How would you feel if you could earn income through your passion for online gambling? Start an online casino business as it is one of the most profitable ventures of all gambling businesses with many benefits.
Nevertheless, breaking into the online casino gambling market is not an easy task. With hundreds or thousands of online casinos in competition, new entrants must walk an extra mile to establish themselves in the industry.
I will answer your questions on “how to create an online casino business“ including how to get an online casino license, how to develop casino software, and how to market your online casino.
So, let’s buckle up and get comfortable on the way to start your online casino business. But before that shall we discuss what are the benefits you can avail of by starting your online casino business?
Benefits of Online Casino Business
Whether it’s an offline business or an online business, the first thing that comes to mind is whether the business will be profitable or not. The online casino game business is not an exception. Are you struggling to determine whether the business will be profitable? We’ve outlined a few advantages associated with starting an online casino business to help you determine whether or not you should start your online casino business.
1. Online Gambling Has Become a Multi-Billion Dollar Industry
Among the most engaging and entertaining industries in the market, the online casino gaming industry is growing rapidly.
Grand View Research estimates that the online gambling market reached $53.7 billion in the year 2019 and is projected to grow at a CAGR of 11.5% from 2021 to 2027.
This growth is powered by increased smartphone penetration in the world and easy access to the internet. In contrast to offline casinos where adopting new technologies is costly, online casinos can be easily integrated with all the trending technologies. This in turn brings the attention of the players who haven’t considered playing the casino games.
2. Economically Feasible to Run
When opening a brick-and-mortar casino, what’s the first thing you need to set up? Physical space, correct.
Owning a space or renting one, either way, you need to invest a lot, and that too at the beginning of a new business.
However, in the case of the online casino business, physical space is no longer a matter of talk as it exists in the digital world.
Apart from physical space requirements, you will also need to employ several machines, equipment, or staff to attain your customers. This will also add up to the running costs of the casino.
In the case of an online casino, your expenses will be getting an Online casino license, marketing, software/website maintenance, and fee to renew the license. Taking into account all these costs, you will find that starting an online casino business is economically more feasible than starting a brick-and-mortar casino game business.
3. Cryptocurrencies As a Potential Means Of Payment
The popularity of cryptocurrencies is not a hidden secret. There has been widespread adoption of cryptocurrencies in recent years.
Gamblers prefer to make payments using cryptocurrencies as it offers low fees and faster transaction facilities. Also, gamblers from unregulated markets like Canada prefer to be anonymous with all their transactions, and this seems possible with the use of cryptocurrency.
In the case of the online casino business, the adoption of digital currencies like Bitcoin can be done easily, which remains impossible with land-based casinos.
4. Independent of Geographical Boundaries
Land-based casinos remain accessible to the people located in the surrounding location of the casino. By contrast, online casinos are available to players all over the world.
With an online casino business plan, you can target gamblers from all around the world. To put it simply, online casinos are global in nature, independent of geographical boundaries.
How to Start an Online Casino Business: Complete Guide
Here you will find a few of the things that you need to do to fuel your online casino game business idea with life.
1. Market Research
The online gambling sphere is broad and full of competition. Not every entrance could reach the pinnacle of success unless they hold a deep understanding of the online casino business.
You can start by learning about the current industry trends and by studying the statistics and forecasts for the gambling industry. It would be beneficial to be familiar with different genres found in the casino game industry.
Consider all the online casino business opportunities and select the one you believe will be of most benefit to your business in the long run.
2. Get a Gaming License
Being a legal business, it is of great concern for many people to know how to get an online casino license.
Licenses for the online casino can be obtained in a variety of ways, depending on the country. Before getting a license, make sure the online casino business is legal in the chosen territory.
Here are a few of the jurisdictions where you can avail of a legal license for an online casino.
The UK licensed online casino: Casino gambling is legal in the United Kingdom and regulated by the Gambling Commission as per the Gambling Act of 2005.
Philippines online casino license: All sorts of online gambling are it casinos, poker or lotteries are legal in the Philippines.
Australian licensed online casinos: Offline betting is illegal in Australia as per the Interactive Gambling Act 2001 (the IGA). However, an exception is made for the online casino. Starting an online casino business in Australia as long as you have a valid license.
Canada online casino license: Under the Federal Law of Canada online gambling is legal in the country. The Kahnawake Gaming Commission (KGC) is responsible for issuing the online casino license.
Hungry online casino license: Both land-based and online gambling are legal in Hungary under the Hungarian Gambling Law Act XXXIV of 1991.
3. Choose a Reliable Software Provider
Choosing the right casino software provider is an important aspect to consider before you launch your business, as it will greatly affect the success of your endeavor.
It will be in your greatest interest to evaluate all aspects of the project including the pricing, the content, the deployment times, and the post-maintenance support before getting into an agreement with the software provider.
Our recommendation is to partner with a software provider that keeps quality at the forefront. Other characteristics to look for include an intuitive user interface, eye-catching graphics, and a strong security system.
BR Softech is a highly accredited software provider that is ready to assist you with any concerns you might have while starting your online casino business.
4. Gambling Content For Your Online Casino Website
As we mentioned previously, the software or website you use to operate your online casino will be vital to its success. The industry is filled with fierce competition, so you must create unique content to strengthen your position in the market.
We recommend you emphasize the variety of gaming content in your casino software or website to appeal to as many audiences as possible.
Below are some of the most popular gambling content that you can use to build your online casino business.
- Live dealer casino games
- Keno casino game
- Video poker
- Scratch cards
5. Website Creation
A well-designed and user-friendly website will appeal most to visitors and potential players. The creation of a website is one of the inevitable steps involved in starting an online casino business.
You either opt for custom website development or make use of the pre-built website templates. No matter what choice you made, you need to pay attention to the visual appearance of your website. Avoid overloading the website with unnecessary graphical elements, as it will increase the site loading time.
Your online casino website developer’s ultimate focus should be on enhancing the navigation usability of the website to ensure the smooth operations of the website.
6. Strong Payment Gateway
Online transactions are at the heart of the online casino industry. Thus, you need to integrate secure send and receive payment methods to make it more convenient for your customers to make payments.
Casinos should be integrated with a payment gateway that supports multiple currencies and offer advanced risk management to gain the trust of their customers.
7. Marketing & Promotion Activities
In order to be successful in any business you are operating, whether it is offline or online, you need to capitalize on marketing. Online casino business is not an exception.
You need to craft effective marketing strategies to reach out to your potential audience and simulate them to your online casino business. Plan your strategy based on the interests of your audience in order to attract more visitors to your site.
As a further option, you can introduce loyalty programs and bonus systems to retain players.
8. Customer Support
The business is online which means you need to ensure its smooth operations 24*7. To help you achieve that, you should hire support executives who can offer 24*7 support your customers in case of any failure or interruption. Make sure to always be accessible to your customers for a long-term relationship that will be fruitful.
How Much Does It Cost To Open An Online Casino?
How much do I need to spend to bring an online casino business idea into reality? The answer to this question is not clear. There are a number of factors that come into account when estimating the cost.
Let’s see what those factors are.
1. Online Gambling License Fees
Depending on the country selected, the online gambling license fee will vary. As an estimation, the license fee can be anything between $35,000 to $100,000.
2. Online Casino Marketing Plans
It has already been mentioned that online gambling is a fiercely competitive industry. Therefore, you need to spend a lot on promoting your online casino business. Approximately 40% of your entire project budget needs to be spent on marketing. Typically, this figure falls between $250K and $400K.
3. Online Casino Software Development Cost
After marketing, online casino software development is going to cost you the most. The cost of software development will vary depending on your requirements. This cost would be somewhere between $10,000 and $30,000.
Note: By taking all the above expenses into consideration, the total cost you might need to spend is around $100,000 or more.
This is how you can expand your feet in the online casino business. You can see from the list above that starting an online casino business involves several steps. Among all of these steps the need for hiring a reliable software provider is an inevitable step.
BR Softech is one of the most reliable providers of online casino software that has years of experience in assisting entrepreneurs to launch their online gambling businesses. From market research to becoming a fortunate name on the market, we will handle every aspect of starting an online casino business.
Q:1: What is the typical timeframe for starting an online casino?
An online casino business usually takes around three months to get off the ground. The time can be influenced by factors such as website design, development platform, custom functionalities and so on.
Q:2: Is running an online casino legal?
As long as you are licensed to gamble online, running a casino is completely legal.
Q:3: What is a Turnkey online casino business?
Turnkey online casino business is meant for those who are interested in self owned corporate structure and licensing requirements to start an online casino business. It is a fully customized solution aimed at meeting all the personalized needs of the customers.
Q:4: Is it possible to see the demo online casino software before actual development takes place?
A big yes, you can contact our business manager to request a demo of online casino software before the actual development takes place.
BR Softech Pvt. Ltd. excels in providing cost-effective IT Solutions. Established in August 2010 with over 10+ years of rich experience. An Apex rated IT serving company around the world. Our team of innovative and creative designers deals in web designing, mobile/ software development and other digital marketing services intending to deliver outstanding digital outcomes.