Casino gambling has been around for many years, and it has been a form of entertainment for lots of people around the whole world. This history casino of online casinos dates back from 1996 when the first casino was developed. It was called InterCasino. InterCasino had only 18 online games. Since then, there are a lot of online casinos that joined later. Their main aim is to slash this lucrative online gambling pie. For those new to gambling, the online casino is a site where you can visit and play your favorite game. They have a collection of the best online games under one roof. All you need is to register an account.
Can You Own an Online Casino
Currently, we have more than 100 online casinos available. A simple google search can land you to multiple choices. As the gambling industry keeps growing, it is expected to be worth more than 94 billion British pounds by 2025. It means the rate of growth is likely to be more than double in the next five years. In more than 20 years, online casino gaming has seen a lot of improvement. Since it is where more people bet today, then we are left with one question. Can you start and run your profitable casino? Before we can answer that, you have to ask yourself some of the questions below;
- What is your motive of opening the online casino?
- Which market are you targeting?
- How much capital do you have?
- Do you have access to technical skills?
After answering those hard questions, you will come to the conclusion of whether to proceed or leave it at that. But, one thing you have to know is that online gambling is very popular and will keep growing day in day out. With the introduction of live casino rooms, people are soon forgetting the nostalgia of brick and mortar casinos. If you have a good business plan, you can always succeed in online gambling. Starting small and growing bit by bit is the best strategy. However, before you start, here are some of the steps you need to accomplish before your casino can be up and running.
Obtain a Licence
The online casino business is like any other form of business. For it to run in a particular country, it must be having a license. A license is simply a permit from the government that allows your business to run smoothly in a country. The license will dictate the scope of your business and will control how it is done. In case a business breaches the contract, it must pass through a disciplinary process or the worst case, their license gets revoked. A license can be used to control the market demand. For example, if there are many businesses, a new one will not be allowed to avoid uneathy competition.
The same case applies to online gambling. Before you can start your online casino business, you need to obtain a license from the gambling commission of the targeted country. The type of license will dictate how many different gambling activities will run on your casino site. Before you are granted the license, you must undergo rigorous checks to prove that you are aiming to offer legitimate services. There is a policy document that you sign upon receiving the license. It gives you all the rules you must abide by for you to run. A valid license will go a long way to proving your legitimacy to new players in the future.
Decide on What Type of Casino to Run
Assuming that you are through with the authorities, it is a crucial time to realize your business venture. Here, you will need to know where your casino will run. Will it be a mobile app? What about the desktop app or web apps? The three are the main platforms where the business will run. It can be a financial challenge trying to have all the platforms at once when starting the gambling. Starting with one and then getting others on the way is the best idea. By so doing, you will not have to struggle running your business. Here are some of the factors to consider when selecting your platform;
- The size of your budget.
- Who is your main audience?
- Do you have enough technical resources?
Assuming that you have selected your ideal casino type, it is now time to acquire the gambling software. There are two ways to have it. You can employ a software engineer to develop your site from scratch. However, you should discourage such a move since it might be expensive in the long run. The second option is buying the online platform from prominent companies that specialize in developing such systems. Such companies will give you the best services. They will even customize the platform according to your needs. You can also have your business name bladed on the site. Another important factor is that they will always be there to offer system support.
Intergrating Payment Gateway
Assuming that your site is up and running, it is the best time to start making money. The players will need to sign-up and load in cash to play. How is it possible? The answer lies in the payment systems available. You must make sure you integrate your site with the best and cost-effective payment systems. Many different companies provide ways to load your account. Skrill, Pay pall, Pioneer, Mastercard, Credit Card, Debit Card, and Bank transfer are some of the channels the players can use to feed their accounts. Having multiple payment channels running concurrently on your site gives you an edge over other small online casino businesses.
Have a Customer Support
Customer support is the heart of any online casino business that aims at providing exceptional services that leave the players feeling valued and respected. Although it might eat some extra resources, once you do it right, it will make your casino bussiness to stand out from the rest. Assuming that you have been operating for a while, and received some profit, it is the best time to have customer support in place. As the players interact with your system, they might come across some of the technicalities and need some assistance. Having a system that can make them reach you and get instant feedback is a plus. A quality customer support system must meet the following;
- Identify your customer needs and wants.
- Acting on all promises you made to the players.
- Exceeding customer expectations.
Good customer support will maximize your customer lifetime value in your business. Before you have customer support in place, it is good to hire a customer service executive team. Those are employees equipped with in-depth knowledge about online gambling. Their main work will be to respond to satisfaction all the queries raised by the players. To have a cheaper team, it is good to hire and train them by yourself. The first support tool should be an email. It is cheaper than other means available. However, it is good to aim at having a live chat. It is the best tool since customer queries will be answered in real-time.