The online gambling industry is an ever-expanding one. There are new online casinos, bookies, and poker rooms opening every week, all of them competing for their fair share of the gaming audience. Regarded as one of the most lucrative internet businesses, it is no wonder that there is also a growing num ber of businesses and individuals looking to get involved on the other side of things.
If you’ve been considering starting an online gambling business, this article will help you with some basic ideas and concepts you need to be aware of before you take the plunge. Although creating a gambling empire is a rather complex task that takes a lot of time and effort, we’ll provide you with some fundamentals to at least get you started on your path.
Pick Your Niche & Software Provider
The very first thing you’ll want to do before kicking things off is decide what area of iGaming you’re interested in. There are two main factors to take into consideration here.
The first one is your personal experience. If you’re someone with an online casino background, you’ll probably have a better idea on what to do and how to set things right to attract customers with an online casino site than with a betting site. Your and your team’s knowledge and experience are pivotal here.
However, you’ll also need to research the market to see if your desired niche is a viable option at this point in time and under what circumstances. For example, if you want to get involved with online poker, make sure the market isn’t oversaturated and that you’re able to offer something that’s not already out there.
Once you know what you want to do, you’ll need a reliable platform that will let you do it. This means finding a good software solution for your plans. Once again, there are multiple things to consider here, but some of the more important ones are:
- The management system
- Banking options
- The selection of games already on offer (for casinos)
- Availability of betting markets (for betting sties)
- Customer support (does it come with the software?)
Doing Things by the Book: Obtaining a Gambling License
Once you have your idea and software all sorted out, it is time to get legal. If you want to launch a proper online gambling business, you will need a gambling license issued by a reputable organization. This doesn’t just serve to cover your business but it also stands as a proof to your potential players that your new gaming operation is completely legit and can be trusted.
Obtaining a license is another complex procedure that highly depends on where you intend to operate. For international sites, there are several providers that issue licenses on the global level, such as Malta Gaming Commission, Alderney Gambling Commission, Isle of Man, Curacao, and Gibraltar.
However, these days, if you intend to operate in certain highly attractive European markets, you’ll also need local licenses issued by countries. Some of the most prominent markets where you’ll need an additional license to offer your services include the UK, Italy, France, and Spain.
Every regulator has its own licensing procedure, which can take several months to complete, so make sure to count with this. Regardless of the procedure, you’ll need to provide all necessary evidence along the road that your business is on the up and up, that you are financially stable, and all your games are fair and properly licensed.
Alternatively, you can find a software provider that takes care of all these things for you. They will ask you to provide them with the required information and they’ll use their experience and know-how to get you a license in the shortest time possible.
Once you have all of the above sorted out, you are ready to officially launch your business. This isn’t to say you should do it immediately, because there are still things you need to attend to before your site goes live.
First and foremost, consider your offer of games and figure out if you need to expand it to be attractive to the existing player pool. Online gambling is a highly competitive business where nobody will cut you any slacks, so you need to make sure you have what players want.
Furthermore, you need to come up with an effective marketing strategy and bonuses and promotions that will pique imaginations of your potential players. This is one area where you can really stand out most because you just need some really good and inventive ideas. Not to say that this is easy, but unlike the rest of it, you can actually do it without spending too much money if you know what you want to achieve.
That’s pretty much it! Once your site goes live, it will be up to you to attract players and keep them coming back for more. Strategies on how to do it go beyond the scope of this particular article but you should at least have some sort of an idea what you’ll be facing if you decide to go down the path of starting your own online gambling business.