Online gambling offers a myriad of opportunities to modern entrepreneurs who are unstoppable in their endeavors to create outstanding gaming products, drive their business to the ultimate success, and outpace all rivals. But is it easy to start online casino, begs the question? Let’s shed some light on today’s gambling business.
Online gambling platforms have become popular in recent years. Last year, the global online casino market was US$53,7 billion and is expected to grow in the years to come. Among others, Europe has taken the biggest piece with US$22 billion, which is projected to increase six times by 2027.
To begin your own online casino, you first need to know what’s the budget for it. Learn what you’ll need to invest in:
- Purchase of a license. The cost of a license depends on the location you run your business. Approximately, you’ll need to pay about US$1 – 34,000 as a setup fee and then nearly US$5,600 per month for the first two years. That’s a pretty affordable option. Overall, you have to prepare a minimum of US$120 thousand. And taxes aren’t included.
- Costs for creating a website. To build your own online platform, you’ll need from US$2,7 thousand to over US$13 thousand. It all depends on the software provider, your budget, required functionality. Typically, gambling sites should be able to withstand the high load and host a massive number of guests simultaneously.
- Software development costs. As the business grows, you might require additional resources – and it will cost you extra. To create exceptional games, you will need to hire a dedicated software development services package. Expenses usually range from US$100 000 to half a million, depending on the project.
- Marketing and promotion costs. Online casinos spend millions of dollars on marketing and advertising each year, as it’s the most crucial strategy to make people get involved in your game. As for the beginners, marketing requires a minimum of US$700 thousand in the first year.
Tips On How To Start Online Casino Business
We suggest the most critical steps that will lead your business to success and finally yield excellent profits.
Think out your strategy thoroughly
Before bringing your plans to fulfillment, consider the points below. Make sure you understand that you’ll need to:
- Be ready to invest strong capital in starting your online gambling business
- Buy license(s) to run your online casino legally
- Deliver compelling and captivating game content
- Utilize the most advanced tech solutions, payment system, and security tools
- Ensure high customer retention levels based on a solid marketing strategy
- Work on your brand regularly to stay afloat in an overwhelmed market of rivals
Today, everybody can start online casino business when having the necessary funding in place, but not all beginners realize the majority of pitfalls that might occur. It’s recommended to find a reliable partner to build and operate a powerful enterprise.
Pick a trusted gambling software provider
You are going to face a variety of services and tools available for different prices. The future partner and software vendor should be proven, have a decent portfolio and profound experience, offer diverse solutions according to your budget.
When starting your gaming business, you’ll choose from:
- Software development companies that develop games and platforms themselves (e.g., InnovecsGaming). This beneficial type of partnership allows you to get a fully customizable and unique product.
- B2B companies that offer service and tools packages with gaming content of other vendors.
Whichever type of partnership you choose, the software suppliers are your best partners to launch and run your operations smoothly and seamlessly. Every online casino provider has different services to offer. You should check what the contractor can provide you with. The following checklist can help you choose a perfect match for cooperation.