If you’re a fan of online casinos, why not turn that into your next side hustle? Starting an online casino business is something anyone can do, even if you’re new to entrepreneurship and betting.
Thanks to the Internet, any hobby you have can be monetized and even turned into a full-time job that allows you to be free from the 9 to 5. Online casinos are no exception.
Just like those spending hours every day on YouTube can start their own channels, become influencers, and even make millions, so can you turn your passion for casinos into your career.
- An immersive online casino experience The Best in Slots, Live Casino Games & Mobile Gaming Wishmaker Casino has been created to provide an experience that will make you believe in wishes coming true, dreams becoming a reality and entertainment being within reach!
- How does an online casino make money? Whether you play online or at a live casino, the house easily makes money since every game has a built in statistical advantage that favours the house in the long run. In other words, casinos pay out less in winnings than they take in bets. Of course, what happens in the short term is anybody’s guess.
Let’s see how.
How to Start an Online Casino Business
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1. Get to know the online casino industry.
For a start, learn more about the online casino market before you start a business in the niche.
The research phase of every new venture is important as it allows you to see the big picture, set the right goals, know who your audience is, and make a plan.
Usually, every business idea must be validated. With the casino industry, however, you don’t need to worry about that. Even though you’ll have plenty of competition, people are playing casino games more than ever.
If you provide them with yet another platform to do it on, they will happily head to your site.
To start a proper online casino business, it’s worth exploring the past too, not just how things currently are in the market.
Here’s an infographic on the evolution of the slot machine, for instance.
Learn more about the history, types and features of slot machines as that too is related to online slots and running a betting site.
2. Check out the competition.
In a competitive niche, it’s hard to stand out. You need to provide value to people and give them what they want.
Head over to the top sites for online casino games and learn all you can about them. You can find plenty of reviews about them too with both good and back feedback.
Each comment you read is important, especially if it’s in a forum and from a real person.
Aside from that, to make sure your online casino business is a success, you should see what each competitor is doing well and decide how you can do it even better.
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3. Understand the regulations.
Whether you’re doing business in the US or anywhere else in the world, you need to follow the regulations of the country you reside in.
Although you’ll be targeting people globally, your online casino business will be registered where you live. You will be paying taxes there and with that comes the responsibility of being an entrepreneur.
There’s also certain information you will need to include on your website too that will disclose your partnerships with third parties.
4. The main element of an online casino business.
The main elements of starting a business in the casino market are the online casino website you’ll build and the software you’ll choose.
This is crucial and will be one of your first business costs as the owner of an online casino business. The iGaming software provider you work with must be one that offers a great gaming management system, is reliable and has been in the field for a long time.
5. Become a better marketer.
The next step in your journey to starting an online casino business is to attract players and keep them on your site.
The more loyal they are, the better off you’ll be as they will gladly bring their friends too.
Constantly look for more exposure in order to attract new players. Promotions are a great way to grab their attention. From then on, your offer must be good enough and the user experience great to make them stay.
In the long-run, you should be looking for ways to give incentives to regulars so they can bring others on board.
Paying for ads, in the beginning, might be necessary, as well as investing in any other kind of advertising such as influencer marketing and content marketing.
Starting an online casino business might not be as easy as opening an online store or making money blogging. It might be a side hustle for you, but the more time and recourses you invest in your casino business, the more you will need to make it a priority and grow it as much as you can.
Online casinos are on the rise, especially during the pandemic. They can be very profitable if you can create a pleasant user experience, good bonuses and acquire the best software. The costs are relatively high, as you need software, licensing and marketing.
Even though it’s expensive to start an online casino, it can be quite a lucrative business. The main principle you should follow is the satisfaction and fun of your customers. If you manage to give them that, then I’m sure that your online casino will succeed. New technologies keep emerging and with them, new sorts of games. You will need to be all over that to bring the most enjoyment you can to your players.
Here are the steps you will need to follow when starting an online casino.
Get a license
Each country has different policies when it comes to gambling. Make sure that it’s legal to play in online casinos in your country. If it is, then getting a license involves paying a fee to the proper authority. Besides that, you will need to provide proof of following all the safety measures. You will need to fulfil many conditions associated with the license.
Their strictness depends on the country. Some permits are more reputable than others, too. Some of the most popular and the best are:
- British Gambling Commission
- Malta Gaming Authority
- Italian AAMS.
Photo: Creative Commons/pxhere
Each country has its own authority where you need to apply for a license. Most often it’s a public organisation from the branch of the state.
Select the right software
There are countless software providers for casinos. Choosing the best and most reliable one is a critical step in starting an online casino. You need to review many options, get to know their offers and see what other casinos are using. A few key things to consider would be technical support, reliability, upkeep, the quantity and quality of games they have, the price and the conditions of your cooperation. Look for the best offers and read reviews.
While doing that, think of what games you’d like to appear in your online casino. Make an effort to see which ones are the most popular and do real research in that aspect. Check what people like the most, and what are the current trends. Live dealers, for example, are crucial for your casino to prosper, so consider investing in them. You will need many different types of games in your casino to provide as many possibilities of gaming as you can. Put stress on diversity when it comes to games.
Choose the methods of payment
Currently, there are many methods of safe payment. Consider integrating as many of them as possible into your online casino to make the payment process as convenient as possible. Select the most reputable and reliable payment service providers, as you wouldn’t want any problems with cash flow. You will need to be flexible about both the payment and withdrawal, as nothing drives people away from a business like any problems in that matter.
Choose the payment providers that have the possibility for international services. Your casino won’t probably be just a national affair and might bring customers from abroad.
Currently, cryptocurrencies are experiencing a boom, so it might be a good idea to implement this payment too. It’s safe for the customer as they remain anonymous, and the money flows immediately without any middlemen.
Website and UX
That’s the part that you will probably need to spend the most time and resources on. Creating a comfortable and pleasant environment for gambling is critical for your online casino to be successful. If your website doesn’t look good enough, has long loading times or the user interface is substandard, you won’t bring any enjoyment to your customers, and they will leave faster than you think. You will need to provide as much reliability as you possibly can.
Focus on the looks and functionality. Go for a clear design, originality and a comfortable layout and don’t be boring about that. Moreover, it’s crucial to hire good designers and professional web developers. You wouldn’t want your website to be developed by a bunch of second-rate devs that don’t know what they’re doing. To ensure that your website functions on the highest level possible, pick a reliable hosting service with the best uptime.
Starting An Online Casino
It’s a good practice to implement gamification features for your service. This enables customers for more fun and unique experiences in your casino. You would need to analyse who your customers are and what’s their demographic to create a gamification model that’s appropriate for them. Such models include leaderboards, achievements, awards and levels that you can progress. Make it as interactive and fun as possible.
Having your website translated to multiple languages is a must nowadays, as you probably will bring international customers. Not all of them are proficient in English enough to be able to navigate the website freely.
Marketing
Now that you have your website up, you will need to focus your resources onto marketing and promotion of your casino. As there are countless online gambling providers, you will need to be unique among them. If you can, hire SEO specialists to help you get your website into the top of the search engine results page. Have them create posts on your social media profiles. Keep to the schedule there and be sure that you’re active.
Make sure to introduce loyalty programs for regular customers, welcome bonuses and free spins. Another thing to take into consideration is email marketing. You can schedule your emails to offer promotions to your customers and remind them that they’re welcome.
While marketing casinos is pretty hard for SEO specialists, it’s entirely possible.
The costs
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The entire cost is not that easy to assess. It more or less equals just shy of 2 million USD. This includes all of the expenses, whether they occur during the preparation or just after the launch of your online casino. You need a considerable capital for starters, as you will need to pay out winnings to your customers. It’s essential to put most of the money into marketing after launching the casino.
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