Best Startup
Casinos make a highly lucrative business idea. If you are interested in trying on this market – and have what it takes to open your casino, this can pay off a lot! The investment today is significantly lower than in the past. You could join the online casinos, to begin with, and remove the rent, renovation, utility bills, and equipment expenses from the start.
Operators of online casinos have lower expenses in terms of physical equipment, but this doesn’t mean that you won’t be investing a lot. You’ll need a great site and a license just to be considered by players, not to mention a great game selection and inviting bonuses to reel them in. Still, with careful planning and the right tricks, you can be offering online roulette for real money to players in no time!
So, let’s get you started – this article will teach you how to succeed as a startup in the casino world.
It All Starts with Planning
Operating a casino is a lot of work and comes with great potential, but also great responsibilities. The more carefully you plan, the more mistakes you can avoid. The beginning is a vital stage that will determine if your casino will succeed. You can’t afford to make mistakes right away. Every success starts with a great plan and in an industry as competitive as this one, you need the best plan you can get.
So, what do you need to do first?
The first thing you must do is perform research. You’ll need data for everything. You need to know what licenses your casino needs to operate in the countries where you want to offer your services. How much will all this cost? How will you get games to offer on your website?
Think of the Player
Your research should be focused on the target customer i.e. the gamblers. Many casinos make the mistake of focusing solely on high rollers. Yes, these are the most attractive customer to casino owners, but they make up for the smallest portion of casino players!
In addition to planning your VIP programs and perks for the high rollers, consider the other types of players, too. Think of the occasional gambler that wants to make money betting by playing every now and then. You can attract many of these that will return to your site when they are ready to place some wagers.
Think of the regular gamblers that don’t bet too much, but enjoy gambling and do it often. After a while on the market, you’ll realize that if you can attract these players, they’ll bring you almost as much revenue as the high rollers because of their big number.
This is why online casinos these days offer no deposit bonuses and low-wager special promotions – to attract as many people as they can to their website. The more people you manage to attract, no matter the type of gambler, and convince them to play on your site, the better!
Calculate the Expenses
Expenses for casinos go beyond the license, which costs a lot, to begin with. You need to invest in website creation, find someone to manage and make sure it works well, hire support agents, reach out to software developers, set money aside for bonuses, etc.
For starters, you need tens of thousands – up to $70,000 for most licenses. This doesn’t cover yearly renewal costs. If you want to obtain more licenses to make your casino available in more countries, the budget needs to increase, too.
While you don’t have to invest in a big space where you’ll place your machines, you still need to invest in getting games for your website. You need to create your online space by paying someone to make your website and continue paying developers to keep it safe and offer seamless gambling.
While you might not hire people to work with your customers face-to-face and serve them or handle their payouts, you still need to hire agents for the support service. The list of expenses gets bigger the more you want to offer to the player, and if you can afford it, start with an enticing offer to reel more people in!
Get a Good License
It’s not just about having a license – any license! People are very careful about where they gamble, so they’ll check your license and confirm it before they start gambling with you. If this is possible, try to get one of the most demanded licenses like the UKGC, MGA, or Curacao eGaming license.
Also, make sure you know where you can offer your gambling services. You might need to obtain a separate license from the regulatory body in your state or set up a physical office abroad in a place where you can obtain your casino license.
Find Secure Payment Options
The player’s security is their top priority, and so should it be for you. Offer your players different methods to deposit and withdraw funds, and avoid the ones that aren’t that safe or popular with players.
If you can, offer them a multitude of options like cards, e-wallets, direct bank payments, vouchers, etc. You can expand this list later on, but start with at least a few.
Deliver an Amazing Gaming Experience
Players go to casinos to play games. Whether you set up a physical or an online casino, this should be one of your priorities – to offer them amazing games that they’ll love playing!
If you want to make a lasting impression in this industry, focus on quality over quantity. Your list of games can grow as your casino grows, but if you try to expand it with just any game you find to make it seem like you offer more, you will disappoint from the start.
When we say deliver an amazing gaming experience, we also talk about mobile optimization. Make sure players can access and gamble at your site from any device.
Wrapping Up
Starting in any field is hard, but when you want to start in something that has such a big competition, this can be tricky. The casino industry can make you extremely rich and successful, but you need to put effort and time into making this happen. Hopefully, these tips will help you!
