Start Your Own Casino
Online casinos have shown themselves to be extremely lucrative over the years and here we look at what it takes to start up your very own casino business.
- Start building and buying. If you are renting then it is time for renovations. If you are planning on building your own casino then now is the time to get the help of an architect, construction company to build your casino for you. You should also start buying gambling equipment like slot games and more. Insurance is a must.
- So, how hard is it to start your own online casino? According to industry insiders, starting a real money online casino can be quite a headache, with plenty of factors that one needs to take into consideration. For example, there are gaming licenses that need to be applied for, and online casino software providers that need to be partnered with.
- Starting up your online casino is never easy; it’s a daunting task. You have a lot of things to consider, from iGaming software providers, payment mechanisms, gambling licenses, to marketing strategies. There’s always a need for ongoing efforts in maintaining high standards and keeping your clients fully satisfied.
- Usually the casino software provider has payment processing (merchant account providers) already set up for a fully turnkey operation. 3) Most Affordable Way to Start Your Own Online Casino. Become a Sub licensee of an existing Licensee. This is the least expensive option to start your own online casino. Costs range from $15,000 to $60,000.
In fact, online casino gambling is the leading form of Internet-based gaming, according to many experts. So, how hard is it to start your own online casino? According to industry insiders, starting a real money online casino can be quite a headache, with plenty of factors that one needs to take into consideration.
How Casinos Turnover So Much Money
Naturally, gambling brings in money. Players often don’t mind losing so long as they are having fun and this is especially the case with casinos.
Casino businesses, both land-based and online, bring in more money than the film and music industries combined and the figures involved, while already mind-boggling, can continue to grow given that in the USA more and more states are legalising online gambling.
So, what do you need to do to start your own online casino? Here we look at some of the basics:
Write a Business Plan
Essentially, starting a casino is no different in the early stages to any other start-up in that you will need to have a comprehensive business plan written.
Within this you will need to check on the legality of casinos in the territory you wish to operate in, while also making yourself fully aware of the rules and regulations set forth by the local authorities. In the case of the UK, this would mean registering with the Gambling Commission.
Get Funding & Licences
With your business plan written, you can access funding to start up. Many new businesses open up various funding rounds to keep the money coming in as they hit each phase; website development, research etc. Check out chrunchbase.com to see how much money has been given by investors to similar businesses.
Even before any platform becomes live it will need to be fully licenced, so get ahead of the game and petition for a licence from the authorities during the development phase.
Integrate the Right Software
Your online casino table games and slots will be powered by specialist software developers, so make sure you pick the best out there such as NetEnt, Microgaming or PlayTech and factor this in when writing the business plan and looking for funding.
Using the best developers will mean your games are reliable and most of all fun – if they aren’t then players will simply ditch and move to another casino.
Hire the Right People
The right people, not necessarily the most expensive people. Sitting out there right now are passionate, fully capable developers, marketers and accountants just itching to be involved in a business like this.
Check freelance platforms for people with great feedback who would perhaps prefer to work permanently for a new casino start-up.
These people should be interesting in the online gaming or gambling world too, as that passion cannot be replicated. Your people should know what makes casino players tick but you should also plan to implement great training plans to keep them motivated and knowledgeable.
Get the Word Out There
Start Your Own Online Casino Free
This is a potentially very lucrative business for you if you have the guts to start it up, but it will be lost in the sea of online casinos, bookmakers and games if you aren’t smart in publicising your venture.