Thinking of a Start-Up Casino Business? 7 Things to Be Aware Of
To succeed in the world of online casinos, you’re going to need more than just enthusiasm and drive. You need to know how it all works.
The online casino industry is, without a doubt, a very tempting industry to get involved with. But it’s also heavily regulated, complex, and competitive. To succeed in the world of online casinos, you’re going to need more than just enthusiasm and drive. You need to know how it all works.
From reading an in-depth online poker guide and other similar materials about casino games to learning about the technologies and payment options involved, you’re going to need a solid foundation to begin. Here are seven things that can help you get a head start and a leg up on the competition.
Legal and Regulatory Complexity
Perhaps one of the most important things you need to consider is the legalities involved. As you can imagine, casino laws around the world vary drastically between countries. In some countries, it’s entirely illegal, as they have very strict requirements, tax systems, and various other headaches that you’ll need to contend with.
You’ll definitely need to do your research, beginning with consulting lawyers. Many people looking to get into the business begin with jurisdictions that are easier to get into, for example, Malta, Gibraltar, and Curaçao. These places are known for being a little easier to contend with when considering legalities. On the other hand, if you’re starting a business in the UK, a different set of rules applies.
2. Licensing Costs and Timeframes
Have you considered how much this is going to cost you? Casino licenses are expensive, and they’re definitely not quick. More often than not, the process can leave you hanging in limbo for months on end and can easily cost tens of thousands of dollars.
Beyond the licensing fees, you also have to jump through many government hoops, such as creating a business plan, undergoing government background checks, and proving that you are, indeed, legitimate and legal.
3. Platform and Software Decisions
Okay. You’ve got your legal Ts crossed. You’ve got your license. Now, it’s time to get into the nitty-gritty: choosing the right software provider and platform. Choosing the right software will affect the entire user experience in your casino. Things like performance, security, and scalability will all be affected. Do you want to custom build your platform from the ground up, costing a lot more, but leaving you with a lot more options? Or do you prefer to use a ready-made system that would be considerably cheaper, but also considerably more rigid?
Be careful about who you choose as your partners. Like many things in life, reputable providers tend to be a little more expensive but offer more support in the long run. Cheaper options, on the other hand, may cost less in the beginning, but leave you high and dry in the future when you need them most. The goal is to find somebody with your budget requirements that offers a solid backend support, game variety, protection against fraud, and compatibility with mobile devices.
4. Payment Systems and Currency Options
Now that you’ve got your software chosen, it’s time to consider what kind of payment options you plan to accept. One of the main allures of online casinos versus traditional casinos is the convenience of them. If your players can’t withdraw and deposit money quickly and conveniently, it’s very unlikely they’re going to stick around.
A rising star in the online casino industry is cryptocurrency in its various forms. These offer faster processing times and make it easier for international players to access your platform. This, of course, creates other legal complications that you’re going to have to deal with.
5. Marketing and Affiliate Strategy
Now that you have your casino up and going, you’re going to need a marketing and affiliate strategy. You need strong SEO, social media, paid ads, and affiliate networks. Affiliates can be a great way to drive traffic your way, so make sure to work with only trusted and renowned brands.
Of course, to do this, you’re going to need to have a good reputation and an attractive commission structure. Make sure that you are reliable, transparent, and supportive of your affiliates, and they will do the same for you.
6. Security and Responsible Gaming
If your site is not secure, it’s not worth visiting. Not only is it a question of technical prowess, but a legal and ethical necessity. You have to include modern encryption, anti-fraud systems, and secure data storage, amongst other necessities, in order to protect your users’ data and money.
You’re also going to need tools in place to make sure that users are above the correct age to participate, as well as the necessary tools for people to protect themselves from addiction. In many places, this is a question of legal compliance.
7. Customer Support and Retention
Once you have everything in place, you’re going to want to make sure you can keep your clients. One of the best ways to do this is with solid customer support. It should be available 24/7, via various means, such as chats, email, or phone.
Beyond the means for your customers to connect with you, you have to have professionals behind the scenes, trained in the various issues that could come up. These issues include technical problems, problems with accounts, and even conflict resolution.