Why this is the best time to start your online casino business
Have you ever considered getting into the online casino business? Well, here’s some good news! The gambling industry is booming, with new technology providing better and exciting ways to play, so there’s never been a better time to launch your platform than now.
Since the emergence of gambling sites in the early 2000s, the industry has been going strong, even showing resilience during the covid-19 pandemic. As a result, it has become very profitable, with a predicted revenue of up to $160 billion by 2026. Part of the reason behind this is the increased adoption of smartphones, allowing players to gamble on the go via casino apps and mobile site versions.
Technological advancement has also played a huge role in the success of the online casino business. It has made integrations with features like AI, virtual reality, and blockchain possible, encouraging new and innovative forms of gambling. That, in turn, has sparked the interest of new demographics, increasing traffic to these sites.
The truth is, now is the best time to act by finding a niche and offering gambling services to meet the needs of consumers. But if you’re not convinced about setting up a gaming site or launching a casino app, this article is here to help. We’ll outline some reasons why you should get into the online gambling business and why investing in this industry is worth it.
1. Flexible and affordable licensing options
Like any other business model, there are licences you need to acquire for your online casino to operate in different jurisdictions. Offshore regulatory bodies are the best option since they are flexible, cost-friendly, and have an easy set-up and renewal process. Some of the most popular offshore jurisdictions are Malta, Kahnawake, and Curacao.
The good thing about these jurisdictions is that they offer a good balance of obligations and benefits, regardless of your target audience, game products, and budget. It’s worth exploring which offshore jurisdiction will benefit your casino because the rewards are vast once you’re licenced.
2. Multiple gaming options
Nowadays, there are over 30 game providers, so choosing one to power your games should be an easy task. You can go for established players like Microgaming and NetEnt or fairly new developers like Pragmatic Play or Yggdrasil Gaming. Whichever software provider you choose to onboard, make sure the games they provide are fair and safe to play.
Most online casinos today offer thousands of games ranging from slots to table games. In between, you’ll find options like blackjack, poker, roulette, jackpot slots, megaways slots, keno, bingo, live casino games and many more. So, as you can see there are many games you can choose; however, it’s not a must to start with all of them. The diversity of variety also stretches to payment methods, as a beginner you can start with options that are easy to work with like e-wallets. As you scale up, you can offer other deposit options like credit cards.
3. Lower overhead costs
While launching an online casino isn’t cheap, it definitely isn’t as expensive as opening a land-based establishment. Once you’ve acquired the necessary licences and the business is up and running, overhead costs get significantly less. Gaming site operators must factor in costs like web and game development, customer support, maintenance, marketing, and licence renewals.
But all these are in pale comparison to what brick-and-mortar casino owners have to deal with as they have to employ extra staff and security. On top of this, they have to buy slot machines and gaming tables and rent a space. Lower overhead costs will earn you more profit, which you can invest in your platform for expansion and increasing your products.
The online gaming industry is in high demand
Many casino fans have started showing interest in online gambling platforms as they offer the convenience of playing from anywhere. With such a site, you’re guaranteed thousands of clients daily, especially if you have a wide selection of games and you’ve done your marketing right. You can start by developing a user-friendly interface and then proceed to integrate various games and products. Even though the market might be competitive, launching an online casino and earning profits can be easy if done right.
Please play responsibly. For more information and advice visit https://www.begambleaware.org