The gambling industry earns millions of $ annually. Thus, the number of business enthusiasts willing to join the expanding market continues to grow. However, if you want to create an online casino, there are many things to consider. The first thing you may want to know is how much money you need for this purpose.
Online casinos represent one of the most lucrative areas in the entertainment industry. With the rise of digital technology and the increasing availability of the internet, these platforms attract millions of users around the world, offering them a wide range of games and betting opportunities from the convenience of their homes. High levels of participation and constant innovation contribute to significant revenues, making the online casino business model extremely profitable. In addition, the operating costs of maintaining an online platform are typically lower than physical casinos, further increasing their financial appeal to investors and entrepreneurs.
Portuguese online casino expert Antonio Matias and founder of the site CasinoReal.pt will talk in detail about how to start an online casino business. You will likely recoup your investment within two years if you have enough clients. So let’s see what you need to do to start an online gambling business.
So how do you get started?
When opening your own gambling business, you need to consider the following aspects.
Providing funds
You can secure financing with the help of various organizations of gambling business entrepreneurs. The fact is that there are many people who want to replenish betting establishments. If you write a great business plan, you are more likely to find an investment partner.
Software
A website cannot work without software. Plus, you have less chance of success if you don’t have software. You must offer a wide selection of games, so it is necessary to combine different titles from leading online casino software providers. This could be Microgaming, NetEnt, Betsoft, Playtech, etc. We advise you to play at ninecasino so that you can realize for yourself how much you can earn just by playing for real money at casinos in Portugal.
Prices vary from one company to another. Let’s take Playtech as an example. A provider package can cost you from 7,400,000 to 11,100,000 $.
Licensing
No online casino has the right to operate without a license, so this purchase is required. If you go under a gaming license to Antigua, it will cost you 2,770,000 USD per year. In addition, there you will have to pay 3 percent of the profits that your business receives. In addition, you will need to buy a betting certificate for Antigua worth USD 1,850,000.
Web site
An attractive website is a must and it should also contain all the necessary features. It should be remembered that the website is the face of your gambling business. So, you should invest in the design to make it look beautiful. The development of such a platform will cost you approximately 111,000 $.
Team of Experts
Your gambling site needs about 12 experts who will be available day and night to solve user problems. Affiliate managers are also needed, as well as a player retention manager. Thus, the salary should be about 7,400,000 – 11,100,000 $ per year.
Marketing Tools
This part can cost you from 740,000 to 3,700,000 $. If you want to collaborate with top affiliates to advertise your gambling house, you should be prepared to pay 50-60 percent of your income to your affiliates. In total, a starting budget of about 1,850,000 USD per month should be enough for affiliate marketing.
Payment Methods
Microgaming requires all gambling websites using its software to receive an additional amount of between USD 7,400,000 and USD 11,100,000. You must provide this amount for each payment method you intend to enter on the site. In this case, you can quickly withdraw winnings to your clients.
You can use PayPal, Skrill, Mastercard and Neteller for deposits. You can either organize your own cost processing unit or use a deposit processor, which will cost from 740,000 to 1,850,000 per month.
Moreover, the most important thing is to keep up with the trends in the world of gambling. To avoid this, it is important to keep an eye on the most popular online casinos.
Summarizing
As you can see, starting an online casino business requires significant funds. However, if you take care of all the aspects mentioned above and put enough effort into growing your business, you will see that it is worth your investment.