It’s no secret that running an entrepreneurial activity is a somewhat risky undertaking, especially when it comes to starting a business. It is necessary to accept many important decisions, starting with the choice of location, direction, and form of ownership of the future company, ending with the amount of investment, tax optimization, and effective control.
Thanks to the rise of the gambling industry, entrepreneurs can operate entirely online. We will show you how to start a business in Canada that can eventually lead to significant success.
Research Canadian Online Gambling Regulation
One of the advantages of starting a business in Canada is the meager tax and the fact that Canada’s online players are not required to pay taxes on winnings. Still, we suggest you always consult the Revenue Agency‘s taxation rules to maximize your gaming experience.
If you consider opening a betting site, you need to know specific rules. To start a casino business in Canada, in addition to an elaborate business plan, you must also be well acquainted with the regulations that deal with the spatial and technical conditions for organizing games of chance.
You can find all the essential information and conditions in the rulebooks, i.e., everything that you as a future entrepreneur must fulfill to start a business. Canadian citizens should also read rules and laws that promote small businesses and determine whether they can receive incentives from the Government of the province.
For example, rules about Quebec casino business operations will tell you more details about technical conditions for arranging games of chance, technical protection systems, physical protection of property and persons, keeping recorded documents, etc.
Obtain the Online Casino License
Gambling revenues are measured in millions of dollars, making Canadian gambling businesses attractive for investors because investments are quickly returned, and you can open multiple casinos simultaneously. However, not every country allows gambling. Therefore, if you decide to start a business network of betting clubs or casinos, you should first study the laws and get the appropriate license to conduct a gambling business in Canada.
As in any other country where the online gambling business is allowed, you must meet specific terms and conditions to obtain a permit to start. Licensing is the only way for your site to become a trustworthy platform for Internet gaming. In case you are wondering what it looks like, check out the reviews of most trusted online casino Canada, this a perfect example of a reliable site.
According to Canadian legislation, a company that offers organized casino games must be registered only on the country’s territory. If you decide to open a casino, the factor is that all servers must be located in the country. Also, the companies must ensure that all data on transactions, winnings, and players are kept for five years.
The next step is registering a Canadian business bank account. After that, the operator receives a ten-year renewable permit from the Kahnawake Gaming Commission as the primary regulator of the online casino business in the country.
Find the Most Suitable Software Provider
Gaming content is crucial to any online venture, especially, if you are planning to start a business. Before choosing a provider which operates in the online gaming industry, we suggest you examine the software developers and online casino promotion strategies with proven effects. Combine them and you can make money from day one while respecting Canadian business regulations.
- Graphics – The image should be clear and of top quality. If the graphics is bad, the visitor will soon leave the game and look for a better alternative.
- Sound – Another feature that plays a crucial role in attracting new players. Realistic and unique effects will create a homely atmosphere in the casino that will facilitate the needs of players and future decisions.
- Interface – It should be friendly to all users. Keyboard shortcuts must be placed most conveniently for players to stop constantly “rushing” through the screen.
- Mobile games – According to statistics, mobile device markets account for up to 75% of total revenue. It is highly recommended to offer content from multiple platforms.
- Branded games – Games based on popular media attract more attention. Players like to choose games in which they are some of the famous cartoon or movie heroes.
- Safety – Safety should come first. Unfortunately, this feature may not be adequately tested until your site is up and running correctly. Therefore, to protect your system, it is highly recommended that you use only the most trusted software.
Finally, we can’t emphasize enough the importance of independently tested RNG software. It contributes to the guarantee that any result on any game is not rigged, i.e., neither the casino nor the players are cheated. The moment you press the button, this software picks a random number, the result that appears on your screen and becomes your result. It cannot be calculated or in any other way controlled in combination with the symbols that appear on the screen.
Choose Payment Methods Accepted by Canadians
Canadians have many international and national payment methods available for their online banking needs, one of the most prominent, without a doubt being Interac. With more than 30 years in the business of facilitating online transactions, it is sure to be one of the best choices for the entire national target audience, and its track record shows it equally well.
Since its inception in 1998 and a series of mergers that finally shaped the company in 2013, Interac remains one of the best payment processing options. The same applies to players and companies residing here. Its popularity is not surprising with low fees, completely secure, and fast transactions. And because they’ve included several additional products in their basic payment processing service, it’s even more affordable.
Entrepreneurs who want to start a business in Canada can also consider cryptocurrencies as a legal instrument accepted by the global market. Accordingly, cryptocurrencies are most often used for online payment. You can also use them at physical points of sale by simply digitally transferring cryptocurrency units to the recipient’s digital wallet. Still, many casino players and brands prefer them over classic payment instruments, thanks to quick transactions without currency barriers.
Moreover, some countries recognize the importance of cryptocurrencies and are thinking about “launching” their own. And some big companies, such as Facebook, Google, Amazon, and JP Morgan, are thinking about their cryptocurrencies or have already tried to launch them. If we add to all this the fact that the value of bitcoin, as the first and most well-known cryptocurrency, recorded colossal growth concerning the dollar in one period and many of its first users practically got rich, the matter becomes more apparent.
Before considering ways to start a business, you must be well acquainted with the law and the regulations surrounding the business you want to initiate. Professionals see creating online casinos as challenging, although it may not sound like it. The main thing is to provide a secure site where visitors will feel comfortable and protected because it is from them that your future profits will come.