The gambling industry remains unchallenged as the largest entertainment sector in the world in terms of revenue generated. No other sector can rival the growth and drive of the industry. As live casinos start recording a downturn, the online casino business has recorded considerable growth. Around 26 percent of the world population gambles while 17 percent of people in the world gamble online according to recent gambling statistics though the figures will have gone up by now.
With such figures and a future where the casino business is set for exponential growth, it is understandable is you have thought about starting your casino. You most likely have considered how starting an online casino can be complicated or confusing and given up on this thought. Theoretically, any person can start an online casino, especially a minimum deposit casino online. The attraction of 5 dollar minimum deposit casinos, for instance, is the low risk of loss they present to players. Such a minimum deposit also places less pressure on you, the operator. You can afford to start small as you streamline your processes and learn the most convenient payment options. It also allows you to start in a small niche; hence it is easier to stand out.
There is a lot more involved in starting an online gambling site, and this guide will give you a comprehensive overview of the critical areas to focus on and steps to follow when you start an online casino business.
1. Choose the casino software provider
The iGaming industry has several software providers, and it can be confusing to make the right choice. However, conduct ample research and read the reviews on the different game providers before choosing one. Your choice should be a balance between the price and the quality offered. The software you pick plays an essential role in the running of the casino and also determines whether you open a casino successfully or not. An ideal iGaming casino operator should be able to offer the following features:
- An effective and easy to use content management system
- A seamless game management system with a rich selection of games
- An affiliate management system for the various partnerships you will have
- An email database to retain and build an emailing list
- A reliable cashier system and user-friendly payment management interface
- Have different roles for administrators of the online casino website
- An anti-fraud system, as well as security, features to protect you from hackers
- Additional features like live chat rooms, live video streams, player statistics, and tournament play
2. Obtain a gambling license
Getting a gambling license should be given careful consideration since it is governed by legislation. The targeted jurisdiction should permit gambling and support online gambling business in multiple regions. You should obtain a license in the country where you want the casino to be set up, and once you get it, go ahead and create the business entity with its address and bank account details. Obtaining your license may take between months to six years. Popular options for gambling licenses are European countries and offshore territories. There are several factors to consider when choosing the jurisdiction for your gaming license. These include;
- The reputation of the domain. While some jurisdictions have lax regulations of gambling, players usually fear such since they are a haven for unscrupulous gambling sites. Pick a jurisdiction that, while having friendly policies, still inspires confidence in the gambling companies registered there.
- Licensing requirements may be costly or even hostile in some communities
- Consider how long the application process takes and how soon you can obtain a license
- Taxes and costs can affect your earnings and the overall budget of running the business.
3.Select the casino payment system
Once you have decided on the software and obtained a license, you need to pick a payment system for your clients. It is advisable to offer multiple payment alternatives for withdrawals and deposits to cater to a wide range of players’ needs. As you start, it may be hard to have many options, so start with the payment systems that have a broad appeal in the market.
The effectiveness of the payment system is closely tied to the software provider you are using so ensure the two work together to offer clients;
- A fast and easy to use options
- Multi-currency support
- Payment processing solutions that are adapted to specific regions
- Risk management
- Fraud detection features
The ease with which players can deposit and withdraw their earnings will significantly impact your success and growth.
4.Set the marketing and promotion strategy for your gambling platform
What sets apart the biggest and successful online casinos from the rest is not the number of games or high graphic designs but rather an effective marketing strategy. A sound plan will cover the prelaunch advertising, ongoing promotion, and client attraction and retention. It is here that it helps to start with a low deposit casino online. Such a move will quickly get you on the 1 dollar deposit casino list in NZ by icasinoreviews.info and similar platforms. Landing on such reviews as being the best and cheapest method for gambling online will get you the traffic you have not paid for and increase your appeal.
You can also consider hiring the services of an excellent SEO company to help you establish a more prominent digital presence. Digital marketing offers you the advantage of competing with established brands without bursting the bank. Another cost-effective strategy is using a network of affiliates that will promote and push your site in front of your target audience.
5. Decide on the online casino start-up budget
This part is where you ask the million-dollar question on how much does it cost to open a casino? The final cost is dependent on a variety of factors. The main ones are the software provider costs with the cheapest going for about $100,000, the licensing fees which vary and can get to upwards of $75,000, and finally, the marketing costs and requirements the software provider may have for payment services.
The more staff you hire and the marketing needs you have, the higher the costs will be. You also have the alternative of leasing much of the infrastructure from a software provider. Whatever expenses you incur, you can rest assured that as long as you run the business prudently, it will be worth it, and the online casino business will break even in about two years.
In conclusion, the answer to who can own a casino is anyone with enough determination and capital to start one. Indeed it is a capital intensive engagement and will consume much of your time in the early days as you start. However, if you can account for all the factors covered in this how-to open online casino guide, the process will be much more transparent, and you are less likely to make costly decisions when you start your own casino.