key metric that portends success. Online account collects and accumulates data. It is possible to tailor offers and promotions for specific subsets of bettors.
Internal buy-in is imperative for an online casino product. The first impression created by employees is critical for engagement. Online gaming product augments the physical location.
It's possible to lose a customer if a slot game is not operating correctly or failing to load. It's also possible if the game fails to work properly. If you have done all these things, along with due diligence involving integration, regulation, contracting, and marketing, you can be an online gaming success.
