The online casino business is a form of gambling business that exists online. It is an online version of the traditional brick and mortar casinos. Although, it is most times a profitable business but the online gambling scene is very tough and you cannot start your business without license except if you are starting the business with bitcoins. The average cost of finding a reliable software provider to supply you with high-quality entertainment and administrative content is $100,000—$150,000.
This article will state how to start an online casino business, whether online casinos cheat, the legality of online casino businesses and the best online casino site.
The following steps will help you get clear insights on how to start an online casino business
Choose an Online Provider
This is the first step in starting your casino business is that, you would need to choose the casino software and games that you would be using. The software will be the backbone of your casino as it would help you run your website for gaming and will also manage your operational activities such as; payment processing, marketing campaigns, account and fraud management. The type of games you choose will largely determine the type of supplier you would choose. There are two types of suppliers; we have the ones who create gaming contents themselves and the ones who offer you the packages of other developers (B2B- Business to business model).
The self-developers will offer you their products at low prices because there is no middle man and they will even make it so flexible for you that you can even request that they adjust some features of the casino to suit your needs. Unlike the B2B- Business to business model who will make you spend so much, although, they will provide you with varieties of casinos from different developers to choose from. You must also decide if you want a casino provider that wants to be receiving payment monthly or a one time provider who will grant you maximum access to your casino and give you full data privacy after purchase. Lastly, for this first step, you have to choose your business partner and you can’t do that in a rush.
Obtain a Casino License
If you choose a B2B supplier, you would have no problem getting license because you would be allowed to operate legally and freely owing to the sub-license that you would be offered by the B2B supplier. If you didn’t choose the above, you have to decide which country you want to obtain your casino license from. It costs over 150,000 EUR per year in the UK, Romania and Malta while it is cheaper to obtain for around 25,000 to 30,000 EUR per year in Costa Rica or Curacao. Pay for your casino license and provide the further information they require.
Choose Your Accepted Payment Methods
After obtaining your casino license, you have to set up your method of payment so that you can receive players deposits. Make sure you get a credit card processing service at your casino. It would help you verify if the players have enough money to pay before you register them.
Market Your Casino
The only way you would attract players to your casino is through marketing. You should make use of local marketing campaign to deliver your unique content to the countries you desire to focus on. You can utilize television ads, magazine ads and radio ads. Also make use of SEO and Google Ads.
Learn How to Deal With Challenges
There are a lot of challenges in the business such as; language barriers, complexity of your game, unpopular casino games and hackers, so you have to grow a thick skin if you really want to make it in the business.
Do Online Casinos Cheat?
The fact about online casino is that a majority of people are skeptical regarding the wins. The question “can the games be rigged” come up very often. But rest assured; the penalties for cheating can be very severe and that is one reason why online casinos do not cheat.
Another reason why a large majority of online casinos do not cheat is because they do not need to. They just need to keep steady flow of players in some games such as slots and blackjack.
What is the Legality of Online Casino Businesses?
Countries like Sweden, Canada, Belgium and Finland have state gambling monopolies but do not grant licenses to foreign casino operators. Only operators licensed on the territory of these countries are considered legal according to their law.
What are the Best Online Casino Sites?
Some of the best online casino sites are;
• Grand Ivy Casino (Best for Bonuses)
• Grosvenor (Best for Reliability)
• Mansion (Best for Playtech Games)
• 888 Casino (Best for Live Gaming)
• PlayOJO Casino (Best for No Wagering)
• Fun Casino (Best for Fast Withdrawals)
• Betway Casino (Best for Roulette)
• Genesis (Best for Slots)