There are several factors you have to look into before starting an online gambling business. It is a very competitive industry. If nevertheless you are determined to go into this business, there is a proven sequence of steps you can take to guarantee your success:
- Researching the market
- Choosing a technology supplier to partner with
- Obtaining a licence
- Deciding on the content
- Conducting an effective marketing strategy
Starting an online gaming business without a business plan is like sailing without a compass. That’s why all business consultants will advise you to write a business plan. BetConstruct also advise you to make sure you take into consideration these factors when drafting the business plan.
Research the market before starting your casino or betting business.
The global casino and gaming industry makes over $450 billion, says the report by Aruvian's R'search. The online gambling market only is forecasted to increase steadily over the next three years. This means there is a lot of money at stake here that different industry players are competing to grab. To stay ahead of the competition and market more effectively you need qualitative market research.
Market research maps out your next steps and gives you the information on the products you need to include in your website. For example, in the last few years the market for casinos and online gaming saw a major shift of revenue growth from the United States toward Asia. That’s why, if you intend to start a global online gaming and betting site, you should target the Asian market with products and functionalities that appeal to local players.
There are hundreds of examples why analysing the markets is a must. If you are starting a sports betting site, you should keep in mind that Asian players demand a more time-focused and uniform layout of markets as well as regular updates of odds. These are the functionalities that BetConstruct’s Asian View Sportsbook provides and that players in Asia love so much.
Find the best gambling software provider.
Partnering with a gambling software provider is like making new friends. It may turn into a lifelong journey with all its ups and downs. It is essential to know how to identify and obtain all functionalities you need your technology partner to provide for your website.
Surely, you can develop your own technologies but considering all that comes with this decision, you may decide that it’s a very costly proposition. Instead, you can choose white label solutions like VBet and build your turnkey website in several days.
When discussing your requirements with your technology provider, make sure their offer includes:
- High quality back-end technologies
- Single back office management tool
- Payments gateway module
- User-friendly and customizable front end
- Access to top content, events and betting markets
- Free account management, risk management and support services
All these are offered by BetConstruct because the company finds it vitally important that along with all major expectations every detail has to be attended to as well. When combined with flexibility and freedom of choice offered by BetConstruct, this complete package of products and services makes it incredibly easy to quickly start an online gaming business. Be it a white label Sportsbook, Casino, Poker, any other product or all of them combined, solutions offered by BetConstruct are perfectly suited to budding entrepreneurs.
If you appreciate flexibility and seek freedom to build your own website the way you want, you should check the Spring Platform where you can easily:
- Integrate products such as Sportsbook Software and Casino Software from different providers into a single back office application.
- Create new facilities to improve the service to your customers.
- Benefit from new systems created by a community of third-party developers.
- Access more skills from systems integration community.
Obtain a gaming business licence first.
Before launching an iGaming website you should also make sure that you obtain all necessary licences. This will depend on the markets you prepare to target. Each gambling jurisdiction has its reputation and requirements. For instance, the Gambling Commission in UK, one of the most highly-ranked jurisdictions, requires two licences: the operating licence and the personal management licence.
To obtain a licence, you can take one of these steps:
- apply to a relevant agency or commission, depending on the country you want to operate in;
- partner with a gaming software provider that will assist you; and
- work under the license of a white label solution. The last option will allow you time to focus on your marketing and content instead of spending resources and time on obtaining your own gaming licences.
Since obtaining a licence is time-consuming, BetConstruct provide both white label solutions and licencing assistance. Being licensed by the UK Gambling Commission, Malta Gambling Authority and other jurisdictions, BetConstruct always helps its partners to meet necessary requirements for operating in different regions.
Get casino and betting products.
Sportsbook and financial betting only? Or perhaps you want your company to offer casino games, poker and virtual sports? All these may be included but you should know how to diversify your content and keep it updated all the time.
The content you will offer should be relevant to your target market. For example, if your primary target is the Latin American market, you will probably want to prioritize football matches and different betting markets because football is a passion in this region.
Another issue you should take care of is the continuous expansion of your offerings. This means your provider should frequently offer you new products, new games from top developers such as NetEnt, Evolution, Microgaming, NYX and others, which can be easily integrated into your website.
Set up a gaming website and promote.
Attract and retain is the challenge you will face as an online betting and gaming operator. To do this, you can use all channels – social media, online ad platforms, print, TV, radio adverts and billboards – to reach your potential players.
Simultaneously, don’t forget about the quality of the content on your site and the technical aspect. No matter how many times you have your business advertised on TV or social media, it will hardly retain players if your sports betting website does not have in-play betting and live streaming functions which are so popular nowadays. Player retention will be too difficult if you also fail to provide unique betting markets.
An effective Customer Relationship Management (CRM) solution will help you understand your players better and make data-driven decisions. It is much easier to develop retention campaigns and bonus systems when you have tools to segment your players and create unique campaigns for every segment.
Starting a business, gaming or non-gaming, requires time and efforts, dedication and vision. If you have already decided to venture into this industry, you should take care of legal and technical aspects first. Once you successfully complete the first two tasks, you should build your brand and promote it. At any stage make sure you always keep abreast of the latest trends and maintain high standards.