How To Start an Online Casino Business?
Casinos are some of the most profitable businesses that you can own but it’s not easy to start. There’s a lot of investing involved unless you want to do everything online and if you have coding skills. Even with the right knowledge, you will need help from a few companies to build the platform and promote point spread betting.
If you want to have slot games, table games, live streams, point spread betting, and other options, you will need to invest a few hundred thousand dollars. Everything depends on the software that you will use and what connections you have.
Knowing the right people in this industry is a huge plus because they are connected with each other. Everyone in the industry knows what is going on and what moves need to be made when improving their company. Some of the things that were a big change include online gambling and crypto.
How To Get a License?
The license can be hard to get if you are from the US or any European country. A lot of countries around the world don’t accept casinos but there is a way around it. Most of the online casinos you play on are from an offshore provider like Gibraltar or Curacao. You can have a better certification if you buy it from Switzerland or Germany, but it will be more expensive and harder to get.
An offshore license can be acquired for $10K up to $20K and you can find a more expensive option for around $40k. Most of the players won’t even find out where the license is from but experienced players will check it out. This doesn’t have to be a disadvantage but you will have advantages if you have a license from any European country.
Casino Expenses
Besides paying for a license, you will need to have at least a couple of hundred thousand for other expenses. The most expensive thing you have to pay is the software package which includes the games and licenses for these games. The price for a package goes from $100K up to $500K depending on the offer.
There is also web development which depends on who you hire to do it, but it can go up to $20K. You can also hire freelancers to do it for $1000, but they need to have some experience working on casino websites.
When it comes to marketing and monthly expenses, they can reach $100K, especially in the beginning when you need a lot of clients. Hiring a dev team and customer support can reach up to $200K per year. You will only need to maintain the platform and have a budget for the start.
How To Grow?
There are a few methods to promote your online business including Google Ads, Sponsorships, Bonuses, and many more. SEO is one of the most important things when it comes to online businesses because being the first on Google means free traffic. Getting to that number 1 spot might not be free but it’s much easier to maintain the spot than to get it.
Hiring influencers is probably the best way to promote your casino but it will cost from a few thousand to a few hundred thousand dollars. But, some streamers can bring tens of thousands of followers to your page.
Bonuses and Affiliate Marketing
Having great bonuses is one of the easiest ways to find new clients because people that love gambling also love free spins. It won’t affect your business because the house always wins, you will only need to spend on advertising it. Bonuses can include free spins, doubling the deposit, free money, and others.
Another great way to bring new people and promote your casino is to use affiliate marketing. Referral programs are also considered affiliates because you are paying someone when they bring people that will spend money. Everybody wins in this case except players that won’t bring new clients.
