Millions of dollars are generated by the gambling industry every year. Thus, the number of business enthusiasts willing to join the expanding market keeps increasing. However, there are many things to consider if you want to start an online casino. The first thing you may want to know is how much money you need for this purpose.
According to the top online casinos reviews, your budget must be at least 1.86 million dollars. You are highly likely to recoup the investment in two years if you have enough clients. So, let’s see what you should do to start a gambling business online.
So, How Does One Start It?
When starting your own business connected with gambling, you need to consider the following aspects.
1️⃣ Securing Funds
It is possible to secure financing with the help of different gambling entrepreneur organizations. The thing is that there are many people eager to fund betting establishments. If you write a great business plan, then you are highly likely to get an investing partner.
A betting website cannot operate without software. Moreover, you are less likely to succeed if there is no right software. You must offer a wide variety of games, so a mix of various titles from the leading online casino software providers is required. It can be Microgaming, NetEnt, Betsoft, Playtech, etc.
The prices range from one company to another. Let’s take Playtech as an example. The provider’s package can cost you from 200,000 to 300,000 dollars.
No online casino is allowed to operate without a license, so this purchase is a must. If you go for a gaming license in Antigua, it will cost you 75,000 dollars annually. Plus, there you will have to pay 3 percent of the profits that your business raises. Also, you will be required to buy a betting certificate in Antigua priced at 50,000 dollars.
An attractive website is a must, and it should also include all the necessary functionalities. You should bear in mind that the website is the face of your gambling business. Thus, you should invest in design so that it looks nice. Developing such a platform should cost you approximately 3,000 dollars.
5️⃣ Team of Experts
Your gambling website needs around 12 experts who will be accessible day and night to address users’ problems. Affiliate managers are also required, as well as a player retention manager. Therefore, the wages should take around 200,000 to 300,000 dollars a year.
6️⃣ Marketing Tools
This part can cost you from 20,000 to 100,000 dollars. If you are willing to partner with the top affiliates to advertise your gambling house, you should be ready to pay 50-60 percent of your revenue to your partners. Overall, an initial budget of around 50,000 dollars a month should be enough for affiliate marketing.
7️⃣ Payment Methods
Microgaming requires all gambling websites that utilize its software to obtain an additional amount of 300,000 to 500,000 dollars. You are to provide this sum to each payment option you are going to list on the website. In this case, you will be able to quickly cash out winning to your clients.
For deposits, you can utilize PayPal, Skrill, Mastercard, and Neteller. It is possible to either arrange an in-house outlay processing unit or use a deposit processor, which should cost from 20,000 to 50,000 a month.
As you can see, one needs significant funding to start an online casino business. Yet, if you take care of all the aspects mentioned above and put enough effort into developing your business, you’ll see it’s worth your investment.