Over the past few years, the growth of iGaming has been nothing less than exponential. This has been largely fueled by a change in customer preferences towards the digital format, lower cost of entry, and widespread appeal of convenience and high accessibility.
The on-going coronavirus pandemic and the accompanying lockdown, while a bane for most other businesses, has proved to be a boon for the iGaming sector, as people staying at home made a switch to online casinos for their entertainment needs.
With a surging demand and a still unsaturated sector, iGaming promises to be a highly lucrative option to put your stake in. If you are interested in starting an iGaming business, detailed below are the steps you’ll need to take.
Step 1: Research and Choose Your Jurisdiction
Don’t make the mistake of thinking that the legal environment of the online gambling market is the same everywhere. Market regulations can differ not just from country to country, but also, in the case of the United States, from state to state.
It is important to do your research first. The initial days of your iGaming business are also its most crucial. You would want to register and start your business where you will face the least regulatory and budgetary hurdles to your growth. In general, when trying to narrow down your jurisdiction for starting an iGaming business, you should take such things into account as:
• Reputation
• licensing requirements
• The complexity of the application procedure
• Fees, taxes, and other legal costs.
Thanks to their online gambling-friendly laws, places such as Curacao, Malta, Isle of Man, and Gibraltar remain popular choices for acquiring your iGaming license for access to a whole number of countries.
However, do note that local laws still reign supreme in the end, and ultimately, you will need to have a clear-cut plan in place to deal with them if you want to expand your market access.
In addition, with different levels of exposure to online gambling, you will also have to take into account what customer preferences are when entering a new market. For instance, online lotteries are highly popular across many US states while sports betting still struggles to gain more acceptance, not to mention the regulatory hurdles also hampering its growth.
Step 2: Partner with a Reputable iGaming Platform Service
Partnering with the right iGaming platform service is monumental towards the success of your online gambling business. Choose a white label provider that not only offers competitive pricing but, more importantly, has the expertise and in-depth understanding of the market to truly facilitate your smooth and hassle-free entry.
When evaluating the platform, you should take into consideration such things as:
• A responsive and helpful customer support
• High front-end customizability
• Payment options with support for multiple currencies
• Fast integration
• A large inventory of top international gambling games
• Extensive market coverage
• Help with licensing
• Advanced features as A.I, data analytics, and remote management
1Click Games has been rated as among the best in the market and checks out on all of the above criteria. For information on our platform, you can drop us an email at info@1clickgames.com or place a request right now.
Step 3: Decide on What You Want to Include
Once you have chosen your platform, the next step is to consider what set of features and games you would like to include on your online gambling website. Do you simply plan on creating a conventional gambling site with such virtual games on offer such as slots, roulette, and poker? Or, do you want to create a full-fledged live casino with real professional dealers and live video streams? Would you also be incorporating other features such as player statistics, chat rooms, and tournament play?
Once you have decided on what you would want to include, create a budget plan, and research your financing options. Fortunately, the entry cost of opening an online casino is far lower than its traditional counterpart and the initial investment can even be made right out of the pocket.
Step 4: Create Your Website
Remember, since there are probably tons of competitor sites out there, investing in a well-designed website that stands out is bound to pay back heavy dividends. When designing the site, foremost take into account the user experience.
This means an interface that is clean and easy to understand, web pages that load up quickly and lots of helpful tools and resources to enable them to get started with setting an account and playing games on your website quickly.
Our responsive and fully customization CMS incorporates all the tools and features you need to quickly create and launch your online casino and sportsbook. Our solution is an industry’s standard and will greatly enable you to minimize your costs while optimizing your business potential.
Step 5: Create a Well-Laid Out Marketing Strategy
Once everything has been set up, it’s time to market your gambling website. Research your target demography and your competitors, set your targeted keywords, tags and the main channels you’ll market through accordingly Your goal is not just to reach as large of an audience as possible but also built a credible and trustworthy reputation for your brand so people actually start to engage with it. This ultimately means an emphasis on everything you showcase, from the games on offer to the content you market.
To incentivize joining, consider loyalty programs such as free bets, sign-up, and referral bonuses. To help with customer retention, consider offering daily bonuses, benefits for high spenders, freebies, and promotional seasonal events.
Concluding Note
Just as live-streaming replaced rental services, e-commerce replaced retail chains and ridesharing replaced the taxi cab as the primer go-to service of its sector, iGaming is poised to do so likewise against traditional brick-and-mortar casinos. Use the steps provided in the guide as your starting reference for creating your thriving iGaming business.