With big-league names like Cristiano Ronaldo lending credibility to online gambling, it’s no wonder the industry is booming. Plus, the growing number of people glued to their mobile phones represents a largely untapped market for mobile betting and games.
The global market for online gambling is expected to grow by 11.7% annually from 2023 to 2030. If you’re one of the brave ones who’d like to benefit from this enormous growth, keep reading to learn how to start your own iGaming business.
Seven steps to starting an online casino
Get ready to take a bite out of the massive online gambling pie. The following steps will help you get started.
Decide what type of casino you want
First, decide what type of games you’d like to offer. Do you prefer old-school slots, poker, and blackjack? Or does sports betting tickle your fancy? Or maybe you’d rather disrupt the scene with a breakthrough gaming experience?
Check out what your competitors already offer, study what’s working, and consider how you can improve upon their models.
Prepare for common pitfalls
Casino gambling is a promising business, but you should learn to spot potential roadblocks before jumping in. This means studying the legalities so you don’t break any laws, the financial considerations so you don’t go over budget, and the risks, like data breaches and fraudulent activity (i.e., winning by cheating). But how can you protect yourself from these pitfalls? Here are some steps you can take.
Verify the legal regulations. Every country has different sets of regulations governing gambling. Some nations even ban online gambling altogether. To avoid getting yourself into hot water, consult a lawyer specialising in the locality’s gaming laws.
Ensure data security. Data protection and privacy laws also differ across countries. Consult with a lawyer to avoid any legal trouble. Also, make sure to work with a software provider that has the necessary expertise and experience to prevent data breaches.
Integrate identity verification and fraud detection solutions. Reliable software providers are familiar with pervasive scams and can offer the iGaming solution you need to shield your business from fraudsters.
Create a budget and stay within it. Make sure you do all your calculations. To avoid going over budget, you must account for everything, including the costs of licensing, launching and maintaining the platform, marketing, staffing, promotion, and winner payouts.
Preparing for every eventuality is crucial to success. So, get ready to sweat it out in the initial stages.
Find a reliable iGaming software provider
Your software provider will be your partner as you put together and launch your iGaming platform. Make sure you work only with iGaming suppliers who meet high standards. To get off to a good start, you must first determine the type of provider you want to work with.
You can choose either an iGaming platform development team that creates everything from scratch or an API-driven B2B iGaming platform. This is essentially a choice between a traditional iGaming software development strategy and a modular approach that updates and combines preexisting modules or offers a turnkey online casino. The former is costly and time-consuming, whereas the latter has a faster turn-around time and greater cost-effectiveness.
The iGaming software platform you choose must tick all the right boxes, including:
- API connectivity
- Compatibility with other systems
- Risk management
- Accessible backend
- Reporting tools
- After-sales service
Your choice of gambling software provider could make or break your business, so make sure you find the right match.
Create a feature list
To make your partnership with the software provider work, you need to ensure that both parties are on the same page. This means communicating your needs well. A feature list will help you do this. Prepare a list and review it with your iGaming platform provider. You can start with some basic features like:
- User registration and profile management
- Payment portal for depositing and withdrawing funds
- 24/7 customer support
- Security features to ensure data privacy
- Bonuses to keep users engaged
It also helps to have the following integrations:
- CRM system
- Content management system
- Player management system
- Payment system management interface
- Bonus and promotions management system
- Marketing tools
- Anti-fraud system
Keep the communication lines open and work closely with your provider to ensure they’re actually offering the casino software solution you require.
Get a gambling license
As mentioned above, regulations differ from country to country. What’s completely legal in Curacao might not fly in the UK. You need to fully inform yourself before choosing a jurisdiction.
Countries that are high-risk for money laundering could make it hard to open accounts at financial institutions. You may also find that some countries have technological and data privacy regulations that are too restrictive. Some countries won’t allow you to run ads for your casino offerings, making it hard to get the word out.
You need to consider the following when choosing a jurisdiction:
- The country’s reputation
- List of requirements for licensing
- Bureaucracy (how long will it take to get through the red tape to complete the application process and receive your license?)
- Licensing and other governmental fees
Your online casino software provider has worked with clients from many different jurisdictions, so check with them to see if they can provide some insider knowledge that will speed up your license application. You may even partner up with an iGaming provider that lets you operate under their license.
Secure verified payment methods
Attract players by making it quick and easy to deposit funds and withdraw winnings. You can make this happen by integrating major e-payment systems into your iGaming platform. That is, you should enable the traditional payment methods your customers already use on a regular basis.
Your gaming platform should make it easy to integrate multiple payment methods. You should also have the credibility to partner up with leading banks and payment system providers. Get all your online gaming software features and licenses in order so you don’t hit a snag when you start working with financial institutions.
Work on a marketing strategy
Even if you create the most impressive online casino, people are not going to flock to it unless you promote it. And keep in mind that some legal restrictions may dictate how you can and cannot advertise your games. So, be ready with a clever marketing strategy that will attract customers and keep them coming back for more.
Your strategy should involve a comprehensive plan that weaves together powerful tactics:
Affiliate marketing. Harness the power of influencers by offering a percentage of the profit that gambling bloggers or streamers bring to your platform.
Player bonuses. Keep your players hooked with attractive bonuses, such as welcome bonuses, reload bonuses, and free bets.
Loyalty and VIP programs. Incentivize long-term commitment to your gaming platform with membership perks and a loyalty point system.
Gamification. Make the overall casino experience a gamified journey with a profile avatar, experience points, and opportunities to keep leveling up.
Tournaments. Tune up the hype with tournaments that bring in popular players and publicity.
Think of marketing as an investment. When done correctly, the money you spend will increase your profits.
Online gambling is an enormous industry that promises massive profits to its business-savvy participants. But like any other type of business, you need to do it right.
That is, you need to prepare for the common legal and operational pitfalls, hone in on a specific type of casino, work with a provider that offers the best turnkey gambling solutions and fast gambling software integration, prepare a feature list, get your licenses and other legalities sorted, offer secure payment methods, and come up with a winning marketing strategy.
Ready to test your luck in the world of online gambling? Improve your odds by partnering up with VeliTech, which specialises in online gambling and offers an API-driven iGaming platform Horizon. Our iGaming product suite integrates with leading gaming and payment systems, making it easy to add all the features you need to succeed. Reach out to us!