Starting an online casino business in this day and age can be an enjoyable and profitable pursuit. If you’re serious about setting up online and have the knowledge, experience and expertise to make it happen, there’s nothing stopping you.
That is, shy of the initial costs of getting things up and running.
Before going any further, it’s worth noting at this stage that setting up a licensed and regulated casino in somewhere like the UK isn’t cheap. By the time you’ve obtained your license, built a stellar online casino and marketed aggressively enough to get noticed, you could be looking at an investment in excess of £50,000.
Still, it’s a small price to pay when you consider how much a successful online casino can generate on a daily basis. Income varies massively from one online casino to the next, but £50,000 really is a drop in the ocean for those that make it work.
In which case, it’s about hitting the nail on the head with everything else. If the initial outlay isn’t an issue, you’ve already a major advantage over many prospective entrepreneurs.
Detailed below, you’ll find a brief overview of the six main steps you’ll need to focus on, if planning on setting up and running your own profitable online casino business:
- Choose Reputable Software Providers
First up, it’s worth remembering that it won’t be up to you to set up your own games and develop your own software. Instead, you’ll be teaming up with a selection of software providers who already have all the games and online gambling experiences you’ll ever need.
This means reaching out to the biggest and most reputable names in the business, in order to discuss and ultimately secure a deal. When doing so, bear in mind that quality matters more than quantity. Rather than attempting to populate your future online casino with 5,000+ random games simply for the sake of it, you could do as well with just 500 games of consistent quality and popularity.
Always check the terms and conditions outlined by the software provider in full, while ensuring you understand their fee structure and payment policies.
- Decide on a Theme and Direction for Your Site
Getting carried away with gimmicks these days isn’t usually the way to go. That said, you’d need to think carefully about an appropriate theme for your website, along with which aspects of online gaming you’ll be focusing on.
Will you be more about the latest online slots, or traditional table games? Do you intend to excel in live-dealer gaming, or would you prefer to bring an online sportsbook into the mix? Likewise, are you looking to appeal to a specific age group, wealth bracket, gender or any other targeted demographic?
Don’t make the mistake of attempting to make things up as you go along, or casting your net too widely. Think about exactly who you intend to appeal to and do everything you can to cater to their tastes and preferences.
- Get a Gaming Licence
The process of getting a gaming licence can be complex and time consuming, therefore is something to make a start on as early as possible. In order to qualify for a license, you’ll need to demonstrate to the licencing body that you’re capable of running a fair, honest, transparent and reputable operation.
If you’re granted a licence, you will then be scrutinised on a regular basis by the licencing body to ensure you’re upholding the appropriate standards. While it can be tempting to apply for a license in a completely random territory to keep things cheap and simple, a license from a recognised and respected authority will ensure your business is trusted and taken seriously.
The most trusted and respected gambling jurisdictions are United Kingdom, Malta, Alderney, Isle of Man, Curacao, and Gibraltar.
- Choose Your Preferred Payment Methods
The basic rule of thumb with online casino payment methods is simple. The more flexible and accommodating you are, the better. You don’t necessarily need to go to extremes, but ensuring you support a wide variety of popular payment methods is essential.
Which payment methods are the most important of popular will depend on where you are based and where your customers are. Irrespective of the payment methods you choose to accept, under no circumstances should excessive fees or commissions be charged on payments in either direction.
This is one of the biggest deal-breakers for today’s online casino gamer – an attempt at profiteering you will not get away with!
- Website Design and Development
Turnkey (i.e. prefabricated) solutions are available, but custom website development from scratch is preferable where possible. This is because the latter option enables you to ensure that each and every aspect of your website is developed in accordance with your brand, your target audience and your unique business plan.
Professional website design and development can be surprisingly affordable – freelancer platforms being fantastic for tapping into affordable expertise. Though if outsourcing to freelancers, conduct appropriate background checks and be wary of handing over your money prior to the project’s completion.
- Market and Promote Your Online Casino
The final step in the process is to market and promote your online casino as aggressively as possible. You’ll need to craft a complete marketing strategy that covers all bases – SEO, PPC ads, social media marketing, offline marketing and anything else that generates awareness and visibility.
It’s also worth considering affiliate marketing, wherein other people market and sell your services in return for commissions on successful referrals. Affiliate marketing has the bonus of being predominantly risk-free, as there’s nothing to pay until those marketing your services successfully send traffic your way.
Again, outsourcing to third-party professionals comes highly recommended, if you lack the knowledge and experience needed to run an impactful marketing campaign. Focus not on the initial outlay, but the ROI you can expect once your online casino begins hitting its stride.
You might also find the following articles interesting:
- 10 Ways to Make Money While Gambling
- Are Slots Really Better Than Blackjack?
- Are Domestic Online Casinos Always the Better Option?