Is it easy to start your own casino?
Surely you have read a lot of news about the astronomical profits of online casinos and sports betting sites, even the modern sites that did not manage to gain enough fame and popularity on the scene. In fact, all of this news is already true. The virtual gambling industry is expected to double its annual profits by 2026 especially with the legalization of virtual gambling in many countries around the world including the United States and the Netherlands. Does that mean that starting your own casino will become easier in the near future? Discover here what it takes to open your own online casino. Do you need licenses? Can you get started right away? Is it quick money? Is there room for competition in the casino market? You can find the answers to all these questions in the following lines!
Starting a casino in a nutshell, follow these 5 steps.
The time needed: 180 days.
Starting a casino is not a simple linear process. Several processes are running simultaneously. In general, it comes down to the following 5 steps.
1. Closing a white-label deal
A white label is easiest if you are a novice in the industry.
2. Obtain a license
You can already show your interest in the UK gambling license or you have to operate from another country, such as Malta for example.
3. Choose a suitable identity
With a good corporate identity, you have to distinguish yourself from all competitors.
4. Hire staff
You need a good team of people. Just to name a few: customer service staff, compliance admin, affiliate marketer, administration are all essential to run a successful online casino.
Have you completed all steps? Then you can start the party. Now provide nice bonuses and build a customer-oriented reputation to compete with the other hundreds of online casino brands.
Starting your own casino, how do you do that?
Are you an avid fan of online gambling and can you often be found in the casino? If you have a bit of an entrepreneurial spirit, you have undoubtedly thought about starting your own casino. Although there are a large number of online casinos active on the internet, there is undoubtedly still a gap in the market that you can take advantage of. But what exactly should you pay attention to when setting up your own casino? For example, what about the licenses you need and where do you get the games from?
Before you can start: the gambling licenses
When you want to start your own casino, you first have to look for the possibilities to get a license. After all, you want to stay within the framework of the law especially when you set up a company that ultimately involves a large amount of money.
Cost of new license application for online casinos
Applying for a digital gambling license is one of the most important steps to be able to open your own online casino. However, that is not a cheap joke! The application to qualify for a gambling license costs 50 thousand euros and the only thing you get for it is that it will be processed. This way you are not guaranteed to obtain the license. In addition to these one-off costs, there are also other cost items that I have listed for you below. Please note that in some cases these are estimates.
“Additional security fees” of + €800,000!
The extra security that you read in the table has everything to do with the highest possible fine. The UKGC reserves this amount in the event that a provider violates certain rules from the new gambling law.
Overseas Committees Licenses
If you want to get started right away, you should look into the possibility of obtaining a license outside the UK. This is possible in countries such as Curacao and Costa Rica. However, the question is whether this is desirable. In the eyes of many gamblers, these licenses are worthless! because they know that fewer requirements are set for the casino in these countries. That’s why it is wise to look at the licensing in Malta for your own casino.
Maltese Gambling License
Malta has stricter requirements before a license is issued and that is exactly why gamblers search the internet for casinos with this license. It mainly means that you need to have a huge starting capital. Malta wants proof that you can pay out the winnings of the players when they make a big profit in your casino.
In addition, it is good to start the application on time. A license in Malta is valid for 5 years (provided you don’t break the rules in the meantime) and it takes 12 to 16 weeks to process the application. You are especially busy with sending all the information that is needed. In order to get a license, your own casino’s servers must be located in Malta.
Games in your own casino
You undoubtedly have some favourite games of your own. Of course, you also want to offer casino games that you like to play in your own casino, but unfortunately, it doesn’t work that way.
Dealing with game providers
If you want to have games from a certain software developer, you must first choose a basic package of games. The price for this is between €200,000 and €250,000. If you then want to have extensions to the package because certain games are missing, you can count on a price between €2,500 and €3,500 per slot machine. Those are not small amounts, especially when you want to offer the games from different developers in your own casino.
Mobile optimized games
This is not all when it comes to the games you want to offer. You should also make sure that the casino supports the different platforms used by the players. There are people who play from a computer, a laptop and a mobile phone. Each operating system must be supported by the software you use. This means that you can also expect significant investments here, but you do have an advantage here. Support for the software already exists! So you don’t have to reinvent the wheel.