The online gaming business is going from strength to strength, continuing to register high levels of growth as more and more operators join the market. This means however that staying ahead of the competition is becoming more challenging and operators are having to work harder to differentiate themselves from the rest.
To get yourself started, you need a number of things- professional gaming software, a gambling license, a dedicated server and a merchant account are just a few of these. But what do you need to get customers knocking on your door?
Whilst we may not have the magic formula for success, we can give you some clues that will help you get started.
Choose a reliable iGaming software provider
This is without a doubt, one of the most important decisions you will have to make. The partnership you forge with your iGaming software provider will be a long one and it will also partly determine your success. You need to make sure that you choose one that has a deep understanding of the industry as well as experience in launching successful online casinos.
Pick one that offers fully customisable software, is flexible, and allows you to control the whole process from design to post-launch. You could even opt for a white-label solution that will allow you to lease the software and payment processing system, operating your casino under an already-established turnkey infrastructure.
Populate your website
If you are entering the world of online gaming, you need to have a website. But first you need to ask yourself, what software platform will you use on the site? What popular casino games will you offer? Will you have a live casino module? Sports betting? And what about additional features such as real-time chat rooms, statistics on players, or tournament play?
There are a lot of questions that need to be answered when you are setting up your site and you need to consider your business in the long run. At the moment you might want to launch with just casino and a sportsbook, in the future you may want to expand.
Get an online gaming license
One of the most crucial steps you need to undertake, is getting yourself regulated. Depending on what you will offer, where you are based, and where your customers live, you will need to consider which is the best jurisdiction for you to acquire a license in.
At the moment, the following types of legal frameworks are present in the industry; countries that regulate iGaming, countries that regulate but impose monopolies, countries that ban betting activities, and countries that lack regulation.
The most popular jurisdictions, as well as the most reliable and respected include Malta, Curacao, and the Isle of Man. As someone providing gambling activities, you need to apply for a license in the country that will best serve your target market(s). Remember, it takes time to organize documents and go through the application process so be sure to factor this into your business plan.
Fast Offshore have over two decades of experience in applying for iGaming licenses in a number of jurisdictions, on behalf of our clients. We can help you assess which is the best option for you and then we can guide you through the application process.
Choose a payment provider
Without a payment provider you are not going to be able to make or receive any payments through your online gaming business platform- something that is really integral to the whole point of iGaming sites. You need to pick a provider that will provide software allowing you and your players to make quick and easy transactions, ideally with a number of different options.
You need to look for a payment provider that can offer complete services, payment processing, integration with the big e-merchants, risk management, and fraud detection. Be sure that they also offer multiple payment methods so your clients are not limited to just one type- something that could seriously limit your audience.
Fast Offshore offer a suite of payment options from licensed financial institutions across Europe and the world.
Design a killer site
But it is not just about the products that you offer, how your iGaming site looks will also determine its popularity. You need to design an attractive website that is both clean, clear, functional and yet is aesthetically pleasing. Having too many flashing lights and noises will slow your site down and deter clients so don’t be tempted to overload it in an attempt to lure clients.
Implement a sound marketing strategy
Once all of the above points have been taken care of, you need to start thinking about how you are going to drive clients to your site. Researching your competitors, seeing what works and what doesn’t for them, and learning from that should be a very important part of the process.
You need to aim to position your online gaming business as a trustworthy and top-quality business. Of course, this is not easy as the iGaming industry is very competitive but the best approach is to have quality games from trusted providers, keep the website clean, and offer a top-notch user experience.
Starting an online gaming business is quite a daunting task, but you don’t have to do it on your own. Let Fast Offshore lighten the load- contact us today to find out how you can benefit from our years of global experience and industry knowledge.