How to Develop Online Casino: 5 Basic Steps
Online casinos are a potentially profitable, but quite risky business. To succeed in the gambling sector, you should calculate everything at the planning stage. Let’s examine five steps of the online casino development and the importance of each one.
Prior to launching your own gambling resource or betting platform, you should clearly realize business features, take into account difficulties that can be faced by newcomers, and discover conditions of a successful start. Online casino development is conditionally divided into several obligatory major stages.
First step: drawing up a business plan
The start of any business project supposes that owners will have to invest a large sum of money at initial stages. To invest in your own business and not to screw up in little things, you should accurately plan a budget and prepare a detailed business plan of the project.
It should specify the following points:
- the online casino functionality;
- a neat description of the marketing campaign;
- potential risks and their solutions;
- precise expenses per year;
- a desired profit margin of the resource.
The business plan is required not only to determine your goals but also to make potential investors to put funds into the deal (if owners need third-party finance).
Note: business registration means 3–7% of the overall budget, license acquisition requires about 30%, software purchase is another 35%, while the rest accounts for staff recruitment and additional expenditures. Marketing services are a separate aspect because their quality will directly affect online casino revenues and the number of customers.
Second step: choosing software and a payment system
The quality of online casino software is crucial for attracting users. To establish a client database at the beginning, you should apply only high-end software that will both attract and retain online casino players. The software level has a direct impact on resource reputation and credibility. The software should fulfill the primary demands of users and comply with the following criteria:
- capability and usability;
- a variety of games;
- high speed;
- excellent graphics;
- payment security.
High-quality software should have a license, support upgrades, and offer a mobile format. 10% of the total budget should be allocated for software payments within a year.
The availability of online caisson payment systems also plays a critical part. The wider the choice, the more comfortable gamblers will feel, and the greater the probability of their return.
Third step: registering a business
To run a business legally and avoid further penalties, you should register a legal entity in the country providing the gambling project license. Besides, entrepreneurs should open a bank account and conclude a payment agreement with providers. Not all countries support legal operations of online casinos, thus you should consider the possibility to obtain a license in other regions. Its cost can highly vary in different countries.
For example, the EU license costs $100,000 and more, but there are cheaper options: registration in such offshore countries as the Philippines, Costa Rika, and the Dominican Republic will cost from $10,000 to $30,000. The average price segment in terms of the online casino license price includes the following countries:
The best-known regulators are Curacao, Directorate of Offshore Gaming, and Kahnawake Gaming Commission. The license granting requires from one to six months.
Fourth step: developing a website
Client first impressions depend on the attractiveness and usability of the online casino website. The look of your website is the best brand promotion and trademark. Therefore, the website should be developed and elaborated as thoroughly as possible. It is important to focus on user needs and comfort. Website development consists of several stages:
- Buying or registering an authentic domain name. To make players remember the online casino, the domain name should be outstanding, brief, and readable.
- Buying a server, specifying in documents that it is required to maintain the gambling resource.
- Integrating games. At the early stages, you cannot do without the most popular slots that will definitely attract the broad audience.
- Activating payment systems. The more payment options, the better.
Currently, there is a wide range of online casino platforms. The simplest and the most budget pattern is called White Label. It implies the launch of your own gambling project under the brand of a popular provider (no license required). The new operator’s website is developed at the individual request.
Fifth step: designing an advertising strategy
You should pay close attention to this stage, as its implementation defines whether money invested in licensing and website development is not in vain. The efficiency of the advertising strategy and marketing specialists’ activity affects how rapidly the casino will attract clients and start generating expected income. Obliged online marketing tools include SMM, SEO, email newsletters, and loyalty programs. Given below are options for step-by-step promotion of the new online casino:
- launch of media advertising;
- promotion in search engines and on social media;
- constant news updates on the website;
- context advertising;
- word-of-mouth marketing.
The main goal at this stage is to introduce yourself to the market as a reliable company, gain a solid reputation, and enhance brand awareness as much as possible.
The establishment of your own online casino or betting company is related to certain challenges and financial expenses, but it can result in high profit at an adequate approach. In order not to fail at the start, you should carefully approach the preparatory stage and elaborate everything to the last detail, as well as spare no expenses for the online project development and its further promotion.