As an entrepreneur or business person, you’re likely always keeping your eye out for new opportunities. The online gambling sector is becoming increasingly popular for startups, mergers, and expansions. over the years, the sector has demonstrated sustainable growth and has been quick to adopt new technologies, keeping things fresh for players. So what tips do you need to know before you take the plunge? Here are just a few ideas that will help simplify the process, but also give you the kick you need to get the ball rolling.
Why the time is now
The online gambling sector is thriving and is set to do so for years to come. Currently valued at over $72 billion, it’s estimated to grow at over 11% CAGR a year. This is driven mainly by mobile gambling, access to faster and more cost-efficient internet, new technologies, and forms of gambling such as eSports, crypto gambling, and fantasy sports betting.
Together, these elements are bringing new demographics of players into the market and increasing operators’ chances to profit. The second has remained resilient over the last years, despite national and international economic fluctuations. This is good news for investors who may be pondering starting their own site.
Pick a great platform provider.
By all means, you are free to set up your own gambling site with your own custom platform and games, but this can be expensive and time-consuming. The majority of startups prefer to opt for a solution from online gaming platform providers. They offer a fully customizable platform that can include casino, sportsbook, and a variety of other features like CRM, reporting tools, bonuses, and marketing solutions. These significantly lower the setup costs and provide a cost-efficient way to work going forward. Another element is scalability, which gives your platform the space to grow if it experiences growth.
Find a niche
Do you want to focus on horse racing? eSports? Football? Slots? Or casino games? Maybe you want to create a site specifically for fantasy sports or slots? Figure out what your niche is before you move to the setup stage.
Having a niche will help you decide what to offer, who to target, and even what kind of incentives and bonuses to offer. It will also help you stand out in a sector full of different providers, enabling you to become more competitive and offer better service. Ultimately, in a competitive sector, this will increase your customer loyalty and retention which directly translates into more revenue for you.
Get a good team
You can have the best idea and execution, but you’re doomed from the get-go if you don’t have a great team. Surround yourself with ‘yes’ people who believe in you and your product. You want people who aren’t just about getting paid, but who really are passionate about the product.
While investing in HR can be expensive, it will ultimately impact the amount of revenue you bring home. Look for those who have experience in innovation, have worked in similar companies, and have propelled them forward. It’s not enough to have just filled a desk somewhere, look for achievements and results that can be demonstrated and proven as a result of their performance. these are the kind of people you want to bring on board!
Outsource all you can
Outsourcing is a great way to save money. As we mentioned, using a professional platform provider is a great start. You should also hire a corporate services provider to take care of all licensing, compliance, bank account opening, and other paperwork tasks. This can take a significant regulatory and administrative burden off you. Additionally, consider outsourcing. IT and customer service to specialist agencies that are experienced in this sector. This way you only pay for what you use and need, greatly reducing overheads. You can also consider outsourcing HR, marketing, UX, and even accounting, especially in your startup days.
The time is now for those looking to open an online gambling or betting platform. It doesn’t have to be expensive or difficult, as long as you make smart decisions and surround yourself with good people. Remember to always be receptive to new ideas and dynamic technologies that could help you expand the scope of your offerings, and keep your customers happy.