According to the recent statistics by Grand View Research, it is said that the market size of the online gambling market is expected to reach USD 127.3 billion globally by 2027. The increased popularity of online betting, mobile gaming and internet penetration are among the reasons why the online gambling market is forecasted to grow steadily.
From physical casinos to online casinos, according to American Gaming Association, there are around 2,800 betting sites that are currently active in offering betting games such as online poker, lottery betting, live casino and etc. A great opportunity is seen in the online gambling business with the increased usage of smartphones and lower entry barriers of operating an online casino. The online gambling market in Asia such as Situs Judi Online in Indonesia, is said to have great potential due to its high population.
If you are a businessman who is keen in venturing into online gambling business, here are some of the MUST-KNOW tips before you start.
Step 1: In Depth Research On Market
Like every business, before you start, a detailed research on the current market is essential. Online gambling market can be so wide that covering huge numbers of betting games without a focus point can cost you an arm and a leg. So what should your research cover?
● Potential geographical area.
● Target customers.
● Popular online betting games/casino games.
Knowing your potential group of customers is important and this is greatly related to the strategy that you will apply in your online gambling business. Research of what are the areas that you want to cover, what kind of customers that have great potential, and the trend of the casino games in the online gambling world is relatively important.
Step 2: Choosing Your Gambling Software Providers
Do you know, online casinos mostly do not develop the gambling software themselves. This is because it involves a great cost to start everything from ground. With software providers that are matured in the technology and market, online casino operators usually just develop the online casino platform, and source for gambling/games software providers to put in their sites. Therefore, the second thing after you set your business target, is to source for gaming software providers. There are quite a number of software providers available in the market such as NetEnt, Playtech, Microgaming, Pragmatic Play and etc. Pick from those software providers that offer popular or viral casino games is a good way to engage your new players.
Other criteria to access a good gambling software providers:
● Latest technology used.
● Great and Responsive Customer Support
● Games and Systems Integration
● Complete access to betting markets
● Payment modules friendliness
Step 3: Develop Marketing / Promotion Strategy
Developing an effective marketing plan is essentially important after you have all the resources ready to build up an online betting site or online casino. As a new entrant in the online gambling business, you have the advantage of referring to the existing success online casino operators. If you have no idea how to start a marketing plan, you can always refer to the competitors. One of the tips in doing something that you are not familiar with, is always to copy and improvise from others. You will never be wrong in copying those successful online gambling businesses in business model / promotions / marketing, and with a little more creativity, you can be better.
Pick an established online casino as your benchmark and start referring to what they are doing. If you are exploring the Asia gambling market, make sure that you are referring to online casinos in Asia to have a better localisation on your strategy. Remember, always stay updated with the latest trend in the industry and respond fast to match needs of gamblers and gamers.
