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 an iGaming project 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. 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.
1. Defining the specific market
The first thing you need to do once you are planning to engage in the iGaming 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.
2. Application for an iGaming license
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. 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.
3. Creating an online casino or sportsbook website from scratch
When you are creating an online casino or sportsbook 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 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 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 casino uses third-party software - casino games, payments systems, analytical tools, security software, 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.
4. Choosing the right gaming content
Basically, there are two rules that you have to follow when you are choosing the providers and particular games for your casino. Firstly, you need to choose particular providers from the top-tier list and include all sorts of game genres, so you will be able to attract a wider audience of players. Secondly, you should make an emphasis on games that are more popular in the region of operation. For instance, if you are running a sportsbook in the LatAm region, it will be smart to include as many football tournaments as possible. And if you aim for the Asian market, you need to consider including eSports bets.
5. 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 in your casino may have a crucial influence on the influx of new players.
6. 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.
As you can probably see, the major things that you need when you are entering a regulated market is comprehensive information about legal requirements and a clear plan for every stage of your project realization. The trial and error approach won’t work since the realization of a solid iGaming project can be already quite time-consuming, and it may take a while before you are able to break even.
However, if you will be acting thoughtfully, sticking to a detailed step-by-step plan that includes every small detail of the project, you will be able to save time and launch your online casino or sportsbook as soon as the license will be approved by the local commission.