These days the online casino business continues to be one of the most attractive spheres for small and medium-sized businesses. Provided that your online casino project is built and managed by professionals, it will bring steady income that will allow you to launch additional projects and grow your business exponentially.
It is true that the iGaming business requires some significant investment at the lift-off, but it is also true that it also has amazing economic potential that is worth your investment. You’re probably wondering right now, how much money do you need to open a casino? In the present editorial, we will try to answer this question and outline the main elements that you require to launch an online casino.
How Much Does it Cost to Open a Casino: Alternative Approaches
Of course, it is next to impossible to calculate even an approximate casino start up costs unless you know all the specifications. Even when you have a relatively clear roadmap for your casino business, which already contains information about types of products and services and data about the jurisdiction of operation, there are still many ways you can build your business in terms of the technology employed and marketing strategy. When we are talking about the online gaming business, the price can be very different.
Creating a website from scratch can be pretty challenging in terms of the time and investment that it requires. If you decide to create a 100% original project based on the platform of your own development, the price of such a website will skyrocket greatly. Needless to say that the development itself requires 9 to 14 months of highly qualified labor.
In case you experience difficulties with raising funding for the project, you can always look for third-party investors or loans. However, in this case, you either have to share part of your business with a partner or pay high interest on a loan. In fact, his approach is pretty risky since it is getting harder to estimate project costs as the development stage may lengthen indefinitely.
However, you can always stick to ready-made solutions in order to reduce the project’s cost and development time many times. For instance, within a NuxGame Turnkey solution package, you can get the most basic iGaming website in 48 hours. Such a casino will be based on a professional NuxGame platform, created for projects of any complexity and scale.
How Much Does a Casino Website Cost
A gaming website has a complex architecture that allows it to conduct financial transactions, integrate third-party software, create multi-level user systems with hundreds of accounts, and, of course, be protected from any kind of security breach. The cost of the website will depend on the approach to the development that you will prefer to choose. Here are some of the primary ways you can create your own casino.
Online Casino Script - it is the easiest way to start an online casino of your own. The major disadvantage of this approach is that the casino script has only a basic set of functions and needs to be improved in the future.
Turnkey Solution - the most comprehensive solution that allows building a fully-featured, all-in-one casino fast and for a reasonable price. Does not require vast time for development and allows to start the operation almost immediately.
In-house Development - this solution allows the operator to get full control over the production of the website. However, in-house development requires a long time for execution and big start-up capital.
Regardless of the approach that you choose, you have to deal with big quantities of sensitive private data, it is hard to underestimate the importance of security measures. Also, for providing marketing efforts, you will require tools for collecting data, analysis, and performance forecasting.
Luckily, all those tools and even much more can be found in the NuxGame Turnkey solution. The package includes a fully-featured website with a custom, template-based design and basic payments systems. The software is provided on the terms of every month that may vary depending on the configuration of your website. On the condition that you have a limited budget, this solution will be the most comprehensive since you can get your hands on some premium class software for a highly beneficial price. At the same time, your system will receive regular system updates and technical support assistance on behalf of the provider company.
Casino Gaming Software
Casino gaming software stands for all kinds of gaming content that can be integrated into your website. The operator pays a monthly fee for using content. Depending on the developer and the product type, the price of games can be very different. For instance, classic 3-reel slot games will cost less than 3D games.
When you are considering games for your casino, it is highly recommended to integrate all the most popular gaming genres, including slot games, table games, video poker, virtual sports, lotto, scratchcards, and live casino.
The price for a casino gambling license can be drastically different depending on the type of license and jurisdiction where you obtain it, so in most cases, it is hard to calculate how much money you need to start a casino business. Some of the licenses allow an operator to provide all kinds of products, while the others require a separate license for online casinos and sportsbooks. Also, when you are applying for a license for the very first time, you may be required to pay the application fee for the processing of your documentation and other licensing expenses. The license is normally issued for a period of 5-10 years, and when it expires, you have to re-apply for it to extend the validity period for another licensing period. In case if you have an ambitious business plan and hefty startup capital, you may as well apply for several licenses at a time.
Payment systems are another important expanse category you need to consider. It is recommended to integrate several types of each of the most popular payment methods - popular credit card brands, online payment processors, pre-paid vouchers, and, of course, most popular cryptocurrency brands.
Player winnings are the most tricky item in your financial plan since you can only have a rough estimation of your monthly player payouts. In order to have financial control over your brand, you need to understand the average sum of monthly payouts. Also, you will need a reserve fund to cover the losses when they exceed the expected numbers.
Marketing and Promotion
These days it is next to impossible to attract players to your casino brand without promotion. We recommend investing in the promotion since it is incredibly important in iGaming to make your brand visible for players, iGaming watchdog websites, specialized forums, news magazines, etc. Also, it is very recommended to engage affiliate and agent marketing tools which have proved to be effective means of promotion in the gaming sphere.
How Much Does it Cost to Start a Casino Business?
In the present editorial, we tried to outline what functional modules of a casino you require and how you can acquire them. As you can see, there’s quite a lot of picking and choosing involved when you are looking for the best casino software and content for a casino of your own. However, you can always make it easier for you by ordering a ready-made casino from NuxGame.
Our Turnkey solution is based on the yet-classic NuxGame platform, features premium gaming content by top online casino providers, a wide choice of fiat and crypto payment systems, affiliate and agent modules. NuxGame creates a custom front-end and branding for your casino and delivers a ready-to-use website according to your specifications. Contact us right away to learn more details about NuxGame business solutions.