A short guide to start your iGaming business
The online casino industry is experiencing a global rise, and more and more people are constantly on the lookout for new iGaming solutions.
The demand for internet gaming has been skyrocketing in the past few years, leaving land-based venues far behind, especially after the worldwide pandemic of Covid-19. Even though the competition is currently tough, launching an iGaming operation can be a lucrative business. If you’re considering doing it yourself, take a look at the key steps you need to take:
Understand the Market
Detailed market research is the foundation of every business out there, and in order to launch a successful operation, you need to have an excellent understanding of the niche you’re looking to enter. Even though the market is lucrative, it is essential for you to know that you’ll be sharing it with hundreds of other operators, and that is why you need to know exactly who your competitors are. Figure out who are the leaders in the market and how they work, what makes them so special, what mistakes they’ve made in the past, and all other important points you can learn. Once you gather enough information about the market size and all the key players, you will already have some competitive advantage over other new platforms.
Pick the Right Software
Choosing the software that will run your online gambling platform is probably the most important decision you’ll have to make in the whole process since that is a single factor that can make or break the entire operation. The iGaming platform that you pick must be safe, reliable, and also customizable so it could meet the demands of today’s players. While in the process of selection, pay attention to different features such as the languages it supports, the payment systems that are available, and customer service options. Also, the platform needs to be hosted on web servers that are deemed reliable and fast enough to perform according to the needs of your users.
Get a Gaming License
Today’s players are only interested in dealing with licensed operators, and running a non-regulated platform can also get you in trouble with local authorities. Online gambling laws and regulations from one country to another, and in order for your business to run legally, you need to acquire proper licensing. Therefore, before you proceed, you need to learn about the laws in your area. Also, the rules vary between different jurisdictions, and some regulatory bodies have more authority in the market than others. For example, the UK Gambling Commission and the Malta Gaming Authority are considered some of the most reputable bodies in the industry. Once you are ready to apply for licensing, make sure you’re aware of all the main requirements you need to fulfil, the taxes and others costs you need to pay, and the duration of the whole process.
Decide on the Game Selection
Online players prefer websites with a rich selection of game titles that allow them to explore and try out new options. Even though not all the categories are equally popular, you should be able to offer the types that are currently in demand such as poker, blackjack, roulette, and of course, slots. Slots are by far the most popular casino game out there, and it is very important for your business to include titles that suit the taste of your visitors. If your platform is likely to attract sports fans, include sport-themed titles, and if you think you’ll be attracting lots of movie fans, then you shouldn’t omit television and movie-themed titles. Moreover, if you’re really looking to offer innovative experiences to your visitors, consider including video poker and live dealer sessions.
Include Different Payment Options
Back in the day, online casinos were able to attract a large number of users while offering just a few payment options, but today, that is no longer the case. Thanks to the increased competition and higher customer expectations, the operators that do not offer a broad selection of payment options are now experiencing serious traffic drops. When you get around to defining the payment methods on the platform, make sure you include all the most popular and convenient options such as credit and debit cards, bank transfers, eWallets like Neteller and Skrill, as well as prepaid cards. In addition to that, consider including innovative transaction methods that involve the leading cryptocurrencies like Ethereum, Bitcoin, Ripple and Litecoin.
The world of online gambling is going through a massive rise, giving iGaming entrepreneurs an amazing opportunity to thrive. Like any other business, internet gaming requires time, research, and patience, and now that you’re familiar with some of the major steps you need to take in order to launch a successful platform, you are ready to start working on your business plan.