5 Tips: How to Start an Online Gambling Business
You may imagine that all large gambling businesses are based out of Las Vegas, Monaco, or even China, but that isn’t true. There are plenty of gambling business based here in the North of the UK. We spoke to one online gambling business guru to learn the top tips for starting an online gambling business.
The online gambling industry has experienced a boom in the last five years, with consistent growth and no sign of let-up. The beauty of any online business is that it can be based anywhere; it doesn’t matter if you are in Leeds, London, or Lima.
It’s no surprise that gambling businesses are still starting up on a daily basis, all with their own niche target markets.
If you are hoping to start an online gambling business, here are 5 tips to to help you get off the ground.
Select a Tech Partner
The backbone of an online gambling business is the software behind it. Take time to evaluate the terms of prices and quality of service available. It is advisable to partner up with reliable software providers that understand the gambling industry and have successfully launched an online gambling business.
Preferably, go for a ‘white label’ solution which allows you to lease a software, gaming licenses, and a payment processing system. In a white label solution, you purchase a product fully developed by the software company of choice, without their branding, and make it look like your own. Finding a UK based partner is a good idea in order to enable face to face meetings in the event that you need to grow and adapt. Large providers based overseas could end up working under different laws and restrictions.
Also, ensure that your tech partner provides advanced software management as long as you are in business, and has the capacity to protect your business from cybercrimes, from the launch to offering promo codes for new members and as long as your business operates.
Choose your Niche
With all of the competition, you need to decide how you are going to define business. You should select a software platform for your online gambling business. You can serve the game through a website, on computers only, phones, or on all. The game can be accessed through a website or a downloadable application- the choice is yours. Also, remember to choose the games you want to provide, be it poker, baccarat, blackjack, slots or roulette.
What about providing professional live video streams? Many online games support these features and staying ahead of competition may require an observation of trends. Other features include real-time chat rooms, statistics on players, bonus creation options and offer promo codes. With the right tech partner, you can integrate all your preferred features into the software.
Get a Gambling License
Gambling has several legal requirements if you plan to be based in Yorkshire, or elsewhere in the UK.
Ensure that you research and comply with the necessary regulatory requirements before launching your business. For instance, some countries have banned online gambling, others regulate online gambling businesses and impose monopolistic regulations or advertising restrictions, and others lack online gambling regulations.
Before choosing a jurisdiction, consider if the area has a reputation for harassing online gambling sites, or if you can comply with the licensing requirements. If so, consider the cost of the license and lastly the duration of application of the procedure. Alternatively, you can obtain the gaming license from your software provider.
Choosing a Payment System Provider
You’ll need to accommodate several payment systems to help your players transact efficiently. Make an agreement with a payment system provider that can adapt to specific market conditions. Keep an eye open for the easiest payment options available in your market of choice to attract more clients and new members offer promo codes to support discounts.
You also have the option of selecting a software provider that can provide complete payment systems, integrate them with all e-merchants, support multi-currency options, detect fraud, and provide advanced security.
Remember that you got into business for profit, and before you offer new members promo codes, ensure that you have secured your business. Providing multiple payment options is compulsory to thrive in the online gambling business right now. Move from the traditional credit card options down to the new cryptocurrency trend. The idea is to try and accommodate as many players as you can.
However, each payment option should comply with the regulations provided within your jurisdiction.
Your PR & Marketing Strategy
You either need to research your competition to know their strengths and weaknesses and act accordingly, or employ the services of a good PR company or consultant with experience in the industry.
The most important thing is to ensure that you keep your site clean in order to develop trust with the players.
All your games should be of high quality and payments should be processed as specified in your terms and conditions. Keep several online marketing strategies going to attract new clients and retain the old ones.
For example, you can use popular loyalty programs such as sign up bonuses, deposit bonuses, and no deposit bonuses. You can also new members offer promo codes to entice players and hopefully, have other players recommend your site. You can also offer new members promo codes in restricted games or VIP membership. As you market your business on other sites, remember to indicate that you offer new members promo codes.