Since its inception a few decades ago, the online gambling industry has recorded consistent growth, and we expect it to grow even more. According to Statistica, the current size of the global online gambling market is around 59 billion US dollars, and it is anticipated to hit 92.9 billion US dollars by 2023.
So, there is no doubt that online gambling is one of the most lucrative businesses you will find today, which is why more and more gaming operators are coming into this field.
The big question now is: How do you get in on the action, and what will you need to consider when starting an online gaming business? So, if you are interested in building an online gambling business where you can provide casino games like the Golden Goddess free slots and many others, here are a few things you need to take into account.
Creating a business plan for any business without proper market research may very well end in tragedy, and it is the same for online gambling. When you are about to start online gambling business, the first thing you need to consider is learning all you need to know about the market you are getting into. The truth is that this industry is very competitive, and you will find hundreds of sites that are already in the game.
So, it would help if you did proper market research to learn all about the pros and cons of the business. Furthermore, you also need to research your best competitors and find out what they are doing to stay ahead in the market. You can look at all their various marketing strategy methods, like social media marketing and online advertising methods.
Proper market research will help you develop an effective business plan.
Online Gaming Software Provider
One practice you will find common amongst many online gaming businesses today is white label solutions for their website design. Instead of building a gambling site from the grounds up, many software developers have taken up the responsibility of providing white label ready-to-operate gambling sites to new businesses.
So, you can consider using a white label solution for your business or create your standalone portal.
The white label solutions will design the website according to a set of specifications. Such websites usually come with many beneficial features. There are many white label solution providers available out there. So, if you do decide to go in this route, you need to make sure that the specifications for your website include but not be restricted to the following features:
- Gaming license or gaming licensing assistance
- Custom website design
- Ready-to-use multiple payment options
- Quality design, technical support, and hosting
- Advanced gaming management system
- Massive selection of quality games from top-notch game providers
- User-friendly interface
- Fraud detection capability
- Multi-language and multi-currency solutions
- 24/7 customer support
Online Gaming License
In the online gambling world, the one thing that readily shows the legitimacy of a business is whether or not it has a license. Getting a gaming license from the appropriate authorities is a vital step that you cannot overlook when setting up an online gambling business. A valid license shows your potential customers that your business operates under the guidelines and rules set to protect them. Most players will prefer to play at a gambling site with a valid license than a site without one.
What plays a crucial role in getting a valid gaming license within the online gaming industry is the area where you are located. Every region and country has varying gaming laws and restrictions that surround online gambling within their jurisdiction. Some regions don’t permit online gambling within their jurisdiction, while others do. So, before making a move, you should find out whether the activity is legal within your jurisdiction. The local authorities of any jurisdiction take precedence, but many international gaming authorities offer licenses for many countries.
The table below shows some of the most respected online gaming authorities and the jurisdiction from which they operate.
|Malta Gaming Authority (MGA)||Malta|
|United Kingdom Gambling Commission (UKGC)||United Kingdom|
|Curacao Internet Gambling Association||Curacao|
|Gibraltar Regulatory Authority||Gibraltar|
|Isle of the Man Gambling Supervision Commission||Isle of the Man|
|Kahnawake Gaming Commission||Kahnawake|
Playing free casino games for fun can be an exciting experience, but the action only begins when you play for real money. To do that, players need to use a trusted payment system provider to deposit real money into your casino account to access their favourite games.
One of the many things that discourage many gambling enthusiasts from playing at an online casino is the lack of sufficient payment solutions. A player would most likely prefer to find and play at an online casino that provides multiple payment options, including the one he/she finds to be reliable than to switch to a new payment option for another casino. Having multiple payment options available on your casino will cater to many players’ preferences and will therefore attract players to your gambling site.
You should also ensure that each payment solution you choose offers a fast and seamless payment transaction, maximum security and fraud detection, customer support, and multi-currency support.
As we have mentioned earlier, the online gaming industry is a very competitive one. It will be challenging for a new business to stand out without something to give it an edge.
The use of an effective marketing strategy is one sure way to outdo your competitors within the industry. So, you need to draw out plans that will target getting as many players as possible to pay attention to your business, convince them to gamble at your site, and encourage them to stay as regular customers.
Advertising Campaigns and Promotions
Before and after your online gambling business launch, you will need to engage in advertising to spread the word about your gambling site. You can use social media marketing, online advertising, SEO, banner network, blogging, etc.
One marketing strategy that has proven time and time again to be very effective in attracting and retaining customers is casino bonus offers. By offering players bonuses either for signing up to your platform or rewarding loyal players, you will be able to increase your customer base and also improve your retention levels.
Another way you can market yourself to your potential customer is by having a reliable top-rated customer support system. Players encounter problems all the time, and they usually require the aid of a timely direction from dedicated customer support to help to resolve them. When players discover that you have a reliable customer support system that is timely and helpful, they will join your customer base to enjoy a better gaming experience.
The availability of diversified options on your gambling site will go a long way in helping you improve your customer base. For instance, if you want to centre your business on the betting markets and sportsbooks, you can also provide casino games and live casinos for players who prefer those options. By providing popular casino games like the Game of Thrones online slot on your platform, your gaming site will be an excellent option for a broad range of audiences.
Starting an online gambling business can sometimes be a daunting process. However, considering these 5 things will be helpful to the success of your business.