The online gaming business is growing bigger these days in every global region. New iGaming projects are popping up here and there as the international market is craving for more slots, table games, and jackpots here and now. Those entrepreneurs who are patiently keeping track of the current economic fluctuations are conscientious regarding the enormous potential of the iGaming sphere.
The major issue that tends to stand on the way to success is the lack of expertise that is essential for reaching your goals, so entrepreneurs want to know how to start an online gambling business without stretching out the process for many years. That’s why in the present editorial, we will try to fill up this gap - we have prepared several pieces of advice for those aspiring business people who are interested in online gambling business opportunities and their starting.
These days many investors and entrepreneurs are considering the business opportunities provided by the rapidly-growing iGaming sphere. To the many business people who see how profitable the industry can be today, it may seem like a piece of cake and in many regards, it is true. Currently, there are quite a few world markets where you can start online gambling business that will pay off quickly. However, you also should not forget that building an iGaming company from scratch is not that simple either, since it is a complex process that requires investment, time, and expert endorsement to make it happen.
So what it actually takes to enter a regulated gambling market? Nux Editorial decided to create a little step-by-step checklist for all businesses who need a roadmap to understand better where to start a gambling business. In this article, you will find a rough outline of all basic steps to be taken towards registration and launching a new iGaming project on one of the world’s regulated markets.
Simple Steps to Starting a Gambling Business
NuxEditorial has prepared a practical step-by-step guide for business people who want to know how to start a gambling company. Here we have outlined the key steps you need to follow to create a successful project of your own.
- Market Analysis
- Pros & Cons for Gambling Business
- Create a business plan
- Jurisdiction and Licensing
- Drawing up the budget
- Creating website
- Gambling content
- Payments systems integration
- Localization and languages
- Promotion campaign
Defining the specific market
The first thing you need to do once you are planning to engage in the online gambling business is to define a market that you are going to enter. In iGaming, the jurisdiction is the cornerstone of any business and you have to follow all formal and informal rules of operation. In particular, your choice of license, platform, providers, sports events, payments systems, etc. Thereby, it is crucial to specify a location before you will be able to make a reasonable, well-informed decision considering the configuration of your project.
Create a business plan
We have created a rough outline for the business plan above. The only thing that we would like to add here - do not make it in a formal way. The better your forecast and outline are, the more viable your project is. So it is very important to invest some real effort in this stage.
Any business matter deserves a well-thought plan that will specify the main goals, terms of execution, and detailed budget for every step intended by the plan. When we are talking about starting an online gambling business, the first thing that we need to define is the region of operation. It is quite clear that every separate market requires an individual approach. The size of the lift-off budget will be drastically different depending on the jurisdiction you are planning to approach.
The main points of a business plan for online gambling business are:
- Estimate short-term and long-term budgets,
- Define license type for a project,
- Prepare a business plan for investors,
- Schedule terms of execution,
- Lay down the basis for an online gambling marketing plan,
- Define the type of required software and content,
- Estimate returns and break-even point,
- Evaluate the risks.
Even though it may be close to impossible to predict some of those numbers accurately, it is incredibly helpful for outlining the main focal points of the business process. Whether you are a beginner or you already have some experience in the iGaming industry, it is important to prepare a practical online gambling business start up plan to minimize risks.
Decide upon the jurisdiction
The specifics of the entering market determine your project. Depending on the jurisdiction, you would require a specific license, content, payments systems, and different gambling marketing strategy. That’s why it is crucial to decide upon the region of operation in the very first stages of the project before you start iGaming business.
Once you know where you are about to operate, you will need to apply for a license (or licenses) that will allow you to provide services to the clients in a particular territory. Note, some licenses may take many months to acquire. From this it should be remembered that start your own online gambling business can take a long time (several months). Also, it may take time to prepare the required documents. For instance, if you are applying for one of the top-tier licenses like the UK Gambling Commission or Malta Gaming Authority, it will take considerable time and effort to get everything done. That’s why it is important to launch this process earlier. Also, keep in mind that many licenses require establishing an office on the territory of your licensing authority.
Draw up a budget
Budget is at the heart of how to start your own online gambling business question. Let’s agree, it will be pretty devastating if you run out of money when the project is already launched. At the same time, looking for investments or partnerships for your business is not a last-minute matter. So if you feel that you do not really fit into the budget that you need for the project, it is better to reconsider the financial plan. There are many ways to open a gambling business even with a smaller budget. Alternatively, you can invite a partner who will make an additional investment. In any case, don’t forget to evaluate the risks - never rely on the most favorable financial forecast.
Create a gambling website
When you are creating an online gambling website, you should pay attention to a number of parameters that are essential for providing high-quality service. Here are some of the top-priority features you need to keep in mind:
- Mobile friendly. These days the share of players who play from mobile is growing every year. In some jurisdictions, the percentage of players who use their smartphones and tablets for playing casino games of betting on sportbook websites is even bigger than the percentage of laptop gamers. This means that creating a mobile-friendly website that will run smoothly on both Android and iOS is a top priority for an online iGaming business.
- Maximize uptime. When we are talking about online gaming, it is very important to guarantee the uninterrupted operation of your website. Make sure that pages open as fast as it is possible and your website’s uptime is close to 99,9%.
- Compatibility with third-party software. Any online gambling uses third-party software - games, payments systems, analytical tools, security software, odds feed etc. One of the top priorities for the owner is to make the website compatible with all sorts of games and software that are essential for its operation.
- Pre-built affiliate and agent systems. When you’re in the iGaming business, it is no longer an advantage but a necessity to have an affiliate program of your own. That’s why it is important to have all essential tools for promotion at hand.
Creating an original gaming website from scratch is a time-consuming and expensive way to start your own iGaming business. To make your business cost-effective, we recommend choosing one of the practical and fast iGaming solutions from a professional B2B provider like NuxGame. For instance, you can order a ready-to-use gambling website featuring your configurations and template-based design that will be delivered in 48 hours. Otherwise, you will need at least a year to develop and launch the website that will be operating on your own platform.
Ready-to-launch solutions for online gambling are an easy way to build an original iGaming website of your own. Apart from it, NuxGame offers much more than just a basic casino website - NuxGame platform also features pre-built affiliate and agent systems that will facilitate the promotion of your brand. Nux solutions are designed by professionals, they are easy to administrate, and they feature numerous tools that help you to collect statistics and extract vital marketing information from your system.
Before you launch the website, you need to make sure that you can provide high-quality service - smooth operation of the website, fast pages, 99.9% uptime, etc. Make sure that every system is tested, so you will be able to make the strongest positive impression on players right from the start.
Gambling content creating
Once you have a website, you need to consider how to open a gambling business that will be really appealing to your target audience. At this stage, you need to choose content for your potential customers which will be in high demand in the region of operation. When choosing slots, table games, lotto, or card games, we recommend sticking to several simple rules to make sure that you are making an informed and reasonable choice.
- Conduct research - every audience has its gaming or betting preferences.
- Make gaming/betting portfolio diverse - it allows to attract different players.
- Add some top-notch providers - this will make your website look more credible.
The good thing is, if you are ordering a ready-made casino website, the solution provider can also offer you games integration. You won’t have to contact any other third-party companies or game developers, just choose the preferred games and providers that you want to integrate on your website. The same thing goes for a sportsbook - you need to integrate concrete sports and a real-time odds engine that will allow you to offer both pre-match and live betting events.
Integration of payments systems
The choice of payments systems very much depends on the country of operation and should include the payment systems that are mostly used by people in the states of operation. In some regions, more people use classic credit card brands like Visa or Master Card. In others - clients prefer pre-paid cards and cryptocurrencies. The list of banking and payment methods that are featured on your website may have a crucial influence on the influx of new players.
Localization and languages
In order to maximize client involvement in your content, make sure that all the pages and games you provide are available in the languages of the region where you are operating. It is recommended to hire a native speaker for creating promotions and news in a language that will approach the local audience in a most natural manner.
Gambling promotion campaign
These days the competition between casino and sportsbook brands can be pretty tough. That’s why it will be extremely hard to attract the user’s attention without some extra measures. The promotion of your brand shouldn’t be done in a chaotic manner - depending on your budget and the targeted audience, you need to construct a marketing campaign that will make a strong first impression on clients. Also, make sure that you employ affiliate and agent systems since it is one of the most cost-effective ways to attract new clients to your brand website.
The online gaming business is one of the most lucrative businesses you can invest in these days. As a new operator, you have many different options for how to start a legal gambling business. Choose the market of operation wisely, don’t forget to check out the competitors, and build a well-thought business plan before you start. Just like any other business, the gambling business requires patience, detailed market research, and, of course, some help from experts in the field.
Check out NuxGame gambling solutions that will help you with starting up your own online gambling business and building a powerful, feature-full website of your own.