It is undeniable that the Internet has far surpassed traditional media, and the entertainment industry has evolved as well.
The first online casinos appeared in the mid-1990s, but have become more common in recent years. In 2019, the global online gambling market was estimated at 53.7 billion Euros, Europe being the largest market accumulating 22 billion Euros. The global CAGR of this industry is expected to be 11.5% in the next 7 years, ie 127.3 billion Euros by 2027.
Online gambling business is a profitable investment and with the Covid pandemic, more and more entrepreneurs are willing to start a casino project. Creating a successful online casino is a complex process that requires several steps.
The first step in opening an online casino is to draw up a detailed business plan for online games, which must include all the basic calculations, business development strategies, and operational perspectives. The business plan sets out the next steps and helps operators understand the financial and human capital needed for the casino.
In the following paragraphs, we will develop the main and necessary steps to start an online casino business.
Create a business plan for your online casino
- Company. First of all, you need to consider opening a company for the online casino operation. It can be incorporated into many jurisdictions that offer a low tax system.
- License. Secondly, it is important to consider obtaining a license. Many jurisdictions issue licenses and they differ in the countries in which they can operate, the price, the length of the process, and the number of documents required. In addition to obtaining the license, operators must pay the application, open a bank account and pay for the renewal of the gambling license.
- Software and games. Third, the next step is to purchase software for the online casino. This is the largest investment. It is important to purchase the best quality software, to integrate the most popular games from top vendors because they are certified and loved by players. Operators may consider developing unique casino games.
- Payment systems. Fourth, the next important step is the integration of payment systems, as operators need to add reliable payment methods to their platforms. It is recommended to offer as many payment options as possible, from which players will be able to use the most convenient one.
- Site development. Another important step in the development of the online casino is the creation of the brand, design, the differentiating elements of the platform can be created according to the operator’s preferences.
- Technical support. You need to ensure the continued operation of the online casino, and it is crucial to provide technical support and customer service at the highest quality. It is necessary to find employees who can serve customers 24 hours a day and provide the website without interruption.
- Employees. For a normal activity, the online casino will need employees such as managers, accountants, lawyers, marketing specialists, and GDPR experts. The responsibilities of casino staff must be divided in such a way that each employee has access to only a certain part of the system. Employee salaries must be taken into account while preparing a business plan.
- Promotion. Let’s not forget that in order to have customers you have to promote your online casino. This step requires serious investment to promote a gambling site. There are many marketing tools for promoting the casino: SMS, e-mail newsletters, SEO, affiliate programs, etc.
These are the basic and most necessary steps to start an online casino business. However, creating a gambling platform from scratch can take a long time and can be costly.
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