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How to Start an Online Casino Game Business

Online Casino Game Business Online gambling now serves as one of the most lucrative industries in the world. That’s why many modern-day entrepreneurs are looking to pool their funds and invest them in online gambling platforms. But it begs to ask whether starting an online casino business really would be as easy as it seems. After all, out of all the industries, online gambling has to undergo some of the strictest and most bureaucratic accreditation protocols.
Despite this, many investors are still looking to tap into this market with analysts saying that the industry was worth as much as US$ 54 billion back in 2020. And this is a trend that is consistent in various parts of the world, especially Europe, North America, and Asia.

Some of the most successful online casinos in India are able to capitalize on the strict gambling legislation for traditional land-based casinos. Aside from that, in many parts of the world, the nearest land-based casino may not always be as accessible or serve as a practical visit. This is why online gambling platforms are gaining a lot more traction. These are gambling sites that are a lot more accessible for people from all parts of the globe. There is an increasing demand for online gambling services and many eager investors are looking to fill that demand. But just how difficult is it to start an online casino?

The first thing that you need to look at is financial capital. There are four specific aspects of a casino’s capital expenses that you need to take into consideration if you’re looking to start one: licensing, website development, software development, and marketing and promotions. When it comes to licensing, expect to pay an initial setup fee of around $34,000 upfront. Then, you’ll have to pay additional licensing fees of around $5000 per month for the first two years. Of course, these variables can change depending on where you live and the size of your casino. Then, you have to pay the professional fees for the development of your online platform and the games that will populate this platform.
The costs for website and game development can differ from supplier to supplier. When it comes to website development, you can spend as little as $3000 and as much as $15000. It all depends on the scope of the website and the number of elements in it. Then, you have to consider software development as well. Larger casino companies have budgeted as much as $500000 on just software development expenses alone.
Lastly, you have to consider startup marketing and promotion costs. More than just creating the actual platform, you want to be aggressive in your pursuit of customers for your site. Some of the most prominent online casinos offer generous bonuses, free spins, and cash matches to new users at the start just to entice them to set up their accounts on a site.

Online Casino Game Business Another factor you want to consider is your platform’s payment portal. Online casinos typically partner up with third-party portals like PayPal in order to conduct transactions on their site. However, it’s not uncommon for casinos to have multiple payment options on their platforms. Then, you also have to figure out what kind of casino that you want to set up. There are some casinos that are essentially digital versions of land-based casinos wherein they supply many different gaming options. However, there are also casinos that merely specialize in just one or a few select games as well.

The most difficult aspect of setting up a casino is often with the licensing. There are many different gambling authorities around the world that offer licensing services. But there are typically two paths that you can choose. First, you can go and apply for a license on your own by setting up all requirements by yourself. The second and more popular option would be to partner up with an online gambling service provider and use their white-label software. With this, you are essentially gaining the rights to use that gambling provider’s software, license, and financial tools in order to run your company. Once all of the bureaucracy is dealt and done with, then you have to make sure that you do your due diligence in strategy and planning.
Even though the casino business is a lucrative industry, success isn’t always guaranteed. You need a proper game plan for market penetration and smooth cash flow to ensure that your business lasts long enough for you to reap the returns.

Copyrights © 2022 Inspiration Unlimited eMagazine


Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 1st December 2021.

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