Starting an Online Casino: Key Steps
Starting an online casino can be a lucrative business venture if done correctly. The online gambling market is expanding rapidly, and many entrepreneurs and businesses are looking to capitalize. With new legislation passing regularly to legalize online gambling, the iGaming space has never been more accessible and widely accepted.
However, “accessible” and “widely accepted” does not translate to “easy to do”. Starting an online casino is a massive undertaking that requires careful planning. However, by following the right steps, operators can streamline the process and offset some of the heavy lifting.
In today’s post, we’ll break down those key steps so you can not only get your casino up and running, but operating smoothly and (hopefully) generating some revenue!
Research the market and competition for starting an online casino
Before launching any business venture, it’s critical to understand the market and analyze your potential competitors. Starting an online casino is no different. As mentioned previously, the global appetite for online gambling is growing, and consequently so is the selection of iGaming operations.
In order to set yourself up for success, you need to have an understanding of your target audience. You’ll need to research where they are going to satisfy their gambling needs in order to gain an understanding of the competitive landscape. Are they satisfied with the services they’re receiving? Why or why not? Are there gaps in the market?
Answering these questions can help you determine what services and features to offer. It is essential to differentiate your operation from the rest of the pack in order to succeed in the online casino market.
Furthermore, market research will help you navigate the legal and licensing requirements for the market you’ll be operating in. We’ll dive into licensing in more detail later in this post, but it’s important to understand the requirements long before the application process begins.
If you’re looking to navigate starting an online casino in the US, click here! The American market comes with its own set of challenges, which we look to address in the post above.
Decide on a business model for starting an online casino
When starting an online casino, the next step is to decide on the business model you’ll be pursuing. This boils down to either building a platform from the ground up, or partnering with a software provider to utilize a white label or turnkey solution.
While many prospective operators are tempted to build their own platform from scratch, for many the juice simply isn’t worth the squeeze. Crafting your own platform offers unrivaled levels of customization and control, but at a steep price. The majority opt to partner with a software provider, as a ready-built platform has a number of benefits for those just getting started.
First of all, a white label solution can be delivered and ready to launch in as little as four weeks. Building a platform from the ground up can take years, and requires teams of software engineers and developers to bring it to fruition.
The second benefit to partnering with a software provider is the cost. While the price may seem steep up front, it pales in comparison to what you’d be paying those engineers and developers. A software provider bundles all of your costs into one, and the speed at which they can deliver allows you to start earning revenue quickly.
Third, a white label or turnkey solution will arrive with payment gateways, technical support and compliance baked in. These platforms are tried-and-true, and are ready to accept fiat payments and digital currencies alike. Furthermore, they arrive with customer and technical support as part of the package, taking that off your plate entirely. And finally, full regulatory compliance is taken care of for you. Those legal requirements you researched back in Step One? Working with a fully compliant provider removes those from the equation entirely when you’re starting an online casino.
A gaming license is required to operate any online gambling operation. This can be a lengthy and tedious process, but is necessary not only for legal purposes, but also to give your players confidence. A license is an easy way to broadcast to your community of bettors that your casino is safe, secure, and trustworthy.
Again, working with a software provider can expedite this process. Many software providers offer licensing services as a part of their solutions. They typically have partnerships with regulatory bodies, and can assist their clients in obtaining their licenses. This is a significant advantage to new operators entering the space, as this process can be time consuming and complicated. Click here for a breakdown of what operators need to know about licensing, or contact us if you have any questions about where to start.
Choose an online casino software provider
Assuming you’ve elected to work with a software provider, now it’s time to do some homework and select one. There are many options available when you’re starting an online casino, so it’s important to keep a few things in mind when you’re making your decision.
First, ensure any online casino software providers you consider are reputable and have a track record of delivering first class software solutions. You can look for award nominations, client testimonials and their list of partners to further educate yourself about what they’re capable of.
Next, check in on their customization options. As we discussed earlier, making sure your casino stands out from the pack is really important. While white label or turnkey casino solutions don’t offer the same level of customization as a custom built platform, they’ll provide plenty of tools you can use to make it look and feel like yours. Look to incorporate custom branding and colours, but also custom gameplay and mechanics. These simple adjustments can help you tailor your platform a bit more closely to your target audience’s needs.
The third thing to look for is the company’s vision. The world of iGaming and online gambling is changing daily, with new technologies being incorporated and the latest trends making their way into platforms. When starting an online casino, it’s important to have a long term vision in place. Can your software provider stay on the cutting edge of the industry? Can they scale up and grow as you and your business does? Building a long term partnership with your provider should be paramount when you’re just getting started.
Finally, get your hands on a demo of their product. Check for things like their selection of games and how intuitive and user friendly the platform is. Remember, part of the appeal of casino games is their simplicity. A complicated, overly-technical platform goes against what they’re all about!
Develop a marketing strategy and launch
Starting an online casino requires a strong marketing strategy. You will need to create a marketing plan that reaches your desired audience. Social media, email marketing, and SEO are all effective marketing and promotional channels for online casinos.
Once the online casino is developed, tested, and ready to go, it’s time to launch and promote the website. Use your marketing strategy to promote the casino and attract customers.
Starting an online casino requires careful planning, investment, and knowledge of the industry. By following the key steps outlined in this post, you can launch a successful online casino that attracts and retains customers. If you’re ready to start putting your plans for an online casino into action, contact Lion Gaming today for a free consultation and demo.