Are you considering opening an online casino business? The truth is that there’s never been a better time to do it. The online gambling industry is booming, technology is providing new and exciting ways to gamble, and traffic to existing sites is going up. If setting up a gambling site is something you’ve thought about, but aren’t convinced, this article is here to help.
The online gaming industry is booming
The online gambling industry is going from strength to strength and resilience during the COVID-19 crisis. The industry is predicted to reach a value of $160 billion by 2026. This is powered by increased smartphone adoption, innovative forms of gambling, and new demographics showing interest.
The availability and integration of new technologies have led to a full transformation of what’s on offer. This, in turn, has sparked interest from those who previously hadn’t considered online gambling.
Combined with the widespread adoption of smartphone technology, many are keen to gamble on the go and throughout the day. There has never been a better time to start an online casino business.
Fast Offshore recommends acting now, finding a niche, and providing a service and products that satisfy the demands of consumers. An investment in an iGaming industry is a solid one in a growing industry that shows little sign of slowing down.
Flexible and affordable licensing options
Each business model is different and jurisdictions have responded with licensing options that suit different needs and requirements. Offshore gambling licenses are by far the most popular, due to a combination of cost-efficiency, streamlined setups, tax-optimization opportunities, and increased flexibility.
Fast Offshore works predominantly in Curacao, Kahnawake and Malta. We find that these jurisdictions offer a good balance of benefits and obligations. Each case is different and each casino operator has a different focus in terms of games, target audience, budget and timescale.
There is a jurisdiction and licensing regimen to suit your online casino business’s needs. The best thing to do is contact Fast Offshore to find out a bit more about what each jurisdiction offers and how it could benefit you.
More payment methods are available
There are many payment methods available to online casino operators. Of course, you can offer transactions via bank transfer and conventional fiat currency methods, but there are other options as well. Cryptocurrency gambling is on the rise and becoming widespread, popular, and commonplace. Your online casino business can offer deposits and withdrawals in fiat as well as in cryptocurrencies such as bitcoin, ethereum, litecoin, and ripple. Crypto payments increase security, decrease the risk of fraud and chargebacks, and gives clients ways to pay that suit them.
Exciting options for your online casino business
It’s no longer just about slot and table games. 2020 has been a year where we have seen eSports transition to the mainstream and take the world by storm. eSports is enjoyed by conventional sports fans, general gamblers, and of course, its long-standing fans. Many big betting sites now incorporate eSports and many standalone sites have popped up recently.
Like eSports, fantasy sports enjoyed a following before, but it was the COVID-19 lockdown that saw bettors flocking to it in droves. Now, as many sports have resumed, fans have remained and are continuing to enjoy both varieties of betting.
Whether you want to set up a stand-alone online casino business; include fantasy, eSports, or sports betting to the mix; or upgrade your existing brand, Fast Offshore can help you every step of the way.
Convenience and comfort for your customers
The beauty of online gambling is that clients don’t need to leave their homes to enjoy betting. Whether its mobiles, tablets, laptops, or PCs, gamblers simply log on and play, regardless of their location. The availability of live dealer gaming has created a way for gamblers to enjoy the social aspect of the activity, even from afar. Considering we’re amid a pandemic, providing people with a way to have fun while staying home and staying safe, is key.
An online casino business has lower overheads
Setting up an online casino business is not cheap, but it certainly costs less than opening a land-based casino. Not to mention, when you are up and running, the costs of overheads and ongoing costs are significantly less.
Online casino operators have to consider costs like web and game development, marketing, IT, employees, maintenance, and licensing renewals, but these pale in comparison to land-based casinos. Brik-and-mortar casinos employ dealers, croupiers, cleaning staff, security guards, manage a bar and restaurant, buy slot machines and gaming tables, purchase a building or rent the space.
Lower overheads and ongoing costs mean you have more profit to invest in expanding and bettering your platform.
Online casino operators offer flexible limits
Typically, land-based casinos don’t offer as much flexibility when it comes to minimum and maximum betting limits.
As mentioned earlier, lower overheads allow online casino operators to be more flexible. This translates into much lower and higher limits than most brick-and-mortar casinos. This puts online casinos head and shoulders above physical casinos.
Online casino operators offer a wider game variety
Land-based casinos generally offer a variety of games but this is limited due to space, logistics, and demand. In the online sphere, there is no need to worry about this. An online casino business can offer an almost infinite amount of games including different themes, types, and integrating new technology. Furthermore, an online casino can offer eSports, fantasy sports, sports betting, poker, lottery, bingo, and conventional table games and slots.
Geographical flexibility and wider audience
Online casinos can target audiences located outside of the place where they are established. Land-based casinos are reliant on a steady stream of traffic from the local area and tourists. Your online casino business is accessible for people from any country where the platform is allowed to operate. Hence, you can transcend geographical constraints and cater to a much wider audience.
More longevity and continued growth
There’s always going to be a space for bricks-and-mortar casinos but this space is getting progressively smaller and smaller. In today’s world, people want to be able to access entertainment and a variety of other services from their mobiles or computers. Therefore, online casinos are set to continue growing in popularity, particularly in regular gamers, while land casinos will become the preserve of tourists and one-time visitors. The online gambling industry has longevity and is not going to go out of style.
Get your Online Casino Business Started with Fast Offshore
For more than 23 years, Fast Offshore has worked in the online gambling sector. During that time, we’ve helped countless big, and small names go live, be successful, and expand their businesses.
With a multi-disciplinary practice including corporate matters, licensing, tax-optimization, settlement and payment account and ongoing maintenance we can take care of the whole setup process. In collaboration with a network of International partners and through the development of solid professional relationships, we can offer a transparent and seamless service. If you want to open an online casino business, Fast Offshore is ready to help you.
Follow us on social media!