The online casino industry has attracted interest from players and casino operators globally. A new casino enters the scene almost monthly, ready to get a significant market share. But what helps new online casinos grow in such a competitive market? What should potential casino owners know about the industry? We get into it:
Many people know that the casino industry equals money. But is the real market as lucrative as it seems? Per recent statistics, here is what you should know:
- This billion-dollar industry will hit the $160 billion revenue mark by 2026!
- The industry has a predicted compound annual growth rate of 11.7% between 2023 and 2030.
- The legalization of online gambling in Europe has accounted for its large market share (41%), making it a good market for online casino operators.
- Live casinos have influenced the spike in business growth.
As such, anyone who wants to get into this business has a good chance of capitalizing on this growth. Besides the money, the following perks apply to casino owners:
- Licensing is a breeze: Most players will only play on licensed sites as this helps them in the event of disputes. Luckily, getting an offshore license from Curacao, Malta, and other such regions is a cakewalk. Plus, these locations attract fewer setup costs and taxes, enabling you to make more money.
- Payment versatility: In the past, casino operators could only accept deposits through wire transfers and card payments. These payment methods, while common, had high transaction fees and delays. Now, operators can access deposits through virtual currencies. Not only are they fast, but they are also cheap and secure.
- Variety: Online casinos do not have physical space limitations. Since the games are in the cloud, you can offer as many variations as possible. It helps you reach a much wider audience. Some operators also offer sports betting under one umbrella to cater to more needs.
- Cost-Effectiveness: Startup costs often derail many people from starting businesses. Is this the case with online games? Not at all. You will not need to staff your premises, get a lease, pay for parking, or get security. Most overheads that apply to physical casinos will not be necessary, enabling you to start a business with minimal funds.
- Accessibility: Unlike physical casinos, which require players to visit the premises, online casinos do not have physical or time barriers. Players with internet access and smart devices can play games anywhere and anytime. It allows you to reach a much wider audience.
Thus, the main costs of starting an online casino are licensing, game development, and marketing. Once you have these down to an art, your casino should be ready to take over the market.
While the casino industry rakes in billions of dollars, not all casino operators share this success. You don’t need to be a great casino player to understand the ins and outs of this industry. Instead, the key is to position yourself to reap a high ROI by investing in the strategies below:
- Get the right software platform: Your site’s safety, reliability, and stability will determine whether you can attract and retain clients. As such, you should consult IT experts on the best platforms based on their past and present performance. You can test their websites to gauge their work quality.
- Pay attention to the regulations: Failure to comply with gambling regulations can land you in hot soup. You should understand the laws of operating and marketing an online casino in your region. If such businesses are illegal, you should set up your casino elsewhere. Don’t forget to get a license from a reputable licensor.
- Provide high ROI games: Choose games by considering two things. The first is the uptake in the market – do people want to play such games? And the second is the cost of offering them. You should select games with market demand and low costs. Some operators have been using artificial intelligence to strike a balance between the two, and you can consider this.
- Offer a variety of convenient payment methods: Did you know that payments can affect someone’s decision to use your casino? At the minimum, you should offer bank transfers, card payments, and e-wallets. And given the increased interest in virtual currencies, having them as an option would not hurt your business. Focus on the cost, speed, and reliability of the payment methods as your clients will also do the same.
- Get the right customer support: How you handle customer queries can make or break your business. You should invest in a knowledgeable and professional customer team to deal with your clients. Additionally, offer various support options, including live chat, emails, and phone calls. While bots are now common, you should only use them to deal with general inquiries that do not require personalized answers.
Also, regularly test the site to see how it responds. And hire an IT team to ensure everything runs smoothly and all security loopholes disappear before hackers can exploit them.