No doubt about it: Online gaming and gambling is big business.
But did you know that you can open your own online casino without any experience?
How to Establish a Casino Business Online
First things first: you need to plan carefully. That means creating a business plan covering all eventualities for at least the first year of your online operation.
Firstly, this helps you understand what you need to do and when, but it also helps to avoid mistakes. By having a clear view, you can map your progress and tick one box at a time.
To help you get started, follow these four steps.
Understand The Market
Everywhere you look, it’s as though online gaming and gambling stares you in the face. We have a lot of things to thank for this but the pandemic certainly increased the number of people who play online, be it betting or gaming.
There is a huge opportunity to make a large income here, and online casinos such as Bof Casino are also superior to traditional land-based casinos in terms of accessibility.
Statista adds weight to this point; it is predicted that by 2027, the number of online gamers will increase to a huge 233.7 million.
This figure gives you an idea of the possible gains of creating your own online gaming business, with new and future legislation making life a lot easier in terms of legalities of offering online gambling services.
Staying Within The Law
Creating your own online casino means the need for a licence. There are several different licences you can apply for, depending upon your needs, including international and national licences for gaming.
Take the time to research each licence including how much it will cost you, how long it takes to obtain it, and the pros and cons of each. Many online casinos choose an international licence as it allows them to access a wider reach. You should also think about your goals over the long-term and your plans for growth.
There are three main platforms available for online casinos:
- Standalone/Turnkey: A good option for a business that holds a licence already. You can access software from iGaming and get the support you need to start your business.
- Cryptocasino: If you’re aiming to access an audience interested in cryptocurrency, this solution is a good choice.
- White Label: If time isn’t on your side, this solution is quick and easy. It will also give you an international licence.
Next, register your company, open a bank account, and find a quality payment provider to pull all your financial and legal aspects together.
Consider Software Options
To get your business off the ground, you need the right software, and that means researching developers.
You need to find a software package that makes life easy for your players, one that is reliable, and one that can easily adapt and shift as the market changes. You will need:
- PAM – Player Account Management System
- CMS – Content Management System
- Module for reporting
- Module for promotions and vouchers
- Tools for game management
- Software for affiliate management
- Interface for payment system management
- Tools and in-depth strategy for email retention
- Settings for the administrator
- Systems and modules for anti-fraud measures
For sure, it might cost a little at first, but think of it as an investment. By finding the right software partner, you’ll have reliability from the start and you won’t have to switch halfway through.
Create a Marketing Plan
Crafting an in-depth marketing plan is a vital step and you’ll need to do plenty of research within the market. This will allow you to understand which other brands are currently dominating the market and the types of strategies they use. You can use this as a measuring stick.
You also need to create a realistic budget and look for practices that suit your plans for advertising, branding, and your promotional efforts. It’s also a good idea to have a plan for both on and offline gaming. Handily, marketing companies can help you pull your plan together.
You shouldn’t overlook your future plans either. Think about your policies for bonuses and your affiliate programme. A few thoughts now will make life easier in the future.
How Long Does Establishing an Online Casino Take?
In general, it takes around three months to create your website with your chosen software provider. However, this does vary from business to business. It’s important to put time and effort in at the start to ensure your website is attention-grabbing and appealing. Additionally, it should be easy to get around without any confusion or broken links.
Once you select your design team, collaborate with them and check in regularly. This will make the process faster and solve any problems in real-time.
What Your Online Casino Needs to Do
You’ll no doubt want an all-singing-all-dancing site that has countless games but it’s a much better idea to start slowly and go for the simple option. Around 500 games on average is a good starting point.
However, there is no getting away from the fact that this is a very competitive market. Here are some elements to cover:
Stand Out
Think carefully about your marketing strategy and make sure it covers all your aims and your long-term plan. What makes you different and how are you going to stand out from the crowd?
Quality comes first
Rather than quantity, think about quality. A lower number of quality games is better than countless low quality ones. Opt for HTML5 powered games for extra enjoyment on devices.
Early Advertising
Even before you launch, you need to attract attention with a great advertising campaign. Go online, offline, identify media channels, and use any networks available to you.
Provide the best
You need to constantly attract new players to ensure the survival of your online casino. That means you need a high quality strategy to bring in new sign-ups regularly. Trial and error works well here and you’ll see what works for you. However, thinking ahead will give you more opportunities to keep your existing players happy while attracting new ones.
Take care of your players
When problems or concerns arise, players want someone to help them. That means you need to establish a call centre or a help desk available 24/7 to answer their queries. Also add a FAQ section to your website to answer small issues, including video guides.
Affiliate programmes
Affiliate marketing is a great way to bring in new players, so look to establish connections with partners. They can then promote your business on the go via affiliate management software.
Added Extras
To stand out, you need to offer your players something extra. Here are some features you might like to add.
Cryptocurrency options
Many people prefer to use cryptocurrency these days, so give them the opportunity to do so. By implementing this into your payment system, you’ll attract more players.
Jackpots
Large payouts are the dream for all players and offering these will certainly attract more sign ups to your online casino. Give your players the chance to go for big prizes and bonuses, as well as points for loyalty.
Sports betting
Many online casinos also offer sports betting, something which has become increasingly popular over the last few years. If you can combine the two, you’ll attract a much bigger audience. Remember, people will stick with your company if it gives them everything they want in one place.
How much will opening an online casino cost?
Costs vary wildly depending upon your overall plan. However, it’s a good idea to have a budget in place for your first year at least. Planning ahead is key.
You can break your budgetary needs into two sides – before launch and after.
Before launching, your main expenses are going to be purchasing and tailoring your software, which will take a maximum of 35% of your budget. Your marketing costs will take around 20%, and you’ll also need licences, which can take up to 30% depending upon which you go for.
After you’ve launched, half of your budget needs to be dedicated toward attracting players, so we’re talking about marketing and promotion.
FAQ
Is opening an online casino for me?
For sure, it’s not for everyone, but it’s an exciting endeavour. Think realistically about whether this is the route you want to go down. Remember, this is a competitive market, but it can also be a lucrative one. Many businesses don’t survive, but if you plan carefully, you may be a great success.
Will I need to employ people?
Yes, at the least, you should have a managing director, content manager, project manager, marketing analyst, director of retention, support team, and an anti-fraud team as your core structure.
How can I bring players to my online casino?
You will need a strong strategy in place, including SEO, affiliate marketing, search engine marketing, and influencer collaboration.
Conclusion
Without a doubt, creating and running a new online casino is a challenge and a lot of hard work. However, with careful planning and in-depth decision-making, there is nothing stopping you from becoming a great success. Take your time, follow the advice in this guide, and you’re one step away from your own online casino business.