The online casino business is forecast to grow at a CAGR of around 12 per cent over the next five to seven years according to various industry experts. This makes it a good time to join the industry. With three out of five businesses failing in their first year, here are some useful suggestions that will help start a successful online casino business with a reputation for being safe, secure and honest.
Level of investment
It can cost tens of thousands of dollars to open an online casino, though costs will vary. The most cost-effective way to kick-start new casino sites is as an online casino affiliate if you have skills and experience with internet marketing. To ensure a high return on investments, you will need to invest in exciting and engaging game content with an attractive promotion and bonus system that is compatible across all platforms.
Whilst affiliate casinos are often launched within two to three months and cost less than developing your own online casino platform, the supplier controls the games that will be available. On the positive side, they also provide a license alongside payment services, customer support and more. A non-affiliate online casino could take from three months to one year to launch as these are customised to the customer’s requirements.
Online casinos must be licensed. A license means the business must comply with the laws and regulations of the authority that has granted it, including security, fairness, responsible gaming. This shows that you are a law-abiding operator. There are several authorities worldwide that issue gambling licenses including Curacao eGaming, the UK Gambling Commission and the Malta Gaming Authority, each with its own costs and reputation.
Select reliable casino software
It is crucial to select reliable gambling software and this will require significant market research to ensure you have the right games for your target audience. Choose the best for your customers which include quality animations, graphics, and sound, excellent customer support service, robust security systems, a user-friendly interface, payment methods and supported currencies and a multilingual platform.
You also need to check that you have the best business agreement with the software company to include pricing and terms of guarantees. Check gaming reviews and security features as well as individual cooperation conditions, certifications and technical support which should be part of the business agreement.
There is fierce competition between online casino operators, so it is important to offer diverse gaming content to stand out in a crowded market. A portfolio of various game genres will attract a broader range of players and make sure games are available to play on mobile devices as this is the fastest-growing sector in the business. Consider incorporating live video streaming features with live dealers or add a sportsbook.
Marketing and Promotions
Promotions and marketing will encourage players to your site, with loyalty programmes tailored to reward regular players. Secure verified methods of payment will be an important part of your marketing campaign, with options available for traditional payment methods and major e-payment systems including cryptocurrencies supported by anti-fraud and advanced risk management.