Online Casino Startup
- If you want to follow the steps outlined above, there are two ways to go about it: white-label or turnkey sweepstakes software.White label software is a product that comes with everything you need to start your online casino business, including registered licenses, payment systems, etc.
- This plan is an online casino business plan sample that carries the business name, ‘Merry City Casino Company’. This online casino business will be located in Las Vegas, United States and it will be very concerned with providing its many products and services to its customers all around the world. Post navigation.
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Online gambling makes it possible for people to place bets much more frequently, from almost anywhere that they have an internet connection. There is a lot of money being wagered online these days.
Wondering what the best way to capitalize on this market shift is? It’s not gambling and trying to outsmart other players. It’s becoming the casino.
If you can learn how to start an online casino of your own, you can make a handsome income. Everyone knows that the house always wins. Whether you operate a physical casino or an internet-based casino, the same holds true.
Keep reading to learn about online casino business opportunities and what starting an online casino entails.
Write an Online Casino Business Plan
Every new business, regardless of industry, needs a business plan. These can be as long and complex as you want, or they can be short and sweet.
Either way, they provide a framework that you need in order to actually make progress on your business venture. Here’s what to include in the plan.
Choose Your Focus
There are many different forms of online gambling. Some websites focus on online slot machines and other virtual games.
Other casinos will specialize in table games like poker or blackjack, where players can play against one another. And still, others focus on sports betting and racing.
The most successful online casinos are those that specialize in just one or two areas, as opposed to trying to be all things to all people. At least, in the beginning, choose a single area of focus.
Define Your Target Customer
People living in poverty and people living in mansions both like to gamble. It’s something that many people have in common.
However, you can’t market your online casino to both types of people in the same way. You need to decide on a target customer and market specifically to them. Only then can your message be heard amongst all the other noise of marketing and advertising.
If you offer sports betting, are you focused on young, single, twenty-somethings? Or are you targeting middle-aged men with income to spare?
Determine Your Marketing Strategies
Once you know what type of gambling you plan to offer, and who exactly your target customer is, you can define your marketing strategies. You just need to find out where your target audience is spending time and focus your efforts on those platforms.
That might mean social media advertisements. It might mean strategically placed billboards. Or it might mean radio or TV ads.
Get an Online Gambling License
The first real step you need to take when starting an online casino is getting a license. Have the proper certification in place provides reassurance to your players that they aren’t getting scammed.
Licenses ensure that there are legitimate payouts to winners, and thus that your casino is a legitimate business. Licenses and requirements vary from state to state. And only a certain number of states even allow online gambling.
Be sure to research your state’s business license and gambling requirements. If necessary, you may need to relocate your business to a state that allows online gambling.
On top of a gambling license, there are plenty of other certifications and legal documents you are going to need to make your business legitimate. Regarding website use, you’re going to need a customized term of use document, along with a privacy policy.
You’ll need a FEIN or federal tax identification number. Depending on your goals, you may want to set up a corporation or limited liability company to protect your personal assets. And you’re going to want to have business insurance in place, specifically catered to an online casino.
Get Funded
Wondering what the cost of starting an online casino is? It all depends on what you plan to offer to your players and how unique you want it to be.
If you are building everything from scratch, you could need tens of thousands of dollars or more. Or, if you are looking to leverage software and gambling technology that already exists, you might only need a few thousand dollars to get up and running.
Either way, that money needs to come from somewhere. With a business plan in hand, you may be able to secure a loan or an outside investment to provide your startup capital.
However, as an online casino, it may be more difficult to receive funding than more traditional businesses.
Of course, you can do your best to save up the money you need in advance. Otherwise, you can sell off personal assets or stocks. Or take loans from friends and family if you need to.
How to Start an Online Casino; Build a Website
Now it’s time to finally put your hand to the plow. You need to build out your website. And it’s far more complex than a simple restaurant website or even an online store.
When it comes to gambling online, whether it’s virtual slots or sports betting, your website is the player’s dashboard. It needs to offer tons of functionality for thousands if not, millions of players.
Unless you are an expert programmer, this is where the bulk of your cost is going to go. You’ll need a professional, reliable, safe website built with all the custom functions your players need.
On top of creating a website that players can log into, you’ll need a way for players to place bets. When it comes to sports betting, for example, you need to give them options of how to place bets.
You will need sportsbook software, such as the software from www.aceperhead.com to fuel the actual betting. The beauty of software like this is that you don’t have to build it from scratch on your own.
You can integrate into your business and website and leverage the industry-leading support that already exists for this form of online gambling.
Get Started With a Plan
Now that you know how to start an online casino of your own, it’s time to take action. Start writing out your business plan today so that you have a blueprint in front of you.
When you have a plan, you can actually make progress towards your goals and build your business. Without a plan, well, you aren’t going very far.
Looking for more information like this? Visit our blog today to keep reading.
Online gambling has always been one of the most lucrative and desirable areas to explore for business owners regardless of whether they have experience in the field. In order to open a successful online casino that will benefit an owner and bring pleasure to customers, one needs to follow the proper sequence of steps paying serious attention to all details. As an online casino software provider, SoftSwiss is glad to share its experience to help future online casino owners avoid common mistakes that may impede business launch, inflate budget or even close the business down.
Step 1. Preparation
a) Legal issues
Online gambling is subject to licensing, thus an essential thing is to think about choosing the jurisdiction and obtaining a license. There are two main venues where it can be done: offshore countries and the European Union countries. Each has its pros and cons – budget, time, reputation. Usually, it takes from a couple of months to a year to obtain a gaming license, for example, 6 months in Malta.
The next step after choosing the jurisdiction is to register a legal entity – a gaming company, opening a bank account, and making agreements with payment system providers which will make the legal and financial infrastructure complete.
As an alternative to this method, there is a white label solution scheme which means leasing of software together with the gaming license and financial infrastructure from a software provider and operating your casino under your own brand but with the ready-to-use infrastructure. Such a scheme protects from excessive legal and banking bothers but involves additional costs.
b) Software
As soon as all legal issues are investigated separately or simultaneously, it is time to choose a professional online casino software provider. While searching the market it is wise to evaluate the price and quality balance. Besides the attractive design and a set of popular games, a quality product shall also include a reliable gaming platform that allows for effective management of casino business and includes the following components:
• CMS
• Player management system
• Bonus and promotions management system
• Game management system
• Payment system management interface
• Cashier system
• Reporting engine
• Support of different roles for administrators
• Affiliate management system
• Anti-fraud system
• Retention email system
The regular software and game updates, hosting, and technical support shall also be part of the provider’s package. Professional suppliers always take the responsibility for the full technical support of the after-launch product operation.
The software package that includes all of the above components might be on the upper edge in terms of costs, but the financial investments are worth it because as a result, you get a reliable partner ready to support you during the whole project life cycle. Be aware of the fact that buying a cheaper solution might result in double spending in the future.
c) Marketing planning
An effective marketing strategy is a key point to online casino success. At this stage, it is strategically correct to make a rigid competitor’s research. First of all, it will provide you with a full picture of the market: who the leaders are, what strategies they use, what return on investment they get, etc. Thus, knowing the game rules allows creating a unique offer that customers won’t be able to decline. Using the method of benchmarking plays perfect for the good of online casino success, and what is more important, it is free. Plan your marketing strategy by adopting the best practices of promotion, advertising, and brand development.
If a company starting an online casino is operating a land-based gaming business, it is crucial to bring the existing clients to play in Internet-casino by offering attractive bonuses and thus developing loyalty and respect to the website. Any know-how are always welcome but be aware of wrong calculated ideas from the mathematical point of view.
Online Casino Startup Company
The next move is to contact internet marketing companies or individuals specializing in online gambling: SEO agencies, email marketing companies, media resources providing casino overviews, etc. This will help define the best offers on the market and choose the right partners before the website is ready to launch.
At this stage, it is also time to think about your future bonus policy and affiliate marketing strategy, as well as check if the selected software provides the appropriate technical opportunities.
Online Casino Startup Games
d) Budgeting
Once the costs for legal issues, software and marketing are defined, it’s time to plan your budget. The best option for startup companies is to set the budget at least for the first year of operation, whereas for experienced companies who are entering the igaming market, the budget shall be defined for as long as possible. Don’t plan your budget after setting up the online casino website, plan it before. If you are a startup-company you have to understand that your costs will be higher. Your goal is to earn trust of players from the beginning. Existing land-based brands already have trust.
Below there is an approximate expenses separation a future casino owner shall have in mind while developing a detailed budget within a business plan.
| Pre-Launch expenses | After-Launch expenses, 1st year |
| Company set up – 3-7% | Company running – 5% |
| License set up – 10-30% | License fees – 1-10% |
| Software set up – 25- 35% | Software support – 10% |
| Staff hiring – 10-20% | Games Providers – 5% |
| Pre-Marketing – 15-20% | Marketing – 50% |
| Other costs – 5-15% | Staff – 20-30% |
At the pre-launch stage, the biggest budget share shall be devoted to software setup in order to provide future users with a quality product. But after the launch, it is vitally important to address half the funds to casino marketing and promotion.
Online Casino Startup
Step 2. Launch
The time frame for an online casino launch depends on both, business owner and software provider. Usually, it takes up to 3 months for the provider to set up the software. It includes website design, platform, and games set up, custom settings, and possible individual features. The business owner may speed up the process of launch by providing regular feedback to all questions that designers and programmers might have. Any issue can be resolved if discussed in time.
Besides, the business owner shall timely address the issues discussed above:
• Obtaining a gaming license;
• Opening a corporate bank account and merchant account;
• Making agreements with payment system providers.
Setting legal and financial infrastructure is the task that only the business owner can accomplish. In SoftSwiss we provide consulting services (best options, contacts, etc.) on such points but we can’t guarantee success as the whole responsibility lies on the business owner. You will have to collect a bunch of documents for lawyers and banks like certified passport copy, utility bill copy, certificate of non-criminal records…
Step 3. Marketing
The secret of the most popular and successful online casino success and popularity is not about the top-notch design or billions of games included. The best online casinos are simply designed and contain 500 games on average at the beginning. The secret is in responsible marketing strategy implemented on all stages of the project. The online casino market is an extremely competitive one: first, it is very hard to break into it, and then it is even harder to take a firm stand. Thus, a company has only one chance to win a fierce race among competitors. Below is a list of points that are vital for any online casino that is planning to be prosperous.
• Positioning – Gather professional marketing team and develop strategic and tactical development phases, announce your goals (business, company, brand), and mission. Determine what niche you would like to step in, how you are different from the competitors, what unique features your casino has, and what steps you are going to make further.
Use only quality games from trusted game providers. You can start your casino with a limited number of game providers, with a focus on games based on HTML 5 technology. This technology allows users to enjoy rich graphics games and enhance the overall experience of playing casino games on mobile devices. At SoftSwiss, among our own high-quality HTML5 games we offer game content from well-known providers, such as Amatic Industries, Microgaming, NetEnt, and we are sure about their quality.
• Prelaunch advertising campaign – Announce your casino, inspire your potential customers to wait for its launch; use all possible methods: online advertising, presentations, publications, etc.
• Online casino promotion after launch – Use SEO, online advertising, banner networks. Everything will work in such a competitive market.
• Client attraction and retention campaign – Establish an efficient support service or 24h call-center which your customers can address at any time. Take care of your clients by making navigation through the website: create “How to” sections or FAQs, write manuals on how to play the games, provide demo versions, make everything clear and understandable.
Develop a bonus system, make auctions and entertain and reward your customers all the time.
Remember! Only business owners can establish the right content on the page. The software provider should give you the possibility to work with the content, but not create the content.
•Implement affiliate networks – Develop contacts with partners which will be an impetus to online casino development.
Additional Step 4. Bitcoin casino
Forward-looking online casino software providers offer Bitcoin as an alternative payment system for their solutions. Online casino owners all over the world appreciated such advantages of Bitcoin casino as significant savings on license application costs and monthly fees, increased customer loyalty, fast payment processing and many more.
As an acknowledged Bitcoin casino expert, SoftSwiss would like to recommend all potential Bitcoin casino owners to get a clear understanding of the cryptocurrency, research the peculiarities of Bitcoin gambling, and learn how transactions work by making a couple of bets at an existing casino. Understanding the core of the payment system is essential in business, moreover, it will help to build a strong marketing campaign and further manage the Bitcoin casino. Contact SoftSwiss for professional advice on Bitcoin casino launch.
Managing an online casino is hard work but with all legal and financial issues resolved in a timely manner, quality software chosen, and a strong marketing strategy in place, it can be successful. The demand for online casinos will increase – specialists predict 40% growth of this market segment in the nearest year. Following all the steps described above will help a newly made online casino to develop sustainably and outweigh the competition. Good luck!
Also, learn how to start an online casino with SoftSwiss.