The size of the European online gambling market rose exponentially during the Covid-19 crisis, probably because people were looking for something to do indoors that didn’t require socialising or leaving the house.
In many areas around the world, the pandemic is receding somewhat, but in others, it’s accelerating, leaving the future uncertain. That’s why there’s never been a better time to start up your own online casino business. However, there are some things you should bear in mind before you do. Here are 10 things you need if you want to open and run your very own online casino.
Knowledge of local licenses
This is the most important aspect of running an online casino. Let’s say you’re going to start up an online gambling business in Switzerland, for example. Top-quality Swiss online casino platforms such as N1 Casino must acquire licenses from the Swiss government in order to operate. Swiss online gambling laws are generally fairly open, so you can apply for a license to operate there. Wherever you base your online casino, you should make sure you know the licensing laws.
Industry know-how
If you’re an absolute beginner in the world of online casino gaming, you may struggle. It’s worth learning about the casino industry as a whole before you begin. Although the online casino industry is very different to land-based casinos in many ways, they do share similarities. It’ll benefit you in the long run to have this knowledge, because you’ll be able to understand the movements and decisions of your competitors better. Don’t go into the online casino business blind.
Good software providers
Not all software providers are created equal when it comes to online casino gaming software. The biggest names in this field include Microgaming, Playtech, and Net Entertainment (otherwise known as NetEnt). If you go to any major online casino platform around the world, you will almost certainly see software created by these providers. That’s because they’re trustworthy, their software is high quality, and they have a good reputation for security and fairness.
A good starting balance
As with any other online business, it’s important to make sure you have some cash stored away if you’re going to start up an online casino. This is because the costs of running a platform like this can be quite high. Although you won’t have the kind of overheads you’d have if you started a physical casino, you’ll still need to pay costs and make sure you have the money to cover all of your expenses. Of course, this will depend on the scale of your business, so be sure to seek independent financial advice.
Knowledge of the competition
You won’t get far in the online casino business unless you conduct thorough research on your competitors. It pays to visit other online casino platforms and play a few games with them to see what their user experience is like. Are there ways you could improve on that experience with your platform? Pay attention to what other platforms do to entice users and get them to spend money. You should adapt those tactics for yourself, but don’t copy them outright.
Enticing beginner offers and bonuses
One of the best ways to attract customers as a new online casino business owner is to provide compelling beginner offers and bonuses. Customers will be looking for the best ways to exploit as many beginner bonuses as possible, which means you’ll need to provide some kind of incentive to keep them coming back. As such, make sure you have good bonuses in place for repeat customers and returning players as well. Keeping customers is key for an online casino.
Excellent customer service
What differentiates one online casino platform from another in the customer’s mind? Chiefly, you’ll often find it’s good customer service. If a customer feels like they aren’t being respected or listened to by the casino at which they’re playing, they’ll quickly up sticks and move to another one. Make sure you have a robust customer service department in place to quickly and efficiently deal with any complaints as they arise. That way, you’ll keep customers for longer.
Good security
In a world where customers are more and more worried about their money, good casino security is imperative. You need to make sure that your customers feel safe and protected at all times. If you don’t, they’ll quickly go elsewhere to find a casino that does provide this kind of security. Don’t skimp on hiring great staff to encrypt data and make sure withdrawal methods are as safe as possible. Money makes the world go round in the online casino business, so protect your customers’ money at all costs.
A unique hook
Sometimes, it’s hard to think of a unique hook when so many online casino platforms are offering similar things. However, you should always have something that sets your business apart from others, and that’s no different in the online casino world. It could be a particular focus on a certain type of game, or it could be a bonus that becomes your signature element. Whatever it is, thinking outside the box will net you major rewards in this area.
A positive outlook
It’s extremely difficult to succeed in the world of online casino gaming, just like it is in many other business areas. However, that shouldn’t put you off. Running this type of business can be extremely rewarding and enjoyable, but you need to put the work in. For this, you will need to try and maintain a positive outlook at all times. This includes when the customer feed dries up (as it inevitably will at points) and when things aren’t looking so rosy.
