How to Start an Online Gaming and Betting Business in a Few Steps
We’ve mentioned on several occasions that the online gaming industry has registered a consistent growth in the past years with more and more operators entering the gaming stage.
We can say with certainty that today with the help of future trends of technology, the operators can count on their tech partners and effectively start, build and drive revenues from their online gaming or sportsbook business.
For those of you who are planning to start an online gaming business, you’ve come to the right place. Here are some key points on how to stay ahead of competition and stand out from the rest.
To start an online gaming business, you’ll need to consider the following:
- Choose a reliable tech partner
- What information to include on your website for your players?
- Obtain gambling license
- Choose payment provider
- Plan and implement a solid marketing strategy to acquire potential and retain your existing players.
Choose a reliable tech partner
Let’s start by saying that this might be one of the most important decisions you have to make. First you’d want to take your time an evaluate what’s out there in terms of quality of services and price.
After you are done with the first phase, you’d want to find a partner that has experience and a deep understanding of the online gaming industry. A partner that offers all the features that will best suit your business. For more on this topic you can read our story where we discuss in depth on how to choose the right tech partner for your igaming or sportsbook platform.
What information to include on your website for your players?
Once you’ve decided to enter the online gaming business, you will have to question yourself what your website is going to be about. Whether it will include popular casino games like slots bingo or poker or would you want it to be a website about sports betting. Will you need additional features on your website such as live chat rooms, statistics etc. With so many questions to be answered, you will come once again to the same conclusion, that choosing the right tech partner for your online gaming or sportsbook platform is the KEY.
Obtain gambling license
In our article about a look into online gaming in 2018, we talk about the trends and expectations in the online gaming business. Building and online gaming business is not easy, so before going into this business you need to check all regulatory requirements across various jurisdictions. That means that you need to do check the following legal frameworks:
Countries that ban online gaming;
Countries that regulated online gaming;
Countries that lack regulations on gaming activities;
As a provider of these type of activities, you will need to apply for a license in the country where you want to set your business. Bare in mind that this can take up to a year, but if you don’t want to go through this by yourself, you can become licensee of your tech partner.
Choose a payment provider
The need for multiple payment options for your players is a MUST. Once again, you have the option of choosing a tech partner that can deliver multi-currency support, payment processing, fraud detection. Creating a stress-free environment for your players is definitely a plus.
Plan and implement a solid marketing strategy to acquire potential and retain your existing players
When you’ve taken care of all of the things mentioned above it is time to focus on creating a marketing strategy for your online gaming business. Your strategy should focus on getting new players and at the same time retaining the existing ones with the help of multiple retention methods. More on this, you can read in our story about how to attract and keep your players coming back.