The online casino business can often turn out to be a rather lucrative endeavour. It is an area that many business people want to explore regardless of their lack of experience in the industry. However, opening an online casino isn’t as easy as it sounds. All the more, managing a successful online gambling platform is quite challenging. Yet, it isn’t impossible.
If you’re interested in opening and managing an online casino whether it’s a CAD casino or a minimum deposit casino that will appeal to the masses, we know exactly where you should start. So keep reading to learn where to begin.
Before you can actually launch an online casino, you need to go through a few preparation steps. These will need to be completed thoroughly and responsibly, so take note.
Legal Side of Things
One of the most important things when it comes to establishing an online casino is obtaining a licence. In most cases, casino owners can pick between two options — European Union countries and offshore locations. Both are equally reputable and come with their own advantages and disadvantages.
You should also bear in mind that the process of obtaining a gambling licence takes time. In fact, the time frame you should consider is from a couple of months to a year.
The next step requires registering a gaming company. Again, it is important for your business to be legal, so you will have to take certain steps, like opening a bank account and contacting payment providers for deals, to make your financial and legal infrastructure complete.
Another solution called white label is a great option for up-and-coming online casinos. It enables casino owners to lease gaming software with a licence and infrastructure from a renowned software provider. This scheme allows operations only under another brand, but that’s precisely what makes the whole process much easier.
Once the previous step has been completed, you should choose the software to provide games to your online casino. You should note the game quality, price, popularity, design, and more while searching for the perfect provider.
The software provider of your choice should also have a reliable gaming platform, which includes:
- Player management system
- Bonus and promotions management system
- Payment system management interface
- Cashier system
- Game management system
- Support of different roles for administrators
- Affiliate management system
- Reporting engine
- Anti-fraud system
- Retention email system
Furthermore, remember to check for regular game and software updates, technical support, and hosting services. If you’re dealing with professional suppliers, they’ll always offer full technical support.
A software provider offering all of these services might be costly, but the financial investment will be worth it in the long run.
Before you invest in marketing strategies, take some time to assess your competitors. You’ll get a better idea of what people are attracted to, which will allow you to understand your potential clients and the market better. Knowing such things will enable you to make unique offers that will attract plenty of clients.
If you’re already a part of a land-based casino business, it is crucial to bring your clients along for the launching of your online business. You can do that by offering special promotions and loyalty points, thus developing a new online base of users.
Lastly, you should get in touch with companies or individuals related to marketing. These include, but are not limited to, email marketing companies, SEO agencies, media resources, and more. Don’t forget to look around for the best offers, as you will want to establish long-lasting and trustworthy partnerships.
The last part of the preparation process involves budget planning. It is crucial to plan your budget beforehand and not after you’ve established a casino. Newcomers to the industry should plan a yearly budget, while those with experience should plan for as long as possible.
As a new company, your task is to gain users’ trust. Making a profit is not the only goal you should have because it likely won’t happen in the first year of business. Take a look at an approximate budget scenario below.
|Company setup — 3%–7%||Company running — 5%|
|Licence — 10%–30%||Licence fees — 1%–10%|
|Software — 25%–30%||Software support — 10%|
|Staff — 10%–20%||Game providers — 5%|
|Pre-marketing — 15%–20%||Marketing — 50%|
|Other costs — 5%–15%||Staff — 20%–30%|
The launch of an online casino relies on the software provider and business owner equally. The provider will need a few months to set up the games, website design, and platform and to add custom settings and additional features. The only way the business owner can speed up the process a bit is by regularly conversing with the developers and programmers.
Aside from that, the business owner should make sure all the issues that have been discussed above are taken care of. That includes obtaining a licence, opening a dedicated bank account, and making deals with payment providers.
Being one of the most successful online casinos in the competitive iGaming industry is not an easy feat. Even though many people think they need to invest billions of dollars and come up with a flashy design, the truth is that most highly successful casinos have simple web pages and feature around 500 games on average.
However, their success wouldn’t be nearly as remarkable without an effective marketing strategy. Therefore, making clever marketing choices is of utmost importance in the insanely competitive iGaming market.
That’s why you should take a look at a few points that will help your casino stand out:
- Positioning — Before anything else, you should position your company on the market. Gather a professional team that will help you plan strategies and develop various phases, goals, and missions. Make sure to highlight what makes you different from your competitors. Opt only for high-quality providers and focus on obtaining HTML5 games for a rich mobile playing experience.
- Pre-launch advertising campaign — Take time to develop an advertising campaign that will attract new users and inspire them to wait for the launch. Use all kinds of advertising methods, such as presentations, publications, online advertising, and more, to your advantage.
- After-launch promotion — Make sure to continue promoting your casino even after the launch. Take advantage of SEO, banner networks, and online advertising. Truth be told, any form of advertising will bode well for your business in this competitive market.
- Retention campaign and client attraction — One of the most important aspects of a casino is its customer service. Gather a support team that will be available to your clients 24/7, whether it’s via live chat, email, or phone. Also, make sure to add FAQ and How to sections. We advise you to provide demo game versions as well and create an awarding promotions scheme. Such schemes attract players with their lucrative bonuses, free spins, and other rewarding packages. Finally, don’t forget to make everything understandable and clear.
- Make use of affiliate networks — Remember to develop relationships and partnerships with other companies that will be of significance to your own.
Pro tip: Business owners are the ones who establish the page content. Software providers are supposed to provide you with game offers but not create them.
Extra Step — Bitcoin Casino
One of the most significant innovations in the iGaming industry is implementing cryptocurrency payments, especially those made with Bitcoin. Online casino owners worldwide have welcomed this payment method, as it helps them save on monthly fees and licence application costs. This payment option also secures customer loyalty, ensures fast payment processing, and more.
If you don’t have any previous experience using Bitcoin, we recommend trying your hand at another online casino using this cryptocurrency. This will help you get a better idea of the way cryptos work. Plus, understanding how this payment system functions will also help you build a strong marketing campaign and a Bitcoin-friendly casino image.
Starting an online casino from scratch is a challenging and tedious task. The same goes for managing it once it starts operating. However, suppose everything goes according to your plans, including resolving legal and financial issues, getting the wanted software provider, and securing a good marketing strategy. In that case, your efforts will be worthwhile.
The demand for online casinos keeps increasing, with some specialists predicting a 40% growth in the following year. So, if opening an online casino has been a lifelong dream of yours, following these steps will guide you in the right direction. Good luck!