More and more people are considering starting with the iGaming business. It sounds and looks amazing. Some even relate to massive gaming owners from Las Vegas. Anyway, it is an interesting business and one that can be extremely profitable.
Yes, you can actually become a millionaire within years. But, how do you start from scratch? Here are a few things you need to do in order to start.
Choose Which Products You Want to Offer
There are countless options in this case scenario but at the end of the day, there are 2 main types. You can create an online gaming operator or a sports site. Yes, you can make both of these but it is a more advanced task, a more expensive one, and more time-consuming.
That’s why you have to choose which products you want to offer to players from all over the globe or a specific country.
For instance, the UK market is extremely huge and we can follow the growth of non-Gamstop brands. You can easily review many of those sites for GamStop players and understand what players want from those brands and how to do it. If you want to make a gaming brand you will have to offer all games possible.
This means slots, table games (poker, roulette, blackjack, baccarat and etc.), live dealer games, and more. More games you offer, more players will be interested in your brand and more of them will want to play there on a regular basis.
If you want to make a sports betting site you need to offer all the sports that are available. Don’t forget that esports are extremely popular today so they must be included.
The goal is simple. You need to provide ‘’options’’ and possibilities to players. They want to have as many games at their disposal as possible and they want to be able to play for days, weeks, or even months without being bored.
A popular online website can offer over 4000 games. This is the best number at the moment and we would recommend you to aim as close as possible to it. 400-500 games are not enough anymore!
Get a Gaming License as Soon as Possible
A gaming license is a permit in the lack of a better word. It can be obtained from UKGC, MGA, eGaming Curacao, etc. It is simple, expensive, and mandatory. This tells your users that the brand is a safe and trustworthy platform where they can play, win and withdraw their winnings as soon as they want.
It also tells them that all the games are safe to play and they are fair. A site without a license is not appealing and most players will avoid it. They will never play there and you will lose money and potential players faster than you can imagine.
For the best results and if you want to offer your games to people from all over the world, you need multiple licenses. For instance, if you want to offer games to UK players, you will need a UKGC permit. Well-known sites have 2-3 licenses and this does help.
Another thing to know here is that each gaming authority responsible for a license will have its own regulations, fees, and more. You need to know those requirements before you apply for a license and you need to meet them.
Also, there are different types of licenses. Some allow youth to offer games only while others allow you to provide gaming options and sports sections as well. Think about what you need and what you want.
A site on the web can lose its license if the gaming authority detects any unfair games, tampering with users’ personal information or if any of the rules is broken. Make sure this doesn’t happen. Always share with the users who your gaming authority is at the footer on the homepage.
Invest and Invest Some More
One way or another you will have to invest in your new business. You need to make the complete online operator or a sports portal and you need to promote it. You can read about the most popular public gaming companies, if you believe in their stocks and learn how they develop their business.
This can be expensive. The ultimate mission here is to engage as many people as you can and to make them well-aware of your business. This includes various programs, using Google Adwords, reviews, social media, influencers and so much more.
More people who are familiar with your business will translate into more people playing at your site and more people depositing funds. This means more profit for your business and you can make it more advanced, more appealing and more popular.
It is a mandatory thing to do and without it, you will end up with a great site that nobody uses.
Use Best Software Providers
You will need software providers in order to have some games to offer to players. These include NetEnt, ELK, Spinomenal, and many more. There are around 100 brands out there. Of these, 20-30 are extremely popular and they can be seen at all prestigious online brands. You should aim for these.
A well-known software developer is useful for two reasons. First of all, it tells players that the portal is safe and offers safe games. It means that the site is not some poor and cheap creation where players can find a couple of games.
Secondly, it allows players to find precisely the games they want. Well-known software developers offer games that are extremely popular and can be found at countless online operators.
More software developers mean more games and if you recall, we did mention that this is an important thing to have. It simply comes to more options for the players and more possibilities while making your business safer and more appealing to all kinds of players.
Understand the Market
The iGaming business is complicated and loaded with competition. But, all of this is changing as we speak and the changes are massive. Keep in mind that there are new things added to the market every single day. This can be a new game, a new type of game, a new bonus or etc.
All players want new things and they will search and they will want new options as soon as they are available. This is something you can use. Always check on competition and try to be original. If a new game is making all the fuss right now, you need to add it soon. If a new type of bonus is present and players are talking about it you need that as well.
Basically here you need to understand how the business works and how you can offer all the things you want with the best results. You need to continue looking for changes, modifications, upgrades, and all the rest that can make your brand stand out.
This is absolutely mandatory and something you need to pay close attention to today. Before you even start, learn and master how the business works and what is mandatory and which mistakes are common.
The Final Word
Starting an iGaming business may sound extremely complicated and problematic. In reality, it isn’t. It is one big puzzle with all kinds of elements you need to incorporate but all of that makes sense and once you start understanding the business and learn from other entrepreneurs you will see how simple it is.
In reality, the iGaming business is one of the simplest and most profitable to start so it is the most appealing at the moment. It is going to become even more common and appealing in the future, keep that in mind.