How to set up your own online casino? You need to have many licenses and a fair amount of capital, so as to appropriate software and marketing strategy. But if you manage to do it, you will be in a win-win situation, because there are many opportunities in gambling.
For example, as an online casino owner, you can not only provide online slots but make your casino a betting platform. Anyway, if you like to concentrate on setting up a betting platform, take a look at horse racing odds for today – a great and entertaining betting site that helps you to stay informed about all the news in the gambling industry.
With the following tips, having your own business in the online casino sector can be quite successful.
DEALING WITH LAWS, LICENSES, AND TAXES
Anyone who runs their own business also has to deal with taxes and duties, registering the business with the tax office and the trade office, as well as with the licenses that are indispensable for running a casino.
And anyone who wants to start an online casino and does without the license may get by just fine for a while, but this industry is under a lot of scrutiny and black sheep are quickly noticed. The best way to avoid it is to obtain a European online casino license. This has a very good external effect and suggests seriousness. However, high requirements must be met before this license can be granted.
The license from the “Lotteries and Gaming Authority” from Malta, for example, requires the presence of 40,000 euros as share capital. With this, a casino owner can be granted a class three or four license. Also, Gibraltar, the Isle of Man, Costa Rica offer licenses for gambling. And the cost of licensing is between 100000 and 150000 euros.
CREATE A BUSINESS PLAN
Before starting a casino, you need to think about investments. The license, which we have already mentioned above, can cost more than 100.000 euros. The next important thing would be the special online casino software – it can cost more than 200.000 euros. Anyway, it is important to create a business plan including all the costs and have it checked.
ONLINE CASINO SOFTWARE
The cost of software from such famous providers, as Microgaming can cost between 200,000 and 300,000 euros. Different packages are offered depending on the software company, which contain different games, for example, slot games and roulette. That is why the costs may vary. And then the software must be adapted to your own needs, which usually takes between three and six months and require new costs.
WINNING PAY-OUTS
The very important aspect of the casino business is about pay-outs. To ensure that payments always work safely and smoothly, many software developers require a security deposit. This is to guarantee the playout of the players’ winnings. The casino operator who secures it has a good reputation.
ALWAYS THINK ABOUT THE CONCURRENCY IN A GAMBLING MARKET
Those who start their own business first always see only themselves and forget about the competition. Take a look at other online casino platforms and make a comparison.
FINDING GOOD EMPLOYEES
Finding and hiring good employees is not so easy even if you are sitting on an online gambling platform. Anyway, you will still need to find people responsible for technical support and communication with all players. Usually, you can count on 5 to ten employees, the number of which increases depending on the success of your online casino.
ADVERTISEMENT
And marketing – do not forget about the advertisement and marketing strategies. This point is especially important because only with great software and interesting games alone no profit can be made. If no one knows that your online casino really exists, no players will be interested in it. It is usually worthwhile to hire an advertising professional who will make your casino known.
Last, but not least, it must be mentioned that the gambling sphere is not easy and predictable. Even if you already have started a licensed online casino with perfect software, a great variety of games, and the advertising company is running, the first results could be at the earliest seen after two to three years. So, you need to stay patient and continue working on the services you currently provide. However, to a certain extent, setting up an online casino is also a game of chance.
