Trends have changed in recent years as we no longer depend on employment. In fact, very few of the richest people in the world have a 9 to 5 job, but are rather self-employed. The idea of being self-employed may at first seem daunting but it actually isn’t. Thanks to the internet, starting an online business like an online casino is a real possibility. Furthermore, you can even do so from the comfort of your home and keep growing your company into a giant in the industry.
However, as any entrepreneur will tell you, it’s never a walk in the park to start a business from the ground. Online casinos in particular have their own set of requirements and difficulties that you need to know about. It is not too difficult, since even an average person can do it, but you shouldn’t assume it’s as easy as a few clicks on your computer.
What it takes to start your own online casino
If you were to visit any online gaming site right now, the first thing you will notice is the complexity of the system. There are a lot of things involved to make an online casino work, but don’t let that intimidate you. Like many things, the actual situation becomes clearer once broken down into the various aspects involved. When it comes to an online casino, there are just four things you need to consider.
Find a source of your games
Just in case you thought one needed to learn programming to become an online casino provider, you would be wrong. The truth is that most online gaming companies acquire the games they provide from online game developers. You too can acquire these games and use them on your own platform. Online casino games can be acquired from two types of suppliers – the developers themselves and B2B suppliers.
In the first case, these are companies that create their own online games by hiring developers. Some of the big names in this category include Playtech, NetEnt and Microgaming. These are the industry leaders in game development, although there are plenty others to choose from with a quick web search. There are some games you will find available from all developers, but they still offer some special options to set themselves apart. Your choice of a supplier will depend on the games you want to offer your clients, and of course, the cost. Typically, you will be charged at least $10,000 every month by a developer and an additional 15% commission on your profit. If you have the juice to subscribe to multiple companies, then you can definitely go ahead and ensure you have all popular games available.
The other king of gaming supplier is a B2B company. Examples in this category include 1ClickGames and EveryMatrix. The advantage of working with these companies is that they provide the most popular games in a single package, so you don’t have to have contracts from different developers. On the other hand, their services are usually more expensive because they have to make their own profit as well.
The game supplier(s) you pick is the most important factor to consider in an online casino because the software is responsible for not only the games but the account management, payment processing, etc. This is why starting an online casino has become very simple, since the software does all the heavy-lifting.
Acquire a license to operate
By law, an online casino should have a license to operate just as a live casino. Sure, there are many companies that operate without a license, but if you want to run a legitimate business, you should get the proper license. Once again, you have to consider the cost of the license and how it affects other facets of your online casino. For example, a gambling license from Malta may be more expensive compare to, say, Costa Rica or Curacao. Despite the cost, though, the Malta license will make payment processing easier because most payment processing companies will be more likely to partner with you. When picking where you want to get your license from, you will also have to consider your target audience, since some gamers may be turned off by an offshore regulator.
All in all, a basic license will set you back about $30,000 a year, but a good license can be as much as $1500,000 annually. You won’t even need to set up a physical shop in that area, just an offshore company. When using a B2B supplier, they may even provide a sub-license to operate with as a start while you pursue your own license.
Partner with the right payment processors
The most common way for gamers to fund their accounts is by credit card, and you will definitely need to provide this option. A credit card processing service should be considered, which will handle the transfer of money into your company’s account as well as checking that the person has enough money in their account. Some people may also prefer to use a payment service like Skrill, Neteller, etc. to avoid sharing their personal details. Therefore, you will need to partner with several of these companies in order to provide multiple options to your clients. Some of these companies may be unwilling to partner with offshore companies, so your choice of license provider will matter a lot.
Market your company
There is only one way to attract visitors to your online casino, and that is through online marketing. Many options are available including the basic Google Ad service and social media. To ensure your marketing strategy is effective, target specific audiences in particular locations. Website design is also important here because SEO is crucial in getting visitors. Moreover, good web design is what keeps people around and sets you apart from the rest.