Online gaming has grown a huge amount over the past few years, with people starting to move away from visiting casino buildings and use online sites. This offers many people the opportunity to play games in the comfort of their homes anytime they want.
This growth has meant there is a lot of money to be had in the online gaming industry. Since gaming online started to take off in the 1990s, revenue has grown to around $152 billion in 2019, reaching an estimated $196 billion by 2022. With this amount of money in the industry, it is no wonder more people are making the decision to start their own online casino business.
However, there are many hurdles that you need to overcome before you can start to trade and make money. Here are some of the top tips from industry veterans on how you can start your own online casino.
Most people who decide to start their own online casino, will likely not have any experience in the industry. This is mainly because the fast growth and high profits have attracted business people from other areas where they have no prior knowledge or dealings with online casinos.
Thankfully, much of the experience you need will already be with you, such as running a business and learning how to market your product. The rest can be researched and assessed along the way, however, there are a couple of things that you will need to know before you move forward.
Firstly, it is important to know your market, and where you will fit. Although most online casinos will offer a similar experience to the rest, there are differences that you can exploit to make your casino stand out. Take a look at the rest of the competition in your country and see what they are doing and if you can do something different.
Another decision you will need to make is whether you want to run your own casino, or choose an affiliate. Both have their advantages and disadvantages that will be talked about in more detail later.
One of the most important parts of your online casino business is the software provider that you choose. There are many in the industry and they all offer a large selection of games and other content that may attract your customers.
When you are looking into which software provider to choose, it is a good idea to take some time to go into detail about each one. There will be a lot of information about what they provide and the added extras that will make the experience better for your customers and your business. Some of the major things to look out for include:
Using their software will cost money, but that doesn’t mean that you should be looking for a bargain. Different operators will have incentives and pricing structures that will try to make them competitive. However, you want to choose a provider that offers good value but also games that your customers will want to play.
- Gaming Reviews
There are many sites out there all using different providers. Their games will often be reviewed and be available online to see. This is a good opportunity for you to check out the details of each game and how popular it is among players. The more popular the games you can have on your site, the better it will be.
With so much money at stake, you need to be sure that the security of the games is high to prevent any fraud from occurring. Software providers will have security built-in to their games that will make them secure. You should study what measures they take and how effective they are.
- Technical Support
Even though you may know a lot about the games that are offered, you may not be technically minded enough to know what to do when things go wrong. The software provider should offer technical support that will fix any issues you have. However, you need to be sure that the support they offer will be prompt and reliable. This you can often get from other casino owners and reviews of the companies.
When thinking about what games you offer your customers, you need to think about what the players in your particular area of the world like to play. There will often be slight variations in the popularity of games, so finding this information out will be of immense value.
As a start, you will want to have slot games on your site, as these are arguably the most popular among casual players and professionals. Having a good variety of games will help you to attract a wider audience and allow new customers to find their favourites.
Another must for an online casino is live games where you have real dealers streaming the game to the players. This is a popular type of interactive game and players love to have the casino experience at home without having to travel to a physical site.
If you want to capture even more customers, you can also add virtual sports that will entice betters across from the casino games. As always, you will need to see what the licensing will allow in your area.
Obtaining a gambling license can be one of the most difficult and lengthy parts of the process. There are different requirements depending on where you are in the world, but generally, they come under the same framework.
- A country that has regulated online gambling within their territories
- A country that has banned betting within their jurisdictions
- A country that has regulated and imposed monopolies
- A country that is lacking regulations on gambling activities
It is important that you find out which of these applies to your country and get the process started as it can take anything from a few months to a year to obtain a license.
You need to apply for a license in the country where you are running the online casino. Some of the countries that are most popular include:
- United Kingdom
- Isle of Man
The reason these countries are so popular is that they offer a less restricted license than other countries. However, you need to consider the cost of the license, the duration, and the reputation it holds.
Not everyone that wants to start an online casino has the money or the infrastructure to create one from the ground up. This is where an affiliate scheme can be useful because they will provide you with all you need to start including a software provider, licenses and even a website. All you need to do is operate the casino and ensure it is running smoothly.
Many affiliate schemes will also provide you with support so you can learn the business and make the casino a success. These types of schemes can be useful to teach you the way casinos work, so you can then go on to start your own casino in the future.
Your website is going to be the at the heart of your online casino, so it should be carefully designed and easy to navigate for your customers. There are a few tips on how to get the best from your new website.
Firstly, you should try to keep the site free from anything that may slow down the page load times. This includes complicated graphics or large pictures. If your page loading is too slow, your customers will get frustrated and leave.
Customers want to see the games and what the offers are, so make sure that these are on the homepage along with links to special deals or new games. The easier it is for them to find, the more chance there is that they will take part.
If you feel that you don’t have the ability to design your own website, then there are many companies that will be able to create one for you. There is also the option to ask your software provider if they have a template site that you can modify to your own needs.
Before your online gaming business goes live, you need to set up payment options for your customers. This can be achieved by making an agreement with a payment system provider who can handle all of the transactions.
The provider you choose needs to have a high level of fraud protection as well as advanced risk management. Ideally, you want a provider that has experience with online casinos.
While it is important to find a provider that will be able to accept as many currencies and newer payment options as possible, you also need to be aware that some customers may still prefer older methods.
If, for example, you don’t allow some card payment options, then you may be missing out on a lot of customers.
Once your site is open, you will likely get customers who come over to your site to see what you have to offer. This is the best time to start making use of retention options that will encourage them to stay and perhaps become regular visitors. There are many ways that you can persuade customers to stay or come back again.
- Loyalty Programs
These are designed to encourage loyalty. The ones you use depend on what your competitors use. You should try to add things that other casinos are not currently offering. You can have a sign-up bonus which offers free spins or deposit, deposit bonuses that give additional money, or free bets with a certain deposit amount.
- Loyalty Points
Loyalty points are awarded for each time a customer plays at your online casino. If they achieve a certain level of points, they get a bonus which can include free spins or free deposit amount. These are often popular among customers as it makes them feel valued.
- VIP Sections
VIP sections of a casino or a VIP loyalty scheme can be an attractive option for those customers that spend a lot of money. By offering access to special features or additional bonuses, you are catering to people that can be potentially profitable for your casino.
Marketing Your Casino
When everything is ready, your next step is to market your casino to attract players. There is a lot of competition in the market so you need to do your research and find out about your competitors.
Market your online casino in a way that will provide a high-quality and trustworthy alternative. One that offers something others in your area don’t, and will value their custom. Building this trust and reputation will take time, but a good marketing strategy will help to get things started.
Don’t underestimate the power of social media, SEO, PPC and other online groups. They can often be a useful tool, especially if you put some work into chatting to followers and building a relationship with them.
Starting an online gaming business is far from easy, and there are a lot of steps that you need to take to ensure it’s a success. However, by working through them one by one, and understanding your market, you can create a business that will prove to be highly profitable.
It is important to remember that your customers are an essential part of that success. If you can give them what they want and give them a reason to keep coming back, then you are already on the road to success.
- October 21, 2020