Start Your Own Casino Online
There are 3 ways to start your own online casino 1) Most Expensive Way to Start Your Own Online Casino. Design and implement all casino software for an online casino which could cost you millions of dollars. You will also need to obtain a gaming license to start and run your online casino legally, which requires approval from most governments. Another approach is to develop your online casino from the ground up, starting on a blank page, save for the idea that inspired you in the first place. This takes time, dedication, drive, ideally. There is an undeniable glamour and appeal that comes from the idea of starting an online gambling business. We have all seen the movies and heard the stories about people who became wildly successful and rich in a very short period of time because they decided to open an online casino or poker room.
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Huge numbers of new businesses are started up each year and with barriers to entry lower for online ventures and a propensity for consumers to transact more via mobile devices there are opportunities to be had.
One particular area that has seen huge growth in the recent past has been the online casino. By offering a service that people want, and having the right technology to deliver it online, gaming has even managed to attract many players more used to indulging their passion in the land-based casinos.
In fact, the Gambling Commission says online gambling represents a third of all gambling in the UK now and generated £4.5bn gross gambling yield between April 2015 and March 2016. This makes online gambling the biggest gambling sector – out-performing the National Lottery (£3.4bn) high street betting shops (£3.3bn), and traditional casinos £1bn).
£2.6bn of the money generated via online gambling came via casino games, with the rest of the £4.5bn generated via betting exchanges, bingo, pool betting, and online slot machines. You might also be surprised to know that women represent more than half of UK gamers, with 54% of gamers citing their smartphone as their favourite gaming platform, followed by computers, consoles and tablets.
Plus, with ever more involving experiences being delivered – from the live online casino to the huge potential of virtual reality – it’s a business area that looks certain to be even more lucrative in the future.
Why are table game sok but slot machines are not found. Slot machines are the cash cows of casinos, bringing in often more than twice as much money as table games. It is easy to get a good idea of why such a case holds true. If we take a $1 slot of the traditional three reels variety, we can speculate how much money this machine will make for the casino. This should get something going. A nice debate, I hope. Although I will fiddle around with Lobstermania and those bandit 6X poker machines that WW's DH just hit for a hand pay and Video Poker, which I don't consider a slot, I can't imagine going to Las Vegas and playing nothing but slot machines. I would punch myself in the face out of sheer boredom. Jan 05, 2018 Poker is one of the quintessential table games that you may find on a casino floor. Some casinos even have a separate room that contains only poker tables, so be aware that you may need to do some looking around if that is the game that you have chosen to play.
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So how do you exploit this obviously growing market? Here are some of the key questions to consider:
Who is your target audience?
The first thing must be to have a clear idea of how your online casino or gaming site is going to stand out from the rest. For example it could have a particular demographic in mind or have a distinctive theme, maybe retro-styled games. It’s a crowded field so it really will pay to have a good idea of your brand and its identity.
Bespoke or off-the-shelf software?
Then there are the technical aspects to consider. You’ll have the choice of buying software off-the-shelf which you can use as it comes or of commissioning a bespoke version. The former is always going to be the cheaper route but the latter will give you greater flexibility to create exactly the games that you want.
How should it look?
The design is also vitally important and certainly not an area to skimp on. Not only will it reinforce your identity, the slicker and more professional it looks the greater the trust it will generate – an essential element in any gaming site.
What should the user ‘journey' look like?
Linked to the design is the user experience. If you’re going to become successful the site must be simple and intuitive to use. So be prepared to do plenty of testing on the way, getting real people to play games on the site long before it goes live.
How have other online casinos evolved?
It’s also well worth looking at the stages that major online casinos have gone though to reach where they are today as this could provide a blueprint for your own success.
If you take 888casino as an example you’ll see 20 years of constant evolution in which the brand was developed, new divisions were set up and sub-brands were introduced. The company has also been gradually expanding its operations into new countries and markets, often as new legislation has been introduced permitting online gaming.
Of course, not every fledgling business is going to grow to the size of a company with a multi-million pound turnover and you may not be quite as successful as some online gaming entrepreneurs. But then, if you never try, you’re never going to know for sure.
The glitz and the glamor of a casino is very attractive. It is a happy place, where people play, enjoy and win some while having fun. So, no wonder the casino business has enticed many to open their own casino. It might not be all fun and games, but it is definitely rewarding.
How to start an online casino business?
There are hundreds of online casinos around today. All of them offer a whole spectrum of games from slot machines to dealer games. It is a very competitive market and to make your presence felt you have to make sure that you are offering the players something different and something they can be excited about. Apart from the glamorous front end, you have to consider a strong software support in the backend. So, just a love of casinos will not cut it. The proprietors should have deep pockets, should plan each of their moves, and yes, they should have professional management support.
Opening a casino requires the proprietors to have a good understanding of the demand of the games and hire the right developers create online environments that people of any demographic can enjoy. The best part about an online casino has to be the immersive experience they offer and all of that can only come from a good developer.
Can anyone open a casino?
In theory, yes!
But, in reality, it’s quite complicated.
Many countries do not offer online gambling licenses. Even when they do, some states or provinces may prohibit gambling in all its forms. So, citizens or businesses headquartered in such regions may not be able to get a license.
Nevertheless, the governments across the world are warming up to online casino betting sites. So, it is possible for even foreigners to get a license to operate a casino. In other words, you may be able to start your own casino if you can get a license in such geographies. In some cases, like Costa Rica, getting a license allows you to operate on a global scale.
Create Your Own Online Casino
How much does it cost to start a casino?
A turnkey online casino business can cost anywhere between $1 million to $2 million to get started, and another $500,000 every year on various running expenses. Depending on a variety of factors like geographical location, games offered, royalty arrangement, marketing strategy and so on, these costs can go up or down. Here is a quick overview of the various costs involved.
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All in all, a new casino will spend about $1-$2 million on the very first year of its operations. A majority of these costs are one-time expenses. Therefore, running a casino in its second year will be significantly less expensive. But, then again, investing more in marketing can magnify the returns. So, it’s up the casino business to decide how much it wants to spend going forward.
Casino business plan
A thorough and fantastically designed business plan is a prerequisite for any entrepreneur when he or she approaches an investor. That doesn’t mean that business plans are only useful when you are courting funding. A business plan is essential for the success of a venture, simply because it consolidates and solidifies everything involved in launching and operating an enterprise. It offers a complete perspective for the people behind a business.
A business plan provides a roadmap to start your own casino. It should include the following critical aspects involved in running an online casino:
| The procedure, fees, and time required for obtaining a license for running a casino. Sometimes, you might be required to obtain more than 1 license for operating in different geographies. Find out everything you can about how to get a casino license. |
| The cost of purchasing an online casino software, building website, web hosting, security software, and other online tools required to build casino game website. |
| In-house or outsourced team of software experts for configuring, customizing, and maintaining the online casino website. |
| Payment system integration is a critical criterion. Players should be able to use a variety of payment methods including debit card, credit card, net banking, PayPal, and other options. |
| A dedicated team for providing fluid customer support that is responsive and capable of resolving customer issues fast. |
| Then there is the marketing strategy. How do you plan to get your website to the masses? Ads, blogs, social media, search engine optimization, and a lot more goes into making your online casino website popular. Account for all of these expenses. |
| The final piece of the puzzle is the revenue model. You should run the numbers to show how spending a particular amount of money will help you achieve a particular amount of revenue in the short and medium run. Only if you are able to see profits in the medium term, it makes sense to invest in any business. |
Once you have a robust strategy on how to open up a casino, you are ready to go.
Online casino software
Any good IT company with the requisite web development and app development talent can create an online casino software. But, that doesn’t mean that you should get them to create one for you. The online casino business is an intensely competitive, highly complex, and cash-rich business. This poses 2 primary challenges for software designers:
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If you want a safe, reliable, and bug-free online casino software, then a seasoned online casino developer is the best choice. However, if you want a more cost-effective software, then there is one way you can get it. A lot of online casino businesses keep shutting their operations. When they do, they would be looking to sell any of their assets that they can sell. So, you may be able to find an online casino website for sale. If you are a good negotiator, you can land it at a fraction of the cost of a brand new software.
But, always remember, even when you buy a second-hand software, get a reputed online casino developer to upgrade the software and keep it protected from the hackers. You don’t want them to exploit any vulnerability from an older software.
Closing thoughts
Start Your Own Online Casino
The old adage goes, “It costs money to make money”. It couldn’t have been more apt for a casino business. Despite the high cost of gambling game development and promotion, online casinos are always swimming in a pool of cash. That’s why there is such a craze around starting an online casino. It is a highly lucrative business and any money that goes into it will likely produce increasing returns.