If you are wondering what it takes to start an online casino, you have come to the right place. In this post, I will give you a piece of brief information regarding the costs and other related things to opening an online casino business. You are probably looking to start a business on the internet because you want to build a business online and create an income online. When it comes to online slot games, gambling games and developing them on the internet for people to spend money on, you have to keep in mind that actually, the process of building one yourself and being able to operate it legally can take a lot of time and money.
What does it take to start a business?
Building an online casino brings some challenges with itself, such as government regulations, the agencies that have to monitor and maintain the income input and output of the casino and gambling business. Due to these factors, not a lot of people venture down this path. Many casino businesses have been shut down, not because of illegal activities, but because there are a lot of systems and programs. Also, the coding that has to be put in place. The web coders can cost you tens of thousands of dollars.
The casino is a profitable win-win business model; however, building, maintaining and running a business can feel like operating an actual land based casino with employees, pieces of equipment and supplies. It can feel like you are employed to the business, managing and maintaining that. This is why if you are looking at this from a business perspective of building a business solely online because you want to be flexible, keep in mind that you have to put an effort in any business regardless of its type.
Let me show you what you have to invest in to get your casino up and running quickly.
Planning
Right before you start a casino business, it is vital that you create a comprehensive business plan and set your targets. It would help you if you could approximately measure how much money it will cost you to create a casino business and start making money. However, creating a great business plan is the most crucial aspect of building a casino so we will primarily focus on that.
You need to find answers to specific questions every casino entrepreneur should ask himself. Which countries will you be operating in? What kind of games will you offer? Are you going to accept US dollars or cryptocurrencies such as Bitcoin or Litecoin? Each of these questions is important to ask yourself before starting a casino business.
Licensing
Casino licensing costs a decent amount of money. If you want to get a license(which you should), the cheapest one will cost you at least 10 thousand dollars. On average, however, such licenses require around 20-30 thousand US dollars.
Software
The software is the backbone of your entire casino business. In order to be able to compete with other casino businesses, you will need comprehensive online casino software which will frustrate your rivals. You need a software which is protected with the best security technology, easy registration system, very comfortable and intuitive navigation, and a smooth interface.
Creating a great security system is very important because you should be able to protect yourself from attacks. If your competitors see that your site is drawing a lot of traffic and negatively affecting their casino business, they might consider attacking your casino and possibly shut it down. Thus, it is critical that you take care of the security right from the start.
Technology is at its peak level so that you can get an online casino software platform for a relatively low price. Try to avoid casino clients who are downloadable. Focus on mobile casino versions which are multifunctional and optimized for your clients. A lot of people nowadays prefer to play games on their phones instead of on their laptops or desktop computers, and almost everybody has a smartphone capable of holding your casino games.
Your website is the face of your business — usually, casino players like bright colors and shiny interface. You have to make sure that your site is carefully designed to grab anyone’s attention which is visiting your website. Otherwise, the players who like to pay a cent per spin won’t even want to play at your casino because it is dull and uninteresting.
When it comes to the price of online casino software, I can tell you that it will cost at least $10,000. If you want decent software with better system level, set of functions and other things you need to pay more. You should contact a software provider and ask about the prices and extras.
Games
The number of games will directly affect your business’s earning potential. Therefore, it is vital to enter the market with the highest possible number of games. If a customer is looking for a particular game, and only you have it, then you have chances that he will create an account on your site and start playing.
Staff
Managing an online casino only by yourself is impossible. If you have already done the security system of your casino, then you can sit back, relax and don’t worry about possible DDOS attacks generated by your rivals. Your security system will work 24/7 for your casino business without taking a single break. Your casino software will automatically keep data about financial transactions, activities, the list of clients and create reports.
However, this expensive piece of software will not be able to do all of your work. You will still need human workers who will do the things that the machines cannot. There is marketing and managing social media which requires human knowledge and skills.
I hope that this short article has probably given you an idea of what it takes to start a business and run it. You will have to deal with software, games, legal procedures and so on right when you start, so you have to be prepared for it. When it comes to the total amount of money it would require to start a business, well I can only give you an approximate answer. All we can give you is that if you have $50,000 in your pocket, you can confidently start doing research and planning your business. Your required budget will vary greatly depending on the type of internet gambling, your country, jurisdiction, and the software company that you will be partnering with.
Advantages of this business
Starting a business have a huge advantage over some other online business models. For example, there are lots of retail shops on the internet, and they are continually dealing with goods, shipping and other things to make sure that a product successfully reaches the buyer. However, in the online gambling industry, you don’t have to do any of it. If you own gambling business, you don’t deal with shipping, handling, there is no middleman or inventory that you need to have. If you wish to start an online casino business, for any reason, such as retiring, moving to a better neighborhood or buying a luxury car, learn to leverage the internet without having to go through the headaches.