If you are reading this, you are probably a passionate punter yourself, and you are thinking of running your very own online casino platform. You might be thinking: online casinos seem to be for the “big leagues” only, that ordinary Joe’s are not fit to run their own online casinos.
Well, this is where you are wrong. In reality, the online casino industry has grown over the years and has matured enough to allow even first-time players to penetrate the international betting markets and make a nice profit in the process.
We are not going to sugarcoat it: there are quite a number of steps to begin your own casino. But the process is finite, and once the preliminaries are taken care of, your main tasks would be to maintain your online casino and market, market, market.
Here is how you can start an online casino by the numbers.
Number One: Choose Your Software Provider
Obviously, building everything yourself will be exorbitant. You will probably need millions of dollars or Euros to come close to developing all of the technologies needed to run a casino with close to or more than a thousand games at a time. So the solution would be to run a white label casino.
A white label casino is a casino that runs on pre-made technologies and games sold by a software provider.
The core software of an online casino is actually a family of apps, frameworks, and programs that will allow the owner to manage the day-to-day affairs of the website.
From regulating the creation of user accounts to employing policies on game play and withdrawals, a million tiny details have to be taken into account every single day in order to build a successful online casino.
There are two kinds of game software suppliers for online casino owners.
The first one creates technologies themselves and offers them to individual companies or clients.
The second one is called B2B and offers technologies from other clients in such a way that multiple cores of technology will be at play when a casino platform is rolled out.
Generally speaking, dealing with a company that has its own technologies will cost less and will give you more flexibility or leeway as a casino platform owner.
Some examples of gaming software providers are: Microgaming, Playtech, Scientific Games, IGT, Net Entertainment, Betsoft, NextGen, NYXGaming, Odobo, Yggdrasil Gaming, RabCat, Ganapati Gaming, BetDigital Gaming, Push Gaming, Fugaso Gaming, Play’n Go, Quickspin, Stormcraft Studios, Pragmatic Play, Big Time Gaming, Red Tiger Gaming, Thunderkick, Habanero Gaming, Evolution Gaming, Merkur Gaming, Amaya, Realtime Gaming, Cryptologic, IGT, Novomatic, Aristocrat, WMS, EGT, Exclusive, GiG Games, White Hat Gaming, and SoftSwiss.
Number Two: Apply for Licensing
Operating legitimately as a casino operator is an absolute necessity. Do not ever think that it is a good idea to ignore legal jurisdictions, as you may be fined, shut down, or worse, litigated, because of it.
There are four types of territories when it comes to gambling:
- Territories that clearly adumbrate how they regulate gambling.
- Territories that impose monopoly regulations.
- Territories that outright ban betting activities.
- Territories that have vague or non-existent rules on betting activities.
States like Curacao and Malta are known for licensing worldwide for a wide span of territories. However, take note that local law will always prevail over international licenses, so keep this in mind if you want to obtain a slice of the betting cake in huge territories like North America, Canada, the United Kingdom, Germany, and the like. Getting the right type of licensing can spell the difference between success and failure.
The license to operate a casino platform is usually renewed yearly. The amount of money you have to shell out depends on the state that you want to work with.
The United Kingdom thus far demands the highest amount for licensing. Take note also that the application process can take months, if not more than a year to complete.
So ask yourself: are you up for this, for the long haul? If you succeed, in the end, you will be the one reaping the rewards.
There are five important factors that you must take into consideration when deciding upon the licensing of your online casino:
– What is the reputation and state of the jurisdiction
– What are the requirements for licensing
– How long will the licensing process take
– What are the general costs
– What are the taxes involved
Number Three: Payment Processor and Other Details
International payment processing is necessary with an online casino. The point of having an online casino is being able to access international betting markets with ease. Select the currencies that you want to accept in your online casino, determine the requirements so you can process these and most importantly, apply for a merchant account with credit card companies so you can process Visa, MasterCard, etc.
The backbone of your website regulates the funds, how the funds can be gambled on the platform, and so on. On the other hand, you also need to work on the aesthetics and appearance of your website. Your website is your brand. It needs to have a wide and wild appeal to punters in your target jurisdictions. It has to look fresh and exciting. In addition, your punters need to feel safe while depositing their money in your website. Your website’s reputation in taking care of its customers will ensure longevity of your business. Your number one goal is to offer quality in a market that is highly competitive. It is possible, and you can definitely position yourself after a while as a good casino platform. Just give it time, and do not forget that your punters’ welfare always comes first.
Number Four: Get Players
The best way to get more mileage is to get affiliates to promote your brand. The cost is minimal, but you will need to share revenue. These affiliates will promote your brand online through their websites. They will write reviews about your brands and highlight the no deposit bonus offers and codes that you provide as an incentive for a player to register at your casino. Sites such as NoDepositHero.com are a good example of a site that promotes your no deposit casino and its free spins. Other options are Google and Facebook. These work great in regulated markets like the UK. TV advertising is also an option but the cost can be prohibitive.
Finally, do not forget that there has to be a retention program of sorts to keep people coming back to your website. The simplest structure for a retention program is the VIP program, where players can amass points while playing in your casino in exchange for exclusive offers, bonus money, and the like.
