The number of entrepreneurs in the world is continually growing, and now there are more than 400 million of them, and this is a lot indeed concerning the population of the Earth. Everyone chooses activities that are based on its preferences but for everyone two things are the most important: to get payback quickly and to make money. And not every business has such opportunities.
The gambling business is one of few, or rather, online casinos. Like in any other enterprise, it has unique features and secrets. But with the right approach to the matter, you can count on a good profit. Let us talk about what you need to know and consider for being able to open your gambling establishment.
Stages of the creation of online casinos:
Size your financial possibilities
First of all, you need to understand that the casino can cost quite a significant amount of money. It is hard to say at once how much does it cost to open a casino since the sum depends on many factors: the type of an online casino license, the type of the online casino software, the number of casino games, etc. But it will be necessary to invest a lot. Be sure to take this decision rationally and carefully.
Draw up a business plan
It is essential to do it thoughtfully. You can draw up a business plan by yourself using open sources of dependence or outsource it, for example, to a consulting agency. You can decide, which option is better for your business.
The plan should include the description of the targeted audience, the current situation in the gambling market and its development trends in selected countries, as well as your goal, ways to achieve it, budgeting, and possible difficulties. Experienced managers advise to draw up three plans for potential growth: negative, optimal and positive.
Obtain an online casino license
Casino licensing is unneedful of much explanation. It is impossible to conduct a legitimate and transparent gambling business without obtaining a proper permit. It is not so easy to receive an online casino license because not all countries grant it.
There is a standard list of countries with a proven track record in the gambling world, to which you can turn to for being able to obtain the license:
- Costa Rica is a country with a low-cost online casino license, and it is quite easy to receive it. Just keep in mind that this is a permit for data processing, not for gambling itself.
- Curacao – a license granted in this country is authoritative. It costs a bit more than the permission from Costa Rica, involves an individual approach to each casino, and offers its services mostly to American and Dutch players.
- Belize’s online casino license allows you to deal with the following activities: gambling for land-based casinos, “one-armed bandits “gambling, and online casinos. Of course, for being able to set up business on the Internet, you will need the last one. Belize also grants licenses for the creation of a bookmaker’s office.
- One of the most expensive and prestigious permits is the Belgian one. This European country draws up a permit only after you fulfil many strict requirements and it takes 11% of your profits. However, the described jurisdiction grants the online casino license for 15 years, so it makes sense to obtain it there.
- Along with the countries that we have mentioned above, permissions can also be granted by the Isle of Man, Alderney, Malta, Estonia, and Kahnawake. Each of them is suitable for specific activities, so it is necessary for you to study this issue carefully.
If you are not sure that you will be able to figure it out by yourself, it will be better to consult those specialists who have vast experience in this field. The online casino license itself is expensive, the procedure is strict and standardised, and you do not want to lose time and money at this vital stage.
It is worth noting that there is still such a thing as sub-licensing. It means that a company that has a license registers another casino under the same permit. It comes out cheaper and faster. However, such a casino will have to follow the rules set by the licensee and give some part of its profit.
Choose a casino platform
You should remember that the online casino software can’t be cheap. Do not buy software from an untested vendor, much less a script (ready-made code) of a casino for $ 500 – this is dangerous both for the company and for players because it may contain fraudulent schemes.
There are two options: the development of a casino from scratch and the purchase of the so-called white label casino. With the first one, everything is clear: many companies will offer you to create a gambling platform. In fact, it is a good option for those who want to run their business seriously and for a long time. The main thing that you need to remember when choosing a developer: be sure to check its background. Read reviews and feedback on the Internet and ask them to show you examples of their work.
However, we should not forget about such an option as an online casino for sale. Sometimes owners want to get rid of their business (for various reasons), so we recommend you to consider this issue as it may be quite beneficial.
White label casino
It is a kind of a gambling establishment, which was entirely developed by a well-known company. That is, customers do not deal with any issues related to the creation of a business. They just get a ready-made and operation solution in a relatively short period (usually it takes several weeks).
How does it differ from a turnkey casino? The fact is that in this case, the casino can use its brand, not someone’s famous company-name. It is a good choice for a quick start in the gambling business, and many beginning entrepreneurs choose it.
Slots for online casinos
Today the range of games is imposing. Developers actively create new slot machines, as the competition among casino owners is severe.
And now we would like to name casino software providers with the best reputation on the market and who offer time-tested slots:
- Novomatic (and its subsidiary company, Greentube);
- Xprogaming, etc.
It is also possible to order the development of a slot game under your requirements. It is suitable for those operators who want to fill their casinos with something unique that other gambling establishments do not have. You should carefully choose a manufacturer in order not to rework the game or order the new one. For example, you can turn to the company 2WinPower, which has a portfolio that consists of thousands of projects. But generally speaking, we recommend you to choose the developer whom you trust implicitly.
Promote your business
Promotion of a gambling establishment and support of its activity are a continuous work, which requires efforts. And the main thing for a good start is to stay afloat.
If we talk about the development of the business, you can both stay in the same sphere of activity and change something. Many owners want to work with bitcoins, as they guarantee security, anonymity, promptness of transactions and the lack of fees. Now such a thing as a bitcoin casino is not so popular, but the bitcoin casino software is already available.
There is also an option connected with sports betting. It is a time-tested business that appeared in ancient times. It is entirely possible to come to this sphere after dealing with casinos, and, besides, it is not a problem to buy the sportsbook software.
For the finale, we would still like to focus on the fact that it is almost impossible to set up a casino without the help of specialists. It is better to consult them and pay for it than to lose money.