The online casino market is set for explosive growth this year. The integration of blockchain technology, Augmented Reality (AR), Virtual Reality (VR) and cryptocurrency payments are some of the factors that will make a hallmark of the industry.
In the same vein, you want to take advantage of this projected growth index to build a successful online casino business in the new economy. This guide will walk you through the process of launching your gambling website or betting app.
1. Find Your Ideal Territory
The truth is that you cannot cover all the markets in the Interactive Gaming (iGaming) industry. Every year, new grounds are broken and lots of new opportunities are opened. The advancement of technology has a lot of roles to play in this.
Thus, you want to find a territory where you can base and start building your online casino business. Knowing the ideal target audience for the business includes:
• Taking note of the existing regulations pertaining to online casino operation in the jurisdiction of choice.
• Finding out the financial implications of investing in online casino business. Find out the costs of registering and operating the business. These costs cover taxes, business registration and business license.
• Check the demand to be sure that online casino services are needed in the jurisdiction. Consider the age, the income level and the previous gambling activities of the target audience, as the information can help you figure out what to expect, in terms of patronage.
• Uncover some of the unique services offered by your competitors/online casino operators so you can develop a better model to outshine them.
2. Create A Business Plan
The business plan is a blueprint that guides you on how to start your online casino business, the steps to take, how to sustain the growth of the business and the income or revenue options. A solid online casino business plan should include:
• Market Analysis: This includes the different researches you must have made to be sure there is an opportunity for you in the market.
• Purpose Of The Business: Define why you are establishing the online casino business in the first place.
• Financial Implications: Include how to finance the online casino business. The financial statement should also include the projections for the business, in terms of the turnover or sources of revenues for some years, while the business stabilizes.
• Corporate Structure: Specify how the business would be managed. Create roles and specify the duties of the occupant of such roles. Asides from the roles, it is also pertinent to define the type of corporate structure (Limited Liability Company, Corporation or General Partnership).
3. Establish The Brand Identity
Now, you want to give the brand a face. This means that you want to create a catchy business name, which would not only be easy to remember, but would also send messages on what your online casino brand stands to offer to the users/customers.
Establishing the brand identity also includes creating a logo, brand color(s) and branding most of the items.
Take steps to protect the brand identity against intellectual theft and copyright infringement. The steps to take include:
• Filing for patents.
• Registering the brand identity (logo, slogan, software and brand name) as trademarks.
4. Obtain The Relevant Documents
Your online casino brand needs to have the necessary documents and certifications that qualify it to operate in the jurisdiction. As for the certifications, you are looking at getting a pass mark from the likes of game testers and certification bodies – Gaming Standards Association (GSA) and eCOGRA.
Some of the documents you need to operate your online casino business are:
• Insurance policy
• Certificate of Incorporation
• Federal Tax Identification Number
• Business license and certification
• Value Added Tax (VAT) registration number
• Jurisdictional licenses
• Non-Disclosure Agreement (NDA)
5. Hire Professionals To Do The Technical Work
While it doesn’t hurt to have a bit of knowledge of the business you operate, it would be best if you leave the professionals to handle the same. Your focus should be on the major parts that move the needle in the business.
Some of the betting biz professionals to hire are:
• Website developers
• Front desk officer
• Human Resource Manager (HRM)
• Marketing executive
• Software developers
6. Partner With Software Developers
Collaborate with some of the leading online casino software developers, such as Net Entertainment (NetEnt), NuxGame, Evolution Gaming and Pragmatic Play.
The duties of the software developers include providing software for casinos, customizing the game content and if need be – help the casino operator to obtain the necessary licenses.
Concluding Thoughts
Starting an online casino business in the modern economy is a smart decision. It is coming at a time when lots of technological applications have been mapped out for integration into the online gaming market. So, you are on the right path and the tips above will help you start the gambling business with ease.
